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  • Fundamentals of Accounting 1 Worksheet of A Merchandising Business

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    This document provides instructions for completing a worksheet for a merchandising business. It lists various accounts and indicates whether their balances should appear in the debit or credit columns of the income statement or statement of financial position. Accounts such as merchandise inventory, equipment, accounts payable and owner's capital would appear in the statement of financial position, while expenses like salaries, rent and supplies would appear as debits in the income statement.

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    answeredAAE16-accounting

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    This document provides instructions for completing a worksheet for a merchandising business. It lists various accounts and indicates whether their balances should appear in the debit or credit columns of the income statement or statement of financial position. Accounts such as merchandise inventory, equipment, accounts payable and owner's capital would appear in the statement of financial position, while expenses like salaries, rent and supplies would appear as debits in the income statement.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    11 views5 pages

    Fundamentals of Accounting 1 Worksheet of A Merchandising Business

    Uploaded by

    vomawew647
    This document provides instructions for completing a worksheet for a merchandising business. It lists various accounts and indicates whether their balances should appear in the debit or credit columns of the income statement or statement of financial position. Accounts such as merchandise inventory, equipment, accounts payable and owner's capital would appear in the statement of financial position, while expenses like salaries, rent and supplies would appear as debits in the income statement.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Fundamentals of Accounting 1

    Worksheet of a Merchandising Business


    V. ANALYSIS, APPLICATION AND EXPLORATION
    Name:                                                          Course & Section:                                   
    Direction/Instruction: Shown below are the selected worsheet columns indicate by a check marks
    ( / ) in which columns the balances of the following accounts should appear.
    STATEMENT OF
    ACCOUNT TITLE INCOME STATEMENT FINANCIAL POSITION
    Debit Credit Debit Credit
    Example: Cash /
    Accounts Receivable /
    Merchandise Inventory, Jan. 1 /

    Unused Supplies /

    Equipment, Furnitures & Fixtures /

    Accounts Payable /
    Lucky, Capital /

    Lucky, Drawing /

    Salaries Expense /

    Rent Expense /

    Miscellaneous Expense /
    Adjustments:

    Merchandise Inventory, Dec. 31 / /

    Salaries Expense /

    Salaries Payable /
    Bad Debts /

    Allowance for Bad Debts /


    Depreciation – Equipment, Furnitures and Fistures /

    Accumulated Depreciation – Equipment, Fur.&Fix. /

    Suplies Expense /

    Taxes and Licenses /


    Accrued Taxes Payable /
    Sub total / /
    Net Income / /
    Grand Total / / / /

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