Answer Happy

1. Use the following information to complete the Adjustments and Adjusted Trial Balance columns of the work sheet. a. Depreciation on equipment. $7 o. Accrued salaries, $10 c. The $16 of unearned revenue has been earned d. Supplies available at December 31, $35. e. Expired insurance, $19 2. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns, including net income. Account Title Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned revenue Unadjusted Trial Balance $ Debit 41 24 48 26 47 Credit $ 23 10 16 WESTCOTT COMPANY Work Sheet For Year Ended December 31 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet & Statement Owner's Equity Debit Credit