Umer Solution 2

Solution 1

1 Bad Debt Exp

Allow. for bad debt

2 Depreciation Expense
Allowance for depreciation-furniture

3 Depreciation Expense
Allowance for depreciationequipment

4 Salaries expense
Salaries payable
5 Interest expense
Interest payable
Stationary Expenses
Stationary
Traveling expense
Traveling payable
Trial Balance
Title of account
Cash
A/c Receivable
Stationary
Insurance expense
Equipment
Furniture
Traveling expense
A/c payable
Service revenue
Salaries expense
Advertising expense
Drawing
Debit
Credit
51,000
25,600
1,500
300
68,000
69,300
5,000
14,300
5,000
18,600
85,300
24,000
4,500
17,000
Interest expense
Capital
1,200
144,200
Adjustmnets:
Bad Debt Exp
Allow. for bad debt
Depreciation Expense
Salaries Payable
Interest Payable
Stationary Expense
Traveling payable
Total
267,400
267,400
Income Statement
Service revenue
Less: Oprating Expenses:
Insurance expense
Traveling expense
Salaries expense
Advertising expense
Interest expense
Bad Debt Exp
Depreciation Expense
Stationary Expense
Total Cost of Services
Net Profir
Balance Sheet
Current Assets
Cash
A/c Receivable
Allow. for bad debt
51,000
25,600
(1,280)
24,320
600
Stationary
Fixed Assets
Equipment
68000
(11,930)
Furniture
69,300
(25,400)
56,070
43,900
Total Assets
175,890
Debit
Credit
1280
1280
6930
6930
6800
6800
2700
2700
400
400
900
900
1000
1000
Adjustment
Debit
Adjusted Trial Balance
Credit
Debit
900
1,000
Credit
51,000
25,600
600
300
68,000
69,300
6,000
14,300
11,930
25,400
85,300
6,930
6,800
2,700
26,700
4,500
17,000
400
1,600
144,200
1,280
1,280
1,280
13,730
1,280
13,730
2,700
400
900
2,700
400
900
1,000
20,010
20,010
1,000
286,510
286,510
85,300
300
6,000
26,700
4,500
1,600
1,280
13,730
900
55,010
30,290
Current Liabilities
A/c payable
Salaries Payable
Interest Payable
Traveling payable
Equity
Capital
14,300
2700
400
1000
144,200
Drawing
Net Profit
(17,000)
30,290
157,490
Total Equites
175,890
MARINELAND TRAVEL DESIGNERS

December 31, 20X6
Cash
Accounts receivable
Supplies
Prepaid rent
Office equipment
Accumulated depreciationoffice equipment
Office furniture
Accumulated depreciationoffice furniture
Accounts payable
Interest payable
Unearned service revenue
Note payable
Ken Sorley, capital
Ken Sorley, drawings
Service revenue
Depreciation expenseoffice equipment
Depreciation expenseoffice furniture
Salary expense
Rent expense
Interest expense
Utilities expense
Insurance expense
Supplies expense
Total
1,320
4,920
2,300
1,600
20,180
37,710
29,000
6,680
2,370
39,900
17,400
3,100
2,670
3,810
2,950
175,910
4,350
4,870
4,740
830
620
13,500
26,090
120,910
175,910

Income Statement
December 31, 20X6
Service revenue
120,910
Less: Oprating Expenses:

Depreciation expenseoffice equipment
Depreciation expenseoffice furniture
Salary expense
Rent expense
Interest expense
Utilities expense
Insurance expense
Supplies expense
Total Oprating Expenses
Net Profit
6,680
2,370
39,900
17,400
3,100
2,670
3,810
2,950
78,880
42,030
Statement of Owner's Equity

December 31, 20X6
Ken Sorley, capital-At Start
Net Profit
Ken Sorley, drawings
Ken Sorley, capital-At End
26,090
42,030
(29,000)
39,120

Balance Sheet
December 31, 20X6
Current Assets
Cash
Accounts receivable
Supplies
Prepaid rent
Fixed Assests
Office equipment
Accumulated depreciationoffice equipment
Office furniture
Accumulated depreciationoffice furniture
Current Liabilities
1,320 Accounts payable
4,920 Interest payable
2,300 Unearned service revenue
1,600
Long Term Liabilities
Note payable
20,180
(4,350)
37,710
(4,870)
15,830 Ken Sorley, capital
4,740
830
620
13,500
39,120
32,840
58,810
Income Statement shows the operation of The Company

Since company earns profir during the period of $ 42,030 therefore it can be stated that company's operation were succesful
Balance Sheet Shows the Position of the company

Since company as more Current assest of 10,140 than Current liabilities of 6,190
and company also as fixed assets of 48,670
58,810
CHRISTINE SA
Work
July 31,
Title Of Accounts
Trial Balance
Debit
Cash
Accounts receivable
Prepaid rent
Supplies
Furniture
Accumulated depreciation-Furniture
Accounts payable
Salary payable
Salomon, capital
Salomon, Drawing
Accounting service revenue
Salary expense
Rent expense
Utilities expense
Depreciation expense
Supplies expense
5,600
11,600
4,000
800
28,800
4,000
2,400
550
Adjustment
Accounting service receivable
Total
Net Income
57,750
CHRISTINE SALOMON, CPA

Income Statement
July 31, 20X2
Accounting service revenue
Less: Operating Expenses:
Salary expense
Rent expense
Utilities expense
Depreciation expense
Supplies expense
2,600
1,000
550
600
400
Total Operating Expenses

