Worksheet

For the Year Ended December 31, 2017

A Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
 Vang Management Services
Worksheet
For the Year Ended December 31, 2017
A Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Cash 13,800 13,800 13,800

Accounts Receivable 28,300 28,300 28,300
Prepaid Insurance 3,600 1,200 2,400 2,400
Land 67,000 67,000 67,000
Building 127,000 127,000 127,000
Equipment 59,000 59,000 59,000
Accounts Payable 12,500 12,500 12,500
Unearned Rent Revenue 6,000 4,500 1,500 1,500
Mortage Payable 120,000 120,000 120,000
Owner's Capital 144,000 144,000 144,000
Owner's Drawings 22,000 22,000 22,000
Service Revenue 90,700 90,700 90,700
Rent Revenue 29,000 4,500 33,500 33,500
Salaries and Wages Expense 42,000 42,000 42,000
Advertising Expense 20,500 20,500 20,500
Utilities Expense 19,000 _________ 19,000 19,000
Totals 402,200 402,200

Insurance Expense 1,200 1,200 1,200

Depreciation Expense 6,600 6,600 6,600
Accumulated Depreciation - Buildings 3,000 3,000 3,000
Accumulated Depreciation - Equipment 3,600 3,600 3,600
Interest Expense 10,000 10,000 10,000
Interest Payable _______ 10,000 _______ 10,000 _______ 10,000
Totals 22,300 22,300 418,000 418,000 99,300 124,200 319,500 294,600
Net Income 24,900 24,900
Totals 124,200 124,200 319,500 319,500
C Vang Management Services
Adjusting Journal

Date Account Explaination Debit Credit

Dec 31 Insurance Expense 1,300
Prepaid Insurance 1,300
31 Depreciation Expense 6,600
Accumulated Depreciation - Buildings 3,000
ACcumulated Depreciation - Equipment 3,600
31 Interest Expense 10,000
Interest Payable 10,000
31 Unearned Rent Revenue 4,500
Rent Revenue 4,500
D Vang Management Service
Closing Entries Journal

Date Account Explaination Debit Credit

Dec 31 Service Revenue 90,700
Rent Revenue 33,500
Income Summary 124,200
31 Income Summary 99,300
Salaries and Wages Expense 42,000
Advertising Expense 20,500
Utilities Expense 19,000
Insurance Expense 1,200
Depreciation Expense 6,600
Interest Expense 10,000
31 Income Summary 24,900
Owner's Capital 24,900
31 Owner's Capital 22,000
Owner's Drawings 22,000
D Vang Management Services
Classified Balance Sheet
For the Year Ended December 31, 2017

Assets
Current Asset
Cash $ 13.800
Account Receivable 28,300
Prepaid Insurance 2,400
Total Current Assets $ 44.500

Property, Land, and Equipment

Land 67,000
Building 127,000
Less : Accumulated Depreciation - Buildings 3,000 124,000
Equipment 59,000
Less : Accumulated Depreciation - Equipment 3,600 55,400
Total Property, Land and Equipment 246,400
Total Assets 290,900

Liabilities and Owner's Equity

Current Liabilities
Accounts Payable 12,500
Unearned Rent Revenue 1,500
Mortgage Payable (due in 2018) 30,000
Interest Payable 10,000
Total Current Liabilities 54,000
Long-term Liabilities
Mortage Payable 90,000
Total Liabilities 144,000
Owner's Equity
Owner's Capital 144,000
Less: Owner's Drawings 22,000
122,000
Add: Net Income 24,900
146,900
Total Liabilities and Owner's Equity 290,900
E Vang Management Service
Post Closing Trial Balance
December 31, 2017

Debit Credit
Cash $ 13.800
Account Receivable 28,300
Prepaid Insurance 2,400
Land 67,000
Building 127,000
Accumulated Depreciation - Buildings 3,000
Equipment 59,000
Accumulated Depreciation - Equipment 3,600
Accounts Payable 12,500
Unearned Rent Revenue 1,500
Mortgage Payable 120,000
Interest Payable 10,000
Owner's Capital ________ 146,900
$297.500 $297.500