Solution 1

1 Bad Debt Exp

Allow. for bad debt

2 Depreciation Expense

Allowance for depreciation-furniture

3 Depreciation Expense

Allowance for depreciation- equipment

4 Salaries expense

Salaries payable
5 Interest expense

Interest payable
Stationary Expenses
Stationary
Traveling expense
Traveling payable

Trial Balance

Title of account
Cash
A/c Receivable
Stationary
Insurance expense
Equipment
Furniture
Traveling expense
A/c payable
Allowance for depreciation- equipment
Allowance for depreciation-furniture
Service revenue
Salaries expense
Advertising expense
Drawing

Debit

Credit
51,000
25,600
1,500
300
68,000
69,300
5,000
14,300
5,000
18,600
85,300
24,000
4,500
17,000

Interest expense
Capital

1,200
144,200

Adjustmnets:
Bad Debt Exp
Allow. for bad debt
Depreciation Expense
Salaries Payable
Interest Payable
Stationary Expense
Traveling payable
Total

267,400

267,400

Income Statement
Service revenue
Less: Oprating Expenses:
Insurance expense
Traveling expense
Salaries expense
Advertising expense
Interest expense
Bad Debt Exp
Depreciation Expense
Stationary Expense
Total Cost of Services
Net Profir

Balance Sheet
Current Assets
Cash
A/c Receivable
Allow. for bad debt

51,000
25,600
(1,280)
24,320
600

Stationary
Fixed Assets
Equipment

68000

Allowance for depreciation- equipment

(11,930)

Furniture
Allowance for depreciation-furniture

69,300
(25,400)

56,070

43,900
Total Assets

175,890

Debit

Credit
1280
1280
6930
6930
6800
6800
2700
2700
400
400
900
900
1000
1000

Adjustment

Debit

Adjusted Trial Balance

Credit

Debit

900

1,000

Credit
51,000
25,600
600
300
68,000
69,300
6,000
14,300
11,930
25,400
85,300

6,930
6,800
2,700

26,700
4,500
17,000

400

1,600
144,200

1,280

1,280
1,280

13,730

1,280
13,730

2,700
400
900

2,700
400
900

1,000
20,010

20,010

1,000
286,510

286,510

85,300

300
6,000
26,700
4,500
1,600
1,280
13,730
900
55,010
30,290

Current Liabilities
A/c payable
Salaries Payable
Interest Payable
Traveling payable

Equity
Capital

14,300
2700
400
1000

144,200

Drawing
Net Profit

(17,000)
30,290
157,490

Total Equites

175,890

MARINELAND TRAVEL DESIGNERS

Adjusted Trial Balance
December 31, 20X6

Cash
Accounts receivable
Supplies
Prepaid rent
Office equipment
Accumulated depreciationoffice equipment
Office furniture
Accumulated depreciationoffice furniture
Accounts payable
Interest payable
Unearned service revenue
Note payable
Ken Sorley, capital
Ken Sorley, drawings
Service revenue
Depreciation expenseoffice equipment
Depreciation expenseoffice furniture
Salary expense
Rent expense
Interest expense
Utilities expense
Insurance expense
Supplies expense
Total

1,320
4,920
2,300
1,600
20,180
37,710

29,000
6,680
2,370
39,900
17,400
3,100
2,670
3,810
2,950
175,910

4,350
4,870
4,740
830
620
13,500
26,090
120,910

175,910

MARINELAND TRAVEL DESIGNERS

Income Statement
December 31, 20X6

Service revenue

120,910

Less: Oprating Expenses:

Depreciation expenseoffice equipment
Depreciation expenseoffice furniture
Salary expense
Rent expense
Interest expense
Utilities expense
Insurance expense
Supplies expense
Total Oprating Expenses
Net Profit

6,680
2,370
39,900
17,400
3,100
2,670
3,810
2,950

MARINELAND TRAVEL DESIGNERS

78,880
42,030

Statement of Owner's Equity

December 31, 20X6
Ken Sorley, capital-At Start
Net Profit
Ken Sorley, drawings
Ken Sorley, capital-At End

26,090
42,030
(29,000)
39,120

MARINELAND TRAVEL DESIGNERS

Balance Sheet
December 31, 20X6
Current Assets
Cash
Accounts receivable
Supplies
Prepaid rent
Fixed Assests
Office equipment
Accumulated depreciationoffice equipment
Office furniture
Accumulated depreciationoffice furniture

Current Liabilities
1,320 Accounts payable
4,920 Interest payable
2,300 Unearned service revenue
1,600
Long Term Liabilities
Note payable
20,180
(4,350)
37,710
(4,870)

15,830 Ken Sorley, capital

4,740
830
620

13,500
39,120

32,840
58,810

Income Statement shows the operation of The Company

Since company earns profir during the period of $ 42,030 therefore it can be stated that company's operation were succesful

Balance Sheet Shows the Position of the company

Since company as more Current assest of 10,140 than Current liabilities of 6,190
and company also as fixed assets of 48,670

58,810

CHRISTINE SA
Work
July 31,
Title Of Accounts

Trial Balance

Debit
Cash
Accounts receivable
Prepaid rent
Supplies
Furniture
Accumulated depreciation-Furniture
Accounts payable
Salary payable
Salomon, capital
Salomon, Drawing
Accounting service revenue
Salary expense
Rent expense
Utilities expense
Depreciation expense
Supplies expense

