PREPARATION OF WORKSHEET

ASSIGNMENT/ACTIVITY NO.3

MODERN APPLIANCE STORE

WORKSHEET
31-Dec-19

UNADJUSTED TRIAL BAL ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DATE ITEMS
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

CASH 255,430 255,430 255,430

NOTES RECEIVABLE 60,000 60,000 60,000
ACCOUNTS RECEIVABLE 275,600 275,600 275,600
MERCHANDISE INVENTORY 1,578,650 1,578,650 1,578,650
PREPAID INSURANCE 12,000 (d) 6,000 6,000 6,000
OFFICE SUPPLIES 6,250 (e) 1,400 4,850 4,850
VAT INPUT TAX 22,400 (j) 22,400
DELIVERY EQUIPMENT 500,000 500,000 500,000
ACCU. DEPRECIATION - D.E. 50,000 (f) 50,000 100,000 100,000
STORE EQUIPMENT 150,000 150,000 150,000
ACCU. DEPRECIATION - S.E. 15,000 (f) 15,000 30,000 30,000
OFFICE EQUIPMENT 50,000 50,000 50,000
ACCU. DEPRECIATION - O.E. 10,000 (g) 10,000 20,000 20,000
ACCOUNTS PAYABLE 945,650 945,650 945,650
NOTES PAYABLE 100,000 100,000 100,000
VAT OUTPUT TAX 30,800 (j) 30,800
JENNY, CAPITAL 1,505,945 1,505,945 1,505,945
JENNY, DRAWING 60,000 60,000 60,000
SALES 3,760,600 3,760,600 3,760,600
SALES RETURN & ALLOW. 37,500 37,500 37,500
SALES DISCOUNTS 50,650 50,650 50,650
PURCHASES 2,625,250 2,625,250 2,625,250
PURCHASES RETURN & ALLOW. 26,250 26,250 26,250
PURCHASES DISCOUNTS 40,560 40,560 40,560
FREIGHT IN 60,250 60,250 60,250
SALES SALARY EXPENSE 215,675 (h) 10,000 225,675 225,675
ADVERTISING EXPENSE 33,000 (h) 3,000 36,000 36,000
COMMISSION EXPENSE 75,250 75,250 75,250
DELIVERY EXPENSE 112,500 112,500 112,500
MISC. SELLING EXPENSE 12,450 12,450 12,450
OFFICE SALARY EXPENSE 125,900 (h) 5,000 130,900 130,900
RENT EXPENSE 110,000 (h) 10,000 120,000 120,000
INSURANCE EXPENSE 12,000 (d) 6,000 18,000 18,000
SUPPLIES EXPENSE 16,800 (e) 1,400 18,200 18,200
TAX EXPENSE 10,250 10,250 10,250
MISC. GENERAL EXPENSE 6,200 6,200 6,200
INTEREST INCOME 1,200 (c) 1,800 3,000 3,000
INTEREST EXPENSE 12,000 12,000 12,000
6,486,005 6,486,005

INCOME SUMMARY (a) 1,578,650 1,578,650 1,578,650

MDSE. INVENTORY Jan 1 (a) 1,578,650 1,578,650 1,578,650
MDSE. INVENTORY Dec 31 (b) 1,650,620 1,650,620 1,650,620
 PREPARATION OF WORKSHEET
ASSIGNMENT/ACTIVITY NO.3
INCOME SUMMARY (b) 1,650,620 1,650,620 1,650,620
INTEREST RECEIVABLE (c) 1,800 1,800 1,800
DEPRECIATION EXP.-D & S.E. (f) 65,000 65,000 65,000
DEPRECIATION - O.E. (g) 10,000 10,000 10,000
ACCRUED SUNDRY PAYABLE (h) 28,000 28,000 28,000
BAD DEBTS (i) 37,606 37,606 37,606
ALLOWANCE FOR DOUBTFUL (i) 37,606 37,606 37,606
VAT PAYABLE (j) 8,400 8,400 8,400
3,409,876 3,409,876 9,835,281 9,835,281 8,433,995 7,059,680 1,401,286 2,775,601
1,374,315 1,374,315
8,433,995 8,433,995 2,775,601 2,775,601
PREPARATION OF WORKSHEET
ASSIGNMENT/ACTIVITY NO.3
PREPARATION OF WORKSHEET
ASSIGNMENT/ACTIVITY NO.3