The completed worksheet for JP’s Accounting Services for the month ended December 31, 20X1, appears on shown below.

INSTRUCTIONS
1. Prepare an income statement.
2. Prepare a statement of owner’s equity. The owner made no additional investments during the month.
3. Prepare a balance sheet.
Analyze: 

By what total amount did the value of assets reported on the balance sheet decrease due to the adjusting entries?

Transcribed Image Text:

1 Cash Accounts Receivable ACCOUNT NAME 3 Supplies 4 Prepaid Advertising 5 Fixtures 6 Accumulated Depreciation-Fixtures 7 Accounts Payable 8 Jackie Peaches, Capital 9 Jackie Peaches, Drawing 10 Fees Income 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Fixtures 14 Rent Expense 15 Salaries Expense 16 Utilities Expense 17 Totals 18 Net Income 19 20 TRIAL BALANCE DEBIT 33 900 00 440000 3 000 00 8 000 00 36 000 00 6 000 00 700000 37 200 00 216000 137 660 00 CREDIT 15 000 00 60 000 00 62 660 00 137 660 00 (a) (b) (c) JP's Accounting Services Worksheet Month Ended December 31, 20X1 DEBIT ADJUSTMENTS 1 200 00 1 600 00 60000 3 400 00 (a) (b) (C) CREDIT 120000 160000 60000 340000