1. Prepare the Heading 2. Record the Trial Balance 3. Record the 4. Extend the 5. Calculate Net Adjustments Balances Income or Net Loss STEP: 1 of 5 On December 31 of the current year, Cradle Mountain Corporation is ready to prepare the work sheet. The business uses a monthly fiscal period. The first step in preparing a work sheet is the heading. Fill in the blanks for each row of the work sheet heading for Cradle Mountain Corporation for December 31 of the current year. Enter the current year as 20--. (Do not abbreviate the month.) Row 1: Row 2: Row 3: TOTAL SCORE: 0/12 1. Journalize Adjusting Entries QUESTION ASSETS 2. Post the Adjusting Entries Completed Work Sheet COA STEP: 1 of 2 Cathedral Hill Law Firm WORK SHEET For Month Ended October 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT BALANCE SHEET CREDIT 1 Cash 9,000.00 9,000.00 2 Petty Cash 100.00 100.00 3 Accounts Receivable-Widell Company 150.00 150.00 4 Accounts Receivable-Connor Whitney 200.00 200.00 QUESTION ASSETS Completed Work Sheet COA 5 Supplies 585.00 460.00 125.00 6 Prepaid Insurance 900.00 300.00 600.00 7 Accounts Payable-Southside Repair 1,160.00 1,160.00 8 Accounts Payable-Western Supply 280.00 280.00 9 Lenny Stanford, Capital 8,200.00 8,200.00 10 Lenny Stanford, Drawing 11 Income Summary 12 Sales 4,565.00 4,565.00 6,800.00 6,800.00 Cathedral Hill Law Firm's completed work sheet for the month ended Octabar It of the QUESTION ASSETS STEP: 1 of 2 Completed Work Sheet 11 Advertising Expense COA 290.00 290.00 14 Cash Short and Over 10.00 10.00 15 Insurance Expense 300.00 300.00 16 Miscellaneous Expense 90.00 90.00 1 Supplies Expense 460.00 460.00 18 Utilities Expense 550.00 550.00 19 20 Net Income 16,440.00 16,440.00 760.00 760.00 1,700.00 6,800.00 14,740.00 9,640.00 5,100.00 5,100.00 20 Net Income 21 700.00 5,100.00 6,800.00 SIVU 5,100.00 6,800.00 14,740.00 14,740.00 Cathedral Hill Law Firm's completed work sheet for the month ended October 31 of the current year is given in Question Assets. Use page 10 of the journal to journalize the adjusting entries. 1 2 3 4 5 DATE ACCOUNT TITLE Adjusting Entries GENERAL JOURNAL PAGE 10 DOC. NO. POST. REF. DEBIT CREDIT 1 2 3 4 5 EP: 1 of 2 QUESTION ASSETS Completed Work Sheet COA 110 Cash 120 Petty Cash 130 Accounts Receivable-Widell Company 135 Accounts Receivable-Connor Whitney 140 Supplies 150 Prepaid Insurance LIABILITIES 210 Accounts Payable-Southside Repair 215 Accounts Payable-Western Supply 410 Sales EXPENSES 510 Advertising Expense 520 Cash Short and Over 530 Insurance Expense 540 Miscellaneous Expense 550 Supplies Expense 560 Utilities Expense EQUITY 310 Lenny Stanford, Capital 320 Lenny Stanford, Drawing 330 Income Summary