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  • Sample Adj Inc BS

    Загружено:

    Mudassir Masood
    23 просмотров7 страниц
    Trial Balance Cash AR All for BD Inv Prepaid Adv Equip All for dep AP Capital Comission Inc Sales COGS Salaries expense Office Supplies exp Rent expense Insurance exp Adjustments Prepaid Salaries Salaries expense Comission Income Unearned Comission Advertising expense Prepaid Advertising Rent expense Rent Payable Prepaid Insurance Insurance Expense Depreciation expense All for Dep All for B / d Income Statement 18,000 Sales Less:COGS Gross Profit Less:Operating Expenses Salaries Expense

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    © Attribution Non-Commercial (BY-NC)

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    Trial Balance Cash AR All for BD Inv Prepaid Adv Equip All for dep AP Capital Comission Inc Sales COGS Salaries expense Office Supplies exp Rent expense Insurance exp Adjustments Prepaid Salaries Salaries expense Comission Income Unearned Comission Advertising expense Prepaid Advertising Rent expense Rent Payable Prepaid Insurance Insurance Expense Depreciation expense All for Dep All for B / d Income Statement 18,000 Sales Less:COGS Gross Profit Less:Operating Expenses Salaries Expense

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате XLSX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    23 просмотров7 страниц

    Sample Adj Inc BS

    Загружено:

    Mudassir Masood
    Trial Balance Cash AR All for BD Inv Prepaid Adv Equip All for dep AP Capital Comission Inc Sales COGS Salaries expense Office Supplies exp Rent expense Insurance exp Adjustments Prepaid Salaries Salaries expense Comission Income Unearned Comission Advertising expense Prepaid Advertising Rent expense Rent Payable Prepaid Insurance Insurance Expense Depreciation expense All for Dep All for B / d Income Statement 18,000 Sales Less:COGS Gross Profit Less:Operating Expenses Salaries Expense

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате XLSX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 7

    Trial Balance DR CR Adjustments

    Cash 120,000 Prepaid Supplies


    AR 180,000 Office Supplies expense
    All for BD 3,000
    Inv 120,000 Prepaid Salaries
    Prepaid Adv 60,000 Salaries expense
    Equip 240,000
    All for dep 15,000 Comission Income
    AP 60,000 Unearned Comission Income
    Capital 300,000
    Comission Inc 60,000 Advertising expense
    Sales 1,200,000 Prepaid Advertising
    COGS 738,000
    Salaries expense 90,000 Rent expense
    Office Supplies exp 30,000 Rent Payable
    Rent expense 38,400
    Insurance exp 21,600 Prepaid Insurance
    1,638,000 1,638,000 Insurance expense

    Depreciation expense
    All for Dep

    All for B/d


    B/D reversed(Income)
    Income Statement
    18,000
    Office Supplies expense 18,000 Sales 1,200,000
    Less:COGS (738,000)
    18,000 Gross Profit 462,000
    Salaries expense 18,000 Less:Operating Expenses
    Salaries Expense 72,000
    12,000 Office Supplies Expense 12,000
    Unearned Comission Income 12,000 Rent expense 48,000
    Insurance Expense 3,000
    36,000 Advertising expense 36,000
    Prepaid Advertising 36,000 Depreciation expense 6,000
    (177,000)
    9,600 Profit before Other Income 285,000
    Rent Payable 9,600 Add: Other Income
    Comission Income 48,000
    18,600 Bad Debts reversed 2,000
    Insurance expense 18,600 50,000
    Net Profit 335,000
    tion expense 6,000
    All for Dep 6,000

    2,000
    B/D reversed(Income) 2,000

    Closing Entries
    Income Summary
    COGS 738000 Sales 1200000
    Salaries Expense 72000 Comission Income 48000
    Office Supplies Expense 12000 Bad Debts reversed 2000
    Rent expense 48000
    Insurance Expense 3000
    Advertising expense 36000
    Depreciation expense 6000

    Transfer to Capital/Retained Earning 335000


    1250000 1250000

    Sales 1200000
    Comission Income 48000
    BD reversed 2000

    Income Summary 1250000


    To transfer income to income summary account)
    Income Summary 915000
    COGS 738000
    Salaries Expense 72000
    Office Supplies Expense 12000
    Rent expense 48000
    Insurance Expense 3000
    Advertising expense 36000
    Depreciation expense 6000

    Income Summary 335000


    Rehmat-Capital 335000
    Balance Sheet
    Assets
    Current Assets
    Cash 120,000
    Accounts Receivable 180,000
    Less: All for Bad debts (1,000)
    Prepaid Supplies 18,000
    Prepaid Salaries 18,000
    Prepaid Advertising 24,000
    Inventory 120,000
    Prepaid Insurance 18,600
    Total Current assets 497,600

    Fixed Assets
    Equipment 240,000
    Less: All for Dep (21,000)

    Total Fixed Assets 219,000

    Total Assets 716,600

    Liabilities & Capital


    Current Liabilities
    Accounts Payable 60,000
    Unearned Comission 12,000
    Rent Payable 9,600

    Total Liabilities 81,600

    Capital
    Rehmat - Capital 300,000
    Net Profit 335,000

    Total Capital 635,000


    Total Liabilities & Capital 716,600

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