Scribd
Upload
21 views4 pages

2019 Trial Balance Worksheet for J. Soo

The worksheet summarizes J. Soo & Associates' financial transactions for the year ending December 31, 2019. Key accounts include bank ($15,000), accounts receivable ($8,500), supplies ($3,200), prepaid insurance ($1,000), equipment ($11,250), automobile ($50,000), accounts payable ($5,900), capital ($29,100), drawings ($10,000), and various expenses. Adjustments are made to record depreciation/amortization and accrued expenses. The net income for the year is calculated at $29,587.

Uploaded by

Drippy Snowflake
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
21 views4 pages

2019 Trial Balance Worksheet for J. Soo

The worksheet summarizes J. Soo & Associates' financial transactions for the year ending December 31, 2019. Key accounts include bank ($15,000), accounts receivable ($8,500), supplies ($3,200), prepaid insurance ($1,000), equipment ($11,250), automobile ($50,000), accounts payable ($5,900), capital ($29,100), drawings ($10,000), and various expenses. Adjustments are made to record depreciation/amortization and accrued expenses. The net income for the year is calculated at $29,587.

Uploaded by

Drippy Snowflake
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

J.

Soo and Associates


Worksheet
Year ending December 31, 2019 You don't have to type in a
Acc. Trial Balance Adjustments Income Statement Balance Sheet single number when
Accounts No. completing this worksheet. Let
DR CR DR CR DR CR DR CR
Excel transfer the amounts to
the correct column so you don't Supplies remaining at year end
Bank 100 15,000 15,000 have to worry about typos Prepaid Insurance used during
messing up the balance.
Accounts Receivable 105 8,500 8,500 Equipment (using straight-line
Supplies 115 3,200 2,900 300 To copy a number from on cell Automobile (using declining ba
Prepaid Insurance 135 1,000 400 600 to another : Late invoices include Maintena
Equipment 140 11,250 11,250 1. click in the destination cell
Acc. Amort. - Equipment 145 - 2,563 2,563 2. hit " = " sign
Automobile 200 50,000 50,000 3. click in the cell you want to
copy (it will become alive)
Acc. Amort. - Automobile 205 15,000 10,500 25,500 4. hit "Enter" key -- the
Accounts Payable 206 5,900 1,000 6,900 number will now be in the
HST Payable 300 5,000 5,000 destination cell
HST Recoverable 300 3,000 3,000 Use formulas where necessary
J. Soo, Capital 305 29,100 29,100 when you are adding or
subtracting.
J. Soo, Drawings 600 10,000 10,000
Commissions 605 51,950 51,950
Advertising Expense 610 2,500 2,500 Use a simple function to
calculate the Net Income.
Automobile Expense 615 500 500
Maintenance Expense 620 150 300 450
Miscellaneous Expense 625 50 700 750
Salaries and Wages Expense 1,800 1,800
106,950 106,950
Supplies Expense 2,900 2,900
Insurance Expense 400 400
Amort. Expense - Equipment 2,563 2,563
All shaded areas require a
Amort. Expense - Automobile 10,500 10,500 calculation.
17,363 17,363 22,363 51,950 98,650 69,063
Net Income 29,587 29,587
51,950 51,950 98,650 98,650
Notes

Supplies remaining at year end totalled $300


Prepaid Insurance used during the year totalled $400
Equipment (using straight-line amort.) will last for 4 years with $1000 salvage value
Automobile (using declining balance amort. rate) is 30%
Late invoices include Maintenance Expense ($300) and Misc. Expense ($700)
Date Particulars P.R. Debit Credit
2019
Dec. 31

31

31

31
J. Soo & Associates
Trial Balance
December 31st, 2019

Account Debit Credit

You might also like