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Darby Kite Store Financial Worksheet

1) The document shows an unadjusted trial balance, adjusting entries, adjusted trial balance, statement of comprehensive income, statement of financial position, and closing entry for E. Detoya. 2) Key figures include net income of $184,763, total assets of $2,074,513, total liabilities of $1,889,750, and total equity of $184,763. 3) Adjusting entries were made for estimated uncollectible accounts, accumulated depreciation, accrued utilities, uncollectible accounts, depreciation expense, interest expense, utilities expense, and store supplies used.

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Sharmaine Fabria
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107 views4 pages

Darby Kite Store Financial Worksheet

1) The document shows an unadjusted trial balance, adjusting entries, adjusted trial balance, statement of comprehensive income, statement of financial position, and closing entry for E. Detoya. 2) Key figures include net income of $184,763, total assets of $2,074,513, total liabilities of $1,889,750, and total equity of $184,763. 3) Adjusting entries were made for estimated uncollectible accounts, accumulated depreciation, accrued utilities, uncollectible accounts, depreciation expense, interest expense, utilities expense, and store supplies used.

Uploaded by

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

Worksheet

January 1, 20A

Account titles Unadjusted trial balance Adjustments

DEBIT CREDIT DEBIT


Cash in bank 955,180.00
account payable 210,000.00
Merchandise Inventory 45,000.00
Store supplies inventory 10,000.00
prepaid interest 80,000.00
transportation equipment 700,000.00
account payable 305,000.00
notes paybale 500,000.00
E. Detoya, capital 1,045,000.00
E. Detoya, drawing 30,000.00
Sales 902,000.00
installation income 35,000.00
sales discount 5,000.00
sales return and allowances 8,000.00
purchases 675,000.00
purchase discount 3,600.00
purchase return and allowances 6,500.00
freight in 5,000.00
rent expense 30,000.00
salaries and wages 25,000.00
taxes and licenses 15,000.00
freight out 3,920.00
TOTAL 2,797,100.00 2,797,100.00
ADJUSTING ENTRIES
estimated uncollectible accounts
Accumulated Depreciation
accrued utilites
uncollectible accounts 10,500.00
depreciation expense 11,250.00
interest expense 6,667.00
utilities expense 18,000.00
store supplies used 6,000.00
income and expense summary
TOTAL 52,417.00
net income

totals
Adjustments Adjusted trial balance Statement of comprehensive income

CREDIT DEBIT CREDIT DEBIT CREDIT


955,180.00
210,000.00
45,000.00 45,000.00 102,000.00
6,000.00 4,000.00
6,667.00 73,333.00
700,000.00
305,000.00
500,000.00
1,045,000.00
30,000.00
902,000.00 902,000.00
35,000.00 35,000.00
5,000.00 5,000.00
8,000.00 8,000.00
675,000.00 675,000.00
3,600.00 3,600.00
6,500.00 6,500.00
5,000.00 5,000.00
30,000.00 30,000.00
25,000.00 25,000.00
15,000.00 15,000.00
3,920.00 3,920.00

10,500.00 10,500.00
11,250.00 11,250.00
18,000.00 18,000.00
10,500.00 10,500.00
11,250.00 11,250.00
6,667.00 6,667.00
18,000.00 18,000.00
6,000.00 6,000.00

52,417.00 2,836,850.00 2,836,850.00 864,337.00 1,049,100.00


184,763.00
1,049,100.00 947,100.00
Statement of financial position Closing entry Post closing trial balance

DEBIT CREDIT DEBIT CREDIT DEBIT


955,180.00 955,180.00
210,000.00 210,000.00
102,000.00 102,000.00 45,000.00 102,000.00
4,000.00 4,000.00
73,333.00 73,333.00
700,000.00 700,000.00
305,000.00
500,000.00
1,045,000.00 30,000.00 184,763.00
30,000.00 30,000.00
902,000.00
35,000.00
5,000.00
8,000.00
675,000.00
3,600.00
6,500.00
5,000.00
30,000.00
25,000.00
15,000.00
3,920.00

10,500.00
11,250.00
18,000.00
10,500.00
11,250.00
6,667.00
18,000.00
6,000.00
924,000.00 924,000.00
2,074,513.00 1,889,750.00 2,003,100.00 2,003,100.00 2,044,513.00
184,763.00
2,074,513.00 2,074,513.00
ost closing trial balance

CREDIT

305,000.00
500,000.00
1,199,763.00

10,500.00
11,250.00
18,000.00

2,044,513.00

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