9.2 Work Sheet Exercises 1. The simplified work sheet for P. Tang and Company, shown below with the trial balance figures already entered, is provided in the Workbook. P.Tang and Company Year Ended Dec. 31, 20-4 ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DR CR DR CR DR CR TRIAL BALANCE ACCOUNTS DR CR Bank 1800 Accounts Receivable 19500- Supplies 1000 Prepaid Insurance 1750 Equipment 22000 Automobile 21000 Accounts Payable 4360 P.Tang, Capital 54040 P.Tang, Drawings 15000- Fees Earned 60300 Car Expense 3800- General Expense 2950- Miscellaneous Expense 700 Rent Expense 7200 Wages Expense 22000 118700 118700 A. Using the additional information given below, complete the eight-column work sheet. B. Journalize the adjusting entries in a two-column general journal. C. Post the adjusting entries to the T-account ledger provided in the Workbook and take off an adjusted trial balance. Optional D. Prepare an income statement and a classified balance sheet. Additional Information 1. The value of the supplies on hand at the year-end amounted to $700. 2. The prepaid insurance at the year-end was calculated at $800. 3. Late-arriving invoices pertaining to the 20-4 fiscal period were: Car Expense General Expense $75 100 Total $175