![Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Accounts Debit Credit Debit Credit](//img.homeworklib.com/questions/c8a4a5e0-7945-11ea-8960-99543dfe0f29.png?x-oss-process=image/resize,w_560)
![Credit Statement of Changes in Equity | Beginning Capital - J.Brown $1,42,560 Add: Net Income $ 95,020 Less: Drawings $ -5,00](//img.homeworklib.com/questions/c916c9b0-7945-11ea-ba7b-a5ebe4f97817.png?x-oss-process=image/resize,w_560)
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Accounts Debit Credit Debit Credit Debit Credit / Debit Credit Debit Credit Cash at bank $ 1,09,690 $ 5,000 $ 1,04,690 $ 1,04,690 Accounts Receivable $ 65,200 $ 65,200 $ 65,200 GTS Receivable $ 4,400 $ 4,400 $ 4,400 Prepaid Rent $ 12,000 $ 2,400 $ 9.600 $ 9,600 Motor Vehicles $ 2,32,300 $ 2,32,300 $ 2,32,300 Accumulated Depreciation - Motor Vehicle $ 12,940 $ 23,000 $ 35,940 $ 35,940 Accounts Payable $ 9,100 $ 9,100 $ 9,100 Loan Payable $ 1,11,000 1.11,000 $ 1,11,000 Unearned Revenue $ 2,770 $ 2,770 $ 2,770 GST payable $ 6,600 $ 6,600 $ 6,600 Salary Payable $ 12,000 $ 12,000 $ 12,000 Marketing Expenses payable S 1,200 $ 1.200 $ 1.200 Capital - J.Brown $ 1,47,560 S 5,000 $ 1,42,560 $ 1,42,560 Service Revenue $ 1,67,300 $ 1,67,300 $ 1,67,300 Salaries Expenses 10,610 $ 12,000 $ 22,610 $ 22,610 Insurance Expenses 8.680 8,680 $ 8,680 Marketing Expenses 9,770 S 1,200 $ 10,970 $ 10,970 Telephone Expenses 4,620 $ 4,620 $ 4,620 Rent Expenses S 2,400 2,400 $ 2,400 Depreciation Expenses **see below $23,000 $ 23,000 $ 23,000 $ 4,57,270 $ 4,57,270 S43,600 $43,600 $ 4,88,470 $ 4,88,470 $ 72,280 $ 1,67,300 $ 4,16,190 $ 3,21,170 ** Depreciation Expenses =(232300-2300)/10 Net Income S 95,020 $ 95,020 '=23000 per year Totals $1,67,300 $1,67,300 $4,16,190 $4,16,190
Credit Statement of Changes in Equity | Beginning Capital - J.Brown $1,42,560 Add: Net Income $ 95,020 Less: Drawings $ -5,000 Ending Capital - J.Brown $2,32,580 | $ 1,67,300 Closing entries Date Date Accounts Title Accounts Title Debit Jun-30 Service Revenue $ 1,67,300 Income Summary Jun-30 Income Summary $ 72.280 Salaries Expenses Insurance Expenses Marketing Expenses Telephone Expenses Rent Expenses Depreciation Expenses Jun-30 Income Summary $ 95,020 Retained Earnings $ $ $ $ $ $ 22,610 8,680 10,970 4,620 2,400 23,000 $ 95,020