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Additional Entries
21 Interest Expense 1,250.00
Interest Payable 1,250.00
22 Depreciation Expense 143.83
Accumulated Depreciation 143.83
Fixed Assets
Furniture and fixtures 17,260.00
Less: Accumulated Depreciation (143.83)
Current Liabialities
Accounts Payable Err:522
Wages Payable 440.00
Utilities Payable 226.00
Taxes Payable 2,132.50
Interest Due 1,250.00
Long Term Liabilities
Notes Payable 100,000.00 100,000.00
Income / Revenue
Less: Expenses
Utilities 501.00
Rent 1,485.00
Advertising 1,320.00
Office Supplies 1,100.00 Assumed to be consumed totally
Wages 2,063.00
Depreciation Expense 143.83 Depreciation Period of 10 years
Applied Costs
Insurance 192.50 1/12 of Premium Paid
Interest Payments 1,250.00 Interest Accrued for the period
Allowances for Bad Debts 561.80 5% of Accounts Receivable
Total Expenses 8,617.13