PRAKTISWAN

Complete Worksheet
December 31, 201X
Unadjusted Adjusted Income
Trial Balance Adjustments Trial Balance Statement
Debits Credits Debits Credits Debits Credits Debits
Cash 30,000 30,000
Accounts Receivable 80,000 80,000
Allow. for Doubtful Accts 300 4,000 4,300
Notes Receivable 30,000 30,000
Interest Receivable 150 150
Office Supplies 20,000 13,000 7,000
Prepaid Insurance 45,000 36,000 9,000
Prepaid Rent 60,000 15,000 45,000
Furniture & Fixtures 30,000 30,000
Accum. Dep'n - F&F 6,000 6,000
Machineries 50,000 50,000
Accum. Dep'n - Mach. 3,500 3,500
Accounts Payable 75,000 75,000
Salaries Payable 10,000 10,000
Interest Payable 10,000 10,000
Unearned Service Inc. 5,000 5,000
Utilities Payable 4,000 4,000
Notes Payable 15,000 15,000
Loan Payable 100,000 100,000
Praktiswan, Capital 134,700 134,700
Praktiswan, Withdrawals 15,000 15,000
Service Income 405,000 5,000 400,000
Interest Income 150 150
Salaries Expense 170,000 10,000 180,000 180,000
Rent Expense 165,000 15,000 180,000 180,000
Utilities Expense 35,000 4,000 39,000 39,000
Interest Expense 10,000 10,000 10,000
Office Supplies Expense 13,000 13,000 13,000
Insurance Expense 36,000 36,000 36,000
Doubtful Accts Exp. 4,000 4,000 4,000
Dep'n Exp - F&F 6,000 6,000 6,000
Dep'n Exp - Mach 3,500 3,500 3,500
Sub Totals 730,000 730,000 106,650 106,650 767,650 767,650 471,500
Net Loss
Grand Totals 471,500
 ADJUSTING JOURNAL ENTRIES
Income Balance
Statement Sheet a. Interest Receivable 150
Credits Debits Credits Interest Income 150
30,000 #
80,000 b. Interest Expense 10,000
4,300 Interest Payable 10,000
30,000 #
150 c. Office Supplies Expense 13,000
7,000 Office Supplies 13,000
9,000 #
45,000 d. Insurance Expense 36,000
30,000 Prepaid Insurance 36,000
6,000 #
50,000 e. Rent Expense 15,000
3,500 Prepaid Rent 15,000
75,000 #
10,000 f. Service Income 5,000
10,000 Unearned Service Inc. 5,000
5,000 #
4,000 g. Salaries Expense 10,000
15,000 Salaries Payable 10,000
100,000 #
134,700 h. Utilities Expense 4,000
15,000 Utilities Payable 4,000
400,000 #
150 g. Doubtful Accts Exp. 4,000
Allow. for Doubtful Accts 4,000
#
j. Dep'n Exp - F&F 6,000
Accum. Dep'n - F&F 6,000
#
k. Dep'n Exp - Mach 3,500
Accum. Dep'n - Mach. 3,500
#

400,150 296,150 367,500

71,350 71,350
471,500 367,500 367,500
 PRAKTISWAN PRAKTISWAN
Income Statement CLOSING ENTRIES
December 31, 201X December 31, 201X

Service Income 400,000 Debit

Interest Income 150 400,150 Service Income 400,000
Interest Income 150
Income Summary
Less Operating Expenses #
Salaries Expense 180,000 Income Summary 471,500
Rent Expense 180,000 Salaries Expense
Utilities Expense 39,000 Rent Expense
Interest Expense 10,000 Utilities Expense
Office Supplies Expense 13,000 Interest Expense
Insurance Expense 36,000 Office Supplies Expense
Doubtful Accts Exp. 4,000 Insurance Expense
Dep'n Exp - F&F 6,000 Doubtful Accts Exp.
Dep'n Exp - Mach 3,500 471,500 Dep'n Exp - F&F
Net Loss - 71,350 Dep'n Exp - Mach
#
Praktiswan, Capital 71,350
PRAKTISWAN Income Summary
Statement of Changes in Equity #
December 31, 201X Praktiswan, Capital 15,000
Praktiswan, Withdrawals
Praktiswan, Capital - Beginning 134,700
Add: Additional Investment -
Net Income - -
Total 134,700
Less: Praktiswan, Withdrawals 15,000
Net Loss 71,350 86,350 PRAKTISWAN
Praktiswan, Capital - End 48,350 POST-CLOSING TRIAL BALANCE
December 31, 201X

