Answer:
Work sheet | ||||||||||
For the month ended January 31,2021 | ||||||||||
Unadjusted Trial balance | Adjustments | Adjusted Trial balance | Income Statement | Balance sheet | ||||||
Account title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
Cash | $3,400 | $3,400 | $3,400 | |||||||
Accounts receivable | $6,730 | $6,730 | $6,730 | |||||||
Prepaid insurance | $6,420 | $1,284 | $5,136 | $5,136 | ||||||
Supplies | $5,240 | $3,930 | $1,310 | $1,310 | ||||||
Land | $51,000 | $51,000 | $51,000 | |||||||
Building | $190,000 | $190,000 | $190,000 | |||||||
Accumulated depreciation-building | $11,000 | $317 | $11,317 | $11,317 | ||||||
Equipment | $27,000 | $27,000 | $27,000 | |||||||
Accumulated depreciation-equipment | $4,500 | $250 | $4,750 | $4,750 | ||||||
Accounts payable | $6,500 | $6,500 | $6,500 | |||||||
Interest payable | $911 | $911 | $911 | |||||||
Unearned revenue | $22,050 | $1,300 | $20,750 | $20,750 | ||||||
Mortgage payable | $182,200 | $182,200 | $182,200 | |||||||
H. Dude, Capital | $61,000 | $61,000 | $61,000 | |||||||
H. Dude, Drawings | $100,100 | $100,100 | $100,100 | |||||||
Service revenue | $235,650 | $1,300 | $236,950 | $236,950 | ||||||
Depreciation expense | $567 | $567 | $567 | |||||||
Insurance expense | $1,284 | $1,284 | $1,284 | |||||||
Interest expense | $5,710 | $911 | $6,621 | $6,621 | ||||||
Salaries expense | $115,300 | $115,300 | $115,300 | |||||||
Supplies expense [5,240 - 1,310] | $3,930 | $3,930 | $3,930 | |||||||
Utilities expense | $12,000 | $12,000 | $12,000 | |||||||
Totals | $522,900 | $522,900 | $7,992 | $7,992 | $524,378 | $524,378 | $139,702 | $236,950 | $384,676 | $287,428 |
Profit | $97,248 | $97,248 | ||||||||
Totals | $236,950 | $236,950 | $384,676 | $384,676 |
Calculations:
i. Insurance paid in June 1,2020 for 12 months. It means prepaid insurance balance on Jan .1,2020 showing for 5 months. [12 months - 7 months (June 1,2020 to Dec 31,2020)].
So, Insurance expense for the month of January = $6,420 x 1/5 = $1,284
ii. Supplies expense = Supplies, Unadjusted balance - Supplies, Ending balance = $5,240 - $$1,310 = $3,930
iii. Depreciation expense on building = ($190,000/50 years) x 1/12 = $317
Depreciation expense on equipment = ($27,000/9 years) x 1/12 = $250
iv. Interest expense on mortgage payable = $$182,200 x 6% x 1/12 = $911
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