DESCRIPTION ref.

debit credit
depreciation expense-building . $ 48,000
accumulated depreciation-building . $ 48,000
40000+8000
account receivable . $ 44,000
service revenue . $ 44,000
insurance expense . $ 2,500
prepaid insurance . $ 2,500
depreciation expense-equipment . $ 50,550
accumulated depreciation-equipment . $ 50,550
48000+2550
salaries expense . $ 3,400
salaries payable . $ 3,400
supplies expense . $ 3,340
supplies . $ 3,340
$ 151,790 $ 151,790
 TRIAL BALANCE ADJUSMENT
DESCRIPTION DR CR DR CR
CASH $ 32,160
ACCOUNT RECEIVABLE $ 44,000
PREPAID INSURANCE $ 4,800 $ 2,500
SUPPLIES $ 4,240 $ 3,340
LAND $ 120,000
BUILDING $ 346,000
ACCUMULATED DEPRECIATION - BUILDING $ 86,500 $ 48,000
EQUIPMENT $ 245,000
ACCUMULATED DEPRECIATION - EQUIPMENT $ 101,200 $ 50,550
ACCOUNTS PAYABLE $ 4,680
NOTE PAYABLE $ 8,000
SHARE CAPITAL-ORDINARY $ 200,000
SERVICE REVENUE $ 523,380 $ 44,000
INTEREST RIVENUE $ 104,000
WAGES EXPENSES $ 72,000
DEPRECIATION EXPENSE-EQUIPMENT $ 48,000 $ 50,550
INSURANCE EXPENSE $ 44,600 $ 2,500
DEPRECIATION EXPENSE-BUILDING $ 40,000 $ 48,000
INTEREST EXPENSE $ 26,000
SALARIES EXPENSE $ 18,000 $ 3,400
UTILITIES EXPENSE $ 17,520
REPAIR EXPENSE $ 5,280
MISCELLANEOUS EXPENSE $ 4,160
SUPPLIES EXPENSE $ 3,340
SALARIES PAYABLE $ 3,400

$ 1,027,760 $ 1,027,760 $ 151,790 $ 151,790

ADJUSTED TRIAL BALANCE INCOME STATEMENT STATEMENT OF FINANCIAL POSITION
DR CR DR CR DR CR
$ 32,160 $ 32,160
$ 44,000 $ 44,000
$ 2,300 $ 2,300
$ 900 $ 900
$ 120,000 $ 120,000
$ 346,000 $ 346,000
$ 134,500 $ 134,500
$ 245,000 $ 245,000
$ 151,750 $ 151,750
$ 4,680 $ 4,680
$ 8,000 $ 8,000
$ 200,000 $ 200,000
$ 567,380 $ 567,380
$ 104,000 $ 104,000
$ 72,000 $ 72,000
$ 98,550 $ 98,550
$ 47,100 $ 47,100
$ 88,000 $ 88,000
$ 26,000 $ 26,000
$ 21,400 $ 21,400
$ 17,520 $ 17,520
$ 5,280 $ 5,280
$ 4,160 $ 4,160
$ 3,340 $ 3,340
$ 3,400 $ 3,400
$ 383,350 $ 671,380 $ 790,360 $ 502,330
LABA $ 288,030 $ 288,030
$ 1,173,710 $ 1,173,710 $ 671,380 $ 671,380 $ 790,360 $ 790,360
 INCOME STATEMENT
REVENUES:
SERVICE REVENUE $ 567,380
INTEREST RIVENUE $ 104,000
TOTAL REVENUES $ 671,380

EXPENSES:
WAGES EXPENSES $ 72,000
DEPRECIATION EXPENSE-EQUIPMENT $ 98,550
INSURANCE EXPENSE $ 47,100
DEPRECIATION EXPENSE-BUILDING $ 88,000
INTEREST EXPENSE $ 26,000
SALARIES EXPENSE $ 21,400
UTILITIES EXPENSE $ 17,520
REPAIR EXPENSE $ 5,280
MISCELLANEOUS EXPENSE $ 4,160
SUPPLIES EXPENSE $ 3,340
TOTAL EXPENSE $ (383,350)
NET INCOME $ 288,030
 RETAINED EARNINGS STATEMENT
RETAINED EARNING BEGINNING $ -
ADD: NET INCOME $ 288,030

