The trial balance worksheet summarizes Star Services' financial information for the period. It shows opening balances, adjustments to various accounts including prepaid insurance, accumulated depreciation, and net income. The adjusted trial balance rolls up the information to total assets of $431,000 equal to total liabilities and owner's equity of $431,000.
The trial balance worksheet summarizes Star Services' financial information for the period. It shows opening balances, adjustments to various accounts including prepaid insurance, accumulated depreciation, and net income. The adjusted trial balance rolls up the information to total assets of $431,000 equal to total liabilities and owner's equity of $431,000.
The trial balance worksheet summarizes Star Services' financial information for the period. It shows opening balances, adjustments to various accounts including prepaid insurance, accumulated depreciation, and net income. The adjusted trial balance rolls up the information to total assets of $431,000 equal to total liabilities and owner's equity of $431,000.
The trial balance worksheet summarizes Star Services' financial information for the period. It shows opening balances, adjustments to various accounts including prepaid insurance, accumulated depreciation, and net income. The adjusted trial balance rolls up the information to total assets of $431,000 equal to total liabilities and owner's equity of $431,000.
3,000 20,000 4,500 P 1,350,400 47,400 350,000 1,303,000 1,000,400 302,600 302,600 P 350,000 P 350,000 1,303,000 1,303,000 General Journal
Date Accounts title & Explanation PR Debit Credit
2014 Dec. 31 Bad debts expense P 2,500 Allowance for bad debts P 2,500 To record estimated doubful accounts
31 Depreciation expense 10,000
Accumulated depreciation 10,000 To record depreciation expense for the transportation equipment
31 Art supplies expense 3,000
Art supplies 3,000 To record art supplies used
31 Rent expense 20,000
Prepaid rent 20,000 To record expired rent
31 Insurance expense 4,500
Prepaid insurance 4,500 To record expired insurance Niko Ong Art Gallery Income Statement For the Month Ended September 30, 2014
Painting Revenue P 350,000
Expenses Rent P 20,000 Depreciation 10,000 Utilities 4,900 Insurance 4,500 Art Supplies 3,000 Bad debts 2,500 Salaries 2,500 47,400 Net Income P 302,600 Niko Ong Art Gallery Statement of Financial Position As of September 30, 2014
Assets Liab Current Assets Cash P 840,500 Accounts Payable Accounts Receivable P 50,000 Notes Payable Less: Alowance for bad debts 2,500 47,500 Utilities Payable Art supplies 9,000 Unearned Painting revenue Prepaid rent 10,000 Total Liabilities Prepaid Insurance 13,500 Total Current Assets P 920, 500 Owner' Non Current Assets Transportation equipment 300,000 Ong, Capital Less: Accumulated depreciation 10,000 290,000 Less: Ong, Drawing Office Equipment 50,000 Total Total non current Asset 340,000 Add: Net income
Total Assets P 1,260,500 Total Liabilitie and Owner's Equ
tion 4
Liabilities
Accounts Payable P 37,000
Notes Payable 200,000 Utilities Payable 900 Unearned Painting revenue 250,000 Total Liabilities P 487,900
Owner's equity
Ong, Capital P 500,000
Less: Ong, Drawing 30,000 470,000 Add: Net income 302600 772,600
Total Liabilitie and Owner's Equity P 1,260,500
Niko Ong Art Gallery Statement of Changes in Owner's Equity For Month Ended September 30, 2014
Ong, Capital P 500,000
Add: Net Income 302,600 Sub-total P 802,600 Less: Ong, Drawing 30,000 Total Owner's Equity P 772,600 Star Services Trial Balance Worksheet
Mol, Capital 273,000 Mol, Drawing 50,000 50,000 Service Income 198,000 Rent expense 30,000 30,000 Salaries expense 25,000 25,000 Utilities expense 9,000 ________ 9,000 Total 531,000 531,000
Insurance expense 8,000 8,000
Depreciation expense-office 10,000 10,000 equipment Bad debts expense 6,000 6,000 Allowance for bad debts ________ 6,000 ____________ 24,000 24,000 547,000 Net Income l Balance et
Adjusted Trial Balance Income Statement Balance Sheet Adjustments
Credit Debit Credit Debit Credit 1. Insurance expense for the year is 8,000. 150,000 2. Depreciation expense for office equipment is 10,00 120,000 3. Allowance for bad debts is 6,000 7,000 7,000 Insurance expense 125,000 Prepaid insurance
15,000 15,000 To record expired insurance
55,000 55,000 273,000 273,000 Depreciation expense 50,000 Accumulated depreciation 198,000 198,000 To record depreciation expense 30,000 for office supplies 25,000 9,000 Bad debts expense Allowance for bad debts
