Niko Ong Art Gallery
Worksheet
Trial Balance Adjustments Adjusted Trial Balance
Accounts Title Debit Credit Debit Credit Debit
Cash P 840,500 P 840,500
Accounts Receivable 50,000 50,000
Art Supplies 12,000 c) 3,000 9,000
Prepaid Rent 30,000 d) 20,000 10,000
Prepaid Insurance 18,000 e) 4,500 13,500
Transportation Equipment 300,000 300,000
Office Equipment 50,000 50,000
Accounts Payable P 37,000
Notes Payable 200,000
Utilities payable 900
Unearned Painting Revenue 250,000
Ong, Capital 500,000
Ong, Drawing 30,000 30,000
Painting Revenue 350,000
Salaries expense 2,500 2,500
Utilities expense 4,900 4,900
Total P 1,337,900 P 1,337,900
Bad debts expense a) 2,500 a) 2,500
Allowance for bad debts a) 2,500
Depreciation expense -
b) 10,000 b) 10,000
transportation equipment
Accumulated transportation -
b) 10,000
tranportation equipment
Art Supplies expense c) 3,000 c) 3,000
Rent expense d) 20,000 d) 20,000
Insurance expense e) 4,500 e) 4,500
P 40,000 P 40,000 P 1,350,400
Net income
lery
Adjusted Trial Balance Income Statement Balance Sheet
Credit Debit Credit Debit Credit
840,500
50,000
9,000
10,000
13,500
300,000
50,000
P 37,000 37,000
200,000 200,000
900 900
250,000 250,000
500,000 500,000
30,000
350,000 350,000
2,500
4,900
2,500
a) 2,500 2,500
10,000
b) 10,000 10,000
3,000
20,000
4,500
P 1,350,400 47,400 350,000 1,303,000 1,000,400
302,600 302,600
P 350,000 P 350,000 1,303,000 1,303,000
General Journal
Date Accounts title & Explanation PR Debit Credit
2014
Dec. 31 Bad debts expense P 2,500
Allowance for bad debts P 2,500
To record estimated doubful accounts
31 Depreciation expense 10,000
Accumulated depreciation 10,000
To record depreciation expense for
the transportation equipment
31 Art supplies expense 3,000
Art supplies 3,000
To record art supplies used
31 Rent expense 20,000
Prepaid rent 20,000
To record expired rent
31 Insurance expense 4,500
Prepaid insurance 4,500
To record expired insurance
Niko Ong Art Gallery
Income Statement
For the Month Ended September 30, 2014
Painting Revenue P 350,000
Expenses
Rent P 20,000
Depreciation 10,000
Utilities 4,900
Insurance 4,500
Art Supplies 3,000
Bad debts 2,500
Salaries 2,500 47,400
Net Income P 302,600
Niko Ong Art Gallery
Statement of Financial Position
As of September 30, 2014
Assets Liab
Current Assets
Cash P 840,500 Accounts Payable
Accounts Receivable P 50,000 Notes Payable
Less: Alowance for bad debts 2,500 47,500 Utilities Payable
Art supplies 9,000 Unearned Painting revenue
Prepaid rent 10,000 Total Liabilities
Prepaid Insurance 13,500
Total Current Assets P 920, 500
Owner'
Non Current Assets
Transportation equipment 300,000 Ong, Capital
Less: Accumulated depreciation 10,000 290,000 Less: Ong, Drawing
Office Equipment 50,000 Total
Total non current Asset 340,000 Add: Net income
Total Assets P 1,260,500 Total Liabilitie and Owner's Equ
tion
4
Liabilities
Accounts Payable P 37,000
Notes Payable 200,000
Utilities Payable 900
Unearned Painting revenue 250,000
Total Liabilities P 487,900
Owner's equity
Ong, Capital P 500,000
Less: Ong, Drawing 30,000
470,000
Add: Net income 302600 772,600
Total Liabilitie and Owner's Equity P 1,260,500
Niko Ong Art Gallery
Statement of Changes in Owner's Equity
For Month Ended September 30, 2014
Ong, Capital P 500,000
Add: Net Income 302,600
Sub-total P 802,600
Less: Ong, Drawing 30,000
Total Owner's Equity P 772,600
Star Services Trial Balance
Worksheet
Trial Balance Adjustments Adjusted Trial Balance
Accounts Title Debit Credit Debit Credit Debit
Cash 150,000 150,000
Accounts Receivable 120,000 120,000
Supplies 7,000 7,000
Prepaid Insurance 15,000 8,000 7,000
Office Equipment 125,000 125,000
Accumulated depreciation-
office equipment 5,000 10,000
Accounts Payable 55,000
Mol, Capital 273,000
Mol, Drawing 50,000 50,000
Service Income 198,000
Rent expense 30,000 30,000
Salaries expense 25,000 25,000
Utilities expense 9,000 ________ 9,000
Total 531,000 531,000
Insurance expense 8,000 8,000
Depreciation expense-office
10,000 10,000
equipment
Bad debts expense 6,000 6,000
Allowance for bad debts ________ 6,000 ____________
24,000 24,000 547,000
Net Income
l Balance
et
Adjusted Trial Balance Income Statement Balance Sheet Adjustments
Credit Debit Credit Debit Credit 1. Insurance expense for the year is 8,000.
