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[Solved] Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow.$15.49
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[Solved] Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow.
Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow.
Information for year-end adjustments is as follows:
(a) Office supplies on hand at year-end amounted to $100.
(...
kristi williams offers family counseling services specializing in financial and marital problems a chart of accounts and a trial balance taken on december 31
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1 prepare the work sheet
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Kristi Williams offers family counseling services specializing in financial and marital problems.
A chart of accounts and a trial balance taken on December 31, 20--, follow.
.:.
Information for year-end adjustments is as follows:
(a) Office supplies on hand at year-end amounted to $100.
(b) On January 1, 20--, Williams purchased office equipment that cost $18,000. It has an
expected useful life of 10 years and no salvage value.
, (c) On July 1, 20--, Williams purchased computer equipment costing $6,000. It has an expected
useful life of three years and no salvage value. Assume that Williams computes depreciation to
the nearest full month.
(d) On December 1, 20--, Williams paid a premium of $600 for a six-month insurance policy.
REQUIRED
1. Prepare the work sheet for the year ended December 31, 20--.
2. Prepare adjusting entries in a general journal.
SOLUTION:
1.
Kristi Williams Family
Work
For Year Ended
TRIAL BALANCE ADJUSTMENTS
ACCOUNT TITLE
DEBIT CREDIT DEBIT CREDIT
Cash 8 7 3 0 00
Office Supplies 7 0 0 00 (a) 6 0 0 00
Prepaid Insurance 6 0 0 00 (d) 1 0 0 00
Office Equipment 18 0 0 0 00
Accum. Depr.—Office Equip. (b) 1 8 0 0 00
Computer Equipment 6 0 0 0 00
Accum. Depr.—Computer (c) 1 0 0 0 00
Equip.
Notes Payable 8 0 0 0 00
Accounts Payable 5 0 0 00
Kristi Williams, Capital 11 4 0 0 00
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