1. Use the following information to complete the Adjustments and Adjusted Trial Balance columns of the work sheet.

1. Depreciation on equipment, $14
2. Accrued salaries, $17
3. The $23 of unearned revenue has been earned
4. Supplies available at December 31, $70
5. Expired insurance, $26

2. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns, including net income.

WESTCOTT COMPANY Work Sheet For Year Ended December 31 Account Title Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet & Statement of Owners Equity Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $76 Accounts receivable 45 Supplies 90 Prepaid insurance 40 Equipment 61 Accumulated depreciationEquipment $37 Accounts payable 17 Salaries payable Unearned revenue 23 W. Westcott, Capital 130 W. Westcott, Withdrawals 28 Services revenue 185 Depreciation expenseEquipment Salaries expense 29 Insurance expense Supplies expense Utilities expense 23 Totals $392 $392 Net Income Totals