accounting principles and the financial statements accounting principles and the

Question

accounting principles and the financial statements accounting principles and the financial statements accounting principles and the financial statements Adjusting Entries and Preparation of a Balance Sheet EBA. In the partial work sheet for K. Joc Company that follows, the Trial Balance and Income Statement columns have been completed. All amounts are in dollars. 5 Income Statement DebitCredit Trial Balance Account Name Cash Accounts Receivable Debit 28 48 32 100 Prepaid Insurance 32 16 Accumulated Depreciation-Building Accounts Payable Unearned Revenues K. Joe, Capital 128 176 184 Wages Expense 108 120 360

Explanation / Answer

1. Adjusting Entries :

2. Balance Sheet as on December 31, 2014 :

Date Accounts Titles Debit $ Credit $ Insurance Expense 16 Prepaid Insurance 16 Supplies expense 32 Supplies 32 Depreciation expense-Building 8 Accumulated Depreciation - Building 8 Unearned Revenue 8 Revenues 8 Wages Expenses 12 Wages Payable 12

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