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Fix-It Service Co.. which specializes in appliance repair services. is owned and
operated by Ronald Thorp. Fix-It Service Co.s accounting clerk prepared the
following unadjusted trial balance at December 31. 2015 :
Fix-It Service Co.
Trial Balance
December 31. 2015
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Building
Accumulated Depreciation
Building
Equipment
Accumulated Depreciation
Equipment
Accounts Payable
Unearned Rent
Share Capital-Ordinary
Retained Earnings
Dividend
Service Revenue
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Repair Expense
Miscellaneous Expense
Debit
4.200
20.600
6.000
1.450
100.000
181.500
Credit
95.700
80.100
35.300
7.500
7.200
157.100
5.000
257.200
101.800
28.200
15.000
12.100
4.050
$ 560.000
$ 560.000
Solution :
1.
No.
1
ADJUSTING ENTRIES
Account Titles& Explanations
Depreciation Expense Building
Ref
Debit ($)
6.300
2.400
1.720
2.500
6.300
2.400
1.720
Prepaid Insurance
Service Revenue
Supplies Expense
2.500
4.350
4.350
1.075
Supplies
Credit ($)
1.075
4.400
4.400
No
Account Titles
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Buliding
Accum Depreciation-Building
Equipment
Accum Depreciation-Equipment
Accounts Payable
Salaries & Wages Payable
Unearned Rent
Share Capital Ordinary
Dividend
Service Revenue
16
17
18
19
20
21
22
23
24
25
Rent Revenue
Salaries & Wages Expense
Utilities Expense
Advertising Expense
Repair Expense
Depreciation Exp Building
Depreciation Exp - Equipment
Insurance Expense
Supplies Expense
Miscellaneous Expense
Net Income
Income Statement
Dr
Cr
Balance Sheet
Dr
4.200
24.950
3.500
375
100.000
181.500
Cr
102.000
80.100
37.700
7.500
1.720
2.800
157.100
5.000
261.550
4.400
103.520
28.200
15.000
12.100
6.300
2.400
2.500
1.075
4.050
175.145
90.805
265.950
265.950
399.625
265.950
399.625
308.820
90.805
399.625
$ 261.550
4.400
$265.950
Expenses :
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Repair Expense
Depreciation Expense Building
Depreciation Expense Equipment
Insurance Expense
Supplies Expense
Miscellaneous Expense
Total Expenses
Net Income
$ 103.520
28.200
15.000
12.100
6.300
2.400
2.500
1.075
4.050
($175.145)
$ 90.805
0
90.805
( 5.000)
$ 85.805
$
80.100
( 37.700)
181.500
(102.000)
100.000
$221.900
3.500
375
24.950
4.200
$ 33.025
$254.905
$157.100
85.805
$242.805
7.500
1.720
2.800
Total Liabilities
Total Equity and Liabilities
$ 12.020
$254.925