accounting services worksheet

I’ve been racking my brain on this for hours and I give up. I don’t think anything is right here, but go ahead and use what is. the unedited was what the teacher sent out, and the other is the modified version with my mistakes. I was pretty confident, some mistakes here and there until I got to the bit about unearned revenue, and how it was completely off. thanks. This assignment is actually giving me a migraine, i wasn’t cut out for accounting. I’m like 3/4ths the way done, so I don’t think it’s that crazy of a price.
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acps_4.pdf

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I.
~
~R.
CR.
II.
DEBITS AND CREDITS
LIABILITIES
I
DR.
AND STATEMENTS
ADJUSTMENTSI WORKS~-l.,
PRACI’ICE SET
I
+
OWNER
~.
I
DR.
WITHDRAWAIS
CR.
DR.
+

Cash
Accounts Receivable
Prepaid Advertising
Ironing Supplies
Ironing Equipment
Accounts Payable
Unea=ed Ironing Revenue
Capital, Linda Smith
Withdrawals, Linda Smith
Ironing Revenue
~.
REVENUE
DR. CR.
+
EXPENSES
~R’I CR.
I
Speedy Ironing Service
Trial Balance
September 30, 1991
S EOUITY
I
TRIAL BALANCE
I
Instructions: Student should use the
appropriate Trial Balance figures and
the information provided to analyze
adjustments on the left and jou=alize on the right. Jou=al entry
descriptions are not required.
Rent
EJq;Jense
Telephone
EJq;Jense
$105
10
60
10
60
$ 15
10
150
30
170
50
-2..Q.
$345
$345
~
ADJUSTING JOURNAL ENTRIES
III.

Practice Set Adjustments Wednesday, September 30, 1991
JOURNALIZING TRANSACTIONS
ANALYZING TRANSACTIONS
Assets
Liabilities
+
Owner’ s Equity
DR.
a. One month of scheduled advertising appeared
in the school newspaper. See Transaction 2, page 10.
a.
b. A count of Ironing Supplies revealed
approximately $5 worth on hand.
b.
c. Depreciation was taken on equipment
with a useful life of 5 years.
c.
d. On Thursday, 10/1, Linda would pay her first employee,
who worked Tuesday and Thursdays, $12 for the week.
d.
e. Ironing Services for one of the two students who had paid
in advance had been performed as of 9/30/91.
e.
f. On Tuesday, September 29, services had been finished
for 2 students who promised to pay $5 each on 10/5.
f.
20
CR.
Instructions: The adjustments from Part III should be transposed into the adjustments columns
of the worksheet. Check the correctness of the adjustments by verifying the Adjusted Trial
Balance. Finally, the adjusted balances should be extended to make an Income Statement and
Balance Sheet. Be sure to place the letter of the adjustment to the left of the amount as
demonstrated with adjustment a.
IV.
Trial Balance
WORKSHEET
Income
Statement
Adjusted
Trial Balance
Adjustments
Balance
Sheet
I
105
105
Accounts Receivable
10
20
Prepaid Advertising
60
Ironincr
In
Cash
1 ; “””
C::llnn
(a) 15
c;
60
Ironing Equpment
45
60
Accounts Payable
15
15
Unearned Ironing Revenue
10
5
150
150
Capital. Linda Smith
Withdrawals, Linda Smith
30
170
Ironing Revenue
185
50
Rent Expense
Telhone
30
20
345
E:xpense
I
20
I
345
15
(a) 15
Advertising Expense
5
Ironing Supplies Expense
Depreciation Expense,
Ironing
50
1
EQ!lipment
Accumulated Depreciation,
Ironing Equipment
1
6
Salaries Expense
Salaries Payable
42
V.
Instructions:
42
362
-2.
362



185 185
265
265
ACCOUNTING STATEMENTS
Use the Adjusted Trial Balance above to complete an Income Statement and Balance Sheet.
Speedy Ironing Service
Income Statement
For the Month Ended Sept. 30, 1991
Total Operating Expenses
Net Income
Speedy Ironing Service
Balance Sheet
September 30, 1991
Total Liabilities +
5 88
Total Assets:
21
@4
Owner
I
s Equity
5234

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