1.
Accounting IAccounting I
Chapter 15 – Work Sheet
for a Merchandising
Business

2.
TTERMS REVIEWERMS REVIEW
inventory
merchandise inventory
Lesson 15-1, page 371Lesson 15-1, page 371

3.
TTERMS REVIEWERMS REVIEW
InventoryInventory
The amount of goods on hand.
Lesson 15-1, page 368Lesson 15-1, page 368

4.
TTERMS REVIEWERMS REVIEW
Merchandise InventoryMerchandise Inventory
The amount of goods on hand for
sale to customers.
Lesson 15-1, page 368Lesson 15-1, page 368

5.
3
3. 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 GENERALTRANSFERRING GENERAL
LEDGER ACCOUNT BALANCESLEDGER ACCOUNT BALANCES
TO A WORK SHEETTO A WORK SHEET
RECORDING A TRIALRECORDING A TRIAL
BALANCE ON A WORK SHEETBALANCE ON A WORK SHEET
Lesson 15-1, page 366-368Lesson 15-1, page 366-368

6.
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

7.
BEFORE ADJUSTMENTSAFTER ADJUSTMENTS
Income Summary
Jan 1 Bal. 270,480.00Jan 1 Bal. 270,480.00
(New Bal. 254,640.00)
ANALYZING A MERCHANDISE INVENTORYANALYZING 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

8.
RECORDING A MERCHANDISE INVENTORYRECORDING 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

9.
ANALYZING AN ADJUSTMENT WHEN ENDINGANALYZING AN ADJUSTMENT WHEN ENDING
MERCHANDISE INVENTORY IS GREATER THANMERCHANDISE INVENTORY IS GREATER THAN
BEGINNING MERCHANDISE INVENTORYBEGINNING MERCHANDISE INVENTORY
AFTER ADJUSTMENT
Income Summary
Jan 1 Bal. 294,700.00
Adj. (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)

10.
Work Together &Work Together &
On Your Own –On Your Own –
Page 371-372Page 371-372

11.
BEFORE ADJUSTMENTAFTER ADJUSTMENT
Dec. 31 Bal. 6,480.00Dec. 31 Bal. 6,480.00
Supplies Expense—Office
(New Bal. 1,750.00)
ANALYZING A SUPPLIES ADJUSTMENTANALYZING A SUPPLIES ADJUSTMENT
Adj. (b) 4,730.00
Supplies—Office
Adj. (b) 4,730.00
Lesson 15-2, page 373Lesson 15-2, page 373

12.
RECORDING SUPPLIES ADJUSTMENTSRECORDING SUPPLIES ADJUSTMENTS
1
3
3
2
3. Label the two parts of this adjustment.
1. Write the debit amounts.
2. Write the credit amounts.
Lesson 15-2, page 374Lesson 15-2, page 374

13.
BEFORE ADJUSTMENTAFTER ADJUSTMENT
Dec 31 Bal. 5,800.00Dec 31 Bal. 5,800.00
Insurance Expense
(New Bal. 2,630.00)
ANALYZING A PREPAID INSURANCE ADJUSTMENTANALYZING A PREPAID INSURANCE ADJUSTMENT
Adj. (d) 3,170.00
Prepaid Insurance
Adj. (d) 3,170.00
Lesson 15-2, page 375Lesson 15-2, page 375

14.
RECORDING A PREPAID INSURANCE ADJUSTMENTRECORDING A PREPAID INSURANCE ADJUSTMENT
1
3
3
2
3. Label the two parts of this adjustment.
1. Write the debit amount.
2. Write the credit amount.
Lesson 15-2, page 376Lesson 15-2, page 376

15.
Work Together &Work Together &
On Your Own –On Your Own –
Page 377Page 377

16.
4. Calculate net income or
net loss.
5. Extend net income or net
loss to Balance Sheet Debit
or Credit column.
1. Extend balance sheet items
to Balance Sheet columns.
2. Extend income statement
items to Income Statement
columns.
COMPLETING AN 8-COLUMN WORK SHEETCOMPLETING AN 8-COLUMN WORK SHEET
2 1
3. Total Income Statement and
Balance Sheet columns.
6. Total Income Statement and
Balance Sheet columns.
7. Check that totals are in
balance.
4
3
5
6 7 Lesson 15-3, page 378Lesson 15-3, page 378

17.
A 10-COLUMN WORK SHEET FOR A MERCHANDISINGA 10-COLUMN WORK SHEET FOR A MERCHANDISING
BUSINESS (LEFT PAGE)BUSINESS (LEFT PAGE)
1. Record the
trial balance.
2. Plan the
adjustments.1 2
Lesson 15-3, page 382Lesson 15-3, page 382

18.
A 10-COLUMN WORK SHEET FOR A MERCHANDISINGA 10-COLUMN WORK SHEET FOR A MERCHANDISING
BUSINESS (RIGHT PAGE)BUSINESS (RIGHT PAGE)
3. Extend the balances in the
Trial Balance columns to
the Adjusted Trial Balance
columns.
4. Total, prove, and rule the
Adjusted Trial Balance
columns.
3
4
5
6
5. Extend the amounts in the
Adjusted Trial Balance
columns to the appropriate
Income Statement and
Balance Sheet columns.
6. Total, prove, and
rule the appropriate
Income Statement
and Balance Sheet
columns.
Lesson 15-3, page 383Lesson 15-3, page 383

19.
Work Together &Work Together &
On Your Own –On Your Own –
Page 384Page 384