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Worksheet December 31, 2019 Unadjusted Adjustments Adjusted Trial Balance DR CRDR CR DR CR 1800 2,300 3750 income Statement D

Coleson Services unadjusted trial balance at the end of December 2019 is presented below. Adjusting entries have not yet been made. Use the trial balance and the information below to complete the worksheet.

Dec 31 | Services were provided worth $450, to be paid next month
Dec 31 | The equipment was purchased at the beginning of the year and is expected to last four years w/t no residual value
Dec 31 | Of the balance of unearned revenue, $440 has been earned
Dec 31 | The amount in prepaid insurance is for an annual policy that was paid on September 1st, 2019

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Solution

Coleson Services

Accounting worksheet:

Coleson Services

Worksheet

December 31, 2019

Account Titles

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$1,800

-

-

-

$1,800

-

-

-

$1,800

-

Accounts Receivable

$3,300

-

$450

-

$3,750

-

-

-

$3,750

-

Prepaid Insurance

$2,400

-

-

$800

$1,600

-

-

-

$1,600

-

Equipment

$6,300

-

-

$6,300

-

-

-

$6,300

-

Accumulated Depreciation

-

-

-

$1,575

-

$1,575

-

-

-

$1,575

Accounts Payable

-

$2,900

-

$2,900

-

$2,900

-

-

-

$2,900

Unearned Revenue

-

$1,200

$440

-

-

$760

-

-

-

$760

Bank Loan

-

$1,200

-

-

-

$1,200

-

-

-

$1,200

Coleson Capital

-

$5,400

-

-

-

$5,400

-

-

-

$5,400

Coleson Withdrawals

$2,000

-

-

-

$2,000

-

-

-

$2,000

Service Revenue

-

$11,400

$890

-

$12,290

-

$12,290

-

-

Depreciation Expense

-

-

$1,575

-

$1,575

-

$1,575

-

-

-

Insurance Expense

-

-

$800

-

$800

-

$800

-

-

-

Maintenance Expense

$1,400

-

-

-

$1,400

-

$1,400

-

-

-

Rent Expense

$1,300

-

-

-

$1,300

-

$1,300

-

-

-

Salaries Expense

$1,900

-

-

-

$1,900

-

$1,900

-

-

-

Telephone Expense

$1,000

-

-

-

$1,000

-

$1,000

-

-

-

Travel Expense

$700

-

-

-

$700

-

$700

-

-

-

Sub-totals

$22,100

$22,100

$3,225

$6,165

$24,125

$24,125

$8,675

$12,290

$15,450

$11,835

Add: net income

$3,615

$3,615

Total

$22,100

$22,100

$3,225

$6,165

$24,125

$24,125

12,290

$12,290

$15,450

$15,450

Computations of adjustment balances:

  1. Services provided but unbilled –

Accounts Receivable $450 Dr

Service Revenue $450 Cr

  1. Depreciation expense on equipment –

Depreciation expense = cost/useful life

= 6,300/4 = $1,575

Depreciation expense = $1,575

Accumulated depreciation = $1,575

  1. Earned portion of unearned revenue:

Earned portion of unearned revenue = $440

Entry –

Unearned Revenue $440 Dr

Service Revenue $440 Cr

Balance in unearned revenue account = 1,200 – 440 = $760

The service revenue balance (as given) = $11,400

Add: accounts receivable = $450

Add: earned portion of unearned revenue = $440

Total service revenue = $12,290

  1. Insurance expense –

Prepaid insurance for 1 year (12 months) = $2,400

Expired portion of prepaid insurance, Sept 1 – Dec 31; 4 months = 2,400 x 4/12 = $800

Insurance expense = $800

Prepaid insurance = $2,400 - $800 = $1,600

  1. Net income = revenue – total expenses = $3,615

Net revenue is added to the capital account in balance sheet.

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