crown_advisory_adjusting_entries_solution

crown_advisory_adjusting_entries_solution - Fees Revenue...

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TRIAL BALANCE OF CROWN ADVISORY SERVICES UNADJUSTED TRIAL BALANCE ADJUSTMENTS TOTAL AMOUNTS ADJUSTED TRIAL BALANCE Debit Credit Debit Credit Debit Credit Debit Credit Cash 8,250 8,250 0 8,250 0 Accounts Receivable 4,125 1,100 5,225 0 5,225 0 Office Supplies 1,331 1,199 1,331 1,199 132 0 Prepaid Rent 660 220 660 220 440 0 Office Equipment 4,620 4,620 0 4,620 0 Accumulated Depreciation (Office Eq.) 770 330 0 1,100 0 1,100 Accounts Payable 2,970 0 2,970 0 2,970 Notes Payable 5,500 0 5,500 0 5,500 Unearned Fees 1,485 902 902 1,485 0 583 Molly Sklar, Capital 12,001 0 12,001 0 12,001 Molly Sklar, Withdrawings 11,000 11,000 0 11,000 0 Fees Revenue 36,300 2,002 0 38,302 0 38,302 Salaries Expense 24,700 165 24,865 0 24,865 0 Rent Expense 2,200 220 2,420 0 2,420 0 Utility Expense 2,140 2,140 0 2,140 0 Supplies Expense 1,199 1,199 0 1,199 0 Depreciation Expense 330 330 0 330 0 Interest Expense 275 275 0 275 0 Accrued Interest 275 0 275 0 275 Accrued Salaries 165 0 165 0 165 59,026 59,026 4,191 4,191 63,217 63,217 60,896 60,896
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INCOME STATEMENT OF CROWN FOR JULY 19XX
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Unformatted text preview: Fees Revenue 38,302- Operating Expenses -30,954 Salaries Expense 24,865 Rent Expense 2,420 Utility Expense 2,140 Supplies Expense 1,199 Depreciation Expense 330 Operating Income 7,348- Interest Expense -275 Income Before Tax 7,073 '- Tax (Assumed as 0) Net Income 7,073 BALANCE SHEET OF CROWN AS OF 31 JULY 19XX Current Assets Liabilities Cash 8,250 Accounts Payable 2,970 Accounts Receivable 5,225 Notes Payable 5,500 Office Supplies 132 Unearned Fees 583 Prepaid Rent 440 Accrued Interest 275 Accrued Salaries 165 Fixed Assets Office Equipment 4,620 Owner's Equity - Accumulated Dep. -1,100 Molly Sklar, Capital 12,001-Molly Sklar, Withdrawings -11,000 Retained Earnings 7,073 Total of Assets 17,567 Total of Liab.&Ow.Eq. 17,567...
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This note was uploaded on 06/03/2009 for the course FIN 5308 taught by Professor Mckenzie during the Spring '07 term at Youngstown State University.

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crown_advisory_adjusting_entries_solution - Fees Revenue...

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