7. Owner, Capital 8. Interest Expense 15. Rent Expense 16. Wages Payable The Adj

Question

7. Owner, Capital 8. Interest Expense 15. Rent Expense 16. Wages Payable The Adjusted Trial Balance columns of a 10-column work sheet for Planta Company follow. Complete the Exercise 4-2 work sheet by extending the account balances into the appropriate financial statement columns and by Extending acounts in a entering the amount of net income for the reporting period work sheet P1 Balance Sheet and Statement of Owner's Equity Unadjusted Adjusted Trial Balance Income Trial Balance Adjustments Statement 4 No. Account Title 5 101 Cash 6106 Accounts receivable 7 153 Trucks 8 154 Accumulated depreciation-Trucks 9 183 Land 10 201 Accounts payable 11 209 Salaries payable 2 233 Unearned fees 13 301 F. Planta, Capital 4302 F. Planta, Withdrawals 15 401 Plumbing fees earned 6 611 Depreciation expense-Trucks 7 622 Salaries expense 18 640 Rent expense 9 677 Miscellaneous expenses Dr. Dr. Cr. Cr Dr. $ 7,000 27:200 42,000 S17,500 32,000 15,000 4,200 3,600 65,500 15,400 84,000_ 6,500 38,000 13,000 8,700 Totals $189,800 $189,800 Check Net income, $17,800 e the following information from the Adjustments columns of a 10-column work sheet to prepare the sary adjusting journal entries (a) through (e). Exercise 4-3 Preparing adjusting entries

Explanation / Answer

Solution 4-2:

Worksheet - Planta Company Account Title Adjusted Trial Balance Income Statement Balance sheet and statement of owner's Equity Debit Credit Debit Credit Debit Credit Cash $7,000.00 $7,000.00 Accounts Receivable $27,200.00 $27,200.00 Trucks $42,000.00 $42,000.00 Accumulated depreciation - Trucks $17,500.00 $17,500.00 Land $32,000.00 $32,000.00 Accounts payable $15,000.00 $15,000.00 Salaries Payable $4,200.00 $4,200.00 Unearned Fees $3,600.00 $3,600.00 F. Planta Capital $65,500.00 $65,500.00 F. Planta Withdrawls $15,400.00 $15,400.00 Plumbing fees earned $84,000.00 $84,000.00 Depreciation expense - Trucks $6,500.00 $6,500.00 Salaries expense $38,000.00 $38,000.00 Rent expense $13,000.00 $13,000.00 Miscellenous Expenses $8,700.00 $8,700.00 Sub Total $189,800.00 $189,800.00 $66,200.00 $84,000.00 $123,600.00 $105,800.00 Net Income $17,800.00 $17,800.00 Total $189,800.00 $189,800.00 $84,000.00 $84,000.00 $123,600.00 $123,600.00

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