Question $1(5$ points$)$

Complete the worksheet below $($Adjustments and Adjusted Trial

Balance Columns, including column totals, hint; two accounts should be added$),$

using the following month$-$end adjustments.

A$)$ $$3$ of Prepaid Insurance was used $($and thus expired$)$ for the month

B$)$ A count of the Supplies showed that there are now $($at the end of the month$)$ $$7$ of supplies

on hand.

Trial Balance Adjustments Adjusted Trial Balance

Debit Credit Debit Credit Debit Credit

Balance Balance Balance Balance

Cash $26$

Accounts Receivable $10$

Prepaid Insurance $18$

Supplies $12$

Equipment $24$

Wages Payable $19$

Capital $53$

Sales $18$

$9090$Question $2(20$ points$)$

$($a different question, not connected to Question $1!)$

This is the Adjusted Trial Balance as of Dec $31,2023$

Adjusted Trial Balance

Debit Credit

Balances Balances

Cash $($see below$)$

Accts Receivable $6$

Equipment $12$

Accumulated Depreciation $4$

Accounts Payable $3$

Wages Payable $3$

Capital $16$

Sales $($see below$)$

Supplies Expense $10$

Rent Expense $15$

Insurance Expense $35$

Total

THE Cash balance is $218$ and your Fees Income balance is $270$

A$)$ Prepare the Income Statement $($with appropriate headings and format$)$

$($Official financial statement format, NOT the worksheet version!$)$

B$)$ Prepare the Balance Sheet $($with appropriate headings and format$)$

$($hint: it must balance!$)$

C$)2$ point bonus question: Prepare the closing journal entries