FINANCIAL ACCOUNTING 1 (BOOKKEEPING)

FINALS – EXERCISE 4

Individual Activity

Direction:

Based on the given trial balance and adjusted trial balance, give the following:
1. Adjusting entries
2. Income Statement (column)
3. Balance Sheet (column)
4. Capital Statement (column)
5. Income Statement – Report Form
6. Balance Sheet – Report Form
7. Capital Statement – Report Form
8. Closing Entries
9. Post-closing Trial Balance

Q Delivery Service
Worksheet
December 31 2010

Trial Balance Adjusted Trial Balance

Accounts
Debit Credit Debit Credit
Cash 1,450,000 1,450,000
Accounts Receivable 760,000 760,000
Prepaid Rent 210,000
Prepaid Insurance 675,000 225,000
Office Supplies 225,000 50,000
Office Equipment 985,000 985,000
Accumulated depreciation, office equipment 235,000 320,000
Delivery equipment 8,560,000 8,560,000
Accumulated Depreciation, delivery equipment 2,000,000 3,420,000
Accounts payable 240,000 240,000
Office salaries payable 250,000
Truck driver’s wages payable 80,000
Unearned delivery fees 420,000 270,000
Q. Capital 8,655,000 8,655,000
Q, Drawing 3,510,000 3,510,000
Delivery fees earned 15,640,000 15,790,000
Office rent expense 660,000 760,000
Garage rent expense 660,000 770,000
Office salaries expense 3,650,000 3,900,000
Telephone expense 295,000 295,000
Office supplies used 175,000
Truck driver’s wages 4,230,000 4,310,000
Gas, oil, and repairs 1,320,000 1,320,000
Insurance expense 450,000
Depreciation, delivery equipment 1,420,000
Depreciation, office equipment 85,000
27,190,000 27,190,000 29,025,000 29,025,000