EAGLE COMPANY

WORK SHEET
For the year ended on December 31, 2005

Account Account title Income statement Balance sheet

no
Dr. Cr. Dr. Cr.
Cash 13,600
Account receivable 15,400
Supplies 2,000
Prepaid insurance 2,800
Office equipment 34,000
Accumulated depreciation 8,000
Notes payable 20,000
Accounts payable 6,000
Salaries payable 3,500
Interest payable 800
Alfred Eagle’s capital 25,000
Alfred Eagle’s drawing 10,000
Service revenue 88,000
Advertising expense 12,000
Supplies expense 5,700
Depreciation expense 8,000
Insurance expense 5,000
Salaries expense 42,000
Interest expense 800
Totals 73,500 88,000 77,800 63,300
Net profit 14,500 14,500
88,000 77,800
 EAGLE COMPANY
INCOME STATEMENT
For the year ended on December 31, 2005
Particulars Amount($) Amount($)
Revenue:
Service revenue 88,000
Less: Expenses
Advertising expense 12,000
Supplies expense 5,700
Depreciation expense 8,000
Insurance expense 5,000
Salaries expense 42,000
Interest expense 800
Total expense 73,500
Net profit 14,500

EAGLE COMPANY
STATEMENT OF OWNER’S EQUITY
For the year ended on December 31, 2005
Particulars Amount($) Amount($)
Alfred Eagle’s, capital-Jan-1,2005 25,000
Add: Investment NIL NIL
Net profit 14,500
14,500
39,500
Less: Alfred Eagle’s Drawings 10,000
10,000
Alfred Eagle’s, capital-Dec-31,2005 29,500
 EAGLE COMPANY
BALANCE SHEET
December 31, 2005
Particulars Amount($) Amount($)
Assets
Current assets:
Cash 13,600
Account receivable 15,400
supplies 2,000
Prepaid insurance 2,800
Total current assets 33,800
Fixed assets:
Equipment 34,000
Accumulated depreciation 8,000
Total fixed assets 26,000
Total assets 59,800

Liabilities & owner’s equity

Short term liabilities:
Notes payable 10,000
Account payable 6,000
Salaries payable 3,500
Interest payable 800
Total Short term liabilities 20,300
Long term liabilities
Notes payable 10,000
10,000
Total liabilities 30,300
owner’s equity
Alfred Eagle’s capital 29,500
Total Liabilities & owner’s equity 59,800
 EAGLE COMPANY
GENERAL JOURNAL
(CLOSING ENTRIES)
DATE ACCOUNTS TITLE & REF. DEBIT($) CREDIT($)
EXPLANATION
2005, Service revenue Dr. 88,000

Dec, Income statement Cr. 88,000

31 (to close revenue)

2005, Income Statement Dr. 73,500

Dec, Advertising expense Cr. 12,000

31 Supplies expense Cr. 5,700

Depreciation expense Cr. 8,000

Insurance expense Cr. 5,000

Salaries expense Cr. 42,000

Interest expense Cr. 800

(to close expense)

2005, Alfred Eagle’s, capital Dr. 14,500

Dec, Income statement Cr. 14,500

31 (to close net profit)

2005, Alfred Eagle’s, capital Dr. 10,000

Dec, Alfred Eagle’s drawings Cr. 10,000

31 (to close drawing)

 EAGLE COMPANY
POST-CLOSING TRIAL BALANCE
December 31, 2005

SL. Accounts title REF. DEBIT($) CREDIT($)

1 Cash 13,600

2 Account receivable 15,400

3 Supplies 2,000

4 Prepaid insurance 2,800

5 Equipment 34,000

6 Accumulated Depreciation 8,000

7 Notes payable 20,000

8 Account payable 6,000

9 Salaries payable 3,500

10 Interest payable 800

11 Alfred Eagle’s capital 29,500

total 67,800 67,800

 LATHROP COMPANY
INCOME STATEMENT
For the year ended on December 31, 2005
Particulars Amount($) Amount($)
Revenue:
Service revenue 64,000
Less: Expenses
Repair expense 2,000
Depreciation expense 2,600
Insurance expense 2,200
Salaries expense 37,000
Utilities expense 1,700
Total expense 45,500
Net profit 18,500

