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Adjustment Transactions Of Paul Services

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Added on  2020-02-23

Adjustment Transactions Of Paul Services

   Added on 2020-02-23

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JOURNALISE THE ADJUSTMENT TRANSACTIONSPaul ServicesJournal EntriesFor the period ended on 31 May, 2016DateParticularsRef.Amount (Dr.)Amount (Cr.)31-May-16Interest Expense69024,120Interest Payable20224,120(To record interest accrued on mortgage)31-May-16Supplies Expense6801,808Supplies1151,808(To record supplies used during the period)31-May-16Insurance Expense6503,856Prepaid Insurance1203,856(To record prepaid amortisation)31-May-16Depreciation Expense - Furniture ((60300-300)/5)61512,000Acc. Depreciation. - Furniture13712,000(To record depreciation expense for the period)31-May-16Depreciation Expense - Equipment ((120600-600)/5)62024,000Acc. Depreciation - Equipment14124,000(To record depreciation expense for the period)31-May-16Depreciation Expense - Store Equipment ((180900-900)/10)62518,000Acc. Deprciation - Equipment14618,000(To record depreciation expense for the period)31-May-16Depreciation Expense - Automobile ((241200-1200)/10)64024,000Acc. Depreciation - Automobile17124,000(To record depreciation expense for the period)31-May-16Unearned revenue20715,075 Revenue40115,075(To record unearned revenue earned)
Adjustment Transactions Of Paul Services_1
ACCOUNTING WORKSHEET Unadjusted Adjusting entries Adjusted AccountNo Account Name Debit Credit Debit Credit Debit Credit 101 Cash at Bank 140,790--140,790105 Accounts Receivable 46,930--46,930115 Supplies 2,410-1,808603120 Prepaid Insurance 4,820-3,856964135 Office Furniture 60,300--60,300137 Acc. Depreciation. - Furniture 12,000-12,00024,000140 Office Equipment 120,600--120,600141 Acc. Depreciation - Equipment 24,000-24,00048,000145 Store Equipment 180,900--180,900146 Acc. Deprciation - Equipment 18,000-18,00036,000170 Automobile 241,200--241,200171 Acc. Depreciation - Automobile 24,000-24,00048,000201 Accounts Payable 93,860--93,860202 Interest Payable 140,790-24,120164,910207 Unearned revenue 30,15015,075-15,075210 Loan Payable 12,060--12,060215 Mortgage Payable 241,200--241,200301 Paul's Capital 148,320--148,320305 Paul's Drawings 72,000--72,000401 Revenue 241,000-15,075256,075601 Advertising Expense 2,800--2,800605 Automobile Expense 5,775--5,775615 Depreciation Expense - Furniture 12,00012,000-24,000620 Depreciation Expense - Equipment 24,00024,000-48,000625 Depreciation Expense - Store Equipment 18,00018,000-36,000640 Depreciation Expense - Automobile24,00024,000-48,000650 Insurance Expense 2,3003,856-6,156665 Maintenance Expense 9,800--9,800670 Miscellaneous Expense 1,155--1,155675 Rent Expense 2,400--2,400680 Supplies Expense 4,8001,808-6,608685 Utilities Expense 3,600--3,600690 Interest Expense 4,80024,120-28,920985,380985,380122,859122,8591,087,5001,087,500
Adjustment Transactions Of Paul Services_2
INCOME STATEMENTPaul ServicesIncome StatementFor the Period on 31.05.2016ParticularsAmount ($)Income: Revenue256,075256,075Expenses:Advertising Expense2,800Automobile Expense5,775Depreciation Expense - Furniture24,000Depreciation Expense - Equipment48,000Depreciation Expense - Store Equipment36,000Depreciation Expense - Automobile48,000Insurance Expense6,156Maintenance Expense9,800Miscellaneous Expense1,155Rent Expense2,400Supplies Expense6,608Utilities Expense3,600Interest Expense28,920223,214Net Profit32,862
Adjustment Transactions Of Paul Services_3

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