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Accounting I

Accounting I. Chapter 15 – Work Sheet for a Merchandising Business. T ERMS REVIEW. inventory merchandise inventory. Lesson 15-1, page 371. T ERMS REVIEW. Inventory. The amount of goods on hand. Lesson 15-1, page 368. T ERMS REVIEW. Merchandise Inventory.

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Accounting I

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  1. Accounting I Chapter 15 – Work Sheet for a Merchandising Business

  2. TERMS REVIEW inventory merchandise inventory Lesson 15-1, page 371

  3. TERMS REVIEW Inventory The amount of goods on hand. Lesson 15-1, page 368

  4. TERMS REVIEW Merchandise Inventory The amount of goods on hand for sale to customers. Lesson 15-1, page 368

  5. 1 2 1 2 3 TRANSFERRING GENERAL LEDGER ACCOUNT BALANCES TO A WORK SHEET RECORDING A TRIAL BALANCE ON A WORK SHEET 1. Write the titles of the general ledger accounts. 2. Write the balance of each account. 3. Total, prove, and rule the debit and credit columns. Lesson 15-1, page 366-368

  6. Merchandise Inventory Debit Credit Merchandise Inventory PLANNING ADJUSTMENTS ON A WORK SHEET Jan. 1 Bal. 270,480.00 Lesson 15-1, page 368

  7. Merchandise Inventory Income Summary ANALYZING A MERCHANDISE INVENTORY ADJUSTMENT AFTER ADJUSTMENTS BEFORE ADJUSTMENTS Adj. (a) 15,840.00 Jan 1 Bal. 270,480.00 Jan 1 Bal. 270,480.00 Adj. (a) 15,840.00 (New Bal. 254,640.00) Lesson 15-1, page 369

  8. 3 RECORDING A MERCHANDISE INVENTORY ADJUSTMENT 2 1 1. Write the debit amount. 2. Write the credit amount. 3. Label the two parts of this adjustment. Lesson 15-1, page 370

  9. Merchandise Inventory Income Summary ANALYZING AN ADJUSTMENT WHEN ENDING MERCHANDISE INVENTORY IS GREATER THAN BEGINNING MERCHANDISE INVENTORY AFTER ADJUSTMENT Jan 1 Bal. 294,700.00 Adj. (a) 4,200.00 (New Bal. 298,900.00) Adj. (a) 4,200.00 Lesson 15-1, page 370

  10. Work Together & On Your Own – Page 371-372

  11. Supplies—Office Supplies Expense—Office ANALYZING A SUPPLIES ADJUSTMENT AFTER ADJUSTMENT BEFORE ADJUSTMENT Adj. (b) 4,730.00 Dec. 31 Bal. 6,480.00 Dec. 31 Bal. 6,480.00 Adj. (b) 4,730.00 (New Bal. 1,750.00) Lesson 15-2, page 373

  12. 3 3 RECORDING SUPPLIES ADJUSTMENTS 2 1 1. Write the debit amounts. 2. Write the credit amounts. 3. Label the two parts of this adjustment. Lesson 15-2, page 374

  13. Prepaid Insurance Insurance Expense ANALYZING A PREPAID INSURANCE ADJUSTMENT AFTER ADJUSTMENT BEFORE ADJUSTMENT Adj. (d) 3,170.00 Dec 31 Bal. 5,800.00 Dec 31 Bal. 5,800.00 Adj. (d) 3,170.00 (New Bal. 2,630.00) Lesson 15-2, page 375

  14. 3 3 RECORDING A PREPAID INSURANCE ADJUSTMENT 2 1 1. Write the debit amount. 2. Write the credit amount. 3. Label the two parts of this adjustment. Lesson 15-2, page 376

  15. Work Together & On Your Own – Page 377

  16. 3 4 5 7 6 COMPLETING AN 8-COLUMN WORK SHEET 2 1 1. Extend balance sheet items to Balance Sheet columns. 2. Extend income statement items to Income Statement columns. 3. Total Income Statement and Balance Sheet columns. 4. Calculate net income or net loss. 5. Extend net income or net loss to Balance Sheet Debit or Credit column. 6. Total Income Statement and Balance Sheet columns. 7. Check that totals are in balance. Lesson 15-3, page 378

  17. A 10-COLUMN WORK SHEET FOR A MERCHANDISING BUSINESS (LEFT PAGE) 1. Record the trial balance. 2. Plan the adjustments. 1 2 Lesson 15-3, page 382

  18. A 10-COLUMN WORK SHEET FOR A MERCHANDISING BUSINESS (RIGHT PAGE) 3. Extend the balances in the Trial Balance columns to the Adjusted Trial Balance columns. 5 3 4. Total, prove, and rule the Adjusted Trial Balance columns. 5. Extend the amounts in the Adjusted Trial Balance columns to the appropriate Income Statement and Balance Sheet columns. 6. Total, prove, and rule the appropriate Income Statement and Balance Sheet columns. 4 6 Lesson 15-3, page 383

  19. Work Together & On Your Own – Page 384

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