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Accumulated Depreciation: Equipment

This document contains accounting ledger information for various accounts including assets, liabilities, equity, income and expenses. It shows opening balances, transactions and adjustments for the year ended December 31st. An income statement and balance sheet are presented. Adjusting entries are made for prepaid rent, accrued salaries, and interest on a loan. The net income is added to capital and drawings are deducted from capital.

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128 views9 pages

Accumulated Depreciation: Equipment

This document contains accounting ledger information for various accounts including assets, liabilities, equity, income and expenses. It shows opening balances, transactions and adjustments for the year ended December 31st. An income statement and balance sheet are presented. Adjusting entries are made for prepaid rent, accrued salaries, and interest on a loan. The net income is added to capital and drawings are deducted from capital.

Uploaded by

AndrewVaz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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ledger accounts Dr

Cash 49,100
Consulting fees receivable 23,400
Prepaid office rent 6,300
Prepaid dues and subscriptions 300
Supplies 600
Equipment 36,000
Accumulated depreciation : equipment
Loan repayable, 2020
Unearned consulting fees
Capital
Account payable
Consulting fees earned
Salaries expense 88,820
Telephone expense 2,550
Rent expense 22,000
Income tax expenses 51,000
Dues & subscription expenses 560
Supplies expense 1,600
Depreciation expense: Equipment 6,600
Miscellaneous expenses 4,200

income statement

Consulting fees earned


less:
Salaries expense
Telephone expense
Rent expense
Income tax expenses
Dues & subscription expenses
Supplies expense
Depreciation expense: Equipment
Miscellaneous expenses
net income

Balance sheet
assets:
Cash
Consulting fees receivable
Prepaid office rent
Prepaid dues and subscriptions
Supplies

Equipment
Accumulated depreciation : equipment
total assets

Liabilitiies
Loan repayable, 2020
Unearned consulting fees
Capital
Account payable
total liabilities and capital
Adjustments
Cr Dr

11000

10,200
17,000
5,950 2580
30,000 4200
32,700
197,180
1700

2100

50
110
600
100

210760

90520
2550
24100
51000
610
1710
7200
100 -177790
32970

49,100
34400
4200
250
490

36000
-10800
113,640

17000
3370
58770 net income is added to capital
34500
113640
Adjusted Trial balance as at 31dec
Cr Dr
49,100
34400
2100 4200
50 250
110 490
36000
600

1800
13580
90520
2550
24100
51000
610
1710
7200
4200 100
total 302230
s at 31dec
Cr

prepaid rent adjusted

10800
17000
3370
25800 drawings deducted from capital
34500 salaries accrued and interest on note added
210760

drawings deducted from mis expenses/ interest on note debited


302230

   
/ interest on note debited

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