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    Riza Mae Alce
    The document shows a trial balance, adjusting entries, adjusted trial balance, income statement, and balance sheet for a laundry business owned by Lily Aquino. The trial balance did not balance initially but after 4 adjusting entries for supplies, insurance, salaries payable, and depreciation expense, the adjusted trial balance balanced. The income statement shows net income of $91,787.50 and the balance sheet shows total assets of $294,150 and total equity of $294,150.

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    Bene

    Uploaded by

    Riza Mae Alce
    339 views2 pages
    The document shows a trial balance, adjusting entries, adjusted trial balance, income statement, and balance sheet for a laundry business owned by Lily Aquino. The trial balance did not balance initially but after 4 adjusting entries for supplies, insurance, salaries payable, and depreciation expense, the adjusted trial balance balanced. The income statement shows net income of $91,787.50 and the balance sheet shows total assets of $294,150 and total equity of $294,150.

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    accounting

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    bene

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    The document shows a trial balance, adjusting entries, adjusted trial balance, income statement, and balance sheet for a laundry business owned by Lily Aquino. The trial balance did not balance initially but after 4 adjusting entries for supplies, insurance, salaries payable, and depreciation expense, the adjusted trial balance balanced. The income statement shows net income of $91,787.50 and the balance sheet shows total assets of $294,150 and total equity of $294,150.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    339 views2 pages

    Bene

    Uploaded by

    Riza Mae Alce
    The document shows a trial balance, adjusting entries, adjusted trial balance, income statement, and balance sheet for a laundry business owned by Lily Aquino. The trial balance did not balance initially but after 4 adjusting entries for supplies, insurance, salaries payable, and depreciation expense, the adjusted trial balance balanced. The income statement shows net income of $91,787.50 and the balance sheet shows total assets of $294,150 and total equity of $294,150.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    account titles trial balance adjustment

    DR CR
    cash 120,200.00
    a/r 17,000.00
    laundry M & S 5,800.00 1 5,000.00
    prepaid insurance 4,800.00 2 400.00
    landry equip. 150,000.00
    Accum. Depr. - Laundry equip. 4 1,562.50
    a/p 22,800.00
    salaries payable 3 3,000.00
    lily, aquino, equity 175,000.00
    lily aquino, drawing 1,750.00
    income and expense summary
    service income 150,000.00
    DC- Salaries, WG, and Benefit 30,000.00 3 3,000.00
    DC- Materials supp. & facil. 4,500.00 1 5,000.00
    DC- Depreciation 4 1,562.50
    DC- rental 12,000.00
    exp- insurance 2 400.00
    exp- miscellaneous 750.00
    exp- communication 1,000.00
    347,800.00 347,800.00 9962.5 9962.5
    net income

    adjusting entries

    1. supplies expense 5000


    launry material and supplies 5000

    2 insurance expense 400


    prepaid insurance 400

    3 saalries expense 3000


    salaries payable 3000

    4 depreciation expense 1562.5


    accum. Depr. - laundry equipment 1562.5
    adjusted trial balance income statemnt balance sheet
    DR CR DR CR
    120,200.00 120,200.00
    17,000.00 17,000.00
    800.00 800.00
    4,400.00 4,400.00
    150,000.00 150,000.00
    1,562.50 1,562.50
    22,800.00 22,800.00
    3,000.00 3,000.00
    175,000.00 175,000.00
    1,750.00 1,750.00

    150,000.00 150,000.00
    33,000.00 33,000.00
    9,500.00 9,500.00
    1,562.50 1,562.50
    12,000.00 12,000.00
    400.00 400.00
    750.00 750.00
    1,000.00 1,000.00
    352,362.50 352,362.50 58,212.50 150,000.00 294,150.00 202362.5
    91,787.50 91,787.50
    150,000.00 294,150.00

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