LESS :- $ -
RETAINED EARNING ENDING $ 288,030
 ASSETS LIABILITY + EQUITY
CASH $ 32,160 ACCOUNTS PAYABLE
ACCOUNT RECEIVABLE $ 44,000 NOTE PAYABLE
PREPAID INSURANCE $ 2,300 SALARIES PAYABLE
SUPPLIES $ 900 TOTAL
LAND $ 120,000
BUILDING $ 346,000 EQUITY
ACCUMULATED DEPRECIATION - BUILDING $ (134,500) $ 211,500 SHARE CAPITAL-ORDINARY
EQUIPMENT $ 245,000 RETAINES EARNING
ACCUMULATED DEPRECIATION - EQUIPMENT $ (151,750) $ 93,250 TOTAL
TOTAL ASSETS $ 504,110 TOTAL LIABILITY+EQUITY
LIABILITY + EQUITY
$ 4,680
$ 8,000
$ 3,400
$ 16,080

$ 200,000
$ 288,030
$ 488,030
$ 504,110
DATE DESCRIPTION REF. DR CR
5-Jun EQUIPMENT . $ 4,200 C
account payable . $ 2,600 31-May BALANCE
CASH . $ 1,600 14-Jun J1
9-Jun account receivable . $ 2,600 28-Jun
cash . $ 2,600 29-Jun
14-Jun cash . $ 8,600
account payable . $ 8,600 TOTAL
22-Jun SERVICE REVENUE . $ 14,600
UNEARNED REVENUE . $ 9,600 ACCOUNT
CASH . $ 5,000 31-May BALANCE
25-Jun SALARIES EXPENSE . $ 3,400 9-Jun J1
RENT EXPENSE . $ 1,800 BAL.
ADVERTISING EXPENSE . $ 400 SU
CASH . $ 5,600 31-May BALANCE
28-Jun CASH . $ 800 BAL.
DIVIDEN $ 800 EQU
29-Jun CASH $ 20,000 31-May BALANCE
NOTE PAYABLE $ 20,000 5-Jun J1
30-Jun UTILITIES EXPENSE $ 680 BAL.
CASH $ 680 ACCOUN
340X2 $ 57,080 $ 57,080 31-May BALANCE

SHARE CAPI
31-May BALANCE
BAL.
RETAINE
31-May BALANCE
BAL.
SERVICE
22-Jun J1
BAL.
UNEARNE

SALARIE
25-Jun J1
BAL.
RENT
25-Jun J1
BAL.
ADVERTIS
25-Jun
 CASH NO ACC
18000
$ 8,600 5-Jun J1 $ 1,600 BAL. 880
$ 800 9-Jun J1 $ 2,600
$ 20,000 22-Jun J1 $ 5,000
$ 29,400 24-Jun $ 5,600
30-Jun $ 680
TOTAL $ 15,480
ACCOUNT RECEIVABLE
$ 3,400
$ 2,600
$ 800
SUPPLIES
$ 1,200
$ 1,200
EQUIPMENT
$ 12,000
$ 4,200
$ 7,800
ACCOUNT PAYABLE
$ 7,200 5-Jun J1 $ 2,600
14-Jun J1 $ 8,600

BAL. $ 13,200
SHARE CAPITAL ORDINARY
26000
26000
RETAINED EARNING
1400
1400
SERVICE REVENUE
14600
14600
UNEARNED REVENUE
22-Jun J1 9600
BAL. 9600
SALARIES EXPENSE
3400
3400
RENT EXPENSE
1800
1800
ADVERTISING EXPENSE
400
ACCOUNT TITLES DEBIT CREDIT
CASH
ACCOUNT RECEIVABLE 800
SUPPLIES 1200
EQUIPMENT 7800
ACC. PAYABLE 13200
SAHRE CAPITAL 26000
RETAINED EARNING 1400
SERVICE REVENUE 14600
UNEARNED SERVICE REVNUE 9600
SALARIES EXPENSE 3400
RENT EXPENSE 1800
ADVERTISING EXPENSE 400
DIVIDEN 800
NOTE PAYABLE 20000
UTILITIES EXPENSE 680
58080 43600