THIS IS WHAT I GOT...

1. The trial balance for Ewan E. Paymah, CPA as of December 31, 2014 is as follows:

Cash 5,670

Accounts Receivable 37,100

Inventory 60,500

Supplies 3,930

Prepaid Rent 6,000

Furniture & Fixtures 26,500

Accumulated depreciation 21,200

Accounts payable 46,340

Salary payable

Interest payable

Unearned Sales Revenue 3,500

Note Payable, long term 35,000

Ewan payamh, Capital 23,680

Ewan Paymah, withdrawals 48,000

Sales Revenue 346,700

Sales discounts 10,300

Sales returns & Allowances 8,200

Cost of Goods sold 171,770

Salary Expense 82,750

Rent Expense 7,000

Depreciation Expense

Utilities Expense 5,800

Supplies Expense 2,900

___________ ______________

Total $476,420 $476,420

___________ ______________

Adjusting Entries

a. Supplies used during the year $2,580.00

b. Prepaid rent in force, (balance) $1000.00. $5000.00 used.

c. Unearned Sales Revenue, still not earned, $2400.00 (Adjustment : Unearned Sales Revenue is debited for $1100.00 and Revenue is credited for $1100.00)

d. Depreciation. The furniture & Fixtures estimated useful life is 10 years , and they are expected to be worthless when they are retired from service.

e. Accrued Salaries, $1,300.00. (Salary expense incurred and has not been paid for)

f. Accrued interest expense, $600.00.

G. Inventory on hand, $65,800.00

Required: As of December 31, 2014.

1. Ten column worksheet

2. Income Statement

3. Statement of Owners Equity

4. Balance sheet

Ewan Co

Worksheet

Month Ended Dec 31, 2014

Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

5,670

5,670

-

5,670

Accounts Receivable

37,100

37,100

-

37,100

Inventory

60,500

g

60,500

-

60,500

Supplies

3930

a

3,930

-

3,930

Prepaid Rent

6,000

b

6,000

-

6,000

Furniture

26,500

26,500

-

26,500

Accumulated Depreciation

21,200

d

2,650

-

23,850

23,850

Accounts Payable

46,340

-

46,340

46,340

Interest Payable

f

-

-

-

Unearned Service Revenue

3,500

c

1,100

-

2,400

2,400

Note payable, long term

35,000

-

35,000

35,000

Ewan Capital

23,680

-

23,680

23,680

Ewan Drawing

48,000

48,000

-

48,000

Income Summary

g

-

-

0

0

Service Revenue

346,700

c

1,100

-

347,800

347,800

Sales Discounts

10,300

10,300

-

10,300

Sales Returns & Allowances

8,200

8,200

-

8,200

Cost of Goods Sold

171,770

171,770

-

171,770

Salary Expense

82,750

e

82,750

-

82,750

Rent Expense

7,000

b

7,000

-

7,000

Depreciation Expense

d

2,650

2,650

-

2,650

Interest Expense

f

-

-

-

Supplies Expense

2,900

a

2,900

-

2,900

Utilities Expense

5,800

5,800

-

5,800

Salaries Payable

e

-

-

-

476,420

476,420

3,750

3,750

479,070

479,070

291,370

347,800

187,700

131,270

Totals

56,430

0

0

56,430

Net Income

Ewan Accounting Services

Income Statement

For the Period Ending Dec. 31,2014

Operating Revenue

Sales Revenue

######

Less Sales Expenses

Sales Discounts

10,300

Sales Returns & Allowances

8,200

18,500

Net Sales

######

Cost of Goods Sold

######

Merchandise Inventory

-

Net Cost of Goods Sold

######

Expenses

Salary Expense

82,750

Rent Expense

7,000

Depreciation Expense

2,650

Interest Expense

-

Supplies Expense

2,900

Utilities Expense

5,800

Net General Exxpenses

######

Total Expenses

######

Net Income

Ewan Accounting Services
Income Statement
Dec. 31,2014
Assets
Current Assets
Cash		$5,670
Accounts Receivable		37,100
Inventory		60,500
Supplies		3,930
Prepaid Rent		6,000
Total Current Assets
Total Fixed Assets
Furniture	26,500
Less Accum Depr	######
Total Fixed Assets		2,650
Total Assets		#######
Liabilities
Wages Payable	-
Accounts Payable	46,340
Interest Payable	-
Unearned Service Revenue	2,400
Note payable, long term	35,000
Total Liabilities		$83,740
Owner's Equity		$32,110
Total Liabilities and Stockholder's Equity		#######

######

347,800

347,800

187,700

187,700