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    Work Sheet Example

    Uploaded by

    osamasad
    1) The document provides a trial balance, adjusting entries, and instructions to prepare financial statements for Ahmed Repair Service for the year ended December 31, 2010. 2) Key adjustments include recognizing prepaid advertising, supplies, depreciation expense, accrued wages, accounts receivable, and rent payable. 3) After adjustments, the financial statements prepared are an adjusted trial balance, income statement showing net income of $4,250, and balance sheet with total assets of $12,100 and owner's equity of $10,650.

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    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd

    Work Sheet Example

    Uploaded by

    osamasad
    137 views5 pages
    1) The document provides a trial balance, adjusting entries, and instructions to prepare financial statements for Ahmed Repair Service for the year ended December 31, 2010. 2) Key adjustments include recognizing prepaid advertising, supplies, depreciation expense, accrued wages, accounts receivable, and rent payable. 3) After adjustments, the financial statements prepared are an adjusted trial balance, income statement showing net income of $4,250, and balance sheet with total assets of $12,100 and owner's equity of $10,650.

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    © Attribution Non-Commercial (BY-NC)

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    1) The document provides a trial balance, adjusting entries, and instructions to prepare financial statements for Ahmed Repair Service for the year ended December 31, 2010. 2) Key adjustments include recognizing prepaid advertising, supplies, depreciation expense, accrued wages, accounts receivable, and rent payable. 3) After adjustments, the financial statements prepared are an adjusted trial balance, income statement showing net income of $4,250, and balance sheet with total assets of $12,100 and owner's equity of $10,650.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    137 views5 pages

    Work Sheet Example

    Uploaded by

    osamasad
    1) The document provides a trial balance, adjusting entries, and instructions to prepare financial statements for Ahmed Repair Service for the year ended December 31, 2010. 2) Key adjustments include recognizing prepaid advertising, supplies, depreciation expense, accrued wages, accounts receivable, and rent payable. 3) After adjustments, the financial statements prepared are an adjusted trial balance, income statement showing net income of $4,250, and balance sheet with total assets of $12,100 and owner's equity of $10,650.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 5

    The trial balance for Ahmed Repair Service at December 31, 2010 is shown below.

    Ahmed Repair Service Work Sheet For the year ended December 31, 2010 Adjusted Trial Adjustm Income Trial Balance ents Statement Balance

    Balance Sheet

    Cash Accounts Receivable Prepaid Advertising Supplies Equipment Account Payable Capital Drawing Service Fees Earned Rent Expense Wages Expense

    Dr. 200 150 0 400 300 0 960 0

    Cr.

    Dr.

    Cr.

    Dr.

    Cr.

    Dr.

    Cr.

    Dr.

    Cr.

    800 100 00 360 0 140 00 550 0 100 0 248 00

    248 00

    Other data:
    1. The prepaid advertising covers the months December, 2010-

    march, 2011.

    2. Supplies on hand at December 31 are $1300. 3. Annual depreciation on the equipment is $1200. 4. Service fees earned but not yet billed at December 31 are $400. 5. Rent of $500 for December has not yet been paid. 6. Accrued wages at December 31 are $150. Instructions: (a) Complete the worksheet. December 31. (b) Journalize adjusting entries at

    (C) Prepare financial statements. The trial balance for Ahmed Repair Service at December 31, 2010 is shown below.
    Ahmed Repair Service Work Sheet For the year ended December 31, 2010 Adjusted Trial Adjustm Income Trial Balance ents Statement Balance

    Balance Sheet

    Cash Accounts Receivable Prepaid Advertising Supplies Equipment Account Payable Capital Drawing Service Fees Earned Rent Expense Wages Expense

    Dr. 200 150 0 400 300 0 960 0

    Cr.

    Dr.
    400

    Cr.

    Dr.
    200 190 0 300 130 0 960 0

    Cr.

    Dr.

    Cr.

    Dr.
    200 190 0 300 130 0 960 0

    Cr.

    100 170 0

    800 100 00 360 0 140 00 550 0 100 0


    500 150 400 600 0 115 0 360 0

    800 100 00 360 0 144 00 600 0 115 0 144 00

    800 100 00

    248 00
    Advertising expense Supplies expense Dep. Expense Acc. Dep. Rent payable Wages payable Total Net income Total

    248 00
    100 170 0 120 0 120 0 500 150 405 0 405 0 270 50 100 170 0 120 0 120 0 500 150 270 50 101 50 425 0 144 00 144 00 425 0 144 00 169 00 169 00 100 170 0 120 0 120 0 500 150

    Other data:
    1. The prepaid advertising covers the months December, 2010-

    march, 2011. 2. Supplies on hand at December 31 are $1300. 3. Annual depreciation on the equipment is $1200. 4. Service fees earned but not yet billed at December 31 are $400. 5. Rent of $500 for December has not yet been paid. 6. Accrued wages at December 31 are $150. Instructions: (a) Complete the worksheet. December 31. (b) Journalize adjusting entries at

    (C) Prepare financial statements. No. 1 Account Titles and Explanation Advertising expense Prepaid Advertising Supplies expense Supplies Dr 100 100 1700 Cr

    1700 3 Depreciation Expense Accumulated Dep.equipment Accounts Receivable Service Fees Earned Rent Expense Rent payable Wages Expense Wages payable 1200 1200 400 400 500 500 150 150

    Ahmed Repair Service Repair Service Income Statement


    for the year ended for the year ended December 31, 2010. December 31, 2010.

    Ahmed owner's equity statement

    Revenues

    Ahmed Repair Service Capital 1/1/2010 Balance Sheet 0


    December 31, 2010

    Service Fees Earned Add: Investments 14400 10000 Assets Amoun Liabilities and owners equity Amoun Expenses : net income ts ts 4250 Cash 200 Liabilities Rent Expense 6000 14250 Accounts 1900 AccountLess: drawings Payable 800 Wages Expense Receivable 1150 3600 Prepaid Advertising expense Rent payable 31/12/2010 500 300 Capital Advertising 100 10650 Supplies 1300 Wages payable 150 Supplies expense 1700 Equipment 9600 Total liabilities 1450 Dep. Expense 1200 - Acc. Dep.(1200) Owners Equity Total expense Equipment 10150 Capital 10650 Net income Total 12100 Total 12100 4250

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