Chapter 4 Worksheet Problem Course: ACC 120 Date: Fall 2021 Campbell's Painting Company Worksheet For the month ended December 31, 2020 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 55,000 $ 55,000 55,000 Accounts Receivable $ 1,600 $ 4,200 $ 5,800 5,800 Cleaning Supplies $ 4,500 $ 3200 $ 1,300 1,300 Prepaid Insurance $ 1,500 $ 400 $ 1,100 1,100 Office Equipment $ 10,000 $ 10,000 10,000 Accum. Depr-Office Equip. $ 1,000 $ 350 $ 1,350 1,350 Accounts Payable $ 2,000 $ 2,000 2,000 Wages Payable $ 1900 $ 1900 1,900 J. Smith, Capital $ 25,700 $ 25,700 25,700 J. Smith, Drawing $ 2,300 $ 2,300 2,300 Fees Earned $ 85,000 $ 4200 $ 89,200 89,200 Wages Expense $ 30,000 $ 1,900 $ 31,900 $ 31,900 Rent Expense $ 4,700 $ 4,700 $ 4,700 Utilities Expense $ 4,100 $ 4,100 $ 4,100 Cleaning Supplies Expense $ 3,200 $ 3,200 $ 3,200 Insurance Expense $ 400 $ 400 $ 400 Depreciation Expense-Office Equip $ 350 $ 350 Totals $ 113,700 $ 113,700 $ 10050 $ 10050 120,150 120,150 44,650 89,200 75,500 30,950 Net income or loss 44,550 44,550 Totals 89,200 89,200 75,500 75,500 Adjusting Entry information for December 31: A. Prepaid Insurance which has expired $400. B. Ending Cleaning Supplies Inventory is $1,300. C. Fees earned but not yet received is $4,200. D. Depreciation on the Office Equipment for this year, $350. E. Wages accrued but not yet paid, $1,900. (c) Journalize the adjusting entries using the worksheet as a basis. Debit Credit Dec 31 insurance expense $ 400 prepaid insurance $ 400 Dec 31 cleaning supplies expense $ 3,200 cleaning supplies Dec 31 account receivable $ 4,200 fees earned $ 4,200 Dec 31 depreciation expense office equipment $ 350 accumulated depreciation office equipment 350 Dec 31 wages expense $ 1,900 wages payable $ 1,900 3 Debit Credit A. B