Chapter 7

Work Sheet for a Service Business

ESSENTIAL QUESTIONS

How is the heading and trial balance entered on a work sheet? How are adjustments for supplies and prepaid insurance calculated and entered on a work sheet?. What is required to complete a work sheet for a service business organized as a proprietorship? What are ways to identify and correct errors in accounting records?

TERMS FOR CHAPTER 7

- fiscal period - work sheet - trial balance - adjustment

- income statement - net income - net loss

ASSIGNMENTS

Creating a Work Sheet Read pp. 148-153 1) View Power Point presentation 7-1 2) Complete Application Problem 7-1 p. 169 3) Work on Study Guide 7 December 2 Planning Adjusting Entries on a Work Sheet Read pp. 154-158 1) View Power Point presentation 7-2 2) Complete Application Problem 7-2 p. 169 3) Continue to Work on Study Guide 7 December 3 Extending Financial Statement Information on a Work Sheet Read pp. 159-163 1) View Power Point presentation 7-3 2) Complete Application Problem 7-3 p. 169 3) Continue to Work on Study Guide 7 December 4

Finding and Correcting Errors on the Work Sheet Read pp. 164-168 1) View Power Point presentation 7-4 2) Complete Application Problem 7-4 p. 170 3) Complete Study Guide 7 December 5 Complete Mastery Problem 7-5 p. 170 December 8 Additional Chapter exercises Chapter Seven Internet Activity Accounting in Your Career p. 149 Explore Accounting p. 168 Due December 11 Tentative Test Date for Chapter 7 is Tuesday, December 9 Challenge Problem 7-6 p. 171 may be completed for extra credit due December 12