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Izzy Worksheet

The document shows the trial balance, adjustments, and financial statements for a computer repair services company for the month ended December 31, 2016. It includes accounts for assets, liabilities, equity, revenues, and expenses. Adjustments were made for depreciation, unpaid wages, doubtful accounts, and unearned revenue. After adjustments, net income for the period was $126,333 based on total revenues of $253,000 and expenses of $126,667.

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elriatagat85
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115 views

Izzy Worksheet

The document shows the trial balance, adjustments, and financial statements for a computer repair services company for the month ended December 31, 2016. It includes accounts for assets, liabilities, equity, revenues, and expenses. Adjustments were made for depreciation, unpaid wages, doubtful accounts, and unearned revenue. After adjustments, net income for the period was $126,333 based on total revenues of $253,000 and expenses of $126,667.

Uploaded by

elriatagat85
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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COMPUTER REPAIR SERVICES

WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Debit Credit Debit Credit Debit Credit Debit
Cash in Bank 469,000.00 469,000.00
Accounts Receivable 70,000.00 70,000.00
Notes Receivable 30,000.00 30,000.00
Prepaid Rent 24,000.00 24,000.00
Repair Computer Equipment 250,000.00 250,000.00
Office Furniture 120,000.00 120,000.00
Accounts Payable 120,000.00 120,000.00
Notes Payable 100,000.00 100,000.00
Izzy, Capital 600,000.00 600,000.00
Izzy, Drawing 20,000.00 20,000.00
Computer Repair Income 265,000.00 12,000.00 253,000.00
Office Supplies Expense 30,000.00 3,000.00 27,000.00 27,000.00
Taxes and Licenses 8,000.00 8,000.00 8,000.00
Salaries and Wages 18,000.00 18,000.00 36,000.00 36,000.00
Advertising Expense 42,000.00 42,000.00 42,000.00
Transportation Expenses 4,000.00 4,000.00 4,000.00
TOTALS 1,085,000.00 1,085,000.00
Depreciation Exp-Repair Computer Eq. 4,167.00 4,167.00 4,167.00
Acc.Dep'n-Repair Computer Eq. 4,167.00 4,167.00
Depreciation Exp-Office Furniture 2,000.00 2,000.00 2,000.00
Acc.Dep'n-Office Furniture 2,000.00 2,000.00
Unused Office Supplies 3,000.00 3,000.00
Salaries and Wages Payable 18,000.00 18,000.00
Doubtful accounts expense 3,500.00 3,500.00 3,500.00
Allow. for Doubtful account 3,500.00 3,500.00
Unearned Service Income 12,000.00 12,000.00
Income Statement Balance Sheet
Credit Debit Credit
469,000.00
70,000.00
30,000.00
24,000.00
250,000.00
120,000.00
120,000.00
100,000.00
600,000.00
20,000.00
253,000.00

4,167.00

2,000.00
3,000.00
18,000.00

3,500.00
12,000.00
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
TOTALS 42,667.00 42,667.00 1,112,667.00 1,112,667.00 126,667.00
Net Income 126,333.00
TOTALS 253,000.00
Income Statement Balance Sheet
253,000.00
126,333.00
253,000.00 986,000.00 986,000.00
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
COMPUTER REPAIR SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2016

Description Unadjusted Trial Balance (STEP 4) Adjustments (STEP 5) Adjusted Trial Balance (STEP 6) Income Statement
Income Statement Balance Sheet
Computer Repair Service Computer Rep
Statement of Comprehensive Income Statement of Fin
31-Dec-16 31-De

Revenue: ASSE
Computer Repair Income ₱ 253,000.00
Current Assets
Less: Operating Expenses Cash in Bank
Office supplies expense ₱ 27,000.00 Accounts Receivable
Taxes and Licenses 8,000.00 Allowance for doubtful accounts
Salaries and Wages 36,000.00 Notes Receivable
Advertising Expense 42,000.00 Prepaid rent
Transportation Expenses 4,000.00 Unused office supplies
Depreciation Expense-Repair Computer Eq. 4,167.00 Noncurrent Assets
Depreciation Expense-Office Furniture 2,000.00 Repair Computer Equipment
Doubtful account Expense 3,500.00 126,667.00 Acc. Dep'n-Repair Comp Eq.
Net Income ₱ 126,333.00 Office Furniture
Acc. Dep'n-Office Furniture
TOTAL ASSETS