8,000
10,000
6,000 6,000 __________ _________ __________ 6,000 547,000 88,000 198,000 459,000 349,000 110,000 _________ ___________ 110,000 198,000 198,000 459,000 459,000 se for the year is 8,000. pense for office equipment is 10,000 Start Services d debts is 6,000 Income Statement For the Month Ended December 31, 2014 8,000 8,000 Service income 198,000
Expenses
Rent 30,000 10,000 Salaries 25,000 ed depreciation 10,000 Utilities 9,000 ation expense Insurance 8,000 Depreciation expense 10,000 Bad debt 6,000 88,000 6,000 Net Income 110,000 for bad debts 6,000 Star Services Statement of Financial Position As of December 31, 2014
Assets Current Assets
Cash 150,000
Accounts Receivable 120,000
Less: Alowance for bad debts 6,000 114,000 Supplies 7,000 Prepaid Insurance 7,000 Total Current Assets 278,000
Non Current Assets
Office Equipment 125,000 Less: Accumulated depreciation 15,000 110,000 Total non current Asset 110,000
Total Assets 388,000
Star Service Statement of Changes in Owner's Equity For Month Ended December 31, 2014
Mol, Capital 273,000
Add: Net Income 110,000 Sub-total 383,000 Less: Mol, Drawing 50,000 Total Owner's Equity 333,000 Star Services ment of Financial Position s of December 31, 2014
L, Capital 100,000 L, Drawing 50,000 50,000 Repair Income 320,000 Rent Expense 75,000 28,000 103,000 Salaries expense 45,000 45,000 Utilities expense 27,000 ________ 27,000 Total 511,000 511,000
Depreciation expense - 25,000 25,000 equipment Bad debts expense 3,000 3,000 Allowance for bad debts ________ 3,000 ________ 56,000 56,000 539,000 Net Income Shop
Adjusted Trial Balance Income Statement Balance Sheet Adjustments
Credit Debit Credit Debit Credit 1. Rent expense for the year is 28,000 50,000 2. Depreciation expense for equipment is 25,000. 59,000 3. Allowance for bad debts is 3,000 50,000 127,000 Rent expense
50,000 50,000 Prepaid rent
66,000 66,000 To record expired insurance
100,000 100,000 50,000 Depreciation expense 320,000 320,000 Accumulated depreciation 103,000 To record depreciation expense 45,000 for office supplies 27,000 Bad debts expense Allowance for bad debts
25,000
3,000 3,000 _______ _______ ________ 3,000 539,000 203,000 320,000 336,000 219,000 117,000 _______ ________ 117,000 320,000 320,000 336,000 336,000 r the year is 28,000 pense for equipment is 25,000. Look new Repair Shop d debts is 3,000 Income Statement For the Month Ended December 31, 2015 28,000
28,000 Repair Income
Expenses Rent Expense 103,000 25,000 Salaries expense 45,000 ed depreciation 25,000 Utilities expense 27,000 ation expense Depreciation expense 25,000 Bad debts expense 3,000 Net Income 3,000 for bad debts 3,000 Look New Repair Sho Shop Statement of Financial Po ent As of December 31, 20 mber 31, 2015 Assets
320,000 Current Assets
Cash 50,000 Accounts Receivable 59,000 Less: Alowance for bad debts 3,000 56,000 Prepaid rent 50,000 Total Current Assets 156,000 203,000 117,000 Non Current Assets Equipment 127,000
Less: Accumulated depreciation 50,000
77,000 Total non current Asset 77,000
Total Assets 233,000
Look New Repair Shop
Statement of Changes in Owner's Equity For Month Ended December 31, 2015
L, Capital 100,000 Add: Net Income 117,000 Sub-total 217,000 Less: Mol, Drawing 50,000 Total Owner's Equity 167,000 Look New Repair Shop Statement of Financial Position As of December 31, 2015
Liabilities
Accounts Payable 66,000
Total Liabilities 66,000
Owner's equity
L, Capital 100,000
Less: L, Drawing 50,000
Total 50,000 Add: Net income 117,000 167,000
Total Liabilitie and Owner's Equity 233,000
2014 Sept. 30 Income Summary 47,400 Salaries expense 2,500 Utilities expense 4,900 Bad debt expense 2,500 Depreciation expense 10,000 Art supplies expense 3,000 Rent Expense 20,000 Insurance expense 4,500 To close expense accounts Income Summary Acount No: 330 Date Explanation JR Debit Credit Balance Sept. 30 350,000 350,000 Sept. 30 47,400 302,600 Niko Ong Art Gallery Post Closing Trial Balance September 30, 2014
Cash P 840,500 Accounts Receivable 50,000 Allowance for bad debts 2,500 Art Supplies 9,000 Prepaid Rent 10,000 Prepaid Insurance 13,500 Transportation Equipment 300,000 Accumulated depreciation 10,000 Office Equipment 50,000 Accounts Payable P 37,000 Notes Payable 200,000 Utilities payable 900 Unearned Painting Revenue 250,000 Ong, Capital 772,600 1,273,000 1,273,000
