Page 153 - Accounting Principles (A Business Perspective)

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MICROTRAIN COMPANY Work Sheet For the Month Ended 2010 December 31

Acc Account Titles
t.
Adjusted Trail Income Statement of Balance
Trial Balance Adjustments Retained
Balance Statement Earnings Sheet

No. Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit
100 Cash 8,250 8,250 8,250
103 Accounts 5,200 (7) 6,200 6,200
Receivable 1,000
107 Supplies on Hand 1,400 (3) 500 900 900
108 Prepaid Insurance 2,400 n) 200 2,200 2,200
112 Prepaid Rent 1,200 (2) 400 BOO 800
150 Trucks 40,0 0 0 40,00 40,000
0
200 Accounts Payable 730 730
216 Unearned Service 4,500 (5) 3,000
Fees 1,500
300 Capital Stock 50,000 50,000
310 Retained Earnings —0- —0— -0-
2010 December
31
320 Dividends 3,000 3,000 3,000
400 Service (5)
1,500
Revenue 10,700 (7) 13,200 13,20
1,000 0
505 Advertising 50 SO 50
Expense
506 Gas and Oil 690 660 680
Expense
507 Salaries Expense 3,600 (3) 130 3,7S0 3,780
511 Utilities Expense 150 ISO 150
65,930 65,930
512 Insurance Expense (1) 200 200 200
SIS Rent Expense (Z) 400 400 400
518 Supplies Expense (3) 500 500 500
521 Depreciation
Expense-
Trucks (t) 750 750 750
151 Accumulated
Depreciation-
Trucks (t) 750 750
121 Interest 600 600
Receivable m 6O0
418 Interest Revenue (6) 500 600 GOO
206 Salaries Payable (S) 180 ISO
5,130 5,130 53,40 6S,4G0 6,510 13,80
0 0
Net Income 7,290 7,290
13,80 13,80 3,000 7,29C
0 0
Retained 4,290
Earnings, 2010
December 31
7,290 7,29C 53,950
Exhibit 20: Completed worksheet
(1) To record insurance expenses for December.

(2) To record rent expenses for December.
(3) To record supplies expenses for December.
(4) To record depreciation expenses for December.
(5) To transfer fees for service provided in December from the liability account to the revenue account.
(6) To record one month's interest revenue.

Accounting Principles: A Business Perspective 154 A Global Text