Preah Kossomak Polytechnic Institute

Principle of Accounting

Summary of Review of Accounting Process
I. ?

-

II.
 Assets ១ (Assets):

(Accounting Equation Component)
+ Liabilities + Owner’s Equity

ក-

(Current Assets) :

-

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Preah Kossomak Polytechnic Institute
-

Principle of Accounting

-

ក ក

(Cash) (Account receivable) (Note receivable) (Inventory) (Office supplies) (Prepaid expenses “ prepaid rent, prepaid insurance….” ) (Short – term investment) (Marketable security) (Fixed Assets) :

+ + + (Land) (Building) (Machine) (Truck) (Equipment)

(Long – term investment) Property, Plant and Equipment

(Intangible asset) (Patent) (Copy rights) 2

Prepared by Lecturer YIN SOKHENG, Master in Finance

Preah Kossomak Polytechnic Institute
(Trade mark) (Good will)

Principle of Accounting

២ក-

(Liabilities):
(Short – Term Liabilities) :

-

(Account payable) (Note payable) (Interest payable) (Salaries payable) (Taxes payable) (Long – Term Liabilities) :

-

(Long-term note payable) (Bond payable) (Mortgage payable) (Long – term loan) (Long – term product warranty liabilities)

៣-

(Owner’s Equity) :

(

“ retained earnings” )

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Preah Kossomak Polytechnic Institute
III. Analysis Type or nature of accounts Assets Liabilities Equities Revenues Expenses Increase Decrease Decrease Increase Decrease Increase Decrease Increase Increase Decrease (Assets): ? ? Affects ( ( ( ( ( ( ( ( ( ( ) ) ) XXX ) ) XXX ) ) XXX ) ) ) XXX Debit ( XXX

Principle of Accounting

Double Entries ) Credit ( )

XXX XXX XXX XXX XXX

(Liabilities):
(Revenues) : (Expenses) : ? ? ? ? ? (Owner’s Equity) : ? ? ?

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Preah Kossomak Polytechnic Institute
IV.

Principle of Accounting
(the steps of accounting processing cycle) (Accounting Cycle) (Post/ After – Closing Trial Balance)។

4 Make end of period adjustments

1 Record business transactions 7 Make closing entries

General Journal

2 Post

Ledge r

8 Prepare

After-closing trial balance

3 Prepare
Trial

5 Prepare
Adjusted trial balance

6 Prepare

Financial statement and disclosure

1. 2. 3. 4. 5. 6. 7.

Joumnalize (record) transactions Post to ledger accounts Prepare a trial balance ( unadjusted trial balance) Make end – of – period adjustments in the general journal and post to ledger accounts repare an adjusted trial balance Prepare financial statement and and appropriate disclosures Journalize and post the closing entries to ledger accounts

balance

8. Prepare an after-closing trial balance

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Preah Kossomak Polytechnic Institute

Principle of Accounting

V.

(Financial Statement)

ឃ-

(Owners): ? ? ? (Creditors): ? ? (Employees): ? ? (Customers): ? ?

-

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Preah Kossomak Polytechnic Institute

Principle of Accounting

-

(Balance Sheet) (Income Statement) (Statement of Owner’s Equity)

ឃ-

(Statement of Cash Flows)

(Accounting policies and Explanatory note)

-

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Preah Kossomak Polytechnic Institute
AA ៣ ៧

Principle of Accounting

AA COMPANY Unadjusted Trial Balance The Month of 31 July 2007

Acc. N0

Account Titles
Cash Prepaid advertising Prepaid rent Land Building Accumulated depreciation, building Equipment Accumulated depreciat., equipment Account payable Note payable Mr. AA, Capital Withdrawals Service revenue Salaries expense Utilities expense

$ 500 $ 40,000 $1,050

Debit
$ 65,000 15,000 60,000 375,000 378,000

Credit

$ 33,600 90,000 48,000 8,500 470,000 381,000 10,100 87,000 5,000 21,250 8,750 $ 1,028,100 $ 1,028,100

Supplies expense

Total balance

$ 1,500 $ 700

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Preah Kossomak Polytechnic Institute

