ACCOUNTING

ASSIGNMENT

SAMMI IFTIKHAR
Submitted Id: NUML-S20-14282
 TOUCHTONE ENTERPRISES,INC

10 COLUMN WORKSHEET

DECEMBER 31,2005

Adjusting Adjusted Trial

Accounts Trial Balance Income Statement Balance Sheet
Entries Balance
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

CASH A/C 83405 83405 83405

ACCOUNTS RECEIVABLES 81400 4400 85800 85800
UNEXPIRED INSURANCE 500 500 0
PREPAID STUDIO RENT 4000 250 3750 3750
STUDIO SUPPLIES 7600 1000 6600 6600
RECORDING EQUIPMENT 130,235 130,235 130235
ACC. DEP ON RECORDING
52500 52500 52500
EQ.
NOTES PAYABLE 16000 16000 16000
INTEREST PAYABLE A/C 840 220 1060 1060
INCOME TAX PAYABLE 3200 3200 3200
UNEARNED STUDIO
9600 3600 6000 6000
REVENUE
CAPITAL STOCK 80,000 80000 80000
ACCOUNT PAYABLE 38,000 38000 38000
115,00
STUDIO REVENUE EARNED 107,000 8000 115,000
0
307140 307140
SALARIES-TECHNICIANS 540 540 540
SALARIES PAYABLE 540 540 540
INSURANCE EXPENSE 500 500 500
ELECTRICITY BILL EXPENSE 800 800 800
ELECTRICITY BILL PAYABLE 800 800 800
INTEREST EXPENSE 220 220 220
RENT EXPENSE 250 250 250
UTILITY BILLS 1500 1500 1500
UTILITY BILLS PAYABLE 1500 1500 1500
STUDIO SUPPLIES EXPENSE 1000 1000 1000

1281
307140 307140 12810 314600 314600 4810 115000 309790 199600
0
NET PROFIT 110190 110190
115000 115000 309790 309790
 CLOSING ENTRIES

Amount (Rs)

Date Account Title and Explanations Ref Debit Credit

1 Studio Revenue Earned 115,000

to Income Summary 115,000

(Revenue being transferred to Income Summary)

2 Income Summary 4,810

to Salary technicians expense 540

Insurance expense 500

Electricity bill expense 800

Interest expense 220

Rent expense 250

Utility expense 1500

Studio supplies expense 1000

(Expenses transferred to Income Summary)

3 Income Summary(115,000-4810) 110,190

to Retained Earning 110,190

(Net income summary transferred to Retained Earning)

Total 230,000 230,000

 TOUCHTONE ENTERPRISES,INC

AFTERCLOSING TRAIL BALANCE

DECEMBER 31,2005

Amount (Rs.)
S. No. Heads of Account Ref
Debit Credit

1 CASH A/C 83405

2 ACCOUNTS RECEIVABLES 85800

3 PREPAID STUDIO RENT 3750

4 STUDIO SUPPLIES 6600

5 RECORDING EQUIPMENT 130,235

6 ACC. DEP ON RECORDING EQ. 52500

7 Salaries Payable 540

8 Electricity Bill Payable 800

9 Utility Bills Payable 1500

10 NOTES PAYABLE 16000

11 INTEREST PAYABLE A/C 1060

12 INCOME TAX PAYABLE 3200

13 UNEARNED STUDIO REVENUE 6000

14 CAPITAL STOCK 80000

15 Retained Earnings 110190

16 ACCOUNT PAYABLE 38,000

Total 309790 309790