Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr Cr. Dr. Cr. Dr Cr. Dr. Cr. Dr Cr. Cash 13,200 a 20,000 b-h 3,950 29,250 0 29,250 0 CD'S 22,000 22,000 22,000 0 Other Securities 5,400 5,400 O 5,400 0 Loan Payable 25,000 25,000 25,000 0 Owner' Equity 0 15,600 b 500 0 15,100 0 15, 100 1 Revenue 0 a 20,000 0 20,000 0 20,000 2 Interest Income 0 0 0 0 0 3 Utilities expense O C 300 300 0 300 0 4 Internet & Telephone O d 150 150 0 150 O 5 Advertising Expense e 300 300 0 300 0 0 0 7 Rent Expense 2,000 2,000 0 2,000 8 Supplies expense 450 450 0 450 9 Insurance expense 0 250 250 O 250 O O O 40,600 40,600 23,950 23,950 60,100 60,100 3,450 20,000 56,650 40,100 1 Net income 16,550 0 0 16,550 2 20,000 20,000 56,650 56,6501. 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. 0. 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 thejournal entries for thre above transactions or simply make adjusting entries to the worksheet provided. Prepare the Income Statement for Sample 00 as of January 31, 2020. Prepare the Balance sheet as ofJanuary 31, 2020. Sample Co. Income Statement For the Period Ending January 31, 2020 5 Revenue 6 Revenue $20,000 7 Total Revenues $20,000 8 Expenses 9 Rent Expense 2,000 10 Telephone & Internet 11 Utilities Expense 12 Advertising Expense 13 Insurance Expense 14 Supplies Expense 15 Total Expenses $2,000 16 Net Income $18,000 17 18Sample Co. Owner's Equity For the Period Ending January 31, 2020 Beginning Balnce, Dec. 31, 2019 $15,100 Add Net Income Less withdrawals O Ending Blance, January 31, 2020 $ 15,100Sample Co. Balance Sheet As of January 31, 2020 Assets Current Assets Cash $29,250 CD's Other Securities Total Current Assets $29,250 Total Assets $29,250 Liabilities Loan Payable $0 Total Liabilities $0 Owner's Equity Owner's Equity $0 Total Liabilities and Owner's Equity $0
