In: Accounting
GoodJob Inc.
Unadjusted Trial Balance
December 31,2020
Account Debit Credit
Cash 304,150
Accounts Receivable 99,000
Office supplies 880
Prepaid rent. 3,960
Unexpired insurance 1,650
Office equipment 79,200
Accumulated depreciation: office equipment 26,400
Accounts payable 4,400
Notes payable (due 3/1/12) 66,000
Interest payable 660
Income taxes payable 9,900
Dividends payable 3,500
Unearned consulting fees 24,200
Capital stock 220,000
Retained earnings 44,000
Dividends 3,500
Consulting fees earned 550,000
Rent expense 16,170
Insurance expense 2,420
Office supplies expense 4,950
Depreciation expense: office equipment 12,100
Salaries expense 363,000
Utilities expense 5,280
Interest expense 3,300
Income taxes expense 49,500
Totals 949,060 949,8060
Instructions:
Adjusted Journal Entries | |||
S. No. | Account Tittle | Debit | Credit |
a. | Consulting Fees Earned | $550,000.00 | |
Income Sumamry | $550,000.00 | ||
b. | Income Summary | $456,720.00 | |
Rent Expense | $16,170.00 | ||
Insurance Expense | $2,420.00 | ||
Office Supplies Expense | $4,950.00 | ||
Depreciation Expense | $12,100.00 | ||
Salaries Expense | $363,000.00 | ||
Utilities Expense | $5,280.00 | ||
Interest Expense | $3,300.00 | ||
Income Tax Expense | $49,500.00 | ||
c. | Income Summary | $93,280.00 | |
Retaiend Earning | $93,280.00 | ||
d. | Retaiend Earning | $3,500.00 | |
Dividend | $3,500.00 |
Incoem Statement | |
Revenue | |
Consulting Fees Earned | $550,000.00 |
Less: Expense | |
Rent Expense | $16,170.00 |
Insurance Expense | $2,420.00 |
Office Supplies Expense | $4,950.00 |
Depreciation Expense | $12,100.00 |
Salaries Expense | $363,000.00 |
Utilities Expense | $5,280.00 |
Interest Expense | $3,300.00 |
Income Tax Expense | $49,500.00 |
Total Expense | $456,720.00 |
Net Income | $93,280.00 |
Statemet of Retained Earning | |
Beginning Balance | $44,000.00 |
Net Income | $93,280.00 |
Dividend | -$3,500.00 |
Ending Balance | $133,780.00 |
Good Job Inc. | ||
Balance Sheet | ||
Asset | ||
Current Asset | ||
Cash | $304,150 | |
Account Receivable | $99,000 | |
Offcie Supplies | $880 | |
Prepaid Rent | $3,960 | |
Unexpired Insurance | $1,650 | $409,640 |
Property Plant Equipment | ||
Offcie Equipment | $79,200 | |
Less: Accumulated Depreciation | -$26,400 | $52,800 |
Tototal Asset | $462,440 | |
Liabilities & Equity | ||
Liabilities | ||
Account Payable | $4,400 | |
Note Payable | $66,000 | |
Interest Payable | $660 | |
Income Tax Payable | $9,900 | |
Dividend Payable | $3,500 | |
Unearned Consulting Fees | $24,200 | |
Total Liabilitirs | $108,660 | |
Equity | ||
Capital Stock | $220,000 | |
Retained Earning | $133,780 | |
Total Equity | $353,780 | |
Tototal Liability & Equity | $462,440 |
Adjusted Trial Balance | ||
Account Tittle | Debit | Credit |
Cash | $304,150 | |
Account Receivable | $99,000 | |
Offcie Supplies | $880 | |
Prepaid Rent | $3,960 | |
Unexpired Insurance | $1,650 | |
Offcie Equipment | $79,200 | |
Accumulated Depreciation | $26,400 | |
Account Payable | $4,400 | |
Note Payable | $66,000 | |
Interest Payable | $660 | |
Income Tax Payable | $9,900 | |
Dividend Payable | $3,500 | |
Unearned Consulting Fees | $24,200 | |
Capital Stock | $220,000 | |
Retaiend Earning | $133,780 | |
Total | $488,840 | $488,840 |