Gig n Spin Consultancy Services

Trial Balance

December 31^st 2015

	DR	CR
Cash	120,000
Accounts receivable	65,000
Supplies	25,000
Lease Hold Improvement	100,000
Accumulated depreciation - Leasehold Improvement		40,000
Furniture and Fixtures	500,000
Accumulated depreciation - Furniture and Fittings		300,000
Accounts payable		25,000
Salary Payable
Unearned service revenue		18,500
Sam Gig, Capital		223,200
Sam Gig, Withdrawal	148,000
Service revenue		398,800
Salary expense	39,000
Supplies Expense
Rent Expense
Depreciation expense -Leasehold Improvement
Depreciation expense - Furniture and Fixtures
Advertising expense	8,500
	1,005,500	1,005,500

Data presented for the adjusting entries include the following:

1.) Prepare the adjusted journal entries for the above transactions

a. Rent expense of $100,000 paid for the year was debited to Sam Gigs withdrawal account as a result of an oversight on the part of the Data Entry Clerk and this remained unadjusted as at year end.

b. The company paid $13,000 on account for a credit purchase made earlier in the year but this entry was not recorded at year end.

c. Supplies on hand at year end, $15,000.

d. Depreciation on Leasehold improvement, $20,000.

e. Depreciation on Furniture and Fixtures, $100,000.

f. Salaries owed but not yet paid, $12,000.

g. Accrued service revenue, $18,000.

h. $14,000 of the unearned service revenue has been earned.