Teleki Consulting

Worksheet

End Of Fiscal Year April $30,2015$

Account

No$.$

Adjustments

Debit

Trial balance

Credit

Credit

Income statement

Debit

Credit

Balance sheet

Debit

Credit

Additional information:

Prepaid insurance is a one year policy purchased on November $1,2020.$

Supplies were counted April $30.$ The cost value of the inventory was $$360.$

The building was purchased May $1,2016.$ Its estimated useful life is $40$ years and salvage value is $$5000.$ Teleki uses straight$-$line amortization for the building.

The office furniture was purchased May $1,2016.$ Its estimated useful life is $10$ years and salvage value is $$1700.$ Teleki uses straight$-$line amortization for the furniture.

The equipment is being amortized using declining balance method and a $30\%$ rate.

The copier is rented from a company which requires six months rent in advance. The $$720$ rent was paid on March $1.$