Principle of Accounting

១. ២. ៣. ៤. a. b. c. ៥. (Balance sheet) (Closing

(General journal) (General ledger) or T.accounts (Adjusted trial balance) (Financial statement) (Income statement) (Statement of owner’s equity)

entries

in

general

journal)

(General ledger) or T. accounts ៦. (Post-closing trial balance)

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Preah Kossomak Polytechnic Institute
General Journal

Principle of Accounting
Page 03 P.ref Debit
$ 15,000 $ 15,000 40,000 40,000 1,050 1,050 1,500 1,500 700 700 500 500

Date
2007 July 31 July 31 July 31 July 31 July 31 July 31

Account Titles & Explanation 1. Adjusting entries
Advertising expense Prepaid advertising Rent expense Prepaid rent Depreciation exp., building Accumulated dep., building Depreciation exp., equip Accumulated dep., equip. Interest expense Interest payable

Credit

Office supplies Supplies expense Total 5. Closing entries

$ 58,750
$ 87,000

$ 58,750

2007 July 31 July 31

Service revenue Income summary Income summary Supplies expense Salaries expense Utilities expense Advertising expense Rent expense Depreciation exp., building Depreciation exp., equip. Interest expense

$ 87,000 92,750 4,500 21,250 8,750 15,000 40,000 1,050 1,500 700 5,750 5,750 10,100 10,100

July 31 July 31

Mr. AA, Capital Income summary Mr. AA, Capital Withdrawals

Total

$ 195,600

$ 195,600
10

Prepared by Lecturer YIN SOKHENG, Master in Finance

Preah Kossomak Polytechnic Institute
T 2. Adjusting entries in journal and post to ledger
Office supplies 500 Supplies Expense B. 5,000 bal. 4,500 B. 21,250 0 Utilities Expense B. 8,750 0 Prepaid advertising Bal. 15,000 0 Prepaid rent B. 60,000 bal. 20,000 40,000 0 Depreciation Expe.,build bal. 1,050 0 Depreciation Expe.,equip bal. 1,500 0 Interest Expense bal. 700 0 Withdrawals bal. 10,100 0 10,100 700 1,500 B. 1,050 15,000 Advertising Expense bal. 15,000 0 Rent Expense bal. 40,000 40,000 15,000 8,750 500 4,500 21,250

Principle of Accounting


5. Closing entries
in journal and post to ledger

Service Revenue 87,000 87,000 bal. 0

Salaries Expense

2

Income Summary 92,750 bal. 5,750 0 87,000 5,750

1

3
Mr. AA, Capital 5,750 10,100 365,150 bal. 381,000 B.

Accumulated dep., building 33,600
1,050

B.

Accumulated dep., equip.
48,000 1,500 Interest payable 700

1

2

3

4

4

Processing of closing entries

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Preah Kossomak Polytechnic Institute
3. Adjusted Trial Balance

Principle of Accounting

AA COMPANY Adjusted Trial Balance The Month of 31 July 2007

Acc. N0

Account Titles
Cash Office supplies Prepaid rent Land Building Accumulated depreciation, building Equipment Accumulated depreciat., equipment Account payable Note payable Interest payable Mr. AA, Capital Withdrawals Service revenue Salaries expense Utilities expense
Advertising expense Rent expense Depreciation exp., building Depreciation exp., equip Interest expense

Debit
$ 65,000 500 20,000 375,000 378,000

Credit

$ 34,650 90,000 49,500 8,500 470,000 700 381,000 10,100 87,000 4,500 21,250 8,750
15,000 40,000 1,050 1,500 700

Supplies expense

Total Note:

$ 1,031,350

$1,031,350

 Followed by prepayment alternative
12

Prepared by Lecturer YIN SOKHENG, Master in Finance

Preah Kossomak Polytechnic Institute
4. Financial Statements

Principle of Accounting

a. Income Statement
AA COMPANY Income Statement For the Month of 31 July 2007

Service revenue
Less: Operating Expenses:

$ 87,000
$ 4,500 21,250 8,750
15,000 40,000 1,050 1,500 700

Supplies expense
Salaries expense Utilities expense
Advertising expense Rent expense Depreciation exp., building Depreciation exp., equip Interest expense

