Question
In: Accounting
1. & 2. The following data are taken from the unadjusted trial balance of the Westcott...
1. & 2. The following data are taken from
the unadjusted trial balance of the Westcott Company at December
31, 2017. Complete the work sheet following adjustment. (Enter
their balances in the correct Debit or Credit column.)
Use the following adjustment information to complete the work
sheet.
- Depreciation on equipment, $22
- Accrued salaries, $14
- The $25 of unearned revenue has been earned
- Supplies available at December 31, 2017, $17
- Expired insurance, $13
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-really struggling with this chart. I have a few filled out, but I am stuck, please help! thank you
Solutions
Expert Solution
| WESTCOTT COMPANY | ||||||
| Partial Work Sheet | ||||||
| For the year ended December 31, 2017 | ||||||
| Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | ||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
| Cash | $ 21.00 | $ 21.00 | ||||
| Accounts receivable | $ 35.00 | $ 35.00 | ||||
| Supplies | $ 44.00 | $ 27.00 | $ 17.00 | |||
| Prepaid insurance | $ 28.00 | $ 13.00 | $ 15.00 | |||
| Equipment | $ 42.00 | $ 42.00 | ||||
| Accumulated depreciation—Equip. | $ 22.00 | $ 22.00 | $ 44.00 | |||
| Accounts payable | $ 23.00 | $ 23.00 | ||||
| Salaries payable | $ 14.00 | $ 14.00 | ||||
| Unearned revenue | $ 25.00 | $ 25.00 | ||||
| Common stock | $ 12.00 | $ 12.00 | ||||
| Retained earnings | $ 47.00 | $ 47.00 | ||||
| Dividends | $ 19.00 | $ 19.00 | ||||
| Revenue | $116.00 | $ 25.00 | $141.00 | |||
| Depreciation expense—Equip. | $ 22.00 | $ 22.00 | ||||
| Salaries expense | $ 31.00 | $ 14.00 | $ 45.00 | |||
| Insurance expense | $ 13.00 | $ 13.00 | ||||
| Supplies expense | $ 27.00 | $ 27.00 | ||||
| Utilities expense | $ 25.00 | $ 25.00 | ||||
| Totals | $245.00 | $245.00 | $101.00 | $101.00 | $281.00 | $281.00 |
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[The following information applies to the questions
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Wells Technical Institute (WTI), a school owned by Tristana Wells,
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Income Tax Expense .......... $12,000
Insurance Expense ........... $21,000
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Land ........................ $68,000
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Date
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Post Ref
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1, Journailize A-G
2, prepare trial balance
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5. Prepare Adjusted Trial Balance including Income Statement and
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6. Journailize Adjustments H-J and Post.
7. Prepare Financial Statements.
Transaction Ref:
Yr: 2018
External Entries included in Trial
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A
1-Jun
Dan Evans invests (contributes) $20,000
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B
2-Jun
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C
10-Jun...
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1,650,000 Cost of goods sold 4,005,000 Warranty expense 195,000
Wages and salaries expense 3,475,000 Long service leave expense
235,000 Interest expense 305,000 Rates and taxes on property
145,500 Doubtful debts...
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