1.

C
2.B
3.B
4.B
5.C
6.A
7.A
8.A
T 1. Worksheet is used as a bridge connecting the trial balance and the financial statements.
F 2. A worksheet which does not contain column for "adjustments" is a 6 column worksheet which is being
T 3. In a worksheet, the amounts of debit and credit columns of both Income Statement and Balance Sheet
F 4. In a worksheet, when the total of the debit column of the Income Statement exceeds the total of the cr
F 5. In aworksheet, when the total of the credit column of the Income Statement exceeds the total of the d
T 6. When there is Profit, it is extended to the credit column of the Balance Sheet to effect the increase in O
F 7. Drawing account is the only temporary account that is found in the debit column of the statmeent of Fi
F 8. The last tep in the worksheet preparation is to enter Profit and Loss figure as a balancing amount in the
T 9.A Statement of Financial Position regardless of monthly or quarterly preparation should always be word
T 10.An interim financial statements are statements prepared at any given period during the year.
F 11. An income statement under service concern follows the modified single step form wherein all expens
F 12, The report form of a balance sheet shows the Asset, Liabilities and Owner's Equity in a horizontal orde
 ncial statements.
olumn worksheet which is being called simple worksheet.
me Statement and Balance Sheet when totaled are ot- "in-balance"
ement exceeds the total of the credit, its signifies a "loss"
ement exceeds the total of the debit column, its signifies"profit"
Sheet to effect the increase in Owner's Equity
bit column of the statmeent of Financial Position section of the worksheet
ure as a balancing amount in the Statement of Comprehensive Income and Statement of financial Position columns.
eparation should always be worded "as of"
period during the year.
gle step form wherein all expenses including finance charges are deducted from revenue.
wner's Equity in a horizontal order
 Lucy Tumulak, CPA
Trial Balance
December 31, 20A

Cash on Hand
Accounts Receivable
Office Supplies
Office Equipment
Furnitures and Fixtures
Accounts Payable
L. Tumulak, Capital
L.Tumulak, Drawing
Accounting & Auditing Fees
Other income
Taxes and Licenses
Rent Expense
Utilities Expense
Salaries Expense
Total

1. Simple Worksheet (6- column) Unadjusted Trial Balance

Dr. Cr.
Account Titles
Cash on hand 35,000.00
Accounts Receivable 20,000.00
Office Supplies 15,000.00
Office Equipment 60,000.00
Furnitures & Fixtures 75,000.00
Accounts Payable 27,000.00
L. Tumulak, Capital 126,300.00
L.Tumulak, Drawing 10,000.00
Accounting & Auditing Fees 85,000.00
Other income 5,000.00
Taxes and Licenses 3,500.00
Rent Expense 10,500.00
Utilities Expense 2,300.00
Salaries Expense 12,000.00 -
243,300.00 243,300.00

Statement of Comprehensive Income

Revenue:
Accounting & Auditing Fees 85,000.00
Other income 5,000.00
Operating Expenses:
Taxes and Licenses 3,500.00
Rent Expense 10,500.00
Utilities Expense 2,300.00
Salaries Expense 12,000.00 28,300.00
Profit 61,700.00
Debit Credit
35,000.00
20,000.00
15,000.00
60,000.00
75,000.00
27,000.00
126,300.00
10,000.00
85,000.00
5,000.00
3,500.00
10,500.00
2,300.00
12,000.00
243,300.00 243,300.00

Adjustment Adjusted Trial Balance

Dr. Cr. Dr. Cr.

Statement of Financial Position

Asset
Current Asset
Cash on hand 35,000.00
Accounts Receivable 20,000.00
Office Supplies 15,000.00
Total Current Assets 70,000.00

Non- current Assets

Office Equipment 60,000.00
Furnitures & Fixtures 75,000.00
Total Noncurrent assets 135,000.00
Total Assets 205,000.00

LIABILITIES
Current Liabilities
Accounts Payable 27,000.00
Total Liabilities 27,000.00

L. Tumulak, Capital 178,000.00

TOTAL LIABILITIES AND EQUITY 205,000.00
Statement of Comprehensive Income Statement of Financial Position
Dr. Cr. Dr. Cr.

Statement of changes in owner's equity

L. Tumulak, Capital 126,300

Add: Add Investment 0
Profit 61700 61700
Total: 188000
Less: Withdrawal 10,000
L. Tumulak, Capital Dec. 31, 20A 178000
 Tan Trucking Services
Trial Balance
June 30,20B
0 Debit
Cash in Bank 1,020,000.00
Petty Cash Fund 1,000.00
Accounts Receivable 120,000.00
Est. Uncollectible Account
Unused Supplies 5,000.00
Prepaid Insurance 2,300.00
Prepaid Rent 30,000.00
Delivery Truck 1,500,000.00
Acc-Depreciation- Delivery Truck
Accounts Payable
Jean Tan, Capital
Jean Tan, Drawing 50,000.00
Trucking Income
Taxes and Licenses 10,000.00
Repairs and Maintenance 27,000.00
Retainer Fees 25,000.00
Salaries & Wages 320,000.00
Utilities Expense 8,200.00
Depreciation Expense 105,000.00
Total 3,223,500.00
Credit

2,400.00

150,000.00
130,000.00
1,818,500.00

935,000.00

3,035,900.00