Total operating expenses Net Income (net loss)

$ 92,750
($ 5,750)

b. Statement of Owner’s Equity
AA COMPANY Statement of Owner’s Equity For the Month of 31 July 2007 Beg. Mr. AA, Capital
The changing in capital:

$ 381,000

Less: Net loss

$ 5,750
10,100

Withdrawals
Decrease in capital

($15,850)
$ 365,150

Ending Mr. AA, Capital

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Preah Kossomak Polytechnic Institute

Principle of Accounting

c. Balance Sheet
AA COMPANY Balance Sheet At the Month of 31 July 2007

Assets Current assets:
Cash Office supplies Prepaid rent $ 65,000 500 20,000

Total current assets Fixed assets:
Land Building Less: Accumulated dep., building $378,000 (34,650) $375,000

$ 85,500

Net building
Equipment Less: Accumulated dep., equipment $ 90,000 (49,500)

$343,350

Net equipment Total fixed assets Total assets Liabilities and Owner’s Equity Liabilities:
Account payable Note payable Interest payable

$40,500 $ 758,850 $ 844,350

$ 8,500 470,000 700

Total liabilities Owner’s Equity
Ending Mr. AA, Capital
Total liabilities and owner’s equity

$ 479,200
365,150

$ 844,350

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Preah Kossomak Polytechnic Institute

Principle of Accounting

Post – Closing Trial Balance AA COMPANY Post – Closing Trial Balance The Month of 31 July 2007

Acc. N0

Account Titles
Cash Office supplies Prepaid rent Land Building Accumulated depreciation, building Equipment Accumulated depreciat., equipment Account payable Note payable Interest payable Mr. AA, Capital

Debit
$ 65,000 500 20,000 375,000 378,000

Credit

$ 34,650 90,000 49,500 8,500 470,000 700 365,150

Total balance

$ 928,500

$ 928,500

០១

២០០៧

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Preah Kossomak Polytechnic Institute

Principle of Accounting

AA COMPANY Trial Balance 01 August 2007

Acc. N0

Account Titles
Cash Office supplies Prepaid rent Land Building Accumulated depreciation, building Equipment Accumulated depreciat., equipment Account payable Note payable Interest payable Mr. AA, Capital

Debit
$ 65,000 500 20,000 375,000 378,000

Credit

$ 34,650 90,000 49,500 8,500 470,000 700 365,150

Total balance

$ 928,500

$ 928,500

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Preah Kossomak Polytechnic Institute
២ ០១ Bright SKY Company ២០០១។ ។

Principle of Accounting

Jan. 01 Jan. 01 ៣ Jan. 02 Jan. 02 Jan. 02 $1,000 ( Jan. 03 Jan. 10 Jan. 15 $5,000 Jan. 20 Jan. 22 Jan. 25 Jan. 27 Jan. 31 Jan. 31 Jan. 31 ក CC 80 % $ 150 ៣១ ក ២០០១ $ 1,000 ១ CC ៥ ) $ 4,500 BB $ 6,000 $ 5,000

$ 80,000 $ 6,000, 10 %, 3 months

$ 500 $ 5,000 ២ $ 2,000 ។ $ 500 $300 Jan. 02 $ 2,000 $150 $100 $ 1,000

BB

$2,250

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Preah Kossomak Polytechnic Institute

Principle of Accounting

១. ២. ៣. ៤. ៥. ៦. a. b. ៧. ៨. SOLUTION

(General journal) (General ledger) T (Unadjusted trial balance) (Adjusted trial balance) (Financial statement): (Income Statement) (Balance Sheet) (Closing entries) (Post/ After-trial balance)

Prepared by Lecturer YIN SOKHENG, Master in Finance

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Journalize entries to record the all transactions, adjusting accounts, and closing entries.
General Journal

Preah Kossomak Polytechnic Institute

Principle of Accounting
Page 01

Date
2001 Jan. 01 Jan. 01 Jan. 02 Jan. 02 Jan. 02

Account Titles & Explanation 1.
Cash Capital Cash Note payable Prepaid rent Cash Office supplies Cash 0ffice equipment Cash Account payable

