The account balances appearing on trial balance below were

Assignment Help Cost Accounting

Reference no: EM13370523

The account balances appearing on trial balance (below) were taken from general ledger of John's Copy Shop at 30^th September.

Additional information for the month of September which has not yet been recorded in the accounts is as given:

(a) A physical count of supplies shows $300 on hand at September 30.
(b) The amount of insurance that expired in month of September was $200.
(c) Depreciation on apparatus for September was $400.
(d) Rent owed on the copy shop for month of September was $600 but will not be paid until October.
JOHN'S COPY SHOP
Worksheet
For the Month Ended 30^th September, 2008

Trial Balance
Adjustments Adjusted
Trial Balance Income Statement
Balance Sheet
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 1,000
Supplies 1,100
Prepaid Insurance 2,200
Equipment 24,000
Accum. Depreciation- Equipment
4,500
Accounts Payable 2,400
Notes Payable 4,000
John, Capital 15,300
John, Drawing 2,400
Copy Revenue 4,900
Utilities Expense 400
Totals 31,100 31,100
Supplies Expense
Insurance Expense
Depreciation Expense
Rent Expense
Rent Payable
Totals
Net Income
Totals

Instructions
Using given information, complete the worksheet on the subsequent page for Mann's Copy Shop for the month of September.

You have to prepare for the month ending 30^th September, 2008:
1. The adjusting entries (Journalize) for the month ending 30^th September, 2008
(If required create T accounts and post the adjusting entries to the ledgers)
2. The entries needed to complete the closing of the accounts.
(If required create T accounts and post the closing entries to the ledgers)

You are to prepare for the month ending 30^th September, 2008:

1. An income statement.
2. An owner's equity statement.
3. A balance sheet.

Reference no: EM13370523

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