JD Repair Shop

Trial Balance
January 31, 2020

Cash in Bank 15,000.00

Accounts Receivable 70,000.00
Estimated Uncollectible Accounts 2,800.00
Shop Supplies 12,700.00
Prepaid Insurance 24,000.00
Furniture and Fixture 42,500.00
Accumulated Depreciation - Furn.&Fixture 5,000.00
Shop Equipment 65,000.00
Accumulated Depreciation - Shop Equip. 6,500.00
Accounts Payable 28,500.00
Notes Payable 45,000.00
Unearned Repair Income 12,500.00
John Doe, Capital 90,400.00
John Doe, Drawing 10,000.00
Repair Income 117,500.00
Rent Expense 20,000.00
Salaries and Wages 35,000.00
Taxes and Licenses 9,500.00
Utilities Expense 4,500.00
TOTAL 308,200.00 308,200.00
a. Interest Expense 450.00
Accrued Interest Expense 450.00

b. Insurance Expense 2,400.00

Accrued Insurance Expense 2,400.00

c. Uncollectible Accounts 1,200.00

Estimated Uncollectible Accounts 1,200.00

d. Depreciation Expense 5,500.00

Accumulated Depreciation-Shop Equip. 2,500.00
Accumulated Depreciation-Furn.&Fixt. 3,000.00

e. Unearned Repair Income 1,500.00

Repair Income 1,500.00

f. Rent Expense 4,000.00

Accured Rent Expense 4,000.00

g. Shop Supplies Expense 6,700.00

Shop Supplies 6,700.00
 JD Repair Shop
Worksheet
For the month ended January 31,

Unadjusted Trial Balance Adjustment

Account Titles
Debit Credit Debit

Cash in Bank 15,000.00

Accounts Receivable 70,000.00
Estimated Uncollectible Accounts 2,800.00
Shop Supplies 12,700.00
Prepaid Insurance 24,000.00
Furniture and Fixture 42,500.00
Accumulated Depreciation - Furn.&Fixture 5,000.00
Shop Equipment 65,000.00
Accumulated Depreciation - Shop Equip. 6,500.00
Accounts Payable 28,500.00
Notes Payable 45,000.00
Unearned Repair Income 12,500.00 1,500.00
John Doe, Capital 90,400.00
John Doe, Drawing 10,000.00
Repair Income 117,500.00
Rent Expense 20,000.00 4,000.00
Salaries and Wages 35,000.00
Taxes and Licenses 9,500.00
Utilities Expense 4,500.00
TOTAL 308,200.00 308,200.00

Additional:
Accrued Interest Expense
Accrued Rent Expense
Depreciation Expense 5,500.00
Interest Expense 4,500.00
Insurance Expense 2,400.00
Shop Supplies Expense 6,700.00
Uncollectible Accounts 1,200.00
TOTAL 25,800.00
NET INCOME/LOSS
TOTAL
 JD Repair Shop
Worksheet
e month ended January 31, 2020

Adjustment Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit Credit

15,000.00 15,000.00
70,000.00 70,000.00
1,200.00 4,000.00 4,000.00
6,700.00 6,000.00 6,000.00
2,400.00 21,600.00 21,600.00
42,500.00 42,500.00
2,500.00 7,500.00 7,500.00
65,000.00 65,000.00
3,000.00 9,500.00 9,500.00
28,500.00 28,500.00
45,000.00 45,000.00
11,000.00 11,000.00
90,400.00 90,400.00
10,000.00 10,000.00
1,500.00 119,000.00 119,000.00
24,000.00 24,000.00
35,000.00 35,000.00
9,500.00 9,500.00
4,500.00 4,500.00

4,500.00 4,500.00 4,500.00

4,000.00 4,000.00 4,000.00
5,500.00 5,500.00
4,500.00 4,500.00
2,400.00 2,400.00
6,700.00 6,700.00
1,200.00 1,200.00
25,800.00 323,400.00 323,400.00 93,300.00 119,000.00 230,100.00 204,400.00
25,700.00 25,700.00
119,000.00 119,000.00 230,100.00 230,100.00
 JD Repair Shop
Income Statement
For the month ended January 31, 2020

Revenues:
Repair Income ₱119,000.00

Operating Expenses:
Depreciation Expense ₱5,500.00
Insurance Expense 2,400.00
Rent Expense 24,000.00
Salaries and Wages 35,000.00
Shop Supplies Expense 6,700.00
Taxes and Licenses 9,500.00
Uncollectible Accounts 1,200.00
Utilities Expense 4,500.00
Total Operating Expenses 88,800.00
Operating Profit ₱30,200.00
Interest Expense 4,500.00
NET PROFIT ₱25,700.00
 JD Repair Shop
Statement of Changes in Owner's Equity
For the month ended January 31, 2020

John Doe, Capital, Beg. ₱90,400.00

Add: Net Profit 25,700.00
Total 116,100.00
Less: Drawing 10,000.00
John Doe, Capital, End ₱106,100.00
 JD Repair Shop
Balance Sheet
As of January 31, 2020

ASSETS
Current Assets:
Cash in Bank ₱15,000.00
Accounts Receivable ₱70,000.00
Less: Estimated Uncollectible Accounts 4,000.00 66,000.00
Shop Supplies 6,000.00
Prepaid Insurance 21,600.00
Total Current Assets ₱108,600.00

Non - Current Assets:

Furniture and Fixture 42,500.00
Less: Accumulated Depreciation - Furn.&Fixture 7,500.00 35,000.00

Shop Equipment 65,000.00

Less: Accumulated Depreciation - Shop Equip. 9,500.00 55,500.00
Total Non - Current Assets 90,500.00
TOTAL ASSETS ₱199,100.00

LIABILITIES AND OWNER'S EQUITY

Liabilities:
Accounts Payable ₱28,500.00
Accrued Interest Expense 4,500.00
Accrued Rent Expense 4,000.00
Notes Payable 45,000.00
Unearned Repair Income 11,000.00
Total Liabilities ₱93,000.00

Owner's Equity
John Doe, Capital 106,100.00
TOTAL LIABILITIES AND OWNER'S EQUITY 199,100.00

JD Repair Shop
Balance Sheet
As of January 31, 2020
 ASSETS
Current Assets:
Cash in Bank ₱15,000.00
Accounts Receivable ₱70,000.00
Less: Estimated Uncollectible Accounts 4,000.00 66,000.00
Shop Supplies 6,000.00
Prepaid Insurance 21,600.00
Total Current Assets ₱108,600.00

Non - Current Assets:

Furniture and Fixture 42,500.00
Less: Accumulated Depreciation - Furn.&Fixture 7,500.00 35,000.00

Shop Equipment 65,000.00

Less: Accumulated Depreciation - Shop Equip. 9,500.00 55,500.00
Total Non - Current Assets 90,500.00
TOTAL ASSETS ₱199,100.00
epair Shop
nce Sheet
uary 31, 2020
 LIABILITIES AND OWNER'S EQUITY
Liabilities:
Accounts Payable ₱28,500.00
Accrued Interest Expense 4,500.00
Accrued Rent Expense 4,000.00
Notes Payable 45,000.00
Unearned Repair Income 11,000.00
Total Liabilities ₱93,000.00

Owner's Equity
John Doe, Capital 106,100.00

TOTAL LIABILITIES AND OWNER'S EQUITY ₱199,100.00