THOMAS MAGNUM

Worksheet MARCH 31, 2010

Adjusted Trial
Trial Balance Adjustments Balance Income Statement Balance Sheet
Account Titles
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash $11,400 11400
acc rec 5630 E $530 6150
supplies 1050 670 A 380
prepaid insurance 2400 600 D 1800
equipment 30000 30000
Notes Pyable 10000 10000
Accounts Payable 12350 12350
T.Magnum Capital 20000 20000
T.magnum , Drawing 600 600
Service Revenue 13620 530 E 14150 14150
Salaries Expense 2200 2200 2200
Travel Expense 1300 1300 1300
Rent Expense 1200 1200 1200
Miscellaneous Expense 200 200 200
$55,970 $55,970
Supplies Expense A 670 670 670
Depreciation Expense B 1000 1000 1000
Accumulated Depr 1000 B 1000
Interest Expense C 300 300 300
Interest Payable 300 300
Insurance Expense D 600 C 600 600
Totals $57,800 $57,800 7470 14150 50330 43650
Net income 6680 6680
Totals $14,150 $14,150 $50,330 $50,330

(a) Supplies Used; (b) Depreciation Expense; (c) Accrued Interest on note; (d) Insurance Expired; (e) Service Revenue Earned but unbilled.
 Income Statement

For the period ending

Revenues
$14,150
Service Revenue
$14,150

Expense
2200
Salaries Expense
1300
Travel Expense
1200
Rent Expense
200
Miscellaneous Expense
670
Supplies Expense
1000
Depreciation Expense
300
Interest Expense
800
Insurance Expense
Total Expeses 7670

Net Income $6,480

Owner's Equity Statement

For the period ending

Beginning Owner's Investment

20000

Net Income
6480
Drawings
600

Ending Owner's Investment 25880

 Balance Sheet
On the date March 31,2010

Assets

Cash 11400

Acc Rec 6150

Supplies 380

Prepaid insurance 1600

Equipment 30000

Accumulated Depreciation 1000 29000

Total Assets
48530
Liabilities

Notes Pyable 10000

Accounts Payable 12350

Interest Payable 300

Total Liabilities
22650
Owner's Equity

T.Magnum Capital
25880
Total Liabilities and Owner's Equity
$48,530
 Adjusting entries

Date Account Titles and Explanation Ref

Supplies Expense
Mar 31
Supplies

Depreciation Expense
Mar 31
Accumulated Depreciation

Interest Expense
Mar 31
Interest Payable

Insurance Expense
Mar 31
Prepaid Insurance

Accounts Receivable
Mar 31
Service Revenue
Date Account Titles and Explanation Ref
 General Journal (J2)
Makke’s Cleaning Service
Adjusting Entries
Date Account Titles and Explanation Ref
 General Journal (J3)
Makke’s Cleaning Service
Closing Entries
Date Account Titles and Explanation Ref
 Debit Credit
670

670
1000

1000
300

300
600

600
530

530
Debit Credit
Debit Credit
Debit Credit
 Closing entries

Date Account Titles and Explanation Ref

Service Revenue
Mar 31
Income summary
Rent Expense
Mar 31 Miscellaneous Expense
Supplies Expense

Mar 31

Accounts Receivable
Mar 31
Service Revenue
Date Account Titles and Explanation Ref
 General Journal (J2)
Makke’s Cleaning Service
Adjusting Entries
Date Account Titles and Explanation Ref
 General Journal (J3)
Makke’s Cleaning Service
Closing Entries
Date Account Titles and Explanation Ref
 Debit Credit
14150

14150
300
7670 800
6480

6480
600

600
Debit Credit
Debit Credit
Debit Credit