The following data are taken from the unadjusted trial balance of the Westcroft

Question

The following data are taken from the unadjusted trial balance of the Westcroft Company at December 31 2015. Each account carries a normal carries and the account* are shown here in alphabetical order. Use the data above to prepare a work sheet. Enter the accounts in proper order and enter their balances in the correct Debit or Credit column. Use the following adjustment information to complete the work sheet. Depreciation on equipment, $3 Accrued salaries, $6 The $12 of unearned revenue has been earned Supplies available at December 31, 2015, $15 Expired insurance, $15

Explanation / Answer

Ans-

Unadjsuted Trial balance Adjsutments Adjsutment trial balance Income Statement Balance Sheet and statement of owner's equity Account Title Dr. Cr. Dr. Cr. Cash      21.00                                   21.00    21.00 Accounts Receivable      12.00                                   12.00    12.00 Supplies      24.00 9                                   15.00    15.00 Prepaid Insurance      18.00 15                                     3.00      3.00 Equipment      39.00                                   39.00    39.00 Accumulated Depreciation-Equip      15.00 3      18.00                           18.00 Accounts Payable        6.00        6.00                             6.00 Accured Salaries 6 6 6 Unearned Revenue      12.00 12           -                                   -   W.Westcott, Capital      42.00      42.00                           42.00 W. Westcott, Withdrawals        6.00                                     6.00      6.00 Revenue      75.00 12      87.00    87.00 Salaries Expense      18.00 6                                   24.00                       24.00 Utilities Expense      12.00                                   12.00                       12.00 Depricaiton 3 3 3 Supplies consumed      9.00 9 9 Insurance    15.00 15 15 Total    150.00    150.00    45.00    45.00                                 159.00    159.00                       63.00    87.00    96.00                           72.00 Net Income                       24.00                           24.00                       87.00    87.00    96.00                           96.00

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