Kế toán, kiểm toán - Chapter 5: Adjustments and the worksheet

1-*McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.Adjustments and the Worksheet Section 1: The WorksheetChapter5Section ObjectivesComplete a trial balance on a worksheet.Prepare adjustments for unrecorded business transactions.ACCOUNT NAMEWells’ Consulting ServicesWorksheetMonth Ended December 31, 2013TRIAL BALANCEBALANCE SHEETADJ. TRIAL BAL.ADJUSTMENTSINCOME STMT.The worksheet alsohas five sectionsThe worksheet hasan Account Name columnEach section hastwo columnsDEBIT CREDITDEBIT CREDITDEBIT CREDITDEBIT CREDITDEBIT CREDITObjective 1Complete a trial balance on a worksheet1. Enter the general ledger account names.2. Transfer the general ledger account balances to the Debit and Credit columns of the Trial Balance section.3. Total the Debit and Credit columns to prove that the trial balance is in balance.4. Place a double rule under each Trial Balance column to show that the work in that column is complete.Complete the Trial Balance section in four steps5-*CREDITBALANCE SHEETADJ. TRIAL BAL.ADJUSTMENTSINCOME STMT.CREDITDEBITCREDITDEBITCREDITDEBITACCOUNT NAMEWells’ Consulting ServicesWorksheetMonth Ended December 31, 2013CashAccounts ReceivableSuppliesPrepaid RentEquipmentAccum. Depr.—Equip.Accounts PayableFees IncomeSalaries ExpenseUtilities ExpenseSupplies ExpenseRent ExpenseDepr. Exp.—Equip.TotalsDEBIT(a) 500(a) 500(b) 4,000(b) 4,000(c) 183(c) 183 4,683 4,683When all adjustments areentered, total and rule the Adjustments columnsTRIAL BALANCEDEBITCREDIT111,3503,500100,0005,00047,000 8,000 65011,0008,0005,0001,500 150,500 150,500Carolyn Wells, Cap.Carolyn Wells, Draw.Adjustments and the Worksheet Section 2: Financial StatementsChapter5Section ObjectivesComplete the worksheet.Prepare an income statement, statement of owner's equity, and balance sheet from the completed worksheet.5. Journalize and post the adjusting entries.The Accounting CycleStep 1 Analyze transactionsStep 2 Journalize the data about transactionsStep 7 Record closing entriesStep 3 Post the data about transactionsStep 4 Prepare a worksheetStep 5Prepare financial statementsStep 6 Record adjusting entriesStep 8 Prepare a postclosing trial balanceStep 9 Interpret the financial informationStep 4 Prepare a worksheetYou have already seen how to prepare the first twosections of a worksheet:Preparing a worksheet is the fourth step of the accounting cycle.You will now learn how to complete a worksheet. Trial Balance AdjustmentsObjective 3Complete the worksheetCREDITBALANCE SHEETINCOME STMT.DEBITCREDITDEBITTotal the Debit and Credit columns in the Adjusted Trial Balance section. Confirm that debits equal credits183111,350ADJ. TRIAL BAL.DEBITCREDITADJUSTMENTSCREDITACCOUNT NAMECashAccounts ReceivableSuppliesPrepaid RentEquipmentAccum. Depr.—Equip.Accounts PayableFees IncomeSalaries ExpenseUtilities ExpenseSupplies ExpenseRent ExpenseDepr. Exp.