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Worksheet 1

The trial balance shows account balances for various assets, liabilities, equity, revenue and expense accounts. Adjustments are made for supplies expense, depreciation expense, accumulated depreciation on equipment, interest expense and interest payable. The adjusted trial balance totals are carried forward to the income statement and balance sheet. The income statement shows revenues of $143,700 and expenses of $52,000, resulting in net income of $91,700. The balance sheet presents assets of $520,700 equal to liabilities and equity of $520,700, with D. Mack's capital and retained earnings comprising owner's equity.

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389 views8 pages

Worksheet 1

The trial balance shows account balances for various assets, liabilities, equity, revenue and expense accounts. Adjustments are made for supplies expense, depreciation expense, accumulated depreciation on equipment, interest expense and interest payable. The adjusted trial balance totals are carried forward to the income statement and balance sheet. The income statement shows revenues of $143,700 and expenses of $52,000, resulting in net income of $91,700. The balance sheet presents assets of $520,700 equal to liabilities and equity of $520,700, with D. Mack's capital and retained earnings comprising owner's equity.

Uploaded by

Kevin Espiritu
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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Account Titles Trial Balance

Debit
Cash 124,000
Accounts Receivable 56,200
Supplies 10,500
Prepaid Insurance 24,000
Equipment 300,000
Note Payable
Accounts Payable
D. Mack, Capital
D. Mack, Drawing 6,000
Fees Earned
Salaries Expense 12,000
Travel Expense 13,000
Rent Expense 12,000
Miscellaneous Expense 2,000
Total 559,700

Supplies Expense
Depreciation Expense
Accumulated Depreciation - Equipment
Interest Expense
Interest Payable
Insurance Expense
Totals
Net Income
Balances
Trial Balance Adjustments Adjusted Trial Balanc
Credit Debit Credit Debit
124,000
7,500 63,700
3,000 7,500
4,500 19,500
300,000
100,000
123,500
200,000
6,000
136,200 7,500
12,000
13,000
12,000
2,000
559,700

3,000 3,000
4,000 4,000
pment 4,000
1,500 1,500
1,500
4,500 4,500
20,500 20,500 572,700
ted Trial Balance Income Statement Balance Sheet
Credit Debit Credit Debit
124,000
63,700
7,500
19,500
300,000
100,000
123,500
200,000
6,000
143,700 143,700
12,000
13,000
12,000
2,000

3,000
4,000
4,000
1,500
1,500
4,500
572,700 52,000 143,700 520,700
91,700
143,700 143,700 520,700
alance Sheet
Credit

100,000
123,500
200,000

4,000
1,500

429,000
91,700
520,700

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