150,000 2. Depreciation expense for office equipment is 10,00
120,000 3. Allowance for bad debts is 6,000
7,000
7,000 Insurance expense
125,000 Prepaid insurance
15,000 15,000 To record expired insurance
55,000 55,000
273,000 273,000 Depreciation expense
50,000 Accumulated depreciation
198,000 198,000 To record depreciation expense
30,000 for office supplies
25,000
9,000 Bad debts expense
Allowance for bad debts
8,000
10,000
6,000
6,000 __________ _________ __________ 6,000
547,000 88,000 198,000 459,000 349,000
110,000 _________ ___________ 110,000
198,000 198,000 459,000 459,000
se for the year is 8,000.
pense for office equipment is 10,000 Start Services
d debts is 6,000 Income Statement
For the Month Ended December 31, 2014
8,000
8,000 Service income 198,000
Expenses
Rent 30,000
10,000 Salaries 25,000
ed depreciation 10,000 Utilities 9,000
ation expense Insurance 8,000
Depreciation expense 10,000
Bad debt 6,000 88,000
6,000 Net Income 110,000
for bad debts 6,000
Star Services
Statement of Financial Position
As of December 31, 2014
Assets
Current Assets
Cash 150,000
Accounts Receivable 120,000
Less: Alowance for bad debts 6,000 114,000
Supplies 7,000
Prepaid Insurance 7,000
Total Current Assets 278,000
Non Current Assets
Office Equipment 125,000
Less: Accumulated depreciation 15,000 110,000
Total non current Asset 110,000
Total Assets 388,000
Star Service
Statement of Changes in Owner's Equity
For Month Ended December 31, 2014
Mol, Capital 273,000
Add: Net Income 110,000
Sub-total 383,000
Less: Mol, Drawing 50,000
Total Owner's Equity 333,000
Star Services
ment of Financial Position
s of December 31, 2014
Liabilities
Accounts Payable 55,000
Total Liabilities 55,000
Owner's equity
Mol, Capital 273,000
Less: Mol, Drawing 50,000
Total 223,000
Add: Net income 110,000 333,000
Total Liabilitie and Owner's Equity 388,000
Look New Repair Shop
Worksheet
Trial Balance Adjustments Adjusted Trial Balance
Accounts Title Debit Credit Debit Credit Debit
Cash 50,000 50,000
Accounts receivable 59,000 59,000
Prepaid rent 78,000 28,000 50,000
Equipment 127,000 127,000
Accumulated depreciation -
equipment 25,000 25,000
Accounts Payable 66,000
L, Capital 100,000
L, Drawing 50,000 50,000
Repair Income 320,000
Rent Expense 75,000 28,000 103,000
Salaries expense 45,000 45,000
Utilities expense 27,000 ________ 27,000
Total 511,000 511,000
Depreciation expense -
25,000 25,000
equipment
Bad debts expense 3,000 3,000
Allowance for bad debts ________ 3,000 ________
56,000 56,000 539,000
Net Income
Shop
Adjusted Trial Balance Income Statement Balance Sheet Adjustments
Credit Debit Credit Debit Credit 1. Rent expense for the year is 28,000
50,000 2. Depreciation expense for equipment is 25,000.
59,000 3. Allowance for bad debts is 3,000
50,000
127,000 Rent expense
50,000 50,000 Prepaid rent
66,000 66,000 To record expired insurance
100,000 100,000
50,000 Depreciation expense
320,000 320,000 Accumulated depreciation
103,000 To record depreciation expense
45,000 for office supplies
27,000
Bad debts expense
Allowance for bad debts
25,000
3,000
3,000 _______ _______ ________ 3,000
539,000 203,000 320,000 336,000 219,000
117,000 _______ ________ 117,000
320,000 320,000 336,000 336,000
r the year is 28,000
pense for equipment is 25,000. Look new Repair Shop
d debts is 3,000 Income Statement
For the Month Ended December 31, 2015
28,000
28,000 Repair Income
Expenses
Rent Expense 103,000
25,000 Salaries expense 45,000
ed depreciation 25,000 Utilities expense 27,000
ation expense Depreciation expense 25,000
Bad debts expense 3,000
Net Income
3,000
for bad debts 3,000
Look New Repair Sho
Shop Statement of Financial Po
ent As of December 31, 20
mber 31, 2015
Assets
320,000 Current Assets
Cash 50,000
Accounts Receivable 59,000
Less: Alowance for bad debts 3,000 56,000
Prepaid rent 50,000
Total Current Assets 156,000
203,000
117,000
Non Current Assets
Equipment 127,000
Less: Accumulated depreciation 50,000
77,000
Total non current Asset 77,000
Total Assets 233,000
Look New Repair Shop
Statement of Changes in Owner's Equity
For Month Ended December 31, 2015
L, Capital 100,000
Add: Net Income 117,000
Sub-total 217,000
Less: Mol, Drawing 50,000
Total Owner's Equity 167,000
Look New Repair Shop
Statement of Financial Position
As of December 31, 2015
Liabilities
Accounts Payable 66,000
Total Liabilities 66,000
Owner's equity
L, Capital 100,000
Less: L, Drawing 50,000
Total 50,000
Add: Net income 117,000 167,000
Total Liabilitie and Owner's Equity 233,000
2014
Sept. 30 Income Summary 47,400
Salaries expense 2,500
Utilities expense 4,900
Bad debt expense 2,500
Depreciation expense 10,000
Art supplies expense 3,000
Rent Expense 20,000
Insurance expense 4,500
To close expense accounts
Income Summary Acount No: 330
Date Explanation JR Debit Credit Balance
Sept. 30 350,000 350,000
Sept. 30 47,400 302,600
Niko Ong Art Gallery
Post Closing Trial Balance
September 30, 2014
Cash P 840,500
Accounts Receivable 50,000
Allowance for bad debts 2,500
Art Supplies 9,000
Prepaid Rent 10,000
Prepaid Insurance 13,500
Transportation Equipment 300,000
Accumulated depreciation 10,000
Office Equipment 50,000
Accounts Payable P 37,000
Notes Payable 200,000
Utilities payable 900
Unearned Painting Revenue 250,000
Ong, Capital 772,600
1,273,000 1,273,000