5,600
11,600
4,000
800
28,800

4,000
2,400
550

Adjustment
Accounting service receivable

Total
Net Income

57,750

CHRISTINE SALOMON, CPA

Income Statement
July 31, 20X2
Accounting service revenue
Less: Operating Expenses:
Salary expense
Rent expense
Utilities expense
Depreciation expense
Supplies expense

2,600
1,000
550
600
400

Total Operating Expenses

Net Profit

CHRISTINE SALOMON, CPA

Statement of Owners Equity
July 31, 20X2
Salomon, capital-At Start
Net Income
Salomon, Drawing
Salomon, capital-At End

CHRISTINE SALOMON, CPA

Balance Sheet
July 31, 20X2
Cash
Accounts receivable
Prepaid rent
Supplies
Furniture
Accumulated depreciation-Furniture
Accounting service receivable

28800
(4,100)

CHRISTINE SALOMON, CPA

Work Sheet
July 31, 20X2
Trial Balance

Adjustments

Credit

Debit

Adjusted Trial Balance

Credit

Debit

1,000
400

3,500
3,450

Credit

Income Statement

Debit

Credit

5,600
11,600
3,000
400
28,800

600

4,100
3,450
200
39,050

200

39,050
4,000

11,750

900
200
1,000

57,750

12,650

12,650

600
400

2,600
1,000
550
600
400

900

900

3,100

3,100

59,450

12,650
2,600
1,000
550
600
400

59,450

5,150

12,650

7,500
12,650

12,650

(5,150)
7,500

39,050
7,500
(4,000)
42,550

5,600 Accounts payable

11,600 Salary payable
3,000 Salomon, capital-At end
400

3,450
200
42,550

24,700
900
46,200

46,200

Balance Sheet

Debit

Credit

5,600
11,600
3,000
400
28,800
4,100
3,450
200
39,050
4,000

900

54,300

46,800

54,300

7,500
54,300

COHEN CONS
Wor
June 3
Trial Balance
Title of Accounts

Cash
Accounts receivable
Supplies
Prepaid insurance
Equipment
Accumulated depreciationequipment
Building
Accumulated depreciationbuilding
Land
Accounts payable
Interest payable
Wage payable
Unearned service revenue
Note payable, long-term
Lynn Cohen, capital
Lynn Cohen, withdrawals
Service revenue
Depreciation expenseequipment
Depreciation expensebuilding
Wage expense
Insurance expense
Interest expense
Utilities expense
Advertising expense
Supplies expense
Service revenue receivable
Total
Net Income
Balance

Debit
21,200
37,820
17,660
2,300
32,690
42,890
28,300

4,200

3,200

1,110
340

191,710

COHEN CONSTRUCTION CO.

Work Sheet
June 30, 20X3
Trial Balance

Adjustments

Credit

Debit

Adjusted Trial Balance

Credit

Debit

3,290
500

26,240

Credit

Income Statement

Debit

Credit

21,200
37,820
14,370
1,800
32,690

630

26,870
42,890

10,500

370

10,870
28,300

22,690

10,560
22,400
79,130

100
180
240

22,790
180
240
5,590
22,400
79,130

4,970

4,200

20,190

6,070
630
370
240
500
180

630
370
3,440
500
180
1,110
440
3,290
1,100

100
3,290
1,100

191,710

11,380

26,260

11,380

194,330

26,260
630
370
3,440
500
180
1,110
440
3,290

194,330

9,960

26,260

16,300
26,260

26,260

Balance Sheet

Debit

Credit

21,200
37,820
14,370
1,800
32,690
26,870
42,890
10,870
28,300
22,790
180
240
5,590
22,400
79,130
4,200

1,100

184,370

168,070

184,370

16,300
184,370

Ahmad Merchant
Balance Sheet
As on December 31,2002

Current Assets
Cash
A/c receivable
Supplies

Current Liabilities
9200
800
400

A/c payable
Salaries Payable
Note Payable
10400

Owner's Equity
Fixed Assets
Building
Machinery
Land
Total Assets

Salman-capital
52000
65000
68000
185000
195400 Total Equities

02
14000
3000
29000
46000
149400

195400

Fun food Enterprises

Income Statement
As on December 31,2002
Sales revenue
Less: Cost of Goods Sold:
Gross Profit
Less: Operating Expenses:
Office salaries
Utility expense
Insurance expense
Interest expense
Net Loss
Commission income
Net Income

Fun food Enterprises

Balance Sheet
As on December 31,2002

Current Assets
Cash
A/c Receivable
Office stationary
Prepaid insurance
Prepaid rent
Marketable securities

15,600
60,000
5,600
4,500
40,000
50,000
175,700

Fixed Assets
Equipment
Building

Total Assets

82,000
750,000
832,000
1,007,700

ood Enterprises
ome Statement
December 31,2002
1,175,000
1,100,300
74,700
56000
12000
5000
12000
85,000
(10,300)
25,000
14,700

ood Enterprises
alance Sheet
December 31,2002

Liabilities
A/c payable
Loan from bank
Bank overdraft
Note payable

56,000
300,000
75,000
32,000

463,000

Owner's Equity
Capital- Haroon
Drawing-Haroon
Net Income

575,000
45,000
14,700
544,700

Total Equities

1,007,700