Question : 11) Debits must equal credits the Statement of Owner’s equity. 12) : 1177377

 

11) Debits must equal credits on the Statement of Owner’s equity.

 

12) For each account listed identify the category it belongs to, the normal balance (debit or credit), and the financial statement the account appears.

 

Account

Category

Normal Balance

Financial Statement

0. Cash

Asset

Debit

Balance Sheet

1. Depreciation Expense

 

 

 

2. Accumulated Depreciation

 

 

 

3 Wages Expense

 

 

 

4. Office Supplies

 

 

 

5. Office Supplies Expense

 

 

 

6. Wages Payable

 

 

 

7. Prepaid Rent

 

 

 

 

13) For each account listed, identify the category it belongs to, the normal balance (debit or credit), and the financial statement in which the account appears.

 

Account

Category

Normal Balance

Financial Statement

0. Cash

Asset

Debit

Balance Sheet

1 Capital, Beginning

 

 

 

2. Salaries Expense

 

 

 

3. Salaries Payable

 

 

 

4. Accounts Receivable

 

 

 

5. Prepaid Insurance

 

 

 

6. Withdrawals

 

 

 

7. Service Fees

 

 

 

8. Accounts Payable

 

 

 

 

 

 

14) From the following data, make the following adjustments, and complete the worksheet for the month.

 

a.Depreciation Expense is $350.

b.Supplies remaining at end of period $75.

c.Prepaid Insurance balance $400, $100 has expired.

d.Wages for the 5 day work-week are $500, the month ended on a Wednesday.

 

AccountTrial BalanceAdjustmentsAdj. Trial BalanceIncome StmtBalance Shee

 

DR

CR

DR

CR

DR

CR

DR

CR

DR

CR

Cash

750

 

 

 

 

 

 

 

 

 

Accts. Receivable

400

 

 

 

 

 

 

 

 

 

Supplies

250

 

 

 

 

 

 

 

 

 

Prepaid Ins.

400

 

 

 

 

 

 

 

 

 

Equipment

7,000

 

 

 

 

 

 

 

 

 

Accts. Pay.

 

900

 

 

 

 

 

 

 

 

Capital

 

7,100

 

 

 

 

 

 

 

 

Fees Earned

 

900

 

 

 

 

 

 

 

 

Wages Expense

100

 

 

 

 

 

 

 

 

 

Totals

8,900

8,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15) Using the following data, make the adjustments, and complete the worksheet for one month.

a.Equipment costing $750 with a residual value of $150 has an expected life of 12 months.

b.Accrued salaries of $100.

c.Supplies ledger balance $900, supplies used $400.

 

AccountTrial BalanceAdjustmentsAdj. Trial BalInc. StatementBalance Sheet

 

DR

CR

DR

CR

DR

CR

DR

CR

DR

CR

Cash

1,100

 

 

 

 

 

 

 

 

 

Accts. Rec.

400

 

 

 

 

 

 

 

 

 

Supplies

900

 

 

 

 

 

 

 

 

 

Equipment

750

 

 

 

 

 

 

 

 

 

Accts. Payable

 

800

 

 

 

 

 

 

 

 

Capital

 

1,950

 

 

 

 

 

 

 

 

Withdrawals

200

 

 

 

 

 

 

 

 

 

Fees Earned

 

900

 

 

 

 

 

 

 

 

Sal. Expense

300

 

 

 

 

 

 

 

 

 

Totals

3,650

3,650