Question : 220. The adjusted trial balance of E. Pace, Consultant, entered the : 1256820

 

220. The adjusted trial balance of E. Pace, Consultant, is entered on the partial work sheet below. Complete the worksheet using the following information:

a. Salaries earned by employees that are Unpaid and unrecorded, $500.

b. An inventory of supplies showed $800 of Unused supplies still on hand.

c. Depreciation on equipment, $1,300.

 

E. PACE, CONSULTING

Work Sheet

For the year ended December 31

Account

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

 

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$14,000

 

 

 

 

 

 

 

Supplies

1,000

 

 

 

 

 

 

 

Equipment

11,000

 

 

 

 

 

 

 

Accum. Depr. – Equip.

 

$2,000

 

 

 

 

 

 

Accounts payable

 

500

 

 

 

 

 

 

Salaries payable

 

 

 

 

 

 

 

 

Common stock

 

2,000

 

 

 

 

 

 

Retained earnings

 

4,500

 

 

 

 

 

 

Dividends

1,500

 

 

 

 

 

 

 

Fees earned

 

30,000

 

 

 

 

 

 

Salary expense

7,500

 

 

 

 

 

 

 

Rent expense

4,000

 

 

 

 

 

 

 

Supplies expense

 

 

 

 

 

 

 

 

Depreciation expense

 

 

 

 

 

 

 

 

Totals

$39,000

$39,000

 

 

 

 

 

 

 

 

 

 

221. A partially completed worksheet is shown below. The unadjusted trial balance columns are complete. Complete the adjustments, adjusted trial balance, income statement, and balance sheet columns.

 

 

PLATEN COMPANY

Work Sheet

For the year ended December 31

 

Account

Unadjusted

Trial Balance

 

Adjustments

Adjusted Trial Balance

Income

Statement

Balance

Sheet

 

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

40

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

 

 

 

 

 

 

 

Prepaid insurance

25

 

 

 

 

 

 

 

 

 

Supplies

14

 

 

 

 

 

 

 

8

 

Office equipment

340

 

 

 

 

 

 

 

340

 

Accum.depr. – Officeequip.

 

45

 

 

 

 

 

 

 

 

Accounts payable

 

57

 

 

 

 

 

 

 

57

Rent payable

 

 

 

 

 

 

 

 

 

 

Common stock

 

100

 

 

 

 

 

 

 

100

Retained earnings

 

32

 

 

 

 

 

 

 

32

Dividends

35

 

 

 

 

 

 

 

35

 

Fees earned

 

300

 

 

 

 

 

380

 

 

Rent expense

60

 

 

 

 

 

90

 

 

 

Utilities expense

20

 

 

 

 

 

 

 

 

 

Insurance expense

 

 

10

 

 

 

 

 

 

 

Supplies expense

 

 

 

 

 

 

 

 

 

 

Deprec. exp – Office equip.

 

 

 

 

 

 

45

 

 

 

Totals

534

534

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

Totals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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