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Sure Repair Lecture

The trial balance for Best Storage for the year ended December 31, 2014 shows debits of $92,240 and credits of $7,750. Adjustments include recognizing $650 of insurance expense, $300 of supplies expense, $267 of depreciation on office equipment, $2,250 of depreciation on the truck, $6,825 of depreciation on the building, and $450 of unearned storage fee income. The adjusted trial balance includes total debits of $92,240 and credits of $7,750.

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Kaye Villaflor
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6K views10 pages

Sure Repair Lecture

The trial balance for Best Storage for the year ended December 31, 2014 shows debits of $92,240 and credits of $7,750. Adjustments include recognizing $650 of insurance expense, $300 of supplies expense, $267 of depreciation on office equipment, $2,250 of depreciation on the truck, $6,825 of depreciation on the building, and $450 of unearned storage fee income. The adjusted trial balance includes total debits of $92,240 and credits of $7,750.

Uploaded by

Kaye Villaflor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Accounts Debit Credit

Cash 900
Accounts Receivable-M. Soraino 1,200
Repair Supplies 1,500
Repair Tools 1,200
Furniture and Fixtures 6,500
Service Truck 20,000
Notes Payable 3,250
G. Alajar, Capital 25,200
G. Alajar, Personal 750
Service Income 5,900
Advertising 250
Salaries and Wages 900
Utility Expense 150
Rent Expense 1,000
Total 34,350 34,350
SURE REPAIR SHOP

FOR THE YEAR ENDED DECEMBER 31,2014

Trial Balance Adjustments

Account Title Debit Credit Debit


Cash 900
Accounts Receivable-M. Soraino 1,200
Repair Supplies 1,500
Repair Tools 1,200
Furniture and Fixtures 6,500
Service Truck 20,000
Notes Payable 3,250
G. Alajar, Capital 25,200
G. Alajar, Personal 750
Service Income 5,900 900
Advertising 250
Salaries and Wages 900 250
Utility Expense 150
Rent Expense 1,000 500
Total 34,350 34,350

Adjutsting
Supplies Expense 650
Depreciation, Repair tools 120
Accumulated Depreciation, repair tool
Depreciation, Furniture sand Fixtures 433.33
Accumulated Depreciation, Furnitures and Fixtures
Depreciation, Service Truck 666.67
Accumulated Depreciation, Service Truck
Interest Expense 325
Accrued Interest
Unearned Income
Accrued Salaries and Wages
Accrued Rent
Prepaid Advertising 50
3,895.00
SURE REPAIR SHOP

EAR ENDED DECEMBER 31,2014

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit Credit


900.00 900.00
1,200.00 1,200.00
650 850.00 850.00
1,200 1,200
6,500 6,500
20,000 20,000
3,250 3,250
25,200 25,200
750 750
5,000 5,000
50 200.00 200.00
1,150.00 1,150.00
150.00 150.00
1,500.00 1,500.00

650 650.00
120 120.00
120 120 120
433.33 433.33
433.33 433.33 433.33
666.67 666.67
666.67 666.67 666.67
325 325.00
325 325 325
900 900 900
250 250 250
500 500 500
50 50
3,895.00 36,645.00 36,645.00 5,195.00 5,000 31,450.00 31,645.00
195.00 195.00
5,195.00 5,195.00 31,645.00 31,645.00
Repair Supplies 1500
Cash 1500
Cash A/R A. Tantay N/R A.Tantay Shop Supplies
500000 4500 1000 1000 16700
25000 16700
500 6500
1000 30000
526500 34500 Debit Credit
423550 750 Cash 423550
5000 A/R A. Tantay 0
5000 N/R A.Tantay 0
102950 Shop Supplies 16700
Furniture and Fixture 34500
Truck Equipment 150000
A/P T. Agbayani 0
N/P 120000
E. Estrada, Capital 500000
E. Estrada, Drawing 5000
Fees Income 26500
Rent Expense 4500
Advertising Expense 6500
Utility Expense 750
Salaries and Wages 5000
646500 646500
Furniture and Fixture Truck Equipment A/P T. Agbayani N/P E. Estrada, Capital
34500 150000 34500 34500 120000 500000

0
E. Estrada, Drawing Fees Income Rent Expense Advertising Expense Utility Expense
5000 25000 4500 6500 750
1500
26500
Salaries and Wages
5000
BEST STORAGE
Worksheet
FOR THE YEAR ENDED DECEMBER 31,2014
Trial Balance Adjustments Adjusted Trial Balance Income Statement
Account Title Debit Credit Debit Credit Debit Credit Debit
Cash 2,330 2,330.00
Accounts Receivable 970 970.00
Prepaid Insurance 1,450 650 800.00
Office Supplies 410 300 110
Office Equipment 1,780 1,780
Accumulated Depreciation, Office Equipment 450 267.00 717.00
Truck 15,000 15,000
Accumulated Depreciation, Truck 1,500 2,250.00 3,750
Building 45,500 45,500
Accumulated Depreciation, Building 4,550 6,825.00 11,375
Land 20,000 20,000.00
Accounts Payable 1,050 1,050
Unearned Storage Fees 750 450 300
Mortgagae Payable 15,000 15,000
E. Best, Capital 44,500 44,500
E. Best, Drawing 2000 2,000.00
Storage Income 40750 450 41200
Office Salaries Expense 5500 1500 7000 7000
Truck Driver's Wages 10600 4200 14800 14800
Gas, Oil, and Repairs 3010 3010 3010
108,550 108,550

Adjustments
Bad debts Expense 97.0 97.0 97.0
Allowance for bad debts 97.0 97.0
Insurance Expense 650 650 650
Office Supplies Expense 300 300 300
Depreciation Expense, Office Equipment 267.00 267.00 267.00
Depreciation Expense, Truck 2,250.00 2,250.00 2,250.00
Depreciation Expense, Building 6,825.00 6,825.00 6,825.00
Accrued Salaries 1,500.00 1,500.00
Accrued truck driver's wages 4200 4200
Total 16,539.00 16,539.00 123,689.00 123,689.00 35,199.00
6,001.00
41,200.00
Income Statement Balance Sheet
Credit Debit Credit
2,330.00
970.00
800.00
110
1,780
717.00
15,000
3,750
45,500
11,375
20,000.00
1,050
300
15,000
44,500
2,000.00
41200

97.0

1,500.00
4200
41,200.00 88,490.00 82,489.00
6,001.00
41,200.00 88,490.00 88,490.00

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