P.ref 100 500 100 320 120 100 130 100 220 100 300 100

Debit
$ 80,000

Credit

Record all transactions
$ 80,000 6,000 6,000 5,000 5,000 500 500 6,000 5,000 1,000 4,500 4,500 2,000 2,000 500 500 300 300 1,000 1,000 2,000 2,000 150 150 100 100 1,000 1,000

Jan. 03 Jan. 10 Jan. 15 Jan. 20 Jan. 22 Jan. 25 Jan. 27 Jan. 31 Jan. 31 Jan. 31

Cash Unearned rent revenue Cash Consulting service revenue No entry Office repair expense Cash Advertising expense Cash Account payable Cash Machine Capital Utilities expense Cash Telephone expense Cash Salaries expense Cash

310 100 600 710 100 730 100 300 100 230 600 740 100 750 100 760 100 $ 109,050

Total Prepared by Lecturer YIN SOKHENG, Master in Finance

$ 109,050

19

Preah Kossomak Polytechnic Institute

Principle of Accounting
Page: 02

4. Adjusting entries
2007 July 31 July 31 July 31 July 31 July 31 July 31 Rent expense Prepaid rent Supplies expense Office supplies Interest expense Interest payable Unearned rent revenue Rent revenue Account receivable Service revenue Depreciation exp., equipment Accumulated dep., equip.

700 120 720 130 770 330 310 610 110 620 780 221

2,500 2,500 350 350 50 50 2,250 2,250 4,000 4,000 100 100

Total 7. Closing entries
2007 July 31 Consulting service revenue Rent revenue Service revenue Income summary July 31 Income summary Rent expense Office repair expense Supplies expense Advertising expense Utilities expense Telephone expense Salaries expense Interest expense Depreciation exp., equip. July 31 Income summary Mr. AA, Capital

$9,250.00 600 610 620 900 900 700 710 720 730 740 750 760 770 780 900 500 $ 16,500
3,200 5,050 $ 2,000 2,250 4,000

$9,250.00

$ 8,250 2,500 500 350 300 150 100 1,000 50 100 3,200

Total

$ 16,500

Prepared by Lecturer YIN SOKHENG, Master in Finance

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2, 4, 7. Post to ledger
Cash Date 2001 Jan. 01 Jan. 01 Jan. 02 Jan. 02 Jan. 02 Jan. 03 Jan. 10 Jan. 20 Jan. 22 Jan. 25 Jan. 31 Jan. 31 Jan. 31 Account receivable Date 2001 Jan. 31 Prepaid rent Date 2001 Jan. 02 Jan. 31 Office supplies Date 2001 Jan. 02 Jan. 31

Preah Kossomak Polytechnic Institute

Principle of Accounting
Account N0: 100

Explanation

P.ref G.1 G.1 G.1 G.1 G.1 G.1 G.1 G.1 G.1 G.1 G.1 G.1 G.1

Debit $ 80,000 6,000

Credit

Balance $ 80,000 86,000

1.Record all transactions

5,000 500 5,000 4,500 2,000 500 300 1,000 150 100 1,000

81,000 80,500 75,500 80,000 82,000 81,500 81,200 80,200 80,050 79,950 78,950

Account N0: 110 Explanation P.ref G.2 Debit $ 4,000 Account N0: 120 Explanation P.ref G.1 Debit $ 5,000 $ 2,500 Account N0: 130 Explanation P.ref G.1 Debit $ 500 $ 350 21 Credit Balance $ 500 150 Credit Balance $ 5,000 2,500 Credit Balance $ 4,000

4. Adjusting entries

1. Record all transactions 4. Adjusting entries
G.2

1. Record all transactions 4. Adjusting entries
G.2

Prepared by Lecturer YIN SOKHENG, Master in Finance

Preah Kossomak Polytechnic Institute
Office equipment Date 2001 Jan. 02 Accumulated depreciation, equipment Date 2001 Jan. 31 Machine Date 2001 Jan. 27 Account payable Date 2001 Jan. 02 Jan. 25 Unearned rent revenue Date 2001 Jan. 03 Jan. 31 Not payable Date 2001 Jan. 01 Explanation P.ref G.1 Debit Explanation P.ref G.1 Debit Explanation P.ref G.1 G.1 Debit Explanation P.ref G.1 Debit Explanation P.ref G.2 Debit Explanation P.ref G.1 Debit