PRAKTISWAN Debit
Statement of Financial Position Cash 30,000
December 31, 201X Accounts Receivable 80,000
Allow. for Doubtful Accts
ASSETS Notes Receivable 30,000
Current Assets Interest Receivable 150
Cash 30,000 Office Supplies 7,000
Accounts Receivable 80,000 Prepaid Insurance 9,000
Allow. for Doubtful Accts 4,300 75,700 Prepaid Rent 45,000
Notes Receivable 30,000 Furniture & Fixtures 30,000
Interest Receivable 150 Accum. Dep'n - F&F
Office Supplies 7,000 Machineries 50,000
Prepaid Insurance 9,000 Accum. Dep'n - Mach.
Prepaid Rent 45,000 Accounts Payable
Total Current Assets 196,850 Salaries Payable
Interest Payable
Non-Current Assets Unearned Service Inc.
Furniture & Fixtures 30,000 Utilities Payable
Less Accum. Dep'n - F&F 6,000 Notes Payable
 24,000 Loan Payable
Praktiswan, Capital
Machineries 50,000 281,150
Less Accum. Dep'n - Mach. 3,500
Total Non-Current Assets 46,500 70,500
TOTAL ASSETS 267,350

LIABILITIES AND OWNER'S EQUITY

Liabilities
Accounts Payable 75,000
Salaries Payable 10,000
Interest Payable 10,000
Unearned Service Inc. 5,000
Utilities Payable 4,000
Notes Payable 15,000
Loan Payable 100,000 219,000

Praktiswan, Capital - End 48,350

TOTAL LIABILITIES AND OWNER'S EQUITY 267,350
ES
01X

Credit

400,150

180,000
180,000
39,000
10,000
13,000
36,000
4,000
6,000
3,500

71,350

15,000

BALANCE
01X

Credit

4,300

6,000

3,500
75,000
10,000
10,000
5,000
4,000
15,000
100,000
48,350
281,150
 Praktistu
Worksheet
December 31, 201x

Unadjusted Adjusted Income

Trial Balance Adjustments Trial Balance Statement
Debits Credits Debits Credits Debits Credits Debits
Cash 40,000 40,000
Accounts Receivable 70,000 70,000
Allow. for Doubtful Accounts 200 2,800 3,000
Notes Receivable 20,000 20,000
Interest Receivable 400 400
Office Supplies 30,000 18,000 12,000
Prepaid Rent 40,000 10,000 30,000
Prepaid Insurance 50,000 50,000
Furniture and Fixtures 50,000 50,000
Accum Dep'n - F&F 6,000 6,000
Machineries 40,000 40,000
Accum Dep'n - Mach 3,400 3,400
Accounts Payable 40,000 40,000
Salaries Payable 12,000 12,000
Utilities Payable 5,000 5,000
Notes payable 25,000 25,000
Unearned Service Income 20,000 12,000 8,000
Loan payable 80,000 80,000
Praktistu, Capital 61,800 61,800
Praktistu, Drawing 10,000 10,000
Service Income 420,000 12,000 432,000
Interest Income 400 400
Salaries Expense 132,000 12,000 144,000 144,000
Rent Expense 110,000 10,000 120,000 120,000
Insurance Expense 60,000 50,000 10,000 10,000
Office Supplies Expense 18,000 18,000 18,000
Doubtful Accounts Expense 2,800 2,800 2,800
Depreciation Expense - F&F 6,000 6,000 6,000
Depreciation Expense - Mach 3,400 3,400 3,400
Utilities Expense 45,000 5,000 50,000 50,000
647,000 647,000 119,600 119,600 676,600 676,600 354,200
Net Income 78,200
432,400
 PRAKTISTU
ADJUSTING JOURNAL ENTRIES
December 31, 201x

