problems 1-6worksheet last page

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Kushal · Accepted Answer

1
				Trail balance			Adjustments			Adjusted Trial balance
				Debit	Credit		Debit	Credit		Debit	Credit
			Cash	10000						10000
			Account Receivables	16000						16000
			Printing Supplies	5400				2400		3000
			printing equipment	9200						9200
			printing equipment - Accumulated depreciation		8000			500			8500
			Johnson's capital		14350						14350
			Johnson's withdrawals	4000						4000
			Printing Fees		23300						23300
			Rent Expense	900						900
			Advertising Expense	150						150
			Depreciation Expense	0			500			500
			Printing Supplies Expense	0			2400			2400
			Total	45650	45650		2900	2900		46150	46150
2
			Income Statement			Shareholder's equity					Balance Sheet
			Printing Fees	23300		John's capital opening balance	14350				Assets			Liabilities
			Printing Supplies Expense	2400		(+) retained Earnings	19350				Current Assets
			Gross Profit	20900		(-)withdrawals	4000				Cash	10000
			Rent Expense	900		John's capital clsoing balance	29700				Account Receivables	16000
			Advertising Expense	150							Printing Supplies	3000
			Total Expenses	1050							Fixed Assets			Shareholder's equity
			EBITDA	19850							printing equipment - gross	9200		John's Capital	29700
			Depreciation Expense	500							printing equipment - Accumulated depreciation	8500
			EBIT(Operating Profit)	19350							Printing equipment (Net)	700
			Interest Expense	0
			Profit Before Tax	19350							Assets	29700		Liabilities & equity	29700
			Income Taxes	0
			Net Income	19350
3
		Bank reconcilliation Statement
			Ending balance		8500
			(-)Outstanding Cheques		600
			(+) deposit in Transit		605
			Adjusted Bank Balance		8505
			Check Book Balance		8600
			(-) Service Charge		15
			(+) Interest Income		40
			(-) NSF Cheque		120
			Final Balance		8505
4
				Debit	Credit
		Petty Cash		120
			Cash		120
		Petty Cash		12
			Cash		12
		Donation Expense		20
			Petty Cash		20
		Postage Expense		18
			Petty Cash		18
		Office Expense		25
			Petty Cash		25
		Miscellaneous Expense		45
			Petty Cash		45
5
				Type of account	Normal balance	Financial Statemeent	Nature of aaccount
			Truck	Long Lived Asset	Debit	Balance Sheet	Real
			Accumulated depreciation Truck	Long Lived asset (Contra account)	Credit	Balance Sheet	Real
			Depreciation expense truck	Expense	Debit	Income Statement	Nominal
			Maintenance Expense	Expense	Debit	Income Statement	Nominal
			Gas and Oil Expense	Expense	Debit	Income Statement	Nominal
			Owner's withdrawals	Contra Equity account	Debit	Balance Sheet	Personal
			Owner's capital	Equity Account	Credit	Balance Sheet	Real
6
				Debit	Credit
		Revenue		417500
			Income Summary		417500
		Income Summary		340000
			Salary expense		249500
			Rent Expense		48000
			Depreciation expense		26000
			Supplies Expense		7500
			Miscellaneous expense		9000
		Income Summary		77500
			Capital Account		77500
		Capital Account		30000
			Withdrawals		30000
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A
B
C
D
Debit
Revenue
417500
Income Summary
Income Summary
340000
Salary expense
Rent Expense

problems 1-6worksheet last page

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