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  • Lecture Sheet Practice

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    Upal Mahmud
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    The trial balance shows account balances before and after adjustments, with Cash at $15,200, Equipment at $5,000, and Owner's Capital at $10,000 as the largest balances. Adjustments were made for Supplies, Prepaid Insurance, Unearned Service Revenue, and various expenses. The adjusted trial balance balances at $30,190 for both debits and credits. The income statement shows revenues of $10,600 and expenses of $7,740 for net income of $2,860.

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    The trial balance shows account balances before and after adjustments, with Cash at $15,200, Equipment at $5,000, and Owner's Capital at $10,000 as the largest balances. Adjustments were made for Supplies, Prepaid Insurance, Unearned Service Revenue, and various expenses. The adjusted trial balance balances at $30,190 for both debits and credits. The income statement shows revenues of $10,600 and expenses of $7,740 for net income of $2,860.

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    12 views2 pages

    Lecture Sheet Practice

    Uploaded by

    Upal Mahmud
    The trial balance shows account balances before and after adjustments, with Cash at $15,200, Equipment at $5,000, and Owner's Capital at $10,000 as the largest balances. Adjustments were made for Supplies, Prepaid Insurance, Unearned Service Revenue, and various expenses. The adjusted trial balance balances at $30,190 for both debits and credits. The income statement shows revenues of $10,600 and expenses of $7,740 for net income of $2,860.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    Account Titles Trial Balance Adjustment Adjusted Trial Balance

    Debit Credit Debit Credit Debit Credit


    Cash 15200 15200
    Supplies 2500 1500 1000
    Prepaid Insurance 600 50 550
    Equipment 5000 5000
    Notes Payable 5000 5000
    Accounts Payable 2500 2500
    Unearned Service Revenue 1200 400 800
    Owner's Capital 10000 10000
    Owner's Drawing 500 500
    Service Revenue 10,000 600 10,600
    Salaries & Wages Expense 4000 1200 5200
    Rent Expense 900 900
    Supplies Expense 1500 1500
    Insurance Expense 50 50
    Dep Expense 40 40
    Accumulated Depreciation Equipment 40 40
    Account Receivable 200 200
    Interest Expense 50 50
    Interest Payable 50 50
    Sal & Wages Payable 1200 1200
    Totals 3440 3440 30190 30190
    Net Income
    Income Statement Balance Sheet
    Debit Credit Debit Credit
    15200
    1000
    550
    5000
    5000
    2500
    800
    10000
    500
    10,600
    5200
    900
    1500
    50
    40 40

    200
    50
    50
    1200
    7740 10600 22450 19590
    2860 2860
    10600 10600 22450 22450

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