Income Statement Dr. Cr. Trial Balance Dr. Cr. 13,200 a 22,000 5,400 25,000 0 15,600 b 0 0 Balance Sheet Dr. Cr 29,250 0 22,000 0 5.400 0 25,000 0 15,100 2 3 1 5 Account Title 5 Cash 7 CD'S B Other Securities B Loan Payable 0 Owner' Equity 1 Revenue 2 Interest Income 3 Utilities expense 4 Internet & Telephone 5 Advertising Expense 6 7 Rent Expense 8 Supplies expense 9 Insurance expense -0 1 Net income -2 -3 Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Adjustments Adj. T/Balance Dr. Cr. Dr. Cr. 20,000 b-h 3,950 29,250 0 22,000 0 5,400 0 25,000 500 0 15,100 a 20,000 0 20,000 0 0 300 300 0 150 150 0 300 300 0 0 0 2.000 2,000 0 450 450 0 250 0 23,950 23,950 60,100 60,100 20,000 0 0 0 0 0 d e 0 0 300 150 300 0 2,000 450 250 3,450 16,550 20,000 f 0 g h 0 40,600 250 40,600 0 0 20,000 0 20,000 56,650 0 56,650 40,100 16,550 56,650 1. Cash is overstated by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for $2000.00 for the month was paid on January 31. 6. The total revenue of $20,000.00 was collected in the month of January and deposited in the Bank. 8. Internet and Telephone expense for the month was $150.00 9. Advertising Expense for the month was $300.00. Required: Complete the above worksheet with the necessary adjusing or journal entries manually or utilize an excel worksheet if you can. Make the journal entries for thre above transactions or simply make adjusting entries to the worksheet provided. Prepare the Income Statement for Sample Co as of January 31, 2020. Prepare the Balance sheet as of January 31, 2020. Sample Co. Income Statement For the Period Ending January 31, 2020 $20,000 $20,000 1 2 3 4 5 Revenue 6 Revenue 7 Total Revenues 8 Expenses 9 Rent Expense 10 Telephone & Internet 11 Utilities Expense 12 Advertising Expense 13 Insurance Expense 14 Supplies Expense 15 Total Expenses 16 Net Income 2,000 $2,000 $18,000 17 18 Sample Co. Owner's Equity For the Period Ending January 31, 2020 Beginning Balnce, Dec. 31, 2019 Add Net Income Less withdrawals Ending Blance, January 31, 2020 $15,100 0 0 15,100 $ Sample Co. Balance Sheet As of January 31, 2020 $29,250 Assets Current Assets Cash CD's Other Securities Total Current Assets Total Assets $29,250 $29,250 Liabilities Loan Payable Total Liabilities $0 $0 Owner's Equity Owner's Equity Total Liabilities and Owner's Equity $0 $0
