Accounting in Business: Journal Entries, Worksheet, Income Statement, Closing Entries, Changes in Equity and Balance Sheet

Running head: ACCOUNTING IN BUSINESS
Accounting in business
Name of the student
Name of the university
Student ID
Author note

1ACCOUNTING IN BUSINESS
Table of Contents
Step 2 – Journal entries for adjustments....................................................................................2
Step 3 – worksheet after adjustment..........................................................................................3
Step 4 – Income statement.........................................................................................................4
Step 5 – Journalising closing entries..........................................................................................4
Step 6 – Changes in equity and Balance sheet...........................................................................5

2ACCOUNTING IN BUSINESS
Step 2 – Journal entries for adjustments
Journal Entries in the books of Paul services
For the period ended on 30th June, 2016
Date Particulars
Ref
.
Amount
(Dr.)
Amount
(Cr.)
30-
Jun-16 Interest Expense 201 12,800
Interest Payable 201 12,800
(To record interest accrued on mortgage)
30-
Jun-16 Supplies Expense 201 960
Supplies 115 960
(To record supplies used during the period)
30-
Jun-16 Insurance Expense 201 2,048
Prepaid Insurance 120 2,048
(To record prepaid amortisation)
30-
Jun-16 Depreciation Expense - Furniture ((32000-2000)/5) 201 6,000
Acc. Depreciation. - Furniture 137 6,000
(To record depreciation expense for the period)
30-
Jun-16
Depreciation Expense - Office Equipment
((64000-4000)/5) 201 12,000
Acc. Depreciation - Office Equipment 141 12,000
(To record depreciation expense for the period)
30-
Jun-16
Depreciation Expense - Store Equipment ((96000-
6000)/10) 201 9,000
Acc. Depreciation - Store Equipment 146 9,000
(To record depreciation expense for the period)
30-
Jun-16
Depreciation Expense - Automobile ((128000-
8000)/10) 201 12,000
Acc. Depreciation - Automobile 171 12,000
(To record depreciation expense for the period)
30-
Jun-16 Unearned revenue 201 8,000