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    Account Titles Trial Balance Adjustment DR CR DR: Vang Management Services

    Uploaded by

    Mutia Wardani
    This document is a trial balance, income statement, and balance sheet for Vang Management Services for the year ended December 31, 2017. It shows accounts with debit and credit balances before and after adjustments. Adjusting entries are made for prepaid insurance, depreciation expense, unearned rent revenue, and interest payable. The closing entries transfer revenue and expense accounts to an income summary account and owners equity account.

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    Account Titles Trial Balance Adjustment DR CR DR: Vang Management Services

    Uploaded by

    Mutia Wardani
    107 views9 pages
    This document is a trial balance, income statement, and balance sheet for Vang Management Services for the year ended December 31, 2017. It shows accounts with debit and credit balances before and after adjustments. Adjusting entries are made for prepaid insurance, depreciation expense, unearned rent revenue, and interest payable. The closing entries transfer revenue and expense accounts to an income summary account and owners equity account.

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    P4-4A

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    This document is a trial balance, income statement, and balance sheet for Vang Management Services for the year ended December 31, 2017. It shows accounts with debit and credit balances before and after adjustments. Adjusting entries are made for prepaid insurance, depreciation expense, unearned rent revenue, and interest payable. The closing entries transfer revenue and expense accounts to an income summary account and owners equity account.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    107 views9 pages

    Account Titles Trial Balance Adjustment DR CR DR: Vang Management Services

    Uploaded by

    Mutia Wardani
    This document is a trial balance, income statement, and balance sheet for Vang Management Services for the year ended December 31, 2017. It shows accounts with debit and credit balances before and after adjustments. Adjusting entries are made for prepaid insurance, depreciation expense, unearned rent revenue, and interest payable. The closing entries transfer revenue and expense accounts to an income summary account and owners equity account.

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    a)

    VANG MANAGEMENT SE
    Worksheet
    For the Ended December 3

    Trial Balance Adjustment


    Account titles
    Dr Cr Dr
    Cash 13800
    accounts Receivable 28300
    Prepaid Insurance 3600
    Land 67000
    Buildings 127000
    Equipment 59000
    Accounts Payable 12500
    Uneraned Rent Revenue 6000 4500
    Mortatage Payable 120000
    Owner's Capital 144000
    Owner's Drawings 22000
    Service Revenue 90700
    Rent Revenue 29000
    Salaries and Wages Expense 42000
    Advertising Expense 20500
    Utilities Expense 19000
    Totals 402200 402200
    Insuransce Expense 1200
    Depreciation Expense Buildings 3000
    Depreciation Expense Equipment 3600
    Accumulated Dep-Buildings
    Accumulated Dep-Equipment
    Interest Expense 10000
    Interest Payable
    Totals 22300
    Net Income
    Totals

    c) Adjusting Entry
    Dec-31 Insurance Expense
    Prepaid Insurance
    Dec-31 Dep Expense -Building
    Acc Dep-Building

    Dec-31 Dep Expense-Equipment


    Acc Dep-Building

    Dec-31 Unearned Rent Revenue


    Rent Revenue

    Dec-31 Interest Expense


    Interest Payable
    VANG MANAGEMENT SERVICES
    Worksheet
    For the Ended December 31, 2017

    Adjustment Adjusted TB Income Statement Balance Sheet


    Cr Dr Cr Dr Cr Dr
    13800 13800
    28300 28300
    1200 2400 2400
    67000 67000
    127000 127000
    59000 59000
    12500
    1500
    120000
    144000
    22000 22000
    90700 90700
    4500 33500 33500
    42000 42000
    20500 20500
    19000 19000

    1200 1200
    3000 3000
    3600 3600
    3000 3000
    3600 3600
    10000 10000
    10000 10000
    22300 418800 418800 99300 124200 319500
    24900
    124200 124200 319500

    1200
    Prepaid Insurance 1200
    3000
    Acc Dep-Building 3000

    3600
    Acc Dep-Building 3600

    4500
    Rent Revenue 4500

    10000
    Interest Payable 10000
    B)
    ASSET
    Current Assets
    Cash
    Accounts Receivable
    Balance Sheet Prepaid Insurance
    Cr Total Currents Assets

    Land
    Buidings
    Acc Dep Building
    Total Buildings
    12500 Equipment
    1500 Acc Dep Equipment
    120000 Total Equipment
    144000

    Liabilities and Owner's E


    Current Liabilities
    Current maturity of Mortagage Notes Payable
    Accounts Payable
    Interest Payable
    Unearned SR
    Total Current Liabilities
    Long Term Liabilities
    Mortagage Note Payable
    3000 Total Liabilitis
    3600
    Owners Equity
    10000 Owners Capital
    294600 Total Liabilities and Owners
    24900
    319500
    ASSET
    d) Closing Entries
    13800 Service Revenu
    28300 Rent Revenue
    2400
    Total Currents Assets 44500

    67000
    127000
    -3000
    s 124000
    59000
    -3600
    ent 55400
    246400
    Total Asets 290900
    Liabilities and Owner's Equity
    Owners Capita
    s Payable 30000
    12500
    10000
    1500
    Liabilities 54000

    ote Payable 90000


    Total Liabilitis 144000

    Capital 146900
    Total Liabilities and Owners Equity 290900
    ing Entries
    Service Revenue 90700
    Rent Revenue 33500
    Income Summmry 124200

    Income Summary 99300


    Salaries and Wages Expense 42000
    Advertising Expense 20500
    Utilities Expense 19000
    Insuransce Expense 1200
    Depreciation Expense Building 3000
    depreciation Expense Equipment 3600
    Interst Equipment 10000

    Income Summary 24900


    Owners Capital 24900

    Owners Capital 22000


    Owners drawings 22000
    e) POST CLOSING TRIAL BALANCE

    Cash
    accounts Receivable
    Prepaid Insurance
    Land
    Buildings
    accumulated dep buildings
    equipment
    acumulated dep equipment
    Accounts Payable
    Uneraned Rent Revenue
    Mortatage Payable
    interset payable
    owners capital
    TOTALS
    13800
    28300
    2400
    67000
    127000
    3000
    59000
    3600
    12500
    1500
    120000
    10000
    146900
    297500 297500

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