Question

SECRETALLS V. V. Selam M . T The Iolo 2 Ch pe r non solo December 2017 31 December 2017 com Salam Se dos acordo rados ante

Answer 1

Secretarial Service Adjusting Enteries Date Particulars Debit in $ Credit in $ 31.12.2017 Office Supplies Expense a/c Dr. 4940 To Office Supplies 4940 (Supplies Expensed) 7260 - 2320 = 4940 1185 31.12.2017 Insurance Expense a/c Dr. To Prepaid Insurance (Insurance expensed) 7260 - 540 1185 31.12.2017 Depreciation Expense a/c Dr. To Accum. Depre - Off.Equip. (To record depreciation) 7400 Dr. 260 31.12.2017 Salaries expense a/c To Salaries Payable (Salary accrued) 260 Dr. 830 31.12.2017 Electricity expense a/c To Accounts Payable (Expense accrued) 830 Dr. 425 31.12.2017 Telephone expense a/c To Accounts Payable (Expense accrued) 425 Dr. 250 31.12.2017 Interest Expense a/c To Interest Payable (Interest accrued) 250

Closing Enteries Date Particulars Debit in $ Credit in $ 31.12.2017 Income Summary a/c Dr. 96945 To Salaries expense 63510 To Advertising expense 2250 To Repairs expense 1260 To Sundry expense 7520 To Electricity expense 4235 To Telephone expense 3045 To Interest on bank loan expense 1350 To Office Supplies Expense 4940 To Insurance Expense 1185 To Depreciation Expense 7400 To Interest Expense 250 (Expense accounts closed) 126500 31.12.2017 Secretarial services revenue To Income Summary (Revenue accounts closed) 126500 Dr. 29555 31.12.2017 Income Summary a/c To V. Prim, Capital (Profits Transferred) 29555 Dr. 27000 31.12.2017 V. Prim, Capital a/c To V. Prim, Drawings (Drawings charged) 27000

Worksheet For the Month ending 31.12.2017 Particulars Cash at bank Office supplies Prepaid insurance Office equipment Accum. Depre.-office equipment Accounts Payable Interest Payable Salaries Payable Bank loan payable (non-current) V. Prim, Capital V. Prim, Drawings Secretarial services revenue Salaries expense Advertising expense Repairs expense Sundry expense Electricity expense Telephone expense Interest on bank loan expense Office Supplies Expense Insurance Expense Depreciation Expense Interest Expense Totals Unadjusted Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 6200 6200 7260 4940 2320 1725 1185 540 82800 82800 14600 7400 22000 1255 1255 250 250 260 260 50000 50000 15540 15540 27000 27000 126500 126500 63250 260 63510 2250 2250 1260 1260 7520 7520 3405 830 4235 2620 425 3045 1350 1350 4940 4940 1185 1185 7400 7400 250 250 206640 206640 1529015290215805 215805

126500 Statement of Income For the Month ending 31.12.2017 Secretarial services revenue Less: Salaries expense Advertising expense Repairs expense Sundry expense Electricity expense Telephone expense Interest on bank loan expense Office Supplies Expense Insurance Expense Depreciation Expense Interest Expense Net Income 63510 2250 1260 7520 4235 3045 1350 4940 1185 7400 250 96945 29555