Worksheet (Use the information from the trial balance in Exam

Figure 2. Write the worksheet information on the form in Exam

Figure 1.) Youll need the following adjustment information:

a. P. Woodsley counted the supplies on May 31 and found that

the supplies on hand were $342.92.

b. On May 31, Mr. Woodsley checked the insurance records

and found that the value of insurance coverage remaining

was $400.00.

II. Income statement (Use the form in Exam Figure 3.)

III. Balance sheet (Use the form in Exam Figure 4.)

IV. Journalize adjusting and closing entries. (Use the form in

Exam Figure 5.)

V. Post the adjusting and closing entries. (Use the forms in

Exam Figure 6.)

VI. Prepare a post closing trial balance. (Use the form in

Exam Figure 7.)

1. The heading of the worksheet should appear as

A. Platt Hardware Store

May 31, 20

Worksheet

B. Worksheet

Platt Hardware Store

For the period ending May 31, 20

C. Platt Hardware Store

Worksheet

For the period ending May 31, 20

D. Platt Hardware Store

Worksheet

May 31, 20

D?

2. What is the total liabilities and owners equity in the balance sheet you prepared in

Exam Figure 4?

A. $5,906.54 C. $17,296.54

B. $11,390.00 D. $18,376.26

A?

3. What is the total of the expenses in the income statement you prepared in Exam

Figure 3?

A. $1,079.72 C. $2,791.97

B. $1,838.25 D. $2,917.97

B?

4. If Prepaid Insurance has a debit balance of $500 in the trial balance and the value

of insurance coverage remaining is $400, what would be the amount of the adjustment?

A. $100 C. $500

B. $400 D. $900

A?

5. Which of the following best describes a worksheet?

A. Its a formal report used to summarize the journal.

B. It reports the financial position of a business on a monthly basis.

C. Its used to gather information to be used in preparing financial statements.

D. Its an eight-column report that reports only the position of owners equity.

C?

6. What adjusting entry did you make in the journal in Exam Figure 5 for the Supplies

Expense?

A. Credit Supplies Expense $542.92 and debit Supplies $542.92

B. Debit Supplies Expense $342.92 and credit Supplies $342.92

C. Credit Supplies Expense $200 and debit Supplies $200

D. Debit Supplies Expense $200 and credit Supplies $200