| Paul services Trial Balance As At 30 June 2016 | |||
| Account No | Account Name | Debit | Credit |
| 101 | Cash at Bank | 86840.00 | |
| 105 | Accounts Receivable | 28950.00 | |
| 115 | Supplies | 1870.00 | |
| 120 | Prepaid Insurance | 3740.00 | |
| 135 | Office Furniture | 46800.00 | |
| 137 | Acc. Depreciation. – Furniture | 0.00 | |
| 140 | Office Equipment | 93600.00 | |
| 141 | Acc. Depreciation – Equipment | 0.00 | |
| 145 | Store Equipment | 140400.00 | |
| 146 | Acc. Depreciation – Equipment | 0.00 | |
| 170 | Automobile | 187200.00 | |
| 171 | Acc. Depreciation – Automobile | 0.00 | |
| 201 | Accounts Payable | 57900.00 | |
| 201 | Interest Payable | 86850.00 | |
| 201 | Unearned revenue | 23400.00 | |
| 201 | Loan Payable | 9360.00 | |
| 201 | Mortgage Payable | 187200.00 | |
| 201 | Paul’s Capital | 53857.00 | |
| 201 | Paul’s Drawings | 187.00 | |
| 201 | Revenue | 187000.00 | |
| 201 | Advertising Expense | 1700.00 | |
| 201 | Automobile Expense | 5775.00 | |
| 201 | Depreciation Expense – Furniture | 0.00 | |
| 201 | Depreciation Expense – Equipment | 0.00 | |
| 201 | Depreciation Expense – Store Equipment | 0.00 | |
| 201 | Depreciation Expense – Automobile | 0.00 | |
| 201 | Insurance Expense | 1400.00 | |
| 201 | Maintenance Expense | 5950.00 | |
| 201 | Miscellaneous Expense | 1155.00 | |
| 201 | Rent Expense | 0.00 | |
| 201 | Supplies Expense | 0.00 | |
| 201 | Utilities Expense | 0.00 | |
| 201 | Interest Expense | 0.00 | |
| 605567.00 | 605567.00 | ||
| Item | Description | |
| For the following: | Interest has accrued on the mortgage but not paid. | |
| Amount: | $18,720 | |
| For the following: | Adjustment for the period. | |
| Instructions: | Ending Supplies remains on hand | |
| Ending Supplies inv. | $467.50 | |
| Instructions: | Prepaid insurance shows a total value remaining of | |
| $748.00 | ||
| Depreciable Asset: | 135 | |
| For the following: | Depreciation adjustment for the period.SL method | |
| Office Furniture | ||
| life= 5 | Residual value =6800 | |
| Depreciable Asset: | 140 | |
| For the following: | Adjustment for the period .SL method | |
| Office Equipment | ||
| life= 5 | Residual value =3600 | |
| Depreciable Asset: | 145 | |
| For the following: | Adjustment for the period. SL method | |
| Store Equipment | ||
| life= 10 | Residual value =0400 | |
| Depreciable Asset: | 170 | |
| For the following: | Adjustment for the period. SL method | |
| Automobile | ||
| life= 10 | Residual value =7200 | |
| Instructions: | The portion of unearned revenue which is earned at the end of June. | |
| $11,700.00 | ||
Step 1: Journalise the adjustment transactions (adjustments sheet)
Step 2: post adjusting journal entries and complete the Worksheet
Step 3: Create the Income Statements from the completed Worksheet
Step 4: Journalise the closing entries
Step 5: Create the changes in Equity and Balance sheet from the completed Worksheet
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