Other data: Complete the worksheet. (If answer is zero, please enter 0. Do not l

Question

Other data:

Complete the worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.)

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

160

$7,360

$7,360

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E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are below.

Other data:

1. A physical count reveals $300 of supplies on hand.
2. $100 of the unearned revenue is still unearned at month-end.
3. Accrued salaries are $280.

Instructions

Complete the worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.)

BRISCOE COMPANY Worksheet for the Month Ended June 30, 2008

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash $2,320 Accounts Receivable 2,440 Supplies 1,880 Accounts Payable $1,120 Unearned Revenue 240 Common Stock 3,600 Service Revenue 2,400 Salaries Expense 560 Miscellaneous Expense

160

Totals

$7,360

$7,360

Supplies Expense Salaries Payable

Totals

Net Loss

Totals

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Explanation / Answer

The entries to correct are: 1. A physical count reveals $300 of supplies on hand. Debit Supplies Expense $1,580 Credit Supplies $1,580 2. $100 of the unearned revenue is still unearned at month-end. Debit Unearned revenue $140 Credit Service Revenue $140 3. Accrued salaries are $280. Debit Salaries Expense $280 Credit Accrued Salaries $280 The ending Balance Sheet is: Cash $2,320 Accounts Receivable $2,440 Supplies $300 Total Assets $5,060 Accounts Payable $1,120 Unearned Revenue $100 Accrued Salaries $280 Total Liabilities $1,500 Common Stock $3,600 Retained Earnings -$40 (See Statement of Profit & Loss below) Total Equity $3,560 Total Liability and Equity $5,060 Profit & Loss Service Revenue $2,540 Salaries Expense $840 Miscellaneous Expense $160 Supplies Expense $1,580 Net Income $ -40

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