Name of Company

Worksheet
For the period ended, ___________

(1) (2) (3)

Unadjsuted Trial Balance Adjustments
Debit Credit Debit
Cash 186,000.00
Accounts Receivable 71,200.00
Prepaid Rent 19,200.00
Equipment 177,500.00
Accumulated Depreciation - Equipment 5,500.00
Accounts Payable 18,000.00
Notes Payable 12,000.00
Margallo, Capital 300,000.00
Margallo, Drawings 19,000.00
Professional fees 276,300.00
Salaries Expense 82,500.00 12,000.00
Supplies Expense 17,000.00
Utilities Expense 37,800.00
Interest Expense 1,600.00 80.00
TOTAL 611,800.00 611,800.00

Rent Expense 7,200.00

Depreciation Expense- Equipment 7,125.00
Salaries Payable
Interest Payable
Doubtful Account Expense 3,560.00
Allowance for Doubtful Accounts
Supplies 5,000.00
TOTAL 34,965.00
NET INCOME
GRAND TOTAL

TOTAL
IF NET LOSS
of Company

period ended, ___________

(4) (5) (6) (7) (8)

Adjustments Adjsuted Trial Balance Income Statement
Credit Debit Credit Debit Credit
186,000.00
71,200.00
7,200.00 12,000.00
177,500.00
7,125.00 12,625.00
18,000.00
12,000.00
300,000.00
19,000.00
276,300.00 276,300.00
94,500.00 94,500.00
5,000.00 12,000.00 12,000.00
37,800.00 37,800.00
1,680.00 1,680.00

7,200.00 7,200.00
7,125.00 7,125.00
12,000.00 12,000.00
80.00 80.00
3,560.00 3,560.00
3,560.00 3,560.00
5,000.00
34,965.00 634,565.00 634,565.00 163,865.00 276,300.00
16PTS 25PTS 112,435.00
276,300.00 276,300.00
15PTS

276,300.00 163,865.00
112,435.00
276,300.00 276,300.00
 (9) (10)
Balance Sheet
Debit Credit Statement of Comprehensive Incom
186,000.00 -other term is Income Statement
71,200.00 - all income and expense account (no
12,000.00
177,500.00 Diana Ma
12,625.00 Statement o
18,000.00 For the period
12,000.00
300,000.00 Revenue:
19,000.00 Professional Fees

Less: Expenses
Salaries Expense
Supplies Expense
Utilities Expense
Interest Expense
Rent Expense
Depreciation Expense- Equipm
Doubtful Account Expense
12,000.00 Net Income
80.00

3,560.00 Statement of Changes in Owner's Eq

5,000.00 - business structure as to its investm
470,700.00 358,265.00
112,435.00 Diana Ma
470,700.00 470,700.00 Statement of C
20PTS For the period

Beginning Balance
Add: Additional Investment
358,265.00 470,700.00 Net Income
112,435.00 Total
470,700.00 470,700.00 Less: Withdrawals
Net Loss
Ending Balance

Statement of Financial Position

- other term is Balance Sheet

Diana Ma
 Statemen
Dec

ASSETS
Current Assets
Cash
Accounts Receivable
Less: Allowance for Doubtful Accoun
Prepaid Rent
Supplies
Total Current Assets

Non Current Assets

Equipment
Less: Accumulated Depreciation - Eq
Total Non Current Assets

TOTAL ASSETS

LIABILITIES AND OWNER'S EQUITY

Liabilities
Current Liabilities
Accounts Payable
Notes Payable
Salaries Payable
Interest Payable
Total Current Liabilities

Total Liabilities

Owner's Equity
Margallo, Capital
Total Owner's Equity

TOTAL LIABILITIES AND OWNER'S EQ

ment of Comprehensive Income
term is Income Statement
come and expense account (nominal accounts)

Diana Margallo Interior Design Name of Company

Statement of Comprehensive Income Name of F/S
For the period ended, December 31, 2019 Date of Report

(basis: I/S Section)

Professional Fees 276,300.00

(basis: I/S Section)

