This exercise will allow you to quickly check your knowledge of how items are extended on a worksheet.
A partial jumbled worksheet for the Piper Wood Investigative Services Corporation appears below. (The accounts are not listed in their usual order, the worksheet is only partially illustrated, and the Trial Balance and Adjustments columns have been omitted.)
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Account |
Adjusted |
Income |
Balance |
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Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
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Salaries and Wages Payable |
X |
X |
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Prepaid Insurance |
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Accumulated Depreciation—Equipment |
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Unearned Revenue |
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Rent Expense |
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Service Revenue |
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Prepaid Rent |
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Dividends |
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Repairs Expense |
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Utilities Payable |
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Interest Receivable |
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Accounts Receivable |
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Advertising Expense |
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Depreciation Expense |
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Land |
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Equipment |
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Salaries and Wages Expense |
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Mortgage Payable |
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Cash |
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Net Income |
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Instructions
For each account, place an “X” in the appropriate Adjusted Trial Balance column pair to indicate whether the account balance will appear in the Debit or Credit column (assume a normal balance in each account) on the worksheet. Also for each account, place an “X” in the appropriate Income Statement or Balance Sheet column to indicate the column to which the balance should be extended. The first one is done for you.