Unadjusted Trial Balance Adjustments

Debit Credit Debit

Cash 800,000.00
Accounts Receivable 150,000.00
Allowance for Uncollectible Accounts
Notes Receivable 60,000.00
Accrued Interest Income 13,910.00 50.00
Supplies 16,200.00
Prepaid Insurance 21,600.00
Equipment and Furnitures 646,500.00
Accumulated Depreciation 54,960.00
Accounts Payable 27,750.00
Salaries Payable
Unearned Income 450,000.00 450,000.00
Capital 225,000.00
Drawings 10,400.00
Service Income 1,318,500.00
Interest Income
Salary Expense 274,800.00 13,200.00
Taxes and Licenses 37,800.00
Utilities Expense 45,000.00
Supplies Expense 12,150.00
Depreciation Expense 5,387.50
Insurance Expense 16,200.00
Doubtful Accounts Expense 7,500.00

Total P 2,076,210.00 2,021,250.00 504,487.50

Adjusting Entries
2019
Supplies Expense
Supplies

Uncollectible Account Expense

Allowance for Uncollectible Accounts

April 01, 2019 Insurance Expense

Prepaid Insurance

November 01, 2019 Unearned Income

Service Income

December 01, 2019 Accrued Interest Income

Interest Income

December 2, 2019 Depreciation Expense

Accumulated Depreciation

December 31, 2019 Salaries Expense

Salaries Payable
Adjustments Adjusted Trial Balance
Credit Debit Credit

800,000.00
150,000.00
7,500.00 7,500.00
60,000.00
13,960.00
12,150.00 4,050.00
16,200.00 5,400.00
646,500.00
5,387.50 60,347.50
27,750.00
13,200.00 13,200.00

225,000.00
10,400.00
450,000.00 1,768,500.00
50.00 50.00
288,000.00
37,800.00
45,000.00
12,150.00
5,387.50
16,200.00
7,500.00

504,487.50 2,102,347.50 2,102,347.50

P 12,150.00
P 12,150.00

7,500.00
7,500.00

16,200.00
16,200.00

450,000.00
450,000.00

50.00
50.00

5,387.50
5,387.50

13,200.00
13,200.00
MANGEKYOU SHARINGAN COMPANY
STATEMENTS OF COMPREHENSIVE INCOME
Years Ended December 31, 2019

2019

REVENUES
Service Revenue P 1,768,500.00
Interest Revenue 50.00

Total 1,768,550.00

EXPENSES
Salary Expense 288,000.00
Taxes and Licenses 37,800.00
Utilities Expense 45,000.00
Supplies Expense 12,150.00
Depreciation Expense 5,387.50
Insurance Expense 16,200.00
Doubtful Accounts Expense 7,500.00

Total ( 412,037.50 )

NET INCOME P 1,356,512.50

MANGEKYOU SHARINGAN COMPANY
STATEMENTS OF CHANGES IN EQUITY
Years Ended December 31, 2019

2019

Uchiha Itachi Capital, Beginning P 225,000.00

Net Income 1,356,512.50

Less: Uchiha Itachi, Drawing ( 10,400.00 )

Uchiha Itachi Capital, Ending P 1,571,112.50

MANGEKYOU SHARINGAN COMPANY
STATEMENTS OF FINANCIAL POSITION
December 31, 2019

2018

ASSETS

CURRENT ASSETS
Cash P 800,000
Accounts Receivables 150,000.00
Less: Allowance for Uncollectible Accounts 7,500.00 142,500
Accrued Interest Income 13,960
Notes Receivable 60,000
Supplies 4,050
Prepaid Insurance 5,400

Total 1,025,910

NON-CURRENT ASSETS
Equipment and Furniture 646,500.00
Less: Accumulated Depreciation 60,347.50 586,152.50

TOTAL ASSETS 1,612,063

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Accounts Payable 27,750
Salaries Payable 13,200

Total 40,950

TOTAL LIABILITIES 40,950

OWNERS EQUITY
Uchiha Itachi, Capital 1,571,113

TOTAL OWNERS EQUITY 1,571,113

TOTAL LIABILITIES AND EQUITY P 1,612,063

POST-CLOSING JOURNAL ENTRIES

. Service Income 1,768,500.00

Interest Income 50.00
Income Summary 1,768,550.00

Income Summary 412,037.50

Salary Expense 288,000.00
Taxes and Licenses 37,800.00
Utilities Expense 45,000.00
Supplies Expense 12,150.00
Depreciation Expense 5,387.50
Insurance Expense 16,200.00
Doubtful Accounts Expense 7,500.00
1,356,512.50
1,356,512.50
-
Post-Closing Trial Balance

Post-Closing Trial Balance

Debit Credit

Cash 800,000.00
Accounts Receivable 150,000.00
Allowance for Uncollectible Accounts 7,500.00
Notes Receivable 60,000.00
Accrued Interest Income 13,960.00
Supplies 4,050.00
Prepaid Insurance 5,400.00
Equipment and Furnitures 646,500.00
Accumulated Depreciation 60,347.50
Accounts Payable 27,750.00
Salaries Payable 13,200.00
Capital 1,571,112.50

TOTAL 1,679,910.00 1,679,910.00