Date Accounts Titles Debit Credit Dec-01 Cash 500,000 Owner's capital 500,000 to record the capital invested by the owner Dec-02 Computer repair equipment 250,000 Cash 150,000 Accounts payable 100,000 to record the purchse of computer repair equipment Dec-03 Office supplies expense 25,000 Cash 25,000 to record the supploes expense incurred Dec-05 Account receivable 80,000 Service revenue 80,000 to record the service revenue earned Dec-08 Prepaid rent 45,000 Cash 45,000 to record the rent paid in advance Dec-10 Taxes and licenses 8,000 Cash 8,000 to record the amount received from customers Dec-14 Cash 50,000 Account Receivable 50,000 to record the amount received from customers Dec-15 Salaries Expense 18,000 Cash 18,000 to record the salaries expense incurred and paid Dec-18 Cash 90,000 Account Receivable 70,000 Service revenue 160,000 to record the service revenue earned and partly received in cash Dec-20 Prepaid Advertising Expenses 42,000 Cash 42,000 to record the advertising expense incurred Dec-22 Owner's withdrawal 50,000 Cash 50,000 to record the cash withdrawn by the owner Dec-25 Note receivable 30,000 Account receivable 30,000 to record note received in payment of the amount Dec-26 Cash 25,000 Unearned service revenue 25,000 to record unearned revenue in the cash received Dec-28 Transportation Expenses 4,000 Cash 4,000 to record the transportation expense incurred and paid Dec-31 Office furniture 120,000 Accounts payable 120,000 to record the purchase of office furniture on account Additional information: 1. The computer repair equipment and office furniture has estimated useful life of 5 years with out residual value. 2. Office supplies on hand per physical count, P3,000 3. Salaries of staff for the remaining half – month of December still unpaid. 4. Doubtful accounts is 5% of outstanding accounts receivable. 5. Unearned service income balance is 12,000. Required NAME OF COMPANY PERIOD WORKSHEET CHART OF ACCOUNTS UNADJUSTED BALANCE ADJUSTMENT ADJUSTED BALANCE DR CR DR CR DR CR

Date Accounts Titles Debit Credit Dec-01 Cash 500,000 Owner's capital 500,000 to record the capital invested by the owner Dec-02 Computer repair equipment 250,000 Cash 150,000 Accounts payable 100,000 to record the purchse of computer repair equipment Dec-03 Office supplies expense 25,000 Cash 25,000 to record the supploes expense incurred Dec-05 Account receivable 80,000 Service revenue 80,000 to record the service revenue earned Dec-08 Prepaid rent 45,000 Cash 45,000 to record the rent paid in advance Dec-10 Taxes and licenses 8,000 Cash 8,000 to record the amount received from customers Dec-14 Cash 50,000 Account Receivable 50,000 to record the amount received from customers Dec-15 Salaries Expense 18,000 Cash 18,000 to record the salaries expense incurred and paid Dec-18 Cash 90,000 Account Receivable 70,000 Service revenue 160,000 to record the service revenue earned and partly received in cash Dec-20 Prepaid Advertising Expenses 42,000 Cash 42,000 to record the advertising expense incurred Dec-22 Owner's withdrawal 50,000 Cash 50,000 to record the cash withdrawn by the owner Dec-25 Note receivable 30,000 Account receivable 30,000 to record note received in payment of the amount Dec-26 Cash 25,000 Unearned service revenue 25,000 to record unearned revenue in the cash received Dec-28 Transportation Expenses 4,000 Cash 4,000 to record the transportation expense incurred and paid Dec-31 Office furniture 120,000 Accounts payable 120,000 to record the purchase of office furniture on account Additional information: 1. The computer repair equipment and office furniture has estimated useful life of 5 years with out residual value. 2. Office supplies on hand per physical count, P3,000 3. Salaries of staff for the remaining half – month of December still unpaid. 4. Doubtful accounts is 5% of outstanding accounts receivable. 5. Unearned service income balance is 12,000. Required NAME OF COMPANY PERIOD WORKSHEET CHART OF ACCOUNTS UNADJUSTED BALANCE ADJUSTMENT ADJUSTED BALANCE DR CR DR CR DR CR

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 28BE: Brief Exercise 3-28 Accrual- and Cash-Basis Accounting The following are several transactions for...

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Question

Date	Accounts Titles	Debit	Credit
Dec-01	Cash	500,000
	Owner's capital		500,000
	to record the capital invested by the owner
Dec-02	Computer repair equipment	250,000
	Cash		150,000
	Accounts payable		100,000
	to record the purchse of computer repair equipment
Dec-03	Office supplies expense	25,000
	Cash		25,000
	to record the supploes expense incurred
Dec-05	Account receivable	80,000
	Service revenue		80,000
	to record the service revenue earned
Dec-08	Prepaid rent	45,000
	Cash		45,000
	to record the rent paid in advance
Dec-10	Taxes and licenses	8,000
	Cash		8,000
	to record the amount received from customers
Dec-14	Cash	50,000
	Account Receivable		50,000
	to record the amount received from customers
Dec-15	Salaries Expense	18,000
	Cash		18,000
	to record the salaries expense incurred and paid
Dec-18	Cash	90,000
	Account Receivable	70,000
	Service revenue		160,000
	to record the service revenue earned and partly received in cash
Dec-20	Prepaid Advertising Expenses	42,000
	Cash		42,000
	to record the advertising expense incurred
Dec-22	Owner's withdrawal	50,000
	Cash		50,000
	to record the cash withdrawn by the owner
Dec-25	Note receivable	30,000
	Account receivable		30,000
	to record note received in payment of the amount
Dec-26	Cash	25,000
	Unearned service revenue		25,000
	to record unearned revenue in the cash received
Dec-28	Transportation Expenses	4,000
	Cash		4,000
	to record the transportation expense incurred and paid
Dec-31	Office furniture	120,000
	Accounts payable		120,000
	to record the purchase of office furniture on account

Additional information:
1. The computer repair equipment and office furniture has estimated useful life of 5
years with out residual value.
2. Office supplies on hand per physical count, P3,000
3. Salaries of staff for the remaining half – month of December still unpaid.
4. Doubtful accounts is 5% of outstanding accounts receivable.
5. Unearned service income balance is 12,000.

Required

NAME OF COMPANY
PERIOD
WORKSHEET


	CHART OF ACCOUNTS	UNADJUSTED BALANCE	ADJUSTMENT	ADJUSTED BALANCE

		DR	CR	DR	CR	DR	CR

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