LEDGER

DATE

ITEM

Account Cash

Account Supplies

Adjusting

Account Prepaid Insurance

Adjusting

Account Equipment

Account Accumulated Depreciation - Equipment

Adjusting

Account Trucks

Account Accumulated Depreciation - Trucks

Adjusting

Account Accounts Payable

P. REF.

Account Rahman, Capital

Account Rahman, Drawing

Account Service Revenue

Account Wages Expense

Adjusting

Account Rent Expense

Account Truck Expense

Account Miscellaneous Expense

Account Wages Payable

Adjusting

Account Supplies Expense

Adjusting

Account Depreciation Expense - Equipment

Adjusting

Account Depreciation Expense - Trucks

Adjusting

Account Insurance Expense

Adjusting

ER
BALANCE
DEBIT (RM)

CREDIT (RM)
DEBIT (RM)

2,950

2,950

12,295

12,295
5,175

2,735

CREDIT (RM)

7,120

2,735
2,000

95,650

735

95,650

21,209

21,209

4,200

25,409

36,300

36,300

7,400

7,400

2,200

9,600

4,015

4,015

67,426

67,426

6,000

6,000

99,950

99,950

26,925

26,925

600

27,525

9,600

9,600

5,350

5,350

2,195

2,195

600

5,175

600

5,175

4,200

4,200

2,200

2,200

2,000

2,000

Quick Repairs
End -of-Period Spreadsheet (Worksheet)
For the Two Months Ended October, 2008
Account Title

Unadjusted Trial Balance

Dr.

Cash
Supplies
Prepaid Insurance
Equipment

Adjustments
Dr.

Adjusted Trial Balance

Cr.

Dr.

2,950

Cr.

Income Statement
Dr.

Cr.

Balance Sheet
Dr.

Cr.

2,950

2,950

12,295

5,175

7,120

7,120

2,735

2,000

735

735

95,650

Accumulated Depreciation - Equipment

Trucks

Cr.

95,650
21,209

4,200

36,300

Accumulated Depreciation - Vehicle

95,650
25,409

25,409

36,300
7,400

2,200

36,300
9,600

9,600

Accounts Payable

4,015

4,015

4,015

Rahman, Capital

67,426

67,426

67,426

Rahman, Drawing

6,000

Service Revenue
Wages Expense

6,000
99,950

26,925

6,000
99,950

600

99,950

27,525

27,525

Rent Expense

9,600

9,600

9,600

Vehicle Expense

5,350

5,350

5,350

Misscellaneous Expense

2,195

2,195

2,195

Wages Payable

600

600

600

Supplies Expense

5,175

5,175

5,175

Depreciation Expense - Equipment

4,200

4,200

4,200

Depreciation Expense - Vehicle

2,200

2,200

2,200

Insurance Expense

2,000

2,000

2,000

200,000
Net Income

200,000

14,175

14,175

207,000

207,000

58,245

99,950

148,755

41,705
99,950

107,050
41,705

99,950

148,755

148,755

JOURNAL
Date
2008
October.

Description
a.

Supplies Expense

Post.Re
f.

Debit
5,175

Supplies

b.

Insurance Expense

5,175

2,000

Prepaid Insurance

c.

Depreciation Expense - Equipment

2,000

4,200

Accumulated Depreciation - Equipment

d.

Depreciation Expense - Trucks

4,200

2,200

Accumulated Depreciation - Trucks

e.

Wages Expense
wages Payable

Credit

2,200

600
600

Quick Repairs
Adjusted Trial Balance
October 31, 2008
11

Cash

2,950

13

Supplies

7,120

14

Prepaid Insurance

16

Equipment

17

Accumulated Depreciation - Equipment

18

Trucks

19

Accumulated Depreciation - Trucks

9,600

21

Accounts Payable

4,015

22

Wages Payable

600

31

Rahman, Capital

67,426

32

Rahman, Drawing

41

Service Revenue

51

Wages Expense

27,525

53

Rent Expense

9,600

52

Supplies Expense

5,175

54

Depreciation Expense - Equipment

4,200

55

Truck Expense

5,350

56

Depreciation Expense - Trucks

2,200

57

Insurance Expense

2,000

59

Misscellaneous Expense

2,195

735
95,650
25,409
36,300

6,000
99,950

207,000

207,000

Quick Repairs
Income Statement
For the Year Ended October 31, 2008
Fees Earned

99,950

Operating Expenses:
Wages Expense

27,525

Rent Expense

9,600

Supplies Expense

5,175

Depreciation Expense - Equipment

4,200

Truck Expense

5,350

Depreciation Expense - Trucks

2,200

Insurance Expense

2,000

Misscellaneous Expense

2,195

Total Operating Expenses:

58,245

Net Income

41,705

Quick Repairs
Statement of Owner's Equity
For the Year Ended October 31, 2008
Rahman, Capital

67,426

Net Income

41,705

Less withdrawals

6,000

Increase in owner's equity

35,705

Rahman, Capital, October 31, 2008

103,131

Quick Repairs
Balance Sheet
October 31, 2008
Assets
Current Assets:
Cash
Supplies
Prepaid Insurance

Liabilities
Current Liabilities:
Accounts Payable
Wages Payable

2,950
7,120
735

4,015
600
4,615

10,805
Property, Plant and Equipment:
Equipment
Less Accumulated Depreciation - Equipment

95,650
25,409

Owners Equity:
Rahman, Capital

103,131

Total Liabilities and Owners Equity:

107,746

70,241
Trucks
Less Accumulated Depreciation - Trucks

36,300
9,600
26,700

Total Assets

107,746

JOURNAL
Date

Description

Post.Re
f.

Debit

Credit

Closing Entries
2008
October.

31

Fees Earned

99,950

Income Summary

31

Income Summary

99,950

58,245

Wages Expense

31

27,525

Rent Expense

9600

Supplies Expense

5175

Depreciation Expense - Equipment

4,200

Truck Expense

5350

Depreciation Expense - Trucks

2200

Insurance Expense

2,000

Misscellaneous Expense

2195

Income Summary

41,705

Rahman, Capital

31

Rahman, Capital
Rahman, Drawing

41,705

6,000
6,000

Quick Repairs
Post Closing Trial Balance
October 31, 2008
Cash

2,950

Supplies

7,120

Prepaid Insurance

735

Equipment

95,650

Trucks

36,300

Accumulated Depreciation - Equipment

25,409

Accumulated Depreciation - Trucks

9,600

Accounts Payable

4,015

Wages Payable

600

Rahman, Capital

103,131
142,755

142,755