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    - The document is a trial balance worksheet for Timothy Law Office for the year ended December 31, 2016. It shows unadjusted balances, adjustments made, and adjusted balances for income statement and balance sheet accounts. - Adjustments were made for interest receivable, bad debts expense, depreciation expense, salaries expense, taxes and licenses expense, and other items. - After adjustments, net income for the year was $375,760 based on total revenues of $668,500 and total expenses of $292,740 on the income statement.

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    - The document is a trial balance worksheet for Timothy Law Office for the year ended December 31, 2016. It shows unadjusted balances, adjustments made, and adjusted balances for income statement and balance sheet accounts. - Adjustments were made for interest receivable, bad debts expense, depreciation expense, salaries expense, taxes and licenses expense, and other items. - After adjustments, net income for the year was $375,760 based on total revenues of $668,500 and total expenses of $292,740 on the income statement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    32 views1 page

    This Study Resource Was Shared Via

    Uploaded by

    Dhanna May
    - The document is a trial balance worksheet for Timothy Law Office for the year ended December 31, 2016. It shows unadjusted balances, adjustments made, and adjusted balances for income statement and balance sheet accounts. - Adjustments were made for interest receivable, bad debts expense, depreciation expense, salaries expense, taxes and licenses expense, and other items. - After adjustments, net income for the year was $375,760 based on total revenues of $668,500 and total expenses of $292,740 on the income statement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Timothy Law Office

    Worksheet
    For the year ended December 31, 2016

    Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
    Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
    Cash 191000 (f) 2000 189000 189000
    Accounts Receivable 27000 27000 27000
    Notes Receivable 60000 60000 60000
    Office Supplies 39000 (b) 27000 12000 12000
    Furniture and fixtures 65000 65000 65000
    Office Equipment 280000 280000 280000
    Accounts Payable 5000 5000 5000
    Unearned Legal Fees Revenue 17000 (g) 10000 7000 7000
    Atty. Timothy, Capital 175000 175000 175000

    a
    Atty. Timothy, Drawing 16000 16000 16000

    vi
    Legal Fees Revenue 658000 (g) 10000 668000 668000
    Rent Expense 93000 93000 93000
    Taxes and Licenses 15000 (h) 19,740 34740 34740
    Utilities Expense 69000 69000 69000

    d
    855000 855000
    Interest Receivable (a) 500 500 500

    e
    Interest Income (a) 500 500 500
    Office Supplies Expense (b) 27000 27000 27000

    ar
    Bad debts Expense (c) 7000 7000 7000
    Allowance for bad debts (c) 7000 7000 7000
    Depreciation Expense- Furniture and fixtures (d) 9000 9000 9000

    sh
    Accumulated depreciation- Furniture and fixtures (d) 9000 9000 9000
    Depreciation Expense- Office Equipment (e) 40000 40000 40000
    Accumulated depreciation- Office equipment (e) 40000 40000 40000
    Salaries Expense (f) 9000 9000 9000

    as
    SSS Premiums Expense (f) 2000 2000 2000
    Philhealth Premiums Expense (f) 1000 1000 1000
    Pag-ibig Premiums Expense (f) 1000 1000 1000

    w
    SSS Payable (f) 4000 4000 4000
    Philhealth Payable (f) 2000 2000 2000
    Pag ibig Payable (f) 2000 2000 2000
    Withholding Tax Payable (f) 3000 3000 3000

    m e
    Taxes and Licenses Payable (h) 19740 19740 19740
    Totals 126,240 126,240 942240 942240 292740 668500 649500 273740
    Net Income
    Totals
    co rc 375760
    668500 668500 649500
    375760
    649500
    o. ou
    er res
    se dy
    ur tus
    H
    is
    Th

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