Bank account Dr. $ 7,500 To common stock a/c $ 7,500 Rent a/c Dr. $ 650 to banck

Question

Bank account Dr.

$ 7,500

To common stock a/c

$ 7,500

Rent a/c Dr.

$     650

to banck a/c

$      650

Insurance Premium a/c Dr.

$     840

To bank a/c

$      840

Equipment a/c DR.

$ 3,600

To cash a/c

$ 3,600

Office supplies a/c Dr.

$     300

To XYZ company a/c

$      300

Cash account Dr.

$ 6,000

To Sales a/c

$ 6,000

ABC INC a/c Dr.

$ 3,400

To Sales a/c

$ 3,400

Cash a/c Dr.

$ 1,800

To ABC Inc a/c

$ 1,800

XYZ company a/c Dr.

$     170

To Bank a/c

$      170

Wages a/c Dr.

$ 5,040

To bank a/c

$ 5,040

Dividents a/c Dr.

$     200

To Bank a/c

$      200

and if this is the unadjusted trial balance:

Account

How do you figure out the adjusted trial balance if this is the journal entry:

Bank account Dr.

$ 7,500

To common stock a/c

$ 7,500

Rent a/c Dr.

$     650

to banck a/c

$      650

Insurance Premium a/c Dr.

$     840

To bank a/c

$      840

Equipment a/c DR.

$ 3,600

To cash a/c

$ 3,600

Office supplies a/c Dr.

$     300

To XYZ company a/c

$      300

Cash account Dr.

$ 6,000

To Sales a/c

$ 6,000

ABC INC a/c Dr.

$ 3,400

To Sales a/c

$ 3,400

Cash a/c Dr.

$ 1,800

To ABC Inc a/c

$ 1,800

XYZ company a/c Dr.

$     170

To Bank a/c

$      170

Wages a/c Dr.

$ 5,040

To bank a/c

$ 5,040

Dividents a/c Dr.

$     200

To Bank a/c

$      200

and if this is the unadjusted trial balance:

Account

Debit Credit Cash 4800 Accounts receivable 1600 Office supplies 300 Prepaid insurance 840 Equipment 3600 Accounts payable 130 Common stock 7500 Dividend 200 Service revenue 9400 Rent expense 650 Wages expense 5040 Totals $ 17030 17030

Explanation / Answer

1 Income statement $ $ Cash sales                        6,000 Credit Sales                        3,400 Total service revenue                        9,400 Less: Expenses; Rent Expenses                            650 Wages Expense                        5,040 Total expenses                        5,690 Net income ( $ 9,400 - $ 5,690 )                        3,710 2 Beginning balance of retained earnings                               -   add: Net income for the year                        3,710 Less: Dividend                          (200) Ending balance of retained earnings                        3,510 3 Adjusted Trial Balance Account Debit $ Credit $ Cash                        4,800 Accounts receivable                        1,600 Office Supplies                            300 Prepaid Insurance                            840 Equipment                        3,600 Accounts Payable                           130 Common Stock                        7,500 Retained Earnings                        3,510 TOTAL                      11,140                      11,140

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