Choco Holly Worksheet: Analyzing Trial Balance & Financial Statements

This document presents the Choco Holly Worksheet, a comprehensive accounting exercise. It includes an unadjusted trial balance, a section for adjustments, and the adjusted trial balance. The worksheet then breaks down into income statement and balance sheet columns, allowing for the classification of accounts. The document provides a full accounting cycle, from initial trial balance to the preparation of financial statements. The solution includes calculations of profit or loss, and demonstrates how transactions impact various accounts. This assignment is a valuable resource for students studying accounting principles and financial statement preparation, offering a practical example to understand the process from beginning to end. The practice set offers a detailed breakdown of debit and credit entries to prepare for the financial statements.

5/18/2019 Practice set information
https://www.perdisco.com/resources/html/scenario/accPS3popup17.html 1/2
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Choco Holly
Worksheet
As at 30/06/2019
Acct.
No. Account Name
Unadjusted Trial
Balance Adjustments Adjusted Trial
Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
100 Cash at Bank 101,748 101,748 101,748
110 ARC - Accounts Receivable
Control
67,619 67,619 67,619
120 Inventory 35,024 35,024 35,024
130 Office Supplies 804 209 595 595
140 Prepaid Rent 9,700 4,850 4,850 4,850
141 Prepaid Advertising 12,000 4,000 8,000 8,000
142 Prepaid Insurance 4,250 850 3,400 3,400
150 Cash Registers 7,000 7,000 7,000
151 Accum Depn: Cash Registers 1,299 76 1,375 1,375
160 Store Fixtures 38,000 38,000 38,000
161 Accum Depn: Store Fixtures 9,530 258 9,788 9,788
210 APC - Accounts Payable Control 39,935 39,935 39,935
220 Wages Payable 1,920 1,920 1,920
221 Electricity Payable 73 254 327 327
222 Water Payable 111 112 223 223
225 Interest Payable 215 215 430 430
250 Bank Loan Payable 43,000 43,000 43,000
300 Share Capital 60,000 60,000 60,000
301 Retained Earnings 85,464 85,464 85,464
400 Sales Revenue 118,224 118,224 118,224
401 Sales Returns and Allowances 1,008 1,008 1,008
402 Discount Received 201 201 201
403 Interest Revenue 582 582 582
500 Cost of Sales 70,016 70,016 70,016
511 Advertising Expense 4,000 4,000 4,000
516 Wages Expense 6,671 1,920 8,591 8,591
540 Rent Expense 4,850 4,850 4,850
541 Electricity Expense 254 254 254
542 Water Expense 112 112 112
543 Insurance Expense 850 850 850

5/18/2019 Practice set information
https://www.perdisco.com/resources/html/scenario/accPS3popup17.html 2/2
544 Office Supplies Expense 209 209 209
545 Salary Expense 4,400 4,400 4,400
560 Depn Expense: Cash Registers 76 76 76
561 Depn Expense: Store Fixtures 258 258 258
571 Interest Expense 215 215 215
572 Bank Charges 11 11 11
573 Discount Allowed 383 383 383
Totals 358,634 358,634 12,744 12,744 361,469 361,469 95,233 119,007 266,236 242,462
Profit/loss 23,774 23,774
Totals 119,007 119,007 266,236 266,236