Thursday, April 15, 2010

XACC 280 Week Four Solution

XACC 280

Axia College of University of Phoenix (UoP)

Financial Accounting Concepts and Principles

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

XACC 280 Week 4 Solution

2. Assignment: Preparing a Financial Statement Worksheet
• Complete E4-1 on pp. 176–177 of Financial Accounting.
• Use the template in Appendix E to complete the 10-column worksheet.
• Post the completed worksheet as an attachment.

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E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as follows:

BRISCOE COMPANY
Worksheet
For the Month Ended June 30, 2008
Trial Balance
Account Titles 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
$7,360 $7,360

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
Enter the trial balance on a worksheet and complete the worksheet.


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