ACC310 IP5
CEMBEE2307
ACC310_U5_Closing_Entries_Worksheet.docx|
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Unadjusted |
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Adjusted |
Income |
Balance Sheet / |
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Trial Balance |
Adjustments |
Trial Balance |
Statement |
Owner's Equity |
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Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
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Cash |
10375 |
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10375 |
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|
10375 |
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Prepaid Insurance |
1000 |
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b) 200 |
800 |
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|
800 |
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Supplies |
225 |
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a) 50 |
175 |
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|
175 |
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Automobile |
15000 |
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|
15000 |
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|
15000 |
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Accum. Depr. |
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1000 |
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c) 1000 |
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2000 |
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|
2000 |
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Franki Valley, Capital |
|
18000 |
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|
18000 |
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|
18000 |
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Franki Valley, Drawing |
400 |
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|
400 |
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|
400 |
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Commission Revenue |
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8000 |
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|
8000 |
|
8000 |
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Depreciation expense |
0 |
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c) 1000 |
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1000 |
|
1000 |
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Supplies expense |
0 |
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a) 50 |
|
50 |
|
50 |
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|
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Insurance expense |
0 |
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B) 200 |
|
200 |
|
200 |
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|
|
|
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27000 |
27000 |
1250 |
1250 |
28000 |
28000 |
1250 |
8000 |
26750 |
20000 |
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net income |
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|
6750 |
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|
6750 |
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|
8000 |
8000 |
26750 |
26750 |
