Business name:

Account Trial balance Adjusting entries

Debit Credit Debit

Cash 231,487.50

Merchandise Inventory 380,000.00

Accounts Receivable

Prepaid Rent 240,000.00

Furniture & Fixtures 45,000.00

Accumulated Depreciation

Office Equipment 50,000.00

Depreciation Exp. Office Equipment 500.00

Accounts Payable 249,362.50

Loans Payable 400,000.00

Edna, Capital 345,000.00

Edna, Drawing 2,500.00

Sales 23,000.00

Purchases 403,375.00

Freight In 5,000.00

Purchases Returns & Allowances 12,000.00

Freight Out 1,500.00

Salaries and Wages 45,000.00

Utilities 5,500.00

Adjustments

Income and Expense Summary

Interest Receivable 3,500.00

Interest Revenue

Rent Expense 20,000.00

Total 1,029,362.50 1,029,362.50 404,000.00

Net Income
Total
 Accounting period:

Adjusting entries Adjusted trial balance Income statement Balance sheet

Credit Debit Credit Debit Credit Debit

231,487.50 231,487.50

380,000.00 380,000.00

20,000.00 220,000.00 220,000.00

45,000.00 45,000.00

500.00 500.00

50,000.00 50,000.00

500.00 500.00

249,362.50

400,000.00

345,000.00

2,500.00 2,500.00

23,000.00

403,375.00 403,375.00

5,000.00 5,000.00

12,000.00

1,500.00 1,500.00

45,000.00 45,000.00

5,500.00 5,500.00

380,000.00 380,000.00 380,000.00

 3,500.00 3,500.00

3,500.00 3,500.00 3,500.00

20,000.00 20,000.00

404,000.00 1,413,362.50 1,413,362.50 71,000.00 383,500.00 1,342,362.50

312,500.00
383,500.00 383,500.00 1,342,362.50
Balance sheet

Credit

500.00

249,362.50

400,000.00

345,000.00

23,000.00

12,000.00
1,029,862.50

312,500.00
1,342,362.50