CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 22-1LESSON 22-1

Preparing a Work Sheet for a Corporation

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LESSON 22-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

INTEREST INCOME ADJUSTMENTINTEREST INCOME ADJUSTMENT

1. Debit Interest Receivable.

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2. Credit Interest Income.

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LESSON 22-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

1. Credit Supplies.

SUPPLIES ADJUSTMENTSUPPLIES ADJUSTMENT

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2. Debit Supplies Expense.

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LESSON 22-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

1. Debit Federal Income Tax Expense.

FEDERAL INCOME TAX ADJUSTMENTFEDERAL INCOME TAX ADJUSTMENT

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2. Credit Federal Income Tax Payable.

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LESSON 22-1CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

COMPLETING A WORK SHEETCOMPLETING A WORK SHEET page 641

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1. Total the Income Statement and Balance Sheet columns.

2. Calculate and enter the net income after federal income tax.

3. Extend the net income after federal income tax amount.

4. Calculate the column totals.

5. Rule double lines.