The completed worksheet for CJ€™s Accounting Services for the month ended December 31, 2016, appears on shown below.

CJ€™s Accounting Services
Worksheet
Month Ended December 31, 2016

INSTRUCTIONS
1. Prepare an income statement.
2. Prepare a statement of owner€™s equity. The owner made no additional investments during the month.
3. Prepare a balance sheet.
Analyze: By what total amount did the value of assets reported on the balance sheet decrease due to the adjustingentries?

Transcribed Image Text:

NxEtate lanning and Investments Worksheet (Partial) Month Ended June 30, 2016 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEEIT CREDIT Cash Accounts Receivable Supplies Prepaid Advertising Prepaid Remt Equipment Accumulated Depreciation Equipment Accounts Payable Sam Nix, Capital Sam Nix, Drawing 39 40 0 00 12 2 00 00 15 2 00 00 28 800 00 72 0 00 00 96 000 00 21 6 0 0 00 120 20000 800000 Fees Income Advertising Expense Depreciation ExpenseEquipment Rent Expense Salanes Expense Supplies Expense Utilities Expense otals 147 600 00 15 2 0 00 2 600 00 289 4 0 0 00 289 40 0 00 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DERIT 16 95 0 00 Accounts Receivoble 2 200 00 8 0 18 00 0 00 Accumulated Depreciotion-Fixtures Accounts Payable Charlene Jordon, Capital Charlene Jordon, Dra 7500 00 30 0 0000 3 000 00 31 3 30 00 Depreciation Expense Fixtures c) 13| 00| 00 3 500 00 18 60 0 00 1 0 8 0 00 68 813 0 00 68 813000 01 00 1 7 00 00