Answered Essay: Paul services Trial Balance As At 30 June 2016 Account No Account Name Debit Credit 101 105 115 120 135 137 140 141 145 146 170 Cash at Bank Accounts Receivable Supplies Prepaid Insurance Office Furniture Acc-Depreciation. _ Furniture Office Equipment Acc. Depreciation – Equipment Store Equipment Acc. Depreciation – Equipment Automobile Acc. Depreciation – Automobile 5070.00 1690.00 1050.00 2100.00 26300.00 0.00 52600.00 0.00 78900.00 0.00 105200.00 201 Accounts Payable 201 Interest Payable 201 201 Loan Payable 201 Mortgage Payable 201 Paul's Capital 201 201 201 Advertising Expense 201 201 0.00 3380.00 5070.00 13150.00 5260.00 05200.00 43435.00 Unearned revenue Paul's Dravings Revenue 105.00 105000.00 100.00 5775.00 0.00 0.00 0.00 0.00 100.00 350.00 1155.00 0.00 0.00 0.00 0.00 280495.00 Automobile Expense Depreciation Enpense Furniture Depreciation Erpense Equipment Depreciation Enpense – Store Equip Depreciation Erpense Automobile Insurance Expense 201 201 201 Maintenance Expense 201 201 Rent Epense 201 201 Utilities Expense 201 Interest Expense Miscellaneous Expense Supplies Expense 280495.00

Paul services Trial Balance As At 30 June 2016 Account No Account Name Debit Credit 101 105 115 120 135 137 140 141 145 146 170 Cash at Bank Accounts Receivable Supplies Prepaid Insurance Office Furniture Acc-Depreciation. _ Furniture Office Equipment Acc. Depreciation – Equipment Store Equipment Acc. Depreciation – Equipment Automobile Acc. Depreciation – Automobile 5070.00 1690.00 1050.00 2100.00 26300.00 0.00 52600.00 0.00 78900.00 0.00 105200.00 201 Accounts Payable 201 Interest Payable 201 201 Loan Payable 201 Mortgage Payable 201 Paul’s Capital 201 201 201 Advertising Expense 201 201 0.00 3380.00 5070.00 13150.00 5260.00 05200.00 43435.00 Unearned revenue Paul’s Dravings Revenue 105.00 105000.00 100.00 5775.00 0.00 0.00 0.00 0.00 100.00 350.00 1155.00 0.00 0.00 0.00 0.00 280495.00 Automobile Expense Depreciation Enpense Furniture Depreciation Erpense Equipment Depreciation Enpense – Store Equip Depreciation Erpense Automobile Insurance Expense 201 201 201 Maintenance Expense 201 201 Rent Epense 201 201 Utilities Expense 201 Interest Expense Miscellaneous Expense Supplies Expense 280495.00

Expert Answer

 

Adjustment Adjusted
Account No Account Name Debit Credit Debit Credit Debit Credit
101 Cash at Bank 5070.00 5070.00
105 Accounts Receivable 1690.00 1690.00
115 Supplies 1050.00 787.50 262.50
120 Prepaid Insurance 2100.00 1680.00 420.00
135 Office Furniture 26300.00 26300.00
137 Acc. Depreciation – Furniture 0.00 4000.00 4000.00
140 Office Equipment 52600.00 52600.00
141 Acc. Depreciation – Office Equipment 0.00 10000.00 10000.00
145 Store Equipment 78900.00 78900.00
146 Acc. Depreciation – Store Equipment 0.00 7000.00 7000.00
170 Automobile 105200.00 105200.00
171 Acc. Depreciation – Automobile 0.00 10000.00 10000.00
201 Accounts Payable 3380.00 3380.00
201 Interest Payable 5070.00 10520.00 15590.00
201 Unearned Revenue 13150.00 6575.00 6575.00
201 Loan Payable 5260.00 5260.00
201 Mortgage Payable 105200.00 105200.00
201 Paul’s Capital 43435.00 43435.00
201 Paul’s Drawing 105.00 105.00
201 Revenue 105000.00 6575.00 111575.00
201 Advertising Expenses 100.00 100.00
201 Automobile Expenses 5775.00 5775.00
201 Depreciation Expenses – Furniture 0.00 4000.00 4000.00
201 Depreciation Expenses – Office Equip. 0.00 10000.00 10000.00
201 Depreciation Expenses – Store Equip. 0.00 7000.00 7000.00
201 Depreciation Expenses – Automobile 0.00 10000.00 10000.00
201 Insurance Expensaes 100.00 1680.00 1780.00
201 Maintenance Expenses 350.00 350.00
201 Miscellaneous Expenses 1155.00 1155.00
201 Rent Expenses 0.00 0.00
201 Supplies Expenses 0.00 787.50 787.50
201 Utilities Expenses 0.00 0.00
201 Interest Expenses 0.00 10520.00 10520.00
280495.00 280495.00 50562.50 50562.50 322015.00 322015.00
Paul Services
Income Statement
For the year Ended June 30, 2016
Revenue 111575.00
Less: Expenses
Advertising Expenses 100.00
Automobile Expenses 5775.00
Depreciation Expenses – Furniture 4000.00
Depreciation Expenses – Office Equip. 10000.00
Depreciation Expenses – Store Equip. 7000.00
Depreciation Expenses – Automobile 10000.00
Insurance Expensaes 1780.00
Maintenance Expenses 350.00
Miscellaneous Expenses 1155.00
Rent Expenses 0.00
Supplies Expenses 787.50
Utilities Expenses 0.00
Interest Expenses 10520.00
Total Expenses 51467.50
Net Income 60107.50
Owner’s Equity Statement
For the year Ended June 30, 2016
Paul’s Capital 43435.00
Add: Net Income 60107.50
Less: Drawing 105.00
Paul’s Capital 103437.50
Balance Sheet
For the year Ended June 30, 2016
Assets
Cash at Bank 5070.00
Accounts Receivable 1690.00
Supplies 262.50
Prepaid Insurance 420.00
Office Furniture 26300.00
Acc. Depreciation – Furniture -4000.00
Office Equipment 52600.00
Acc. Depreciation – Office Equipment -10000.00
Store Equipment 78900.00
Acc. Depreciation – Store Equipment -7000.00
Automobile 105200.00
Acc. Depreciation – Automobile -10000.00
Total Assets 239442.50
Liabilities and Owner’s Equity
Accounts Payable 3380.00
Interest Payable 15590.00
Unearned Revenue 6575.00
Loan Payable 5260.00
Mortgage Payable 105200.00
Total Liabilities 136005.00
Owner’s equity
Owner’s Capital 103437.50
Total Liabilities and Owner’s Equity 239442.50
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