Worksheet
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The document provides adjusting entry data and trial balances for Beck Cleaning for July 31st. There are 4 adjusting entries needed: (1) to record $120 of unbilled revenue, (2) to accrue $30 in wages payable, (3) to record $110 in supplies expense for items used, and (4) to record $100 in depreciation expense for the truck. After adjusting entries, net income for July is $2000. The income statement shows revenue of $2850 and expenses of $850. The statement of owner's capital shows Sandra Beck's capital balance increased to $4560 after withdrawing $750.
Worksheet
- 3. BECK CLEANING ADJUSTING ENTRY DATA JULY 31 A)Revenue earned but unbilled at JULY 31, $120. B)Accrued wages at JULY 31, $30. C)Supplies on hand at JULY 31, $70. D)Truck depreciation for JULY 31, $100.
- 5. BECK CLEANING WORK SHEET JULY 31 A/C # ACCOUNT UNADJUSTED TRIAL BALANCE Dr. 11 12 13 15 015 21 22 31 031 51 61 62 63 64 Cash Accounts Receivable Cleaning Supplies Truck Accumulated Depreciation-Truck Accounts Payable Wages Payable Sandra Beck, Capital Sandra Beck, Withdrawals Cleaning Revenue Wage Expense Rent Expense Supplies Expense Depreciation Expense Net Income Cr. $520 $340 $180 $5000 $1300 $60 --0-$3310 $750 $2730 $410 $200 --0---0-$7400 $7400
- 6. ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Dr. ($) Dr. ($) Dr. ($) Dr. ($) Cr. ($) a) 120 c) 110 Cr. ($) 520 460 70 5000 b) 30 c) Cr. ($) 520 460 70 5000 1400 60 30 3310 d) 100 b) 30 Cr. ($) 1400 60 30 3310 750 750 2850 a) 120 440 200 110 100 360 7650 2850 440 200 110 100 110 d) 100 360 7650 850 2000 2850 6800 4800
- 8. DATE 19-JULY 31 JULY 31 JULY 31 JULY 31 ACCOUNT NAMES & EXPLANATION ADJUSTING JOURNAL ENTRIES (A) Accounts Receivable Cleaning Revenue To recognize unbilled revenue at JULY 31. (B) Wage Expense Wages Payable Accrued wages at JULY 31. (C) Supplies Expense Cleaning Expense To reflect as expense supplies used during JULY. (D) Depreciation Expense Accumulated Depreciation-Truck A/C DEBIT # $ CREDIT $ 120 120 30 30 110 110 110 110
- 10. BECK CLEANING INCOME STATEMENT FOR THE MONTH OF JULY 19-- Cleaning Revenue Expenses: Wages Rent Supplies Depreciation Net Income $2000 $2850 $440 $200 $110 $100 $ 850
- 12. BECK CLEANING STATEMENT OF OWNER’S CAPITAL FOR THE MONTH OF JULY 19-- Capital Balance, July 1 Net Income for July Total Less: July Withdrawals Capital Balance, July 31 $3310 $2000 $5310 $ 750 $4560
- 14. BECK CLEANING STATEMENT OF OWNER’S CAPITAL FOR THE MONTH OF JULY 19-ASSETS Cash Accounts Receivable Cleaning Supplies Truck $5000 Less: Accumulated Depreciation Total Assets LIABILITIES + OWNER EQUITY $520 Accounts Payable $460 Wages payable $70 $560 $30 $3600 Sandra Beck, Capital $4560 $4650 Total Liabilities and Owner’s Equity $4650 $1400