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WORKSHEET

Fix-It Service Co.. which specializes in appliance repair services. is owned and
operated by Ronald Thorp. Fix-It Service Co.s accounting clerk prepared the
following unadjusted trial balance at December 31. 2015 :
Fix-It Service Co.
Trial Balance
December 31. 2015
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Building
Accumulated Depreciation
Building
Equipment
Accumulated Depreciation
Equipment
Accounts Payable
Unearned Rent
Share Capital-Ordinary
Retained Earnings
Dividend
Service Revenue
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Repair Expense
Miscellaneous Expense

Debit
4.200
20.600
6.000
1.450
100.000
181.500

Credit

95.700

80.100
35.300
7.500
7.200
157.100
5.000
257.200
101.800
28.200
15.000
12.100
4.050
$ 560.000

$ 560.000

The data needed to determine year-end adjustments are as follows:


a. Depreciation of building for the year. $6.300
b. Depreciation of equipment for the year. $2.400
c. Accrued salaries and wages at December 31. $1.720
d. Unexpired insurance at December 31. $3.500
e. Service Revenue but unbilled on December 31. $4.350
f. Supplies on hand at December 31. $375
g. Rent unearned at December 31. $2.800
Instruction :
1. Journalize the adjusting entries. Add accounts as needed.
2. Enter the trial balance on a ten column worksheet and complete the
worksheet.

ASISTENSI PENGANTAR AKUNTANSI 1 | TIM ASDOS

3. Prepare an Income Statement. Statement of Retained Earning and Statement


of Financial Position as December 31. 2015.

ASISTENSI PENGANTAR AKUNTANSI 1 | TIM ASDOS

Solution :
1.
No.
1

ADJUSTING ENTRIES
Account Titles& Explanations
Depreciation Expense Building

Ref

Debit ($)
6.300

Accumulated Depreciation - Building


Depreciation Expense Equipment

2.400

Accumulated Depreciation - Equipment


Salaries & Wages Expense

1.720

Salaries & Wages Payable


Insurance Expense

2.500

6.300
2.400
1.720

Prepaid Insurance

(Insurance Expired= 6.000 3.500 = 2.500)


Accounts Receivable

Service Revenue
Supplies Expense

2.500

4.350
4.350
1.075

Supplies

Credit ($)

1.075

(Supplies Exp = 1.450 375 = 1.075)


Unearned Rent
Rent Revenue

4.400
4.400

(Rent Revenue = 7.200 2.800 = 4.400)

ASISTENSI PENGANTAR AKUNTANSI 1 | TIM ASDOS

ASISTENSI PENGANTAR AKUNTANSI 1 | TIM ASDOS

No

Account Titles

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Buliding
Accum Depreciation-Building
Equipment
Accum Depreciation-Equipment
Accounts Payable
Salaries & Wages Payable
Unearned Rent
Share Capital Ordinary
Dividend
Service Revenue

16
17
18
19
20
21
22
23
24
25

Rent Revenue
Salaries & Wages Expense
Utilities Expense
Advertising Expense
Repair Expense
Depreciation Exp Building
Depreciation Exp - Equipment
Insurance Expense
Supplies Expense
Miscellaneous Expense
Net Income

Fix-It Service Co.


WorkSheet
For the year ended December 31. 2015
Adjusted Trial
Trial Balance
Adjustment
Balance
Dr
Cr
Dr
Cr
Dr
Cr
4.200
4.200
20.600
5) 4.350
24.950
6.000
4) 2.500
3.500
1.450
6) 1.075
375
100.000
100.000
181.500
181.500
95.700
1) 6.300
102.000
80.100
80.100
35.300
2)2.400
37.700
7.500
7.500
3) 1.720
1.720
7.200
7) 4.400
2.800
157.100
157.100
5.000
5.000
257.200
5)
261.550
4.
3
5
0
7) 4.400
4.400
101.800
3) 1.720
103.520
28.200
28.200
15.000
15.000
12.100
12.100
1) 6.300
6.300
2) 2.400
2.400
4) 2.500
2.500
6) 1.075
1.075
4.050
4.050
560.000
560.000
22.745
22.745
574.770
574.770

Income Statement
Dr

Cr

Balance Sheet
Dr
4.200
24.950
3.500
375
100.000
181.500

Cr

102.000
80.100
37.700
7.500
1.720
2.800
157.100
5.000
261.550

4.400
103.520
28.200
15.000
12.100
6.300
2.400
2.500
1.075
4.050
175.145
90.805
265.950

265.950

399.625

265.950

399.625

308.820
90.805
399.625

Lazlo Service Co.


Income Statement
For the year ended December 31. 2006
Revenues :
Service Revenue
Rent Revenue
Total Revenues

$ 261.550
4.400
$265.950

Expenses :
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Repair Expense
Depreciation Expense Building
Depreciation Expense Equipment
Insurance Expense
Supplies Expense
Miscellaneous Expense
Total Expenses
Net Income

$ 103.520
28.200
15.000
12.100
6.300
2.400
2.500
1.075
4.050
($175.145)
$ 90.805

Lazlo Service Co.


Statement of Retained Earnings
For the year ended December 31. 2006
R/E. Beginning
Add : Net Income
Less : Dividend
R/E. Ending

0
90.805
( 5.000)
$ 85.805

Lazlo Service Co.


Statement of Financial Position
December 31. 2006
ASSETS
Non-Current Assets
Equipment
Accumulated Depreciation Equipment
Building
Accumulated Depreciation Building
Land
Total Non-current Assets
Current Assets
Prepaid Insurance
Supplies
Accounts Receivable
Cash
Total Current Assets
Total Assets
EQUITY
Share Capital Ordinary
Retained Earnings
Total Equity
LIABILITIES
Accounts Payable
Salaries & Wages Payable
Unearned Rent

$
80.100
( 37.700)
181.500
(102.000)
100.000
$221.900
3.500
375
24.950
4.200
$ 33.025
$254.905

$157.100
85.805
$242.805

7.500
1.720
2.800

Total Liabilities
Total Equity and Liabilities

$ 12.020
$254.925