Trial Balance Income Statement

Cash 78400
Accounts Receivable 8900
Prepaid Advertising 2400
Prepaid Insurance 5500
Unused Office Supplies 1600
Furniture and Equipment 75000
Accumulated Depreciation 625
Accounts Payable 30000
Accrued Rent Expense 4000
Accrued Interest Expense 600
Unearned Legal Fees 5000
Loans Payable 60000
Macmod Capital 60000
Macmod Drawing 12000
Legal Fees Earned . 39400 .
Salary Expense 5500 5500
Rent Expense 4000 4000
Advertising Expense 1200 1200
Utilities Expense 1500 1500
Insurance Expense 500 500
Supplies Expense 900 900
Depreciation Ex[ense 625 625
Miscellaneous Expense 1000 1000
Interest Expense 600 600
Total 199625 199625 15825
Net Income 23575
39400
Closing Entries

Legal Fees Earned 39400

Salary Expense 5500
Rent Expense 4000
Advertising Expense 1200
Utilities Expense 1500
Insurance Expense 500
Supplies Expense 900
Depreciation Ex[ense 625
Miscellaneous Expense 1000
Interest Expense 600
Income Summary 23575

Income Summary 23575

Capital 23575
Capital 12000
Drawings 12000
Income Statement Balance Sheet Post Closing Trial Balance
78400 78400
8900 8900
2400 2400
5500 5500
1600 1600
75000 75000
625 625
30000 30000
4000 4000
600 600
5000 5000
60000 60000
60000 71575
12000
39400

39400 183800 160225 171800 171800

23575
39400 183800 183800
Income Statement
Legal Fees Earned 39400
Total Revenues 39400 39400
Salary Expense 5500
Rent Expense 4000
Advertising Expens 1200
Utilities Expense 1500
Insurance Expense 500
Supplies Expense 900
Depreciation Ex[en 625
Miscellaneous Exp 1000
Interest Expense 600
Total Expense 15825 15825
Net Income 23575
Changes in Equity
Beginning Capital 60000
Net Income 23575
Drawings 12000
Ending Capital 71575

Balance Sheet
Assets: Cash 78400
Accounts Receivable 8900
Prepaid Advertising 2400
Prepaid Insurance 5500
Unused Office Supplies 1600
Total Current Assets 96800

Furniture and Equipment 75000

Less: Accumulated Depreciation 625

Total Non-Current Assets 74375

Total Assets 171175

Liabilities: Accounts Payable 30000
Accrued Rent Expense 4000
Accrued Interest Expense 600
Unearned Legal Fees 5000

Total Current Liabilities 39600

Loan Payable 60000

Total Non-Current Liabilities 60000

Total Liabilities 99600

Macmod Capital 71575

Total Liabilities and Capital 171175
Adjusting Entries Below
 Adjusting Entries
1.) Bad Debt Expense
Allowance For Bad Debts

2.) Depreciation Expense-Furniture and Fixtures

Accumulated Depreciation-Furniture and Fixtures

3.) Depreciation Expense-Photocopying Equipment

Accumulated Depreciation-Photocopying Equipment

4.) Unused Supplies/Supplies

Supplies Expense

5.) Interest Receivable

Interest Income

6.) Interest Expense

Interest Payable

7.) Prepaid Advertising

 Advertising Expense

8.) Rental Income

Unearned Rental Income
 Trial Balance Adjustments
Dr Cr Dr Cr
Cash 37500
Accounts Receivable 28000
Notes Receivable 1000
Furniture and Fixtures 34500
Photo Copy Equipment 220000
Accounts Payable 26500
Loan Payable 58000
Note Payable 3000
Bugoy Capital 200000
Bugoy Drawings 5000
Service Income 150000
Rental Income 8000 1000
Salaries Expense 32000
Supplies Expense 60000 12400
Utilities Expense 10000
Advertising Expense 15500 1500
Miscellanous Expense 2000
Bad Debt Expense 500
Allowance For Bad Debts 500
Depreciation Expense-Furniture and Fixtures 1200
Accumulated Depreciation-Furniture and Fixtures 1200
Depreciation Expense-Photocopying Equipment 22000
Accumulated Depreciation-Photocopying Equipment 22000
Unused Supplies/Supplies 12400
Interest Receivable 20
Interest Income 20
Interest Expense 80
Interest Payable 80
Prepaid Advertising 1500
Unearned Rental Income 1000
Total 445500 445500 38700 38700
Net Income
Balance
 500
500

1200
1200

22000
22000

12400
12400

20
20

80
80

1500
 1500

1000
1000
 Adjusted Trial Balance Income Statement Balance Sheet Post-Closing Trial Balance
Dr Cr Dr Cr Dr Cr Dr Cr
37500 37500 37500
28000 28000 28000
1000 1000 1000
34500 34500 34500
220000 220000 220000
26500 26500 26500
58000 58000 58000
3000 3000 3000
200000 200000 222640
5000 5000
150000 150000
7000 7000
32000 32000
47600 47600
10000 10000
14000 14000
2000 2000
500 500
500 500 500
1200 1200
1200 1200 1200
22000 22000
22000 22000 22000
12400 12400 12400
20 20 20
20 20
80 80
80 80 80
1500 1500 1500
1000 1000 1000
469300 469300 129380 157020 339920 312280
27640 27640
157020 157020 339920 339920 334920 334920
 Changes In Equity Balance Sheet
Beginning Equity 200000 Assets
Net Income 27640 Cash
Less: Drawings 5000 Accounts Receivable
Ending Capital 222640 Notes Receivable
Furniture and Fixtures
Income Statement Photo Copy Equipment
Service Income 150000
Rental Income 7000
Interest Income 20
Total Revenues 157020

Salaries Expense 32000

Supplies Expense 47600
Utilities Expense 10000
Advertising Expense 14000
Miscellanous Expense 2000
Bad Debt Expense 500
Depreciation Expense-Furniture and Fixtures 1200
Depreciation Expense-Photo Copy Equipment 22000
Intrerest Expense 80
Total Expense 129380

Net Income 27640

 and Fixtures
py Equipment