Income Balance Debit Credit

Statement Sheet a Interest Receivable 400
Credits Debits Credits Interest Income 400
40,000 #
70,000 b Office Supplies Expense 18,000
- 3,000 Office Supplies 18,000
20,000 #
400 c Prepaid Insurance 50,000
12,000 Insurance Expense 50,000
30,000 #
50,000 d Rent Expense 10,000
50,000 Prepaid Rent 10,000
6,000 #
40,000 e Unearned Service Income 12,000
3,400 Service Income 12,000
40,000 #
12,000 f Salaries Expense 12,000
5,000 Salaries Payable 12,000
25,000 #
8,000 g Utilities Expense 5,000
80,000 Utilities Payable 5,000
61,800 #
10,000 h Doubtful Accounts Expense 2,800
432,000 Allowance for Doubtful Accounts 2,800
400 #
i Depreciation Expense - F&F 6,000
Accum Dep'n - F&F 6,000
#
j Depreciation Expense - Mach 3,400
Accum Dep'n - Mach 3,400

432,400 322,400 244,200

78,200
432,400 322,400 322,400
 PRAKTISTU PRAKTISTU
Income Statement CLOSING ENTRIES
December 31, 201x December 31, 201x

Revenues Debit
Service Income 432,000 a Service Income 432,000
Interest Income 400 432,400 Interest Income 400
Income Summary
Less Operating Expenses #
Salaries Expense 144,000 b Income Summary 354,200
Rent Expense 120,000 Salaries Expense
Insurance Expense 10,000 Rent Expense
Office Supplies Expense 18,000 Insurance Expense
Doubtful Accounts Expense 2,800 Office Supplies Expense
Depreciation Expense - F&F 6,000 Doubtful Accounts Expense
Depreciation Expense - Mach 3,400 Depreciation Expense - F&F
Utilities Expense 50,000 354,200 Depreciation Expense - Mach
Net Income 78,200 Utilities Expense
#
c Utilities Expense 78,200
PRAKTISTU Praktistu Capital
Statement of Changes in Equity #
December 31, 201x d Praktistu Capital 10,000
Praktistu, Drawing
Praktistu Capital - Beg. 61,800
Add: Additional Investment -
Net Income 78,200 78,200
Total 140,000
Less: Praktistu, Drawing 10,000
Net Loss - 10,000 PRAKTISTU
Praktistu Capital - End 130,000 POST-CLOSING TRIAL BALANCE
December 31, 201x

PRAKTISTU Debit
Statement of Financial Position Cash 40,000
December 31, 201x Accounts Receivable 70,000
Allowance for Doubtful Accounts -
ASSETS Notes Receivable 20,000
Current Assets Interest Receivable 400
Cash 40,000 Office Supplies 12,000
Accounts Receivable 70,000 Prepaid Rent 30,000
Less: Allow. for Doubtful Accounts 3,000 67,000 Prepaid Insurance 50,000
Notes Receivable 20,000 Furniture and Fixtures 50,000
Interest Receivable 400 Accum Dep'n - F&F
Office Supplies 12,000 Machineries 40,000
Prepaid Rent 30,000 Accum Dep'n - Mach
Prepaid Insurance 50,000 Accounts Payable
Total Current Assets 219,400 Salaries Payable
Utilities Payable
Non-Current Assets Notes payable
Furniture and Fixtures 50,000 Unearned Service Income
Less Accum Dep'n - F&F 6,000 44,000 Loan payable
Praktistu, Capital
 Machineries 40,000 312,400
Less Accum Dep'n - Mach 3,400 36,600
Total Non-Current Assets 80,600
TOTAL ASSETS 300,000

LIABILITIES AND OWNER'S EQUITY

Liabilities
Accounts Payable 40,000
Salaries Payable 12,000
Utilities Payable 5,000
Notes payable 25,000
Unearned Service Income 8,000
Loan payable 80,000 170,000

Praktistu Capital - End 130,000

TOTAL LIABILITIES AND OWNER'S EQUITY 300,000
ES
01x

Credit

432,400

144,000
120,000
10,000
18,000
2,800
6,000
3,500
50,000

78,200

10,000

BALANCE
01x

Credit

3,000

6,000

3,400
40,000
12,000
5,000
25,000
8,000
80,000
130,000
312,400