VIETTI RENTAL COMPANY

Worksheet
For the Month Ended August 31, 2008
Trial
Account Ttitle Balance Adjustments
Debit Credit Debit Credit
Cash 20.00
Accounts Receivable 12.00
Prepaid Rent 8.00 2.00
Supplies 10.00 4.00
Office Equipment 50.00
Accum. Depreciation-Eq 10.00 8.00
Accounts Payable 20.00
Vietti, Capital 25.00
Vietti, Drawing 2.00
Rent Revenue 77.00
Depreciation Expense-Eq 6.00 8.00
Rent Expense 4.00 2.00
Salaries Expense 20.00 10.00
132.00 132.00
Supplies Expense 4.00
Salaries Payable 10.00
24.00 24.00

Net Income

If Credit is Higher = Net Income

Net Loss

Adjusting Entries:
1. Depreciation Expense-Eq 8.00 4.00 Supplies Expense
Accumulated Depreciation-Eq 8.00
2. Rent Expense 2.00
Prepaid Rent 2.00

3. Salaries Expense 10.00

Salaries Payable 10.00
COMPANY 7th Preparation of Financia
et
August 31, 2008
Adjusted Income Balance
Trial Balance Statement Sheet
Debit Credit Debit Credit Debit Credit Revenues:
20.00 20.00 Rent Revenue
12.00 12.00 Less: Operating Expenses
6.00 6.00 Depr Exp-Eq
6.00 6.00 Rent Expense
50.00 50.00 Salaries Expense
18.00 18.00 Supplies Expense
20.00 20.00 Net Income
25.00 25.00
2.00 2.00
77.00 77.00
14.00 14.00
6.00 6.00
30.00 30.00 Vietti, Capital August 1
Add: Net Income
4.00 4.00 Total
10.00 10.00 Less: Drawing
150.00 150.00 Vietti, Capital Augist 31
54.00 77.00
23.00 23.00
77.00 77.00 96.00 96.00
If Debit is higher in Income Statement Columns = Net Loss

77.00 54.00
23.00 23.00 Current Assets
77.00 77.00 96.00 96.00

upplies Expense 4.00 Total Current Assets

Supplies 4.00 Non Current Assets:
Total Assets

Accounts Payable
Salaries Payable

Vietti, Capital August 31

Total Liabilities & Capital
h Preparation of Financial Stataments 8th Closing Entries
Vietti Company Accounts to be Closed
Statement of Comprehensive Income & Expense Nominal Accounts
For the Month Ended August 31, 2008 Temporary Drawing & Income

evenues: 1 Rent Revenue

Rent Revenue 77.00 Income Summary
ess: Operating Expenses: to Close Revenue Ac
Depr Exp-Eq 14.00
Rent Expense 6.00 2 Income Summary
Salaries Expense 30.00 Depreciation Exp
Supplies Expense 4.00 54.00 Rent expense
et Income 23.00 Salaries Expense
Supplies Expense
Vietti Company To Close all expense
Statement of Owner's Equity
For the Month Ended August 31, 2008 3 Income Summary
54
etti, Capital August 1 25.00
dd: Net Income 23.00 23
48.00
ess: Drawing 2.00
etti, Capital Augist 31 46.00 Income Summary

Vietti Company
Statement of Financial Position 4 Vietti, Capital
As of August 31, 2008
To Close Drawing Ac
Assets
urrent Assets
Cash 20.00
Accounts Receivable 12.00
Prepaid Rent 6.00
Supplies 6.00
otal Current Assets 44.00
on Current Assets:
Office Equipment 50.00
 Accum. Depreciation-Eq (18.00) 32.00
otal Assets 76.00
Liabilities
ccounts Payable 20.00
alaries Payable 10.00
30.00
Capital
etti, Capital August 31 46.00
otal Liabilities & Capital 76.00
 9th Step - Preparation of Post-Closing-Trial Bala
be Closed
Revenues. & Expense REAL - Assets, Liabilities, Capital Con
Drawing & Income Summaru
Vietti Co.
ent Revenue 77 Post-Closing Trial Balance
Income Summary 77 As of Sept 1 2008
Close Revenue Accounts
Cash
come Summary 54 Accounts Receivable
Depreciation Exp 14 Prepaid Rent
Rent expense 6 Supplies
Salaries Expense 30 Office Equipment
Supplies Expense 4 Accum. Depreciation-Eq
o Close all expenses Accounts Accounts Payable
Salaries Payable
come Summary Vietti, Capital
77 To Close Net Income to
-54 Capital
23 10th- Preparation of reversing Entries (OPTIONA

4 ADJUSTING ENTRIES TO BE REVERSED

come Summary 23 1. ACCRUEd Income
Vietti, Capital 23 2. Accrued EXPENse
3. Deferred or Unearned Income -Income Metho
etti, Capital 2 4. Prepaid Expense -Exopense Medto
Vietti, Drawing 2
o Close Drawing Account to Capital Sep-01
Sep-01 Salaries Payable
Salaries Expense
of Post-Closing-Trial Balance

ts, Liabilities, Capital Contra-Assets

Vietti Co.
-Closing Trial Balance
As of Sept 1 2008
Debit Credit
20.00
12.00
6.00
6.00
50.00
18.00
20.00
10.00
46.00
94.00 94.00

versing Entries (OPTIONAL)

S TO BE REVERSED

ed Income -Income Method

xopense Medto

10
10