ZABALA AUTO SUPPLIES

Work Sheet
January 31, 2021
Unadjusted Adjustments Adjusted
Trial Balance Trial Balance
Debit Credit Debit Credit Debit
Cash 403,000 403,000
Account Receivables 10,000 10,000
Office Supplies 3,000 2,000 1,000
Van 300,000 300,000
Furniture and Fixture 100,000 100,000
Accounts Payble - -
Utilities Payable - -
Zabala, Capital 1,500,000
Zabala, Drawings 20,000 20,000
Sales 380,000
Sales Discount 2,000 2,000
Purchases 950,000 950,000
Purchases Discount 10,000
Gas and Oil Expense 4,000 4,000
Insurance Expense 12,000 11,000 1,000
Rent Expense 60,000 50,000 10,000
Salaries Expense 22,000 2,000 24,000
Utilities Expense 4,000 4,000
TOTAL 1,890,000 1,890,000
Prepaid Insurance 11,000 11,000
Prepaid Rent 50,000 50,000
Office Supplies Expense 2,000 2,000
Merchandise Inventory 50,000 50,000
Income Summary 50,000
Salaries Payable 2,000
Depreciation Expense-Van 4,000 4,000
Accumulated Depreciation-Van 4,000
Depreciation Expense-Furniyure and Fixture 1,667 1,667
Accumulated Depreciation-Furniture and Fixture 1,667
TOTAL 120,667 120,667 1,947,667
Net Loss
TOTALS

ZABALA AUTO SUPPLIES

Income Statement
For the Year Ended January 31, 2021

Sales 380,000
Sales Discount -2,000
Net Sales 378,000
Less: Cost of Good Sold
Beggining, Inventory -
Purchases 950,000
Purchase Discount -10,000 940,000
Ending, Inventory 50,000 890,000
Gross Profit 512,000

Less: Expenses
Salaries Expense 24,000
Rent Expense 10,000
Depreciation Expense-Van 4,000
Utilities Expense 4,000
Gas and Oil Expense 4,000
Office Supplies Expense 2,000
Depreciation Expense-Furniture and Fixture 1,667
Insurance Expense 1,000 50,667
Net Loss 561,333

General Journal
Date
2021 Particulars F Debit Credit
January 31 Income Summary 50,000
Purchase Discount 10,000
Purchases 950,000
Salaries Expense 24,000
Rent Expense 10,000
Depreciation Expense-Van 4,000
Utilities Expense 4,000
Gas and Oil Expense 4,000
Office Supplies Expense 2,000
Sales Discount 2,000
Depreciation Expense-Furniture and Fixture 1,667
Insurance Expense 1,000
31 Sales 380,000
Purchase Discount 10,000
Income Summary 50,000
 Income Statement Statement of
Trial Balance Financial Position
Credit Debit Credit Debit Credit
403,000
10,000
1,000
300,000
100,000
-
-
1,500,000 1,500,000
20,000
380,000 380,000
2,000
950,000
10,000 10,000
4,000
1,000
10,000
24,000
4,000

11,000
50,000
2,000
50,000
50,000 50,000
2,000 2,000
4,000
4,000 4,000
1,667
1,667 1,667
1,947,667 1,002,667 440,000 945,000 1,507,667
562,667 562,667
1,002,667 1,002,667 1,507,667 1,507,667

ZABALA AUTO SUPPLIES

Statement of Change in Equity
For the Year Ended January 31, 2021
Owner's Capital, Beggining 1,500,000
Less: Net Loss 562,667
Owner's Drawing 20,000 582,667
Owner's Capital, End 917,333

ZABALA AUTO SUPPLIES

Statement of Financial Position
As of January 31, 2021

ASSETS
Current Asset
Cash 403,000
Accounts Recievable 10,000
Office Supplies 1,000
Prepaid Rent 11,000
Prepaid Insurance 50,000
Merchandise Inventory 50,000
Non-current Assets
Fixed Asset
Furniture and fixture 100,000
Van 300,000
Depreciation expense-van 4,000
Depreciation expense-F and F 1,667
Contra asset
Accumulated Depreciatio-Van 4,000
Accumulated Depreciation-F and F 1,667