Principle of Accounting
Account N0: 220 Credit Balance $ 6,000 Account N0: 221 Credit $ 100 Account N0: 230 Credit Balance $ 2,000 Account N0: 300 Credit $ 1,000 1,000 Account N0: 310 Credit $ 4,500 $2,250 Account N0: 320 Credit $ 6,000 Balance $ 6,000 Balance $ 4,500 2,250 Balance $ 1,000 $0 Balance $ 100

1. Record all transactions
$ 6,000

4. Adjusting entries

1. Record all transactions
$ 2,000

1. Record all transactions

1. Record all transactions 4. Adjusting entries
G.2

1. Record all transactions

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Preah Kossomak Polytechnic Institute
Interest payable Date 2001 Jan. 31 Explanation P.ref G.2 Debit

Principle of Accounting
Account N0: 330 Credit $ 50 Balance $ 50

4. Adjusting entries

Capital Date 2001 Jan. 01 Jan. 27 Jan. 31 Explanation P.ref G.1 G.1 Debit

Account N0: 500 Credit $ 80,000 2,000 3,200 Balance $ 80,000 82,000 85,200

1. Record all transactions

7. Closing entries

G.2

Consulting service revenue Date Jan. 10 Jan. 31 Rent revenue Date Jan. 31 Jan. 31 Service revenue Date Jan. 31 Jan. 31 Rent expense Date 2001 Jan. 31 Jan. 31 Explanation P.ref G.2 Debit $ 2,500 $ 2,500 Explanation P.ref G.2 G.2 $4,000 Account N0: 700 Credit Debit Explanation P.ref G.2 G.2 $2,250 Debit Explanation P.ref G.1 G.2 $2,000 Debit Credit

Account N0: 600 Balance $2,000 $0 Account N0: 610 Credit $2,250 Balance $2,250 $0 Account N0: 620 Credit $4,000 Balance $4,000 $0 $2,000

1. Record all transactions

4. Adjusting entries 7. Closing entries

4. Adjusting entries 7. Closing entries

Balance $ 2,500 $0

4. Adjusting entries 7. Closing entries
G.2

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Preah Kossomak Polytechnic Institute
Office repair expense Date Jan. 20 Jan. 31 Supplies expense Date 2001 Jan. 31 Jan. 31 Advertising expense Date 2001 Jan. 22 Jan. 31 Utilities expense Date 2001 Jan. 31 Jan. 31 Telephone expense Date 2001 Jan. 31 Jan. 31 Salaries expense Date 2001 Jan. 31 Jan. 31 Explanation P.ref G.1 Debit Explanation P.ref G.1 Debit Explanation P.ref G.1 Debit Explanation P.ref G.1 Debit Explanation P.ref G.2 Debit Explanation P.ref G.1 G.2 Debit

Principle of Accounting
Account N0: 710 Credit $ 500 Account N0: 720 Credit Balance $ 350 $ 350 Account N0: 730 Credit Balance $ 730 $ 730 Account N0: 740 Credit Balance $ 150 $ 150 Account N0: 750 Credit Balance $ 100 $ 100 Account N0: 760 Credit Balance $ 1,000 $ 1,000 24 $0 $0 $0 $0 $0 Balance $ 500 $0 $ 500

1. Record all transactions 7. Closing entries

4. Adjusting entries
$ 350

7. Closing entries

G.2

1. Record all transactions
$ 730

7. Closing entries

G.2

1. Record all transactions
$ 150

7. Closing entries

G.2

1. Record all transactions
$ 100

7. Closing entries

G.2

1. Record all transactions
$ 1,000

7. Closing entries

G.2

Prepared by Lecturer YIN SOKHENG, Master in Finance

Preah Kossomak Polytechnic Institute

Principle of Accounting

Interest expense Date 2001 Jan. 31 Jan. 31 Explanation P.ref G.2 Debit

Account N0: 770 Credit $ 50 $ 50 Account N0: 780 P.ref G.2 Debit $ 100 $ 100 Account N0: 900 Explanation P.ref G.2 G.2 G.2 $ 5,050 3,200 Debit Credit $ 8,250 Balance $ 8,250 3,200 $0 Credit Balance $ 100 $0 Balance $ 50 $0

