tailieunhanh - Lecture College accounting (13/e): Chapter 5 - Price, Haddock, Farina
Chapter 5 - Adjustments and the worksheet. After reading this chapter, you should be able to: Complete a trial balance on a worksheet; prepare adjustments for unrecorded business transactions; complete the worksheet; prepare an income statement, statement of owner's equity, and balance sheet from the completed worksheet; journalize and post the adjusting entries; define the accounting terms new to this chapter. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Adjustments and the Worksheet Section 1: The Worksheet Chapter 5 Section Objectives Complete a trial balance on a worksheet. Prepare adjustments for unrecorded business transactions. ACCOUNT NAME Wells’ Consulting Services Worksheet Month Ended December 31, 2013 TRIAL BALANCE BALANCE SHEET ADJ. TRIAL BAL. ADJUSTMENTS INCOME STMT. The worksheet also has five sections The worksheet has an Account Name column Each section has two columns DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Objective 1 Complete a trial balance on a worksheet 1. Enter the general ledger account names. 2. Transfer the general ledger account balances to the Debit and Credit columns of the Trial Balance section. 3. Total the Debit and Credit columns to prove that the trial balance is in balance. 4. Place a double rule under each Trial Balance column to show that the work in that column is complete. . | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Adjustments and the Worksheet Section 1: The Worksheet Chapter 5 Section Objectives Complete a trial balance on a worksheet. Prepare adjustments for unrecorded business transactions. ACCOUNT NAME Wells’ Consulting Services Worksheet Month Ended December 31, 2013 TRIAL BALANCE BALANCE SHEET ADJ. TRIAL BAL. ADJUSTMENTS INCOME STMT. The worksheet also has five sections The worksheet has an Account Name column Each section has two columns DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Objective 1 Complete a trial balance on a worksheet 1. Enter the general ledger account names. 2. Transfer the general ledger account balances to the Debit and Credit columns of the Trial Balance section. 3. Total the Debit and Credit columns to prove that the trial balance is in balance. 4. Place a double rule under each Trial Balance column to show that the work in that column is complete. Complete the Trial Balance section in four steps 5- CREDIT BALANCE SHEET ADJ. TRIAL BAL. ADJUSTMENTS INCOME STMT. CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT ACCOUNT NAME Wells’ Consulting Services Worksheet Month Ended December 31, 2013 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accum. Depr.—Equip. Accounts Payable Fees Income Salaries Expense Utilities Expense Supplies Expense Rent Expense Depr. Exp.—Equip. Totals DEBIT (a) 500 (a) 500 (b) 4,000 (b) 4,000 (c) 183 (c) 183 4,683 4,683 When all adjustments are entered, total and rule the Adjustments columns TRIAL BALANCE DEBIT CREDIT 111,350 3,500 100,000 5,000 47,000 8,000 650 11,000 8,000 5,000 1,500 150,500 150,500 Carolyn Wells, Cap. Carolyn Wells, Draw. Adjustments and the Worksheet Section 2: Financial Statements Chapter 5 Section Objectives Complete the worksheet. Prepare an income statement, statement of owner's equity, and balance sheet from the completed worksheet. 5. Journalize and post the adjusting entries. The
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