LATHROP COMPANY
STATEMENT OF OWNER’S EQUITY
For the year ended on December 31, 2005

Particulars Amount($) Amount($)

Sue’s, capital-Jan-1,2005 36,000
Add: Investment NIL NIL
Net profit 18,500
18,500
54,500
Less: Sue’sDrawings 14,000
14,000
Sue’s, capital-Dec-31,2005 40,500
 LATHROP COMPANY
BALANCE SHEET
December 31, 2005
Particulars Amount($) Amount($)
Assets
Current assets:
Cash 17,400
Account receivable 13,500
Prepaid insurance 3,500
Total current assets 34,400
Fixed assets:
Equipment 26,000
Accumulated depreciation 5,600
Total fixed assets 20,400
Total assets 54,800

Liabilities & owner’s equity

Short term liabilities:
Account payable 11,300
Salaries payable 3,000
Total Short term liabilities 14,300
Long term liabilities NIL
Total liabilities 14,300
owner’s equity
D. Sue’s capital 40,500
Total Liabilities & owner’s equity 54,800
 LATHROP COMPANY
GENERAL JOURNAL
DATE ACCOUNTS TITLE & REF. DEBIT($) CREDIT($)
EXPLANATION
2005, Service revenue Dr. 64,000

Dec, Income statement Cr. 64,000

31 (to close revenue)

2005, Income Statement Dr. 45,500

Dec, Repair expense Cr. 2,000

31 Depreciation expense Cr. 2,600

Insurance expense Cr. 2,200

Salaries expense Cr. 37,000

Utilities expense Cr. 1,700

(to close expense)

2005, Income statement Dr. 18,500

Dec, Sue’s, capital Cr. 18,500

31 (to close net profit)

2005, Sue’s, capital Dr. 14,000

Dec, Sue’s drawings Cr. 14,000

31 (to close drawing)

 LATHROP COMPANY
POST-CLOSING TRIAL BALANCE
December 31, 2005

SL. Accounts title REF. DEBIT($) CREDIT($)

1. Cash 17,400

2. Account receivable 13,500

3. Prepaid insurance 3,500

4. Equipment 26,000

5. Accumulated Depreciation 5,600

6. Account payable 11,300

7. Salaries payable 3,000

8. Sue’s capital 40,500

total 60,400 60,400

 NISH KUMAR MANAGEMENT SERVICES
WORK SHEET
For the year ended on December 31, 2005

Account Account title Income statement Balance sheet

no
Dr. Cr. Dr. Cr.
Cash 14,500
Account receivable 23,600
Prepaid insurance 1,400
Land 56,000
Building 106,000
Equipment 49,000
Accumulated depreciation-B 2,500
Accumulated depreciation-E 3,900
Accounts payable 10,400
Unearned rent revenue 2,800
Mortgage payable 100,000
Interest payable 9,000
N Kumar’s capital 120,000
N Kumar’s drawing 20,000
Service revenue 75,600
Rent revenue 26,200
Salaries expense 30,000
Advertising expense 17,000
Utilities expense 15,800
Interest expense 9,000
Insurance expense 1,700
Depreciation expense-build 2,500
Depreciation expense-equip 3,900
Totals 79,900 101,800 270,500 248,600
Net profit 21,900 21,900
101,800 101,800 270,500 270,500
 NISH KUMAR MANAGEMENT SERVICES
BALANCE SHEET
December 31, 2005
Particulars Amount($) Amount($)
Assets
Current assets:
Cash 14,500
Account receivable 23,600
Prepaid insurance 1,400
Total current assets 39,500
Fixed assets:
Land 56,000
Building 106,000
Equipment 49,000
Accumulated depreciation-Build 2,500
Accumulated depreciation-equip 3,900
Total fixed assets 204,600
Total assets 244,100

Liabilities & owner’s equity

Short term liabilities:
Account payable 10,400
Unearned rent revenue 2,800
Mortgage payable 90,000
Interest payable 9,000
Total Short term liabilities 112,200
Long term liabilities
Mortgage payable 10,000
10,000
Total liabilities 122,200
owner’s equity
N Kumar’s capital 121,900
Total Liabilities & owner’s equity 244,100
 NISH KUMAR MANAGEMENT SERVICES
GENERAL JOURNAL
(CLOSING ENTRIES)
DATE ACCOUNTS TITLE & REF. DEBIT($) CREDIT($)
EXPLANATION
2005, Service revenue Dr. 75,600
Dec, Rent revenue Dr. 26,200
31 Income statement Cr. 101,800
(to close revenue)
2005, Income Statement Dr. 79,900
Dec, Salaries expense Cr. 30,000
31 Advertising expense Cr. 17,000
Utilities expense Cr. 15,800
Interest expense Cr. 9,000
Insurance expense Cr. 1,700

Depreciation expense- Cr. 2,500

build
Depreciation expense- Cr. 3,900
equip
(to close expense)
2005, Income statement Dr. 21,900
Dec, N Kumar’s, capital Cr. 21,900
31 (to close net profit)
2005, N Kumar’s, capital Dr. 20,000
Dec, N Kumar’s drawings Cr. 20,000
31 (to close drawing)
 NISH KUMAR MANAGEMENT SERVICES
POST-CLOSING TRIAL BALANCE
December 31, 2005

SL. Accounts title REF. DEBIT($) CREDIT($)

1 Cash 14,500

2 Account receivable 23,600

3 Prepaid insurance 1,400

4 Land 56,000

5 Building 106,000

6 Equipment 49,000

7 Accumulated Depreciation-build 2,500

8 Accumulated Depreciation-equip 3,900

9 Account payable 10,400

10 Unearned rent revenue 2,800

11 Mortgage payable 100,000

12 Interest payable 9,000

13 N Kumar’s capital 121,900

total 250,500 250,500

 Mr. WATSON COMPANY
WORK SHEET
For the year ended on December 31, 2005

Account Account title Income statement Balance sheet

no
Dr. Cr. Dr. Cr.
Cash 20,800
Account receivable 16,200
Supplies 2,300
Prepaid insurance 4,400
Office equipment 44,000
Accumulated depreciation 18,000
Notes payable 20,000
Accounts payable 8,000
Salaries payable 2,600
Interest payable 1,000
Mr. Watson’s capital 36,000
Mr. Watson’s drawing 12,000
Service revenue 79,800
Advertising expense 12,000
Supplies expense 3,700
Depreciation expense 6,000
Insurance expense 4,000
Salaries expense 39,000
Interest expense 1,000
Totals 65,700 79,800 99,700 85,600
Net profit 14,100 14,100
79,800 79,800 99,700 99,700
 Mr. WATSON COMPANY
INCOME STATEMENT
For the year ended on December 31, 2005
Particulars Amount($) Amount($)
Revenue:
Service revenue 79,800
Less: Expenses
Advertising expense 12,000
Supplies expense 3,700
Depreciation expense 6,000
Insurance expense 4,000
Salaries expense 39,000
Interest expense 1,000
Total expense 65,700
Net profit 14,100

Mr. WATSON COMPANY

STATEMENT OF OWNER’S EQUITY
For the year ended on December 31, 2005
Particulars Amount($) Amount($)
Mr. Watson’s, capital-Jan-1,2005 36,000
Add: Investment NIL NIL
Net profit 14,100
14,100
39,100
Less: Mr. Watson’s Drawings 12,000
12,000
Mr. Watson’s, capital-Dec-31,2005 38,100
 Mr. WATSON COMPANY
BALANCE SHEET
December 31, 2005
Particulars Amount($) Amount($)
Assets
Current assets:
Cash 20,800
Account receivable 16,200
supplies 2,300
Prepaid insurance 4,400
Total current assets 43,700
Fixed assets:
Equipment 44,000
Accumulated depreciation 18,000
Total fixed assets 26,000
Total assets 69,700

Liabilities & owner’s equity

Short term liabilities:
Notes payable 10,000
Account payable 8,000
Salaries payable 2,600
Interest payable 1,000
Total Short term liabilities 21,600
Long term liabilities
Notes payable 10,000
10,000
Total liabilities 31,600
owner’s equity
Mr. Watson’scapital 38,100
Total Liabilities & owner’s equity 69,700
 Mr. WATSON COMPANY
GENERAL JOURNAL
(CLOSING ENTRIES)
DATE ACCOUNTS TITLE & REF. DEBIT($) CREDIT($)
EXPLANATION
2005, Service revenue Dr. 79,800

Dec, Income statement Cr. 79,800

31 (to close revenue)

2005, Income Statement Dr. 65,700

Dec, Advertising expense Cr. 12,000

31 Supplies expense Cr. 3,700

Depreciation expense Cr. 6,000

Insurance expense Cr. 4,000

Salaries expense Cr. 39,000

Interest expense Cr. 1,000

(to close expense)

2005, Income statement Dr. 38,100

Dec, Alfred Eagle’s, capital Cr. 38,100

31 (to close net profit)

2005, Alfred Eagle’s, capital Dr. 12,000

Dec, Alfred Eagle’s drawings Cr. 12,000

31 (to close drawing)

 Mr. WATSON COMPANY
POST-CLOSING TRIAL BALANCE
December 31, 2005

SL. Accounts title REF. DEBIT($) CREDIT($)

1 Cash 20,800

2 Account receivable 16,200

3 Supplies 2,300

4 Prepaid insurance 4,400

5 Equipment 44,000

6 Accumulated Depreciation 18,000

7 Notes payable 20,000

8 Account payable 8,000

9 Salaries payable 2,600

10 Interest payable 1,000

11 Alfred Eagle’s capital 27,100

total 87,700 87,700

 HUBBS COMPANY
INCOME STATEMENT
For the year ended on December 31, 2005
Particulars Amount($) Amount($)
Revenue:
Service revenue 44,000
Less: Expenses
Repair expense 3,400
Depreciation expense 2,800
Insurance expense 1,200
Salaries expense 35,200
Utilities expense 4,000
Total expense 46,600
Net loss 2600

HUBBS COMPANY
STATEMENT OF OWNER’S EQUITY
For the year ended on December 31, 2005
Particulars Amount($) Amount($)
D. Hubbs, capital-Jan-1,2005 30,000
Add: Investment 4,000
4,000
34,000
Less: D. Hubbs Drawings 7,200
Net loss 2,600
9,800
D. Hubbs, capital-Dec-31,2005 24,200
 HUBBS COMPANY
BALANCE SHEET
December 31, 2005
Particulars Amount($) Amount($)
Assets
Current assets:
Cash 10,200
Account receivable 7,500
Prepaid insurance 1,800
Total current assets 19,500
Fixed assets:
Equipment 28,000
Accumulated depreciation 8,600
Total fixed assets 19,400
Total assets 38,900

Liabilities & owner’s equity

Short term liabilities:
Account payable 117,000
Salaries payable 3,000
Total Short term liabilities 14,700
Long term liabilities NIL
Total liabilities 14,700
owner’s equity
D. Hubbs capital 24,200
Total Liabilities & owner’s equity 38,900
 HUBBS COMPANY
GENERAL JOURNAL
DATE ACCOUNTS TITLE & REF. DEBIT($) CREDIT($)
EXPLANATION
2005, Service revenue Dr. 44,000

Dec, Income statement Cr. 44,000

31 (to close revenue)

2005, Income Statement Dr. 46,600

Dec, Repair expense Cr. 2,400

31 Depreciation expense Cr. 2,800

Insurance expense Cr. 1,200

Salaries expense Cr. 35,200

Utilities expense Cr. 4,000

(to close expense)

2005, D.Hubbs, capital Dr. 2,600

Dec, Income statement Cr. 2,600

31 (to close net loss)

2005, D. Hubbs, capital Dr. 7,200

Dec, D. Hubbs drawings Cr. 7,200

31 (to close drawing)

 HUBBS COMPANY
POST-CLOSING TRIAL BALANCE
December 31, 2005

SL. Accounts title REF. DEBIT($) CREDIT($)

9. Cash 10,200

10. Account receivable 7,500

11. Prepaid insurance 1,800

12. Equipment 28,000

13. Accumulated Depreciation 8,600

14. Account payable 11,700

15. Salaries payable 3,000

16. D. Hubbs capital 24,200

total 47,500 47,500

 LONDON AMUSEMENT PARK
WORK SHEET
For the year ended on September, 2005

Account Account title Income statement Balance sheet

no
Dr. Cr. Dr. Cr.
Cash 41,400
Supplies 1,200
Prepaid insurance 3,900
Land 80,000
Equipment 120,000
Accumulated depreciation 42,200
Accounts payable 14,600
Unearned admissions revenue 1,000
Mortgage payable 50,000
Interest payable 4,000
Property taxes payable 3,000
J.London’s capital 109,700
J.London’s drawing 14,000
Admission revenue 280,200
Salaries expense 105,000
Repair expense 30,500
Advertising expense 9,400
Utilities expense 16,900
Property taxes expense 21,000
supplies expense 17,400
Insurance expense 28,000
Interest expense 10,000
Depreciation expense 6,000
Totals 244,200 280,200 260,500 224,500
Net profit 36,000 36,000
280,200 280,200 260,500 260,500
 LONDON AMUSEMENT PARK
INCOME STATEMENT
For the year ended on September, 2005
Particulars Amount($) Amount($)

Revenue:

Admission revenue 280,200

Less: Expenses

Salaries expense 105,000

Repair expense 30,500

Advertising expense 9,400

Utilities expense 16,900

Property taxes expense 21,000

Supplies expense 17,400

Insurance expense 28,000

Interest expense 10,000

Depreciation expense 6,000

Total expense 244,200

Net profit 36,000

 LONDON AMUSEMENT PARK
STATEMENT OF OWNER’S EQUITY
For the year ended on September, 2005

Particulars Amount($) Amount($)

J.London’s , capital-Jan-1,2005 109,700

Add: Investment NIL

Net profit 36,000

36,000

145,700

Less: J.London’s Drawings 14,000

14,000

J.London’s , capital-Sep-30,2005 131,700

 LONDON AMUSEMENT PARK
BALANCE SHEET
For the year ended on September, 2005

Particulars Amount($) Amount($)

Assets
Current assets:
Cash 41,400
Supplies 1,200
Prepaid insurance 3,900
Total current assets 46,500
Fixed assets:
Land 80,000
Equipment 120,000
Accumulated depreciation 42,200
Total fixed assets 157,800
Total assets 204,300

Liabilities & owner’s equity

Short term liabilities:
Account payable 14,600
Unearned admission revenue 1,000
Mortgage payable 50,000
Interest payable 4,000
Property tax payable 3,000
Total Short term liabilities 72,600
Long term liabilities
Mortgage payable NIL
NIL
Total liabilities 72,600
owner’s equity
J.London’s capital 131,700
Total Liabilities & owner’s equity 204,300
 LONDON AMUSEMENT PARK
GENERAL JOURNAL
(CLOSING ENTRIES)

DATE ACCOUNTS TITLE & REF. DEBIT($) CREDIT($)

EXPLANATION
2005, Admission revenue Dr. 280,200
Dec, Income statement Cr. 280,200
31 (to close revenue)
2005, Income Statement Dr. 244,200
Dec, Salaries expense Cr. 105,000
31 Repair expense Cr. 30,500
Advertising expense Cr. 9,400
Utilities expense Cr. 16,900
Property taxes expense Cr. 21,000

supplies expense Cr. 17,400

Insurance expense Cr. 28,000

Interest expense Cr. 10,000

Depreciation expense Cr. 6,000

(to close expense)

2005, Income statement Dr. 131,700
Dec, J.London’s , capital Cr. 131,700
31 (to close net profit)
2005, J.London’s , capital Dr. 14,000
Dec, J.London’s drawings Cr. 14,000
31 (to close drawing)
 LONDON AMUSEMENT PARK
POST-CLOSING TRIAL BALANCE
For the year ended on September, 2005

SL. Accounts title REF. DEBIT($) CREDIT($)

1 Cash 41,400

2 Supplies 1,200

3 Prepaid insurance 3,900

4 Land 80,000

6 Equipment 120,000

7 Accumulated Depreciation 42,200

9 Account payable 14,600

10 Unearned Admission revenue 1,000

11 Mortgage payable 50,000

12 Interest payable 4,000

Property taxes payable 3,000

13 J.London’s capital 131,700

total 246,500 246,500