Chapter 3 of the Financial Accounting For undergraduates 3rd edition ISBN 978-1-

Question

Chapter 3 of the Financial Accounting For undergraduates 3rd edition ISBN 978-1-61853-161-2

Cost of goods sold Wage expense Rent expense Depreciation expense. Interest expense Dividends 2,000 4,000 ,000 Required Prepare closing entries as of December 31 for the Morgan Company APPENDIX 3B: Using a Worksheet A worksheet can be used to facilitate the adjusting and closing processes, and ultimately, the pru company's financial statements can be uo formal acounting records. In this section, we explain how a worksheet can hp . A worksheet is an informal document that helps accu omtioceded to prepare the financial statements. A worksheet is a tool: it is not part of p compile information for a set of financial statements. Com Microsoft Excel can simplitfy the preparation of a worksheet. Preparing a Worksheet A worksheet is prepared at that stage in the accounting cycle when it is time to Computer programs so helpnal accounting records. In this section, we explain owaworksheerca comp LO8 Ap LOS Appendix 38 Explain how to use dix a worksheet in the adjusting and closing process. accounts and prepare the financial statements. The basic structure of a worksheet is illustrated in Exhihi is prepared in the order indicated by the s nclades an explanation of the format used. The worksheet colored numbers in the exhibit. Exhibit 3B-1 HEADING FOR WORKSHEET) Unadjusted Trial BalanceAdjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit DebitCredit Debit Credit Debit CreditDebit Cred Unadjusted trial balance Adjustment amounts AdjustedClassify adjusted balances into ether the income statement or balance shee account Accounts that arise for adjustments columns Balancing of columns for each statement i. Hoading The worksheet heading includes (1) the name of the entity, (2) the term worksheetep the type of analysis being performed, and (3) a date describing the period covered. The worksheet u income statement data (for the period described) and balance sheet data (for the end of the period

Explanation / Answer

E 3-14 B

Balance Sheet

Dr.

Balance Sheet  

Cr.

Balance Sheet

Dr.

Balance Sheet                  

Cr.

Income Statement

Dr.

Balance Sheet

Dr.

Balance Sheet

Dr.

Income Statement

Cr.

Balance Sheet                  

Cr.

Balance Sheet                  

Cr.

1. Accounts Receivable

Balance Sheet

Dr.

1. Accumulated Depreciation

Balance Sheet  

Cr.

1. Dividends

Balance Sheet

Dr.

1. Salaries Payable

Balance Sheet                  

Cr.

1. Wages Expense

Income Statement

Dr.

1. Interest Receivable

Balance Sheet

Dr.

1. Prepaid Rent

Balance Sheet

Dr.

1. Service Fees Earned

Income Statement

Cr.

1. Common Stock

Balance Sheet                  

Cr.

1. Retained Earnings

Balance Sheet                  

Cr.

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