Day 45-47

After studying Chapter 6, you will be able to:

  • Define accounting terms related to a work sheet for a service business organized as a proprietorship.
  • Identify accounting concepts and practices related to a work sheet for a service business organized as a proprietorship.
  • Prepare a heading and a trial balance on a work sheet.
  • Plan adjustments for supplies and prepaid insurance.
  • Complete a work sheet for a service business organized as a proprietorship.
  • Identify selected procedures for finding and correcting errors in accounting records.

Mastery Problem 6-5

  1. Make a copy of this spreadsheet.
  2. Place this file in your Chapter 6 folder.
  3. Rename the file to Mastery Problem 6-5-(Your Initials)
  4. Complete the spreadsheet according to the directions on page 173 or below.

Challenge Problem 6-6

  1. Make a copy of this spreadsheet.
  2. Place this file in your Chapter 6 folder.
  3. Rename the file to Challenge Problem 6-6-(Your Initials)
  4. Complete the spreadsheet according to the directions on page 174 or below.

Auditing For Errors

  1. Make a copy of this spreadsheet, rename it Auditing-(Your Initials), and more it into your Chapter 6 folder.
  2. Read the instructions on page 175 of your textbook.
  3. Using the trial balance as shown in the textbook, enter the accounts and numbers in columns A-C in the spreadsheet as shown in the textbook.  
  4. After completing step 1 in the instructions, use columns D-E to show your corrections.

Best Buy’s Financial Statements

  1. The length of time for which a business summarizes and reports financial information is known as a fiscal period.  Annual statements use a fiscal period equal to one year.  However, the fiscal year does not necessarily have to begin on January 1 and end on December 31 (a calendar year).  A company’s fiscal year can begin on any date.  Most companies choose a fiscal year that ends during a period of low business activity, often after a period of high activity, when inventories are low.  Look at the second page of Note 1 to Best Buy’s financial statements on Appendix B page B-10 in your textbook.Directions:  To complete this task, follow the steps below:
    1. Make a copy of this Google Document, name it Best Buy-(Your Initials), and move it into your Chapter 6 folder.
    2. Use Appendix B in the page of your textbook as well as Best Buy’s most recent financial statements to complete the questions within the document.

Study Guide 6

  1. Complete this Chapter 6 Study Guide to assess your learning from Chapter 6. You have as many attempts as needed to get as good of a score as you can.