4. Adjusting entries 7. Closing entries
G.2

Depreciation expense, equipment Date 2001 Jan. 31 Jan.31 Income summary Date 2001 Jan. 31 Jan. 31 Jan. 31 Explanation

4. Adjusting entries 7. Closing entries

7. Closing entries

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Preah Kossomak Polytechnic Institute

Principle of Accounting

3.Unadjusted trial balance

Bright SKY COMPANY Unadjusted Trial Balance
w

31 January 2001

Acc. N0
100 120 130 220 230 310 320 500 600 710 730 740 750 760 Cash

Account Titles
Prepaid rent Office supplies Office equipment Machine Unearned rent revenue Not payable Capital Consulting service revenue Office repair expense Advertising expense Utilities expense Telephone expense Salaries expense

Debit
$ 78,950 5,000 500 6,000 2,000

Credit

$ 4,500 6,000 82,000 2,000 500 300 150 100 1,000

Total

$ 94,500

$ 94,500

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Preah Kossomak Polytechnic Institute
5. Adjusted trial balance

Principle of Accounting

Bright SKY COMPANY Adjusted Trial Balance 31 January 2001

Acc. N0
100 110 120 130 220 221 230 310 320 321 500 600 610 620 700 710 720 730 740 750 760 770 780 Cash

Account Titles
Account receivable Prepaid rent Office supplies Office equipment Accumulated dep., equipment Machine Unearned rent revenue Not payable Interest payable Capital Consulting service revenue Rent revenue Service revenue Rent expense Office repair expense Supplies expense Advertising expense Utilities expense Telephone expense Salaries expense Interest expense Depreciation expense, equipment

Debit
$ 78,950 4,000 2,500 150 6,000

Credit

$ 100 2,000 2,250 6,000 50 82,000 2,000 2,250 4,000 2,500 500 350 300 150 100 1,000 50 100

Total

$ 98,650

$ 98,650

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Preah Kossomak Polytechnic Institute

Principle of Accounting

6. Financial Statement

Bright SKY COMPANY Income Statement For the Month of 31 January 2001
Consulting service revenue Rent revenue Service revenue Total revenue Less: Operating Expenses: Rent expense Office repair expense Supplies expense Advertising expense Utilities expense Telephone expense Salaries expense Interest expense Depreciation expense, equipment Total operating expenses $ 2,500 500 350 300 150 100 1,000 50 100 $ 5,050 $ 2,000 2,250 4,000 $ 8,250

Net income

$ 3,200

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Preah Kossomak Polytechnic Institute

Principle of Accounting

AA COMPANY Balance Sheet At the Month of 31 July 2007

Current assets:
Cash Account receivable Prepaid rent Office supplies $ 78,950 4,000 2,500 150

Assets

Total current assets

$ 85,600
$ 6,000 (100)

Fixed assets:
Office equipment Less: Accumulated dep., equipment

Net equipment
Machine

$5,900
2,000

Total fixed assets Total assets Liabilities and Owner’s Equity Liabilities:
Unearned rent revenue Not payable Interest payable $ 2,250 6,000 50

$ 7,900 $ 93,500

Total liabilities Owner’s Equity
Capital Add: Net income $ 82,000 3,200

$ 8,300

Total owner’s equity
Total liabilities and owner’s equity

$ 85,200 $ 93,500

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Preah Kossomak Polytechnic Institute
8.Post-closing trial balance

Principle of Accounting

Bright SKY COMPANY Post-Closing Trial Balance 31 January 2001

Acc. N0
100 110 120 130 220 221 230 310 320 321 500 Cash

Account Titles
Account receivable Prepaid rent Office supplies Office equipment Accumulated dep., equipment Machine Unearned rent revenue Not payable Interest payable Capital

Debit
$ 78,950 4,000 2,500 150 6,000

Credit

$ 100 2,000 2,250 6,000 50 85,200

Total

$ 93,600

$93,600

Prepared by Lecturer YIN SOKHENG, Master in Finance

30

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