Question

Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step.

Caroline Eagle, CPA

Worksheet

December 31, 2018

	Adjusted		Income
	Trial Balance		Statement
Account Names	Debit	Credit	Debit	Credit
Cash	$46,500
Accounts Receivable	13,100
Office Supplies	200
Prepaid Rent	5,600
Land	5,000
Building	130,000
Accumulated Depreciation—Building		$1,100
Furniture	21,000
Accumulated Depreciation—Furniture		1,900
Accounts Payable		3,900
Utilities Payable		675
Salaries Payable		3,900
Interest Payable		900
Unearned Revenue		1,400
Notes Payable		16,000
Common Stock		120,000
Retained Earnings		98,525
Dividends	34,000
Service Revenue		100,700
Rent Expense	29,400
Salaries Expense	37,900
Supplies Expense	400
Utilities Expense	22,000
Depreciation Expense—Building	1,100
Depreciation Expense—Furniture	1,900
Interest Expense	900
Total	$349,000	$349,000
Net income or loss

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PARTIAL BALANCE SHEET:

Caroline Eagle, CPA
Worksheet
December 31, 2018
	Unadjusted Trial Balance		Adjustments				Adjusted Trial Balance		Income Statement		Balance Sheet
Account Names	Debit	Credit		Debit	Credit		Debit	Credit	Debit	Credit	Debit	Credit
Cash	$46,500						$46,500
Accounts Receivable	9,500		(h)	$3,600			13,100
Office Supplies	600				(b)	$400	200
Prepaid Rent	9,000				(a)	3,400	5,600
Land	5,000						5,000
Building	130,000						130,000
Accumulated Depreciation—Building					(c)	1,100		$1,100
Furniture	21,000						21,000
Accumulated Depreciation—Furniture					(d)	1,900		1,900
Accounts Payable		$3,900						3,900
Utilities Payable		675						675
Salaries Payable					(f)	3,900		3,900
Interest Payable					(g)	900		900
Unearned Revenue		2,500	(e)	1,100				1,400
Notes Payable		16,000						16,000
Common Stock		120,000						120,000
Retained Earnings		98,525						98,525
Dividends	34,000						34,000
Service Revenue		96,000			(e, h)	4,700		100,700
Rent Expense	26,000		(a)	3,400			29,400
Salaries Expense	34,000		(f)	3,900			37,900
Supplies Expense			(b)	400			400
Utilities Expense	22,000						22,000
Depreciation Expense—Building			(c)	1,100			1,100
Depreciation Expense—Furniture			(d)	1,900			1,900
Interest Expense			(g)	900			900
Total	$337,600	$337,600		$16,300		$16,300	$349,000	$349,000

PrintDone

Answer 1

	Income statement		Balance sheet
Cash			46500
Accounts receivable			13100
Office supplies			200
Prepaid rent			5600
Land			5000
Building			130000
Acc. Depreciation building				1100
Furniture			21000
Acc. Depreciation furniture				1900
Accounts payable				3900
Utilities payable				675
Salaries payable				3900
Interest payable				900
Uneraned revenue				1400
Notes payable				16000
Common stock				120000
Retained earnings				98525
Dividend			34000
Service revenue		100700
Rent expense	29400
Salaries expense	37900
Supplies expense	400
Utilities expense	22000
Depreciation expense - building	1100
Depreciation expense - furniture	1900
Interest expense	900
Total	93600	100700	255400	248300
Net income / loss	7100			7100
Total	100700	100700	255400	255400