© south-western educational publishing 3 3.total, prove, and rule the debit and credit columns. 1....

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33. Total, prove, and rule

the debit and credit columns.

1. Write the titles of the general ledger accounts.

2. Write the balance of each account.

1

1 2

2

TRANSFERRING GENERAL TRANSFERRING GENERAL LEDGER ACCOUNT BALANCES LEDGER ACCOUNT BALANCES TO A WORK SHEETTO A WORK SHEET

RECORDING A TRIAL RECORDING A TRIAL BALANCE ON A WORK SHEETBALANCE ON A WORK SHEET

Lesson 15-1, page 366-368Lesson 15-1, page 366-368

© South-Western© South-WesternEducational PublishingEducational Publishing

PLANNING ADJUSTMENTS ON A WORK SHEETPLANNING ADJUSTMENTS ON A WORK SHEET

Jan. 1 Bal. 270,480.00

Merchandise Inventory

Debit Credit

Merchandise Inventory

Lesson 15-1, page 368Lesson 15-1, page 368

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BEFORE ADJUSTMENTSAFTER ADJUSTMENTS

Income Summary

Jan 1 Bal. 270,480.00Jan 1 Bal. 270,480.00(New Bal. 254,640.00)

ANALYZING A MERCHANDISE INVENTORY ANALYZING A MERCHANDISE INVENTORY ADJUSTMENTADJUSTMENT

Adj. (a) 15,840.00

Merchandise Inventory

Adj. (a) 15,840.00

Lesson 15-1, page 369Lesson 15-1, page 369

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RECORDING A MERCHANDISE INVENTORY RECORDING A MERCHANDISE INVENTORY ADJUSTMENTADJUSTMENT

1

2

3. Label the two parts of this adjustment.

1. Write the debit amount.

2. Write the credit amount.

3

Lesson 15-1, page 370Lesson 15-1, page 370

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ANALYZING AN ADJUSTMENT WHEN ENDING ANALYZING AN ADJUSTMENT WHEN ENDING MERCHANDISE INVENTORY IS GREATER THAN MERCHANDISE INVENTORY IS GREATER THAN BEGINNING MERCHANDISE INVENTORYBEGINNING MERCHANDISE INVENTORY

AFTER ADJUSTMENT

Income Summary

Jan 1 Bal. 294,700.00Adj. (a) 4,200.00

Merchandise Inventory

Adj. (a) 4,200.00

Lesson 15-1, page 370Lesson 15-1, page 370

(New Bal. 298,900.00)

© South-Western© South-WesternEducational PublishingEducational Publishing

TTERMS REVIEWERMS REVIEWinventory

merchandise inventory

Lesson 15-1, page 371Lesson 15-1, page 371