—Equip.TotalsDEBIT(a) 500(a) 500(b) 4,000(b) 4,000(c) 183(c) 183 4,683 4,683TRIAL BALANCEDEBITCREDIT111,3503,500100,0005,00047,000 8,000 65011,0008,0005,0001,500 150,500 150,500Carolyn Wells, Cap.Carolyn Wells, Draw.5,00011,0003,500100,0005,000 8,000 65047,0005004000183 1,000 4,000 150,683 150,683Subtract the smaller total from the larger total in the Income Statement section to find the Net Income or Net Loss. Net Income 150,683 150,683CREDITBALANCE SHEETINCOME STMT.DEBITCREDITDEBIT111,3505,0001,0004,00011,0001833,500100,0005,00047,000 8,000 6505004,00018313,33347,000 137,350103,683111,350ADJ. TRIAL BAL.DEBITCREDITADJUSTMENTSCREDITACCOUNT NAMECashAccounts ReceivableSuppliesPrepaid RentEquipmentAccum. Depr.—Equip.Accounts PayableFees IncomeSalaries ExpenseUtilities ExpenseSupplies ExpenseRent ExpenseDepr. Exp.—Equip.TotalsDEBIT(a) 500(a) 500(b) 4,000(b) 4,000(c) 183(c) 183 4,683 4,683TRIAL BALANCEDEBITCREDIT111,3503,500100,0005,00047,000 8,000 65011,0008,0005,0001,500 150,500 150,500Carolyn Wells, Cap.Carolyn Wells, Draw.5,00011,0003,500100,0005,000 8,000 65047,0005004000183 1,000 4,000183Total the Income Statement and the Balance Sheet sectionsNet Income 150,683 150,683CREDITBALANCE SHEETINCOME STMT.DEBITCREDITDEBIT111,3505,0001,0004,00011,0003,500100,0005,00047,000 8,000 6505004,00018313,33347,000 137,350103,683111,350ADJ. TRIAL BAL.DEBITCREDITADJUSTMENTSCREDITACCOUNT NAMECashAccounts ReceivableSuppliesPrepaid RentEquipmentAccum. Depr.—Equip.Accounts PayableFees IncomeSalaries ExpenseUtilities ExpenseSupplies ExpenseRent ExpenseDepr. Exp.—Equip.TotalsDEBIT(a) 500(a) 500(b) 4,000(b) 4,000(c) 183(c) 183 4,683 4,683TRIAL BALANCEDEBITCREDIT111,3503,500100,0005,00047,000 8,000 65011,0008,0005,0001,500 150,500 150,500Carolyn Wells, Cap.Carolyn Wells, Draw.5,00011,0003,500100,0005,000 8,000 65047,0005004000183 1,000 4,00033,66733,66747,00047,000 137,350 137,350183183Wells’ Consulting ServicesIncome StatementMonth Ended December 31, 2013Revenue Fees Income $47,000Expenses Salaries Expense $8,000 Utilities 650 Supplies Expense 500 Rent Expense 4,000 Depreciation Expense - Equipment 183 Total Expenses $13,333Net Income for the Month $33,667Objective 4Prepare financial statements from the worksheetWells’ Consulting ServicesStatement of Owner’s EquityMonth Ended December 31, 2013Carolyn Wells, Capital, December 1, 2013 $ 100,000Net Income for December $33,667 Less Withdrawals for December 5,000Increase in Capital 28,667Carolyn Wells, Capital, December 31, 2013 $128,667Wells’ Consulting ServicesBalance SheetDecember 31, 2013 AssetsCash $111,350.00Accounts Receivable 5,000.00Supplies 1,000.00 Prepaid Rent 4,000.00 Equipment 10,817.00 Total Assets $ 132,167.00 Liabilities Accounts Payable $ 3,500.00 Owner’s Equity Carolyn Wells, Capital 128,667.00 Total Liabilities and Owner’s Equity $ 132,167.00 Account Form of Balance SheetWells’ Consulting ServicesBalance SheetMonth Ended December 31, 2013 Assets Cash $111,350 Accounts Receivable 5,000Supplies 1,000Prepaid Rent 4,000Equipment $11,000Less Accumulated Depreciation 183 10,817Total Assets$132,167 Liabilities and Owner’s EquityLiabilities Accounts Payable $ 3,500Owner’s Equity Carolyn Wells, Capital 128,667Total Liabilities and Owner’s Equity $132,167Report Form of Balance Sheet