Elegant Home Decors

Worksheet
For the year ended December 31,20A

Income Statement Balance Sheet

Particulars Debit Credit Debit Credit
Cash In Bank 280,000
Accounts Recievable 60,000
Estimated Uncollectible Accounts 5,000
Unused Supplies 20,000
Prepaid Insurance 2000
Service Vehicle 310,000
Acc.Depreciation-Service Vehicle 25,000
Accounts Payable 150,000
Accrued Rent Expense 18,000
Cash In Bank 10,000
E.Sardido,Capital 468,500
E.Sardiro,Drawing 15,000
Service Income 394,000
Utilities Expense 75,000
Salaries Expense 260,500
Uncollectible Accounts 2,000
Depreciation Expense 28,000
Insurance Expense 3,000
Supplies Used 15,000
SUB TOTAL 383,500 394,000 687,000 676,500
PROFIT 10,500 10,500
TOTAL 394,000 394,000 687,000 687,000
 Elegant Home Decors
Income Statement
For the year Ended December 31,20A
Revenue:
Service Income 394,000
Operating Expenses:
Utilities Expense 75,000
Salaries Expense 260,500
Uncollectible Accounts 2,000
Depreciation Expense 28,000
Insurance Expense 3,000
Supplies Used 15,000 383,500
PROFIT 10,500
 Elegant Home Decors
Balance Sheet
As of December 31,20A
ASSETS
Current Assets: Current Liabilities:
Cash in Bank 280,000
Accounts Recievable 60,000
Less:Est.Uncollectible Accounts 5,000 55,000
Unused Supplies 20,000
Prepaid Insurance 2,000
Total Current Assets 357,000

Non-Currents Assets:
Service Vehicle 310,000
Acc.Depreciation-Service Income 25,000 285,000
285,000

TOTAL ASSETS 642,000

 me Decors
e Sheet
mber 31,20A
LIABILITIES
Current Liabilities:
Accounts Payable 150,000
Accrued Rent Expense 18,000
Accrued Utilities 10,000
178,000

OWNER'S EQUITY
P.Cajegas,Capital 464,000

TOTAL LIABILITIES AND 642,000

OWNER'S EQUITY
 Elegant Home Decors
Closing Entries
For the year ended December 31,2021
20A Particulars Debit Credit
Dec.31 Service Income 394,000
Income & Expense Summary 394,000
To close Income to the Income and
Expenses Summary Account

Income & Expense Summary 383,500

Utilities Expense 75,000
Salaries Expense 260,500
Uncollectible Accounts 2,000
Depreciation Expense 28,000
Insurance Expense 3,000
Supplies Used 15,000
To close all Expense accounts to
Income and Expense Summary

Income & Expense Summary 10,500

E.Sardido Capital 10,500
To close Profit to Capital Account

E.Sardido,Capital 15,000
E.Sardido Drawing 15,000
To close Drawing To Capital Account
 Elegant Home Decors
Post-closing Trial Balance
Dec.31,20A
Account Title Debit Credit
Cash In Bank 280,000
Accounts Recievable 60,000
Estimated Uncollectible Accounts 5,000
Unused Supplies 20,000
Prepaid Insurance 2,000
Service Vehicle 310,000
Acc.Depreciation-Service Vehicle 25,000
Accounts Payable 150,000
Accrued Rent Expense 18,000
Accrued Utilities 10,000
E.Sardido,Capital 464,000
TOTAL 672,000 672,000
 Elegant Home Decors
Opening Entry
January 1,20B
Account Title Debit Credit
Cash in Bank 280,000
Account Receivable 60,000
Unused Supplies 20,000
Prepaid Insurance 2,000
Service Vehicle 310,000
Estimated Uncollectible Accounts 5,000
Acc.Depreciation 25,000
Accounts Payable 150,000
Accrued Rent Expense 18,000
Accrued Utilities 10,000
E.Sardido Capital 464,000
To take up opening entry
on January 1,20B
 Elegant Home Decors
Statement of Changes in Owner's Equity
For the month ended December 31,20A
E.Sardido, Capital - December 31,20A 468,500

Profit: 10,500
Total 479,000
Less: Withdrawal 15,000
E.Sardido, Capital - December 31,20A 464,000