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Elden Company Work Sheet For Year Ended June 30, 20-- TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT
| Elden Company | ||||||||||||
| Work Sheet | ||||||||||||
| For Year Ended June 30, 20-- | ||||||||||||
| TRIAL BALANCE | ADJUSTMENTS | ADJUSTED TRIAL BALANCE | INCOME STATEMENT | BALANCE SHEET | ||||||||
| ACCOUNT NAME | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | ||
| 1 | Cash | 5,184.00 | 0 | 0 | 0 | 5,184.00 | 0 | 0 | 0 | 5,184.00 | 0 | 1 |
| 2 | Accounts Receivable | 641.00 | 0 | 0 | 0 | 641.00 | 0 | 0 | 0 | 641.00 | 0 | 2 |
| 3 | Supplies | 383.00 | 0 | 0 | 135.00 | 248.00 | 0 | 0 | 0 | 248.00 | 0 | 3 |
| 4 | Prepaid Insurance | 1,124.00 | 0 | 0 | 405.00 | 719.00 | 0 | 0 | 0 | 719.00 | 0 | 4 |
| 5 | Equipment | 6,126.00 | 0 | 0 | 0 | 6,126.00 | 0 | 0 | 0 | 6,126.00 | 0 | 5 |
| 6 | Accum. Depr., Equipment | 0 | 1,644.00 | 0 | 600.00 | 0 | 2,244.00 | 0 | 0 | 0 | 2,244.00 | 6 |
| 7 | Van | 9,950.00 | 0 | 0 | 0 | 9,950.00 | 0 | 0 | 0 | 9,950.00 | 0 | 7 |
| 8 | Accumulated Depreciation, Van | 0 | 3,176.00 | 0 | 1,150.00 | 0 | 4,326.00 | 0 | 0 | 0 | 4,326.00 | 8 |
| 9 | Accounts Payable | 0 | 1,053.00 | 0 | 0 | 0 | 1,053.00 | 0 | 0 | 0 | 1,053.00 | 9 |
| 10 | B. Elden, Capital | 0 | 18,026.00 | 0 | 0 | 0 | 18,026.00 | 0 | 0 | 0 | 18,026.00 | 10 |
| 11 | B. Elden, Drawing | 15,320.00 | 0 | 0 | 0 | 15,320.00 | 0 | 0 | 0 | 15,320.00 | 0 | 11 |
| 12 | Fees Earned | 0 | 35,944.00 | 0 | 0 | 0 | 35,944.00 | 0 | 35,944.00 | 0 | 0 | 12 |
| 13 | Salaries Expense | 17,980.00 | 0 | 555.00 | 0 | 18,535.00 | 0 | 18,535.00 | 0 | 0 | 0 | 13 |
| 14 | Advertising Expense | 1,804.00 | 0 | 0 | 0 | 1,804.00 | 0 | 1,804.00 | 0 | 0 | 0 | 14 |
| 15 | Van Operating Expense | 480.00 | 0 | 0 | 0 | 480.00 | 0 | 480.00 | 0 | 0 | 0 | 15 |
| 16 | Utilities Expense | 725.00 | 0 | 0 | 0 | 725.00 | 0 | 725.00 | 0 | 0 | 0 | 16 |
| 17 | Miscellaneous Expense | 126.00 | 0 | 0 | 0 | 126.00 | 0 | 126.00 | 0 | 0 | 0 | 17 |
| 18 | 59,843.00 | 59,843.00 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | |
| 19 | Insurance Expense | 0 | 0 | 405.00 | 0 | 405.00 | 0 | 405.00 | 0 | 0 | 0 | 19 |
| 20 | Depr. Exp., Equipment | 0 | 0 | 600.00 | 0 | 600.00 | 0 | 600.00 | 0 | 0 | 0 | 20 |
| 21 | Depreciation Expense, Van | 0 | 0 | 1,150.00 | 0 | 1,150.00 | 0 | 1,150.00 | 0 | 0 | 0 | 21 |
| 22 | Salaries Payable | 0 | 0 | 0 | 555.00 | 0 | 555.00 | 0 | 0 | 0 | 555.00 | 22 |
| 23 | Supplies Expense | 0 | 0 | 135.00 | 0 | 135.00 | 0 | 135.00 | 0 | 0 | 0 | 23 |
| 24 | 0 | 0 | 2,845.00 | 2,845.00 | 62,148.00 | 62,148.00 | 23,960.00 | 35,944.00 | 38,188.00 | 26,204.00 | 24 | |
| 25 | Net Income | 0 | 0 | 0 | 0 | 0 | 0 | 11,984.00 | 0 | 0 | 11,984.00 | 25 |
| 26 | 0 | 0 | 0 | 0 | 0 | 0 | 35,944.00 | 35,944.00 | 38,188.00 | 38,188.00 | 26 | |
Required:
1. Prepare an income statement.
| Elden Company | ||
| Income Statement | ||
| For Year Ended June 30, 20-- | ||
| Revenue: | ||
| $ | ||
| Expenses: | ||
| $ | ||
| Total Expenses | ||
| Net Income | $ | |
2. Prepare a statement of owner's equity. Assume that there was an additional investment of $2,050 on June 10.
| Elden Company | ||
| Statement of Owner's Equity | ||
| For Year Ended June 30, 20-- | ||
| $ | ||
| $ | ||
| Subtotal | $ | |
| $ | ||
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Auditing Principles And Techniques
Authors: Prof. A.R. Solanki
1st Edition
9350533979, 9789350533970
