Lesson 22 1
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The document discusses how to prepare a work sheet for a corporation. It outlines the necessary adjusting entries for interest income, supplies, and federal income taxes. It also provides steps for completing the work sheet, which include totaling columns, calculating net income after taxes, extending the net income amount, calculating column totals, and drawing double lines.
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Lesson 22 1
- 1. LESSON 22-1 Preparing a Work Sheet for a Corporation CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
- 2. 2 INTEREST INCOME ADJUSTMENT page 638 1 2 1. Debit Interest Receivable. 2. Credit Interest Income. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1
- 3. 3 SUPPLIES ADJUSTMENT page 638 1 2 1. Credit Supplies. 2. Debit Supplies Expense. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1
- 4. 4 FEDERAL INCOME TAX ADJUSTMENT page 639 2 1 1. Debit Federal Income Tax Expense. 2. Credit Federal Income Tax Payable. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1
- 5. 5 COMPLETING A WORK SHEET page 641 1 3 2 1. 2. 3. 4. 5. 4 5 Total the Income Statement and Balance Sheet columns. Calculate and enter the net income after federal income tax. Extend the net income after federal income tax amount. Calculate the column totals. Rule double lines. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1
- 6. 5 COMPLETING A WORK SHEET page 641 1 3 2 1. 2. 3. 4. 5. 4 5 Total the Income Statement and Balance Sheet columns. Calculate and enter the net income after federal income tax. Extend the net income after federal income tax amount. Calculate the column totals. Rule double lines. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1