Net Profit

Statement of Owners Equity
July 31, 20X2
Salomon, capital-At Start
Net Income
Salomon, Drawing
Salomon, capital-At End

Balance Sheet
July 31, 20X2
Cash
Accounts receivable
Prepaid rent
Supplies
Furniture
Accumulated depreciation-Furniture
Accounting service receivable
28800
(4,100)

Work Sheet
July 31, 20X2
Trial Balance
Adjustments
Credit
Debit
Credit
Debit
1,000
400
3,500
3,450
Credit
Income Statement
Debit
Credit
5,600
11,600
3,000
400
28,800
600
4,100
3,450
200
39,050
200
39,050
4,000
11,750
900
200
1,000
57,750
12,650
12,650
600
400
2,600
1,000
550
600
400
900
900
3,100
3,100
59,450
12,650
2,600
1,000
550
600
400
59,450
5,150
12,650
7,500
12,650
12,650
(5,150)
7,500
39,050
7,500
(4,000)
42,550
5,600 Accounts payable

11,600 Salary payable
3,000 Salomon, capital-At end
400
3,450
200
42,550
24,700
900
46,200
46,200
Balance Sheet
Debit
Credit
5,600
11,600
3,000
400
28,800
4,100
3,450
200
39,050
4,000
900
54,300
46,800
54,300
7,500
54,300
COHEN CONS
Wor
June 3
Trial Balance
Title of Accounts
Cash
Accounts receivable
Supplies
Prepaid insurance
Equipment
Accumulated depreciationequipment
Building
Accumulated depreciationbuilding
Land
Accounts payable
Interest payable
Wage payable
Unearned service revenue
Note payable, long-term
Lynn Cohen, capital
Lynn Cohen, withdrawals
Service revenue
Depreciation expenseequipment
Depreciation expensebuilding
Wage expense
Insurance expense
Interest expense
Utilities expense
Advertising expense
Supplies expense
Service revenue receivable
Total
Net Income
Balance
Debit
21,200
37,820
17,660
2,300
32,690
42,890
28,300
4,200
3,200
1,110
340
191,710
COHEN CONSTRUCTION CO.

Work Sheet
June 30, 20X3
Trial Balance
Adjustments
Credit
Debit
Credit
Debit
3,290
500
26,240
Credit
Income Statement
Debit
Credit
21,200
37,820
14,370
1,800
32,690
630
26,870
42,890
10,500
370
10,870
28,300
22,690
10,560
22,400
79,130
100
180
240
22,790
180
240
5,590
22,400
79,130
4,970
4,200
20,190
6,070
630
370
240
500
180
630
370
3,440
500
180
1,110
440
3,290
1,100
100
3,290
1,100
191,710
11,380
26,260
11,380
194,330
26,260
630
370
3,440
500
180
1,110
440
3,290
194,330
9,960
26,260
16,300
26,260
26,260
Balance Sheet
Debit
Credit
21,200
37,820
14,370
1,800
32,690
26,870
42,890
10,870
28,300
22,790
180
240
5,590
22,400
79,130
4,200
1,100
184,370
168,070
184,370
16,300
184,370
Ahmad Merchant
Balance Sheet
As on December 31,2002
Current Assets
Cash
A/c receivable
Supplies
Current Liabilities
9200
800
400
A/c payable
Salaries Payable
Note Payable
10400
Owner's Equity
Fixed Assets
Building
Machinery
Land
Total Assets
Salman-capital
52000
65000
68000
185000
195400 Total Equities
02
14000
3000
29000
46000
149400
195400
Fun food Enterprises

Income Statement
Sales revenue
Less: Cost of Goods Sold:
Gross Profit
Less: Operating Expenses:
Office salaries
Utility expense
Insurance expense
Interest expense
Net Loss
Commission income
Net Income
Fun food Enterprises

Balance Sheet
Current Assets
Cash
A/c Receivable
Office stationary
Prepaid insurance
Prepaid rent
Marketable securities
15,600
60,000
5,600
4,500
40,000
50,000
175,700
Fixed Assets
Equipment
Building
Total Assets
82,000
750,000
832,000
1,007,700
ood Enterprises
ome Statement
December 31,2002
1,175,000
1,100,300
74,700
56000
12000
5000
12000
85,000
(10,300)
25,000
14,700
ood Enterprises
alance Sheet
December 31,2002
Liabilities
A/c payable
Loan from bank
Bank overdraft
Note payable
56,000
300,000
75,000
32,000
463,000
Owner's Equity
Capital- Haroon
Drawing-Haroon
Net Income
575,000
45,000
14,700
544,700
Total Equities
1,007,700

Umer Solution 2

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Solution 1

1 Bad Debt Exp

Allow. for bad debt

Allowance for depreciation-furniture

Allowance for depreciation- equipment

Allowance for depreciation- equipment

Adjusted Trial Balance

MARINELAND TRAVEL DESIGNERS

MARINELAND TRAVEL DESIGNERS

Less: Oprating Expenses:

MARINELAND TRAVEL DESIGNERS

Statement of Owner's Equity

MARINELAND TRAVEL DESIGNERS

15,830 Ken Sorley, capital

Income Statement shows the operation of The Company

Balance Sheet Shows the Position of the company

CHRISTINE SALOMON, CPA

Total Operating Expenses

CHRISTINE SALOMON, CPA

CHRISTINE SALOMON, CPA

CHRISTINE SALOMON, CPA

Adjusted Trial Balance

5,600 Accounts payable

COHEN CONSTRUCTION CO.

Adjusted Trial Balance

Fun food Enterprises

Fun food Enterprises

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