Computer Repair Service LIABIL


Statement of Owner's Equity
31-Dec-16 Current Liabilities
Accounts payable
Izzy, Capital, Dec 1, 2016 ₱ 600,000.00 Notes Payable
Add: Net Income 126,333.00 Salaries and Wages Payable
Total ₱ 726,333.00 Unearned Service Income
Less: Drawing 20,000.00
Izzy, Capital, Dec 31, 2016 ₱ 706,333.00 OWNER'S

Izzy, Capital, End Balance Dec 31


TOTAL LIABILITIES & OWNER'S EQUITY
Computer Repair Services
Statement of Financial Position
31-Dec-16

ASSETS

469,000.00
70,000.00
for doubtful accounts 3,500.00 66,500.00
30,000.00
24,000.00
fice supplies 3,000.00 592,500.00

mputer Equipment 250,000.00


-Repair Comp Eq. 4,167.00 245,833.00
120,000.00
-Office Furniture 2,000.00 118,000.00 363,833.00
956,333.00

LIABILITIES

120,000.00
100,000.00
d Wages Payable 18,000.00
Service Income 12,000.00 250,000.00

OWNER'S EQUITY

706,333.00
WNER'S EQUITY 956,333.00
Computer Repair Service
Statement of Comprehensive Income
31-Dec-16

Revenue: 1 Computer Repair Income


Computer Repair Income ₱ 253,000.00 Income Summary

Less: Operating Expenses 2 Income Summary


Office supplies expense ₱ 27,000.00 Office supplies expense
Taxes and Licenses 8,000.00 Taxes and Licenses
Salaries and Wages 36,000.00 Salaries and Wages
Advertising Expense 42,000.00 Advertising Expense
Transportation Expenses 4,000.00 Transportation Expenses
Depreciation Expense-Repair Computer Eq. 4,167.00 Depreciation Expense-Repair Computer Eq.
Depreciation Expense-Office Furniture 2,000.00 Depreciation Expense-Office Furniture
Doubtful account Expense 3,500.00 126,667.00 Doubtful account Expense
Net Income ₱ 126,333.00
3 Izzy,Capital
Izzy Drawing
ONLY TEMPORARY ACCOUNTS
4 Income Summary
Izzy, Capital
253,000
253000

126,667
₱ 27,000.00
8,000.00
36,000.00
42,000.00
4,000.00
-Repair Computer Eq. 4,167.00
-Office Furniture 2,000.00
3,500.00

20,000
20,000

126,333
126,333
Computer Repair Service
Post-Closing Trial Balance
31-Dec-16

Cash in Bank ₱ 469,000.00


Accounts Receivable 70,000.00
Allow. for Doubtful account ₱ 3,500.00
Notes Receivable 30,000.00
Prepaid Rent 24,000.00
Unused Office Supplies 3,000.00
Repair Computer Equipment 250,000.00
Acc. Depreciation-Repair Computer Eq. 4,167.00
Office Furniture 120,000.00
Acc. Depreciation-Office Furniture 2,000.00
Accounts Payable 120,000.00
Notes Payable 100,000.00
Salaries and Wages Payable 18,000.00
Unearned Service Income 12,000.00
Izzy, Capital 706,333.00
966,000.00 966,000.00
1 No reversing entry

2 Office Supplies Expense 3,000


Unused office Supplies 3,000

3 Salaries Payable 18,000


Salaries and wages 18,000

4 No reversing entry

5 Unearned computer repair income 12,000


Computer Repair Income 12,000

NOTE: ONLY DEFERRED AND ACCRUED WILL HAVE REVERSING ENTRIES

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