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    Worksheet Pr2 Chap 9

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    airamaecsibbaluca

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    © All Rights Reserved
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    Worksheet Pr2 Chap 9

    Uploaded by

    airamaecsibbaluca
    7 views4 pages

    Copyright

    © © All Rights Reserved

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    XLSX, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    7 views4 pages

    Worksheet Pr2 Chap 9

    Uploaded by

    airamaecsibbaluca

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    unadjusted trial bal adjustments adjusted trial bal

    dr cr dr cr dr
    cash 367,000.00 367,000.00
    prepaid rent 108,000.00 18,000.00 90,000.00
    equipment 240,000.00 240,000.00
    accum.dep.exp.equipment 5,000.00
    notes payable 200,000.00
    interest payable 2,000.00
    salaries payable 8,000.00
    owner's capital 320,000.00
    owner's drawings 50,000.00 50,000.00
    service fees 260,000.00
    salaries expense 8,000.00 8,000.00
    rent expense 18,000.00 18,000.00
    utilities expense 15,000.00 15,000.00
    depreciation expense 5,000.00 5,000.00
    interest expense 2,000.00 2,000.00
    780,000.00 780,000.00 33,000.00 33,000.00 795,000.00
    totals

    entity b
    balance sheet
    as of dec 31,20x1
    assets
    cash 367,000.00
    prepaid rent 90,000.00
    equipment 240,000.00
    accum.dep.exp.equipment - 5,000.00
    total assets 692,000.00

    liabilities
    notes payable 200,000.00
    interest payable 2,000.00
    salaries payable 8,000.00
    total liabilities 210,000.00

    equity
    owner's capital 482,000.00
    total oe 482,000.00

    total liabilities and oe 692,000.00

    entity b
    income statement
    as of dec 31,20x1
    income
    service fees 260,000.00
    total income 260,000.00
    expenses
    salaries expense - 8,000.00
    rent expense - 18,000.00
    utilities expense - 15,000.00
    depreciation expense - 5,000.00
    interest expense - 2,000.00
    total expenses - 48,000.00

    net income/profit 212,000.00


    adjusted trial bal income statement balance sheet closing entries
    cr dr cr dr cr dr
    367,000.00
    90,000.00
    240,000.00
    5,000.00 5,000.00
    200,000.00 200,000.00
    2,000.00 2,000.00
    8,000.00 8,000.00
    320,000.00 320,000.00 50,000.00
    50,000.00
    260,000.00 260,000.00 260,000.00
    8,000.00
    18,000.00
    15,000.00
    5,000.00
    2,000.00
    795,000.00 48,000.00 260,000.00 747,000.00 535,000.00 310,000.00
    212,000.00 212,000.00
    260,000.00 260,000.00 747,000.00 747,000.00
    closing entries post closing trial bal
    cr dr cr
    367,000.00
    90,000.00
    240,000.00
    5,000.00
    200,000.00
    2,000.00
    8,000.00
    212,000.00 482,000.00
    50,000.00

    8,000.00
    18,000.00
    15,000.00
    5,000.00
    2,000.00
    310,000.00 697,000.00 697,000.00

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