Quiz 2: P2: Service Company Worksheet F1work


The required financial statements are shown in the worksheet below: img

In the worksheet, record the following transactions for adjusting entries: a. The cleaning supplies on hand at the end of the year are $18,750. The balance in trial balance for cleaning supplies is $22,000. This means that $3,250 in supplies was used and needs to be adjusted. Debit supplies expense and credit cleaning supplies for $3,250. b. Insurance premiums used during the year are $1,800. Debit insurance expense and credit prepaid insurance. c. Depreciation on the company's equipment is $21,600. Debit depreciation expense and credit accumulated depreciation. d. Wages earned by employees but not yet paid are $1,830. Debit wages expense and credit wages payable. In adjusted trial balance, the total of debits should be equal to the total of credits. In order to determine this, a formula will be entered to add all the numbers in all columns. The spreadsheet after recording all the transactions and entering all the formulas is shown below: img

In the worksheet, the information will be transferred in the appropriate column of adjusted trial balance, income statement, or balance sheet using cell references. A formula will be used at the end of both columns to calculate the totals of each column. The complete spreadsheet is shown below: img

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