6 – Work Sheet and Adj. Entries for Svc bus.

Competencies:

6320: Accounting

10: Demonstrate critical-thinking and problem-solving skills.
18: Demonstrate proficiency with technologies common to a specific occupation.
43: Prepare a trial balance.
44: Plan end-of-period adjustments using a work sheet.
48: Analyze the differences between net income and net loss.
53: Maintain financial records for a service business, using accounting software.
54: Maintain financial records for a service business, using spreadsheet software.
65: Generate trial balance and end-of-period adjustments for a merchandising business using a work sheet

Chapter 6 Learning objectives:

LO1 Prepare the heading of a work sheet.
LO2 Prepare the trial balance section of a work sheet.
LO3 Analyze and explain the adjustments for supplies and prepaid insurance.
LO4 Complete the Adjustments columns of a work sheet.
LO5 Prepare the Balance Sheet and Income Statement columns of a work sheet.
LO6 Total and rule the work sheet.
LO7 Apply the steps for finding errors on a work sheet.
LO8 Journalize and post the adjusting entries for supplies and prepaid insurance.

Section 1: