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Service Concern Comprehensive Problem Solution

The document contains journal entries recording transactions from January 3-31, including revenues, expenses, and owner withdrawals. Adjusting entries were also made for accrued expenses and revenues. The adjusted trial balance shows total revenues of $40,000 and expenses of $6,695, resulting in net income of $33,305. The balance sheet lists total assets of $80,695 equal to total liabilities and owner's equity.

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Anonymous TlAQG3t
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243 views

Service Concern Comprehensive Problem Solution

The document contains journal entries recording transactions from January 3-31, including revenues, expenses, and owner withdrawals. Adjusting entries were also made for accrued expenses and revenues. The adjusted trial balance shows total revenues of $40,000 and expenses of $6,695, resulting in net income of $33,305. The balance sheet lists total assets of $80,695 equal to total liabilities and owner's equity.

Uploaded by

Anonymous TlAQG3t
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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JOURNAL ENTRIES:

3-Jan Cash 4,500.00


Unearned Fees 4,500.00

5-Jan Cash 2,450.00


Accounts Receivable 2,450.00

9-Jan Advertising Expense 225.00


Cash 225.00

13-Jan Accounts Payable 640.00


Cash 640.00

15-Jan Accounts Receivable 9,180.00


Earned Fees 9,180.00

16-Jan Salaries Expense 750.00


Salaries Payable 120.00
Cash 870.00

17-Jan Cash 8,360.00


Earned Fees 8,360.00

20-Jan Supplies Inventory 735.00


Accounts Payable 735.00

21-Jan Accounts Receivable 4,820.00


Earned Fees 4,820.00

25-Jan Cash 7,900.00


Earned Fees 7,900.00

27-Jan Cash 9,520.00


Accounts Receivable 9,520.00

28-Jan Salaries Expense 750.00


Cash 750.00

30-Jan Telephone Expense 260.00


Cash 260.00

31-Jan Electricity Expense 810.00


Cash 810.00

31-Jan Cash 3,300.00


Earned Fees 3,300.00

31-Jan Accounts Receivable 2,650.00


Earned Fees 2,650.00

31-Jan Mufasa, Drawing 10,500.00


Cash 10,500.00

ADJUSTING ENTRIES

a.) Insurance Expense 275.00


Prepaid Insurance 275.00

b.) Supplies Expense 1,370.00


Supplies Inventory 1,370.00

c.) Depreciation Expense 330.00


Accumulated Depreciation 330.00

d.) Salaries Expense 325.00


Salaries Payable 325.00

e.) Rent Expense 1,600.00


Prepaid Rent 1,600.00

f.) Unearned Fees 3,790.00


Earned Fees 3,790.00
Unadjusted Trial Balance Adjustments
Account Title Debit Credit Debit
Cash 44,075.00
Accounts Receivable 8,080.00
Supplies Inventory 2,085.00
Prepaid Rent 3,200.00
Prepaid Insurance 1,500.00
Office Equipment 14,500.00
Accumulated Depreciation 330.00
Accounts Payable 895.00
Salaries Payable -
Unearned Fees 7,000.00 3,790.00
Earned Fees 36,210.00
Telephone Expense 260.00
Electricity Expense 810.00
Salaries Expense 1,500.00 325.00
Advertising Expense 225.00
Mufasa, Drawing 10,500.00
Mufasa, Capital 42,300.00

Insurance Expense 275.00


Supplies Expense 1,370.00
Depreciation Expense 330.00
Rent Expense 1,600.00

86,735.00 86,735.00 7,690.00


Adjustments Adjusted Trial Balance Income Statement
Credit Debit Credit Debit Credit
44,075.00
8,080.00
1,370.00 715.00
1,600.00 1,600.00
275.00 1,225.00
14,500.00
330.00 660.00
895.00
325.00 325.00
3,210.00
3,790.00 40,000.00 40,000.00
260.00 260.00
810.00 810.00
1,825.00 1,825.00
225.00 225.00
10,500.00
42,300.00

275.00 275.00
1,370.00 1,370.00
330.00 330.00
1,600.00 1,600.00

7,690.00 87,390.00 87,390.00 6,695.00 40,000.00


33,305.00
40,000.00 40,000.00
Balance Sheet
Debit Credit
44,075.00
8,080.00
715.00
1,600.00
1,225.00
14,500.00
660.00
895.00
325.00
3,210.00

10,500.00
42,300.00

80,695.00 47,390.00
33,305.00
80,695.00 80,695.00

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