Salaries Expense 94,500.00
Supplies Expense 12,000.00
Utilities Expense 37,800.00
Interest Expense 1,680.00
Rent Expense 7,200.00
Depreciation Expense- Equipment 7,125.00
Doubtful Account Expense 3,560.00 163,865.00
112,435.00

ment of Changes in Owner's Equity

ness structure as to its investments

Diana Margallo Interior Design Name of Company

Statement of Changes in Owner's Equity Name of F/S
For the period ended, December 31, 2019 Date of Report

ning Balance 300,000.00 (basis : B/S section)

Additional Investment - (basis : Day 2 onwards - Investment)
Net Income 112,435.00 (basis : Statement of Comprehensive Income)
412,435.00
Withdrawals 19,000.00 (basis : B/S section)
(if net loss)
393,435.00

ment of Financial Position

r term is Balance Sheet

Diana Margallo Interior Design Name of Company

 Statement of Financial Position Name of F/S
December 31, 2019 Date of Report

186,000.00
nts Receivable 71,200.00
Allowance for Doubtful Accounts 3,560.00 67,640.00
12,000.00
5,000.00
Current Assets 270,640.00

urrent Assets
177,500.00
Accumulated Depreciation - Equipment 12,625.00 164,875.00
Non Current Assets 164,875.00

435,515.00

ITIES AND OWNER'S EQUITY

nt Liabilities
nts Payable 18,000.00
12,000.00
12,000.00
80.00
Current Liabilities 42,080.00

42,080.00

allo, Capital 393,435.00

Owner's Equity 393,435.00

L LIABILITIES AND OWNER'S EQUITY 435,515.00

 STEP 8:
Closing Entries
- nominal accounts

1. Income account/s
2. Expense accounts
3. Net Income/ Net Loss
4. Withdrawals

1. Income account/s
Professional Fees
Income and Expense Summary

2. Expense accounts
Income and Expense Summary
Salaries Expense
Supplies Expense
Utilities Expense
Interest Expense
Rent Expense
Depreciation Expense- Equipment
Doubtful Account Expense

3. Net Income/ Net Loss

If Net Income
Income and Expense Summary
Capital

If Net Loss
Capital
s - Investment) Income and Expense Summary
Comprehensive Income)
Income and Expense Summary
Margallo, Capital

4. Withdrawals
Margallo, Capital
Margallo, Drawings
 276,300.00
276,300.00 (suspense account)

163,865.00
94,500.00
12,000.00
37,800.00
1,680.00
7,200.00 I/S Summary
- Equipment 7,125.00 276,300.00
3,560.00 163,865.00
112,435.00
276,300.00 276,300.00

112,435.00
112,435.00

19,000.00
19,000.00
Post closing Trial Balance
- real accounts
1. Assets
2. Liabilities
3. Capital

Diana Margallo Interior Design Name of Company

Post Closing Trial Balance
December 31, 2019 Date of Report

Cash 186,000.00
Accounts Receivable 71,200.00
Allowance for Doubtful Accounts 3,560.00
Prepaid Rent 12,000.00
Supplies 5,000.00
Equipment 177,500.00
Accumulated Depreciation - Equipment 12,625.00
Accounts Payable 18,000.00
Notes Payable 12,000.00
Salaries Payable 12,000.00
Interest Payable 80.00
Margallo, Capital 393,435.00 (basis: Statement of Change
TOTAL 451,700.00 451,700.00
 STEP 10:
REVERSING ENTRIES
- this is only optional

1. Accrued Expenses
2. Accrued Income
3. Prepayments (expense met
4. Defferals (income method)
me of Company
RE1: Salaries Payable
te of Report

Interest Payable

Supplies

- when? Every 1st day of the

asis: Statement of Changes in Equity - Ending Balance)

RSING ENTRIES
is only optional

crued Expenses
crued Income
epayments (expense method)
fferals (income method)

Salaries Payable 12,000.00

Salaries Expense 12,000.00

Interest Payable 80.00

Interest Expense 80.00

Supplies 5,000.00
Supplies Expense 5,000.00

Every 1st day of the next accounting period (generally, Jan 1)