1 Dec.

2 Cash Jimmy Liwanag, Capital 2 Rent Expense Cash 3 Equipment Cash 4 Furniture Accounts Payable 5 Supplies Accounts Payable 9 Cash Service Revenue 12 Utility Expense Cash 18 Accounts Receivable Service Revenue 21 Cash Unearned Service Revenue 21 No entry 26 Accounts Payable Cash 28 Cash Accounts Receivable 30 Jimmy Liwanag, Withdrawal Cash AED 16,000 AED 16,000 AED 3,000 AED 3,000 AED 6,000 AED 6,000 AED 2,000 AED 2,000 AED 17,000 AED 17,000 AED 9,000 AED 9,000 AED 5,000 AED 5,000 AED 30,000 AED 30,000 AED 36,000 AED 36,000 AED 3,000 AED 3,000 AED 8,000 AED 8,000 Dr. AED 120,000 Cr. AED 120,000

2 Cash AED 120,000 8,000 9,000 6,000 5,000 30,000 2,000 3,000 16,000 Accounts Receivable AED 17,000 6,000 Utility Expense AED 2,000

AED 2,000

AED 87,000

AED 11,000

Rent Expense AED 5,000

Supplies AED 3,000

Equipment AED 30,000

AED 5,000

AED 3,000

AED 30,000

Service Revenue

Furniture AED 36,000

AED 36,000

Accounts Payable 3,000 AED 36,000 3,000 AED 36,000

Jimmy Liwanag, Capital AED 120,000

AED 120,000

Unearned Service Revenue AED 9,000

Jimmy Liwanag, Withdrawal AED 16,000

AED 9,000

AED 16,000

Utility Expense

Rent Expense

Service Revenue AED 8,000 17,000 AED 25,000

Jimmy Liwanag, Accountant as of December 31 Unadjusted Trial Balance Dr. Cr. 87000 11000 3000 30000 36000 600 36000 5000 9000 120000 16000 2000 5000 5000 2000 1100 190000 25000 190000 16600 8500 16600 4500 Adjustments Dr. Cr. 4000 2000 500 Adjusted Trial Balance Dr. Cr. 87000 15000 1000 30000 500 36000 600 36000 5000 4500 120000 16000 2000 5000 5000 2000 1100 33500 200100 200100

Cash Accounts Receivable Supplies Equipment Accumulated Depreciation - Equipment Furniture Accumulated Depreciation - Furniture Accounts Payable Salaries Payable Unearned Revenue Jimmy Liwanag, Capital Jimmy Liwanag, Withdrawal Supplies Expense Salaries Expense Rent Expense Utility Expense Depreciation Expense Service Revenue

Adjustments Dr. Dec. a. 31 Accounts Receivable Service Revenue Unearned Service Revenue Service Revenue Supplies Expense Supplies Depreciation Expense Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Salaries Expense Salaries Payable AED 4,000 AED 4,000 AED 4,500 AED 4,500 AED 2,000 AED 2,000 AED 1,100 AED 500 AED 600 AED 5,000 AED 5,000 Cr.

b.

c.

d.

e.

3,000

4,500

ADJUSTED GENERAL LEDGER Cash AED 120,000 8,000 9,000 6,000 Accounts Receivable AED 17,000 6,000 4,000 Supplies Expense AED 2,000

5,000 30,000 2,000 3,000 16,000

AED 2,000

AED 87,000

AED 15,000

Salaries Expense AED 5,000

Supplies AED 3,000

2,000

Accumulated Depreciation Equipment AED 500

AED 5,000

AED 1,000 AED 500 Equipment AED 30,000

Depreciation Expense AED 1,100

Accumulated Depreciation Furniture AED 600

AED 1,100

AED 30,000 AED 600 Furniture AED 36,000 Salaries Payable AED 5,000

Utility Expense AED 2,000

AED 2,000

AED 36,000 AED 5,000 Accounts Payable 3,000 AED 36,000 3,000 AED 36,000 Jimmy Liwanag, Capital AED 120,000

Rent Expense AED 5,000

AED 5,000

AED 120,000

Unearned Revenue 4,500 AED 9,000

Jimmy Liwanag, Withdrawal AED 16,000

Service Revenue AED 8,000 17,000 8,500 AED 33,500

AED 4,500

AED 16,000

Jimmy Liwanag, Accountant Income Statement For the Month ended December 31 Revenue Service Revenue Expenses Supplies Expense Salaries Expense Rent Expense Utility Expense Depreciation Expense Profit

AED 33,500

2000 5000 5000 2000 1100

AED 15,100 AED 18,400

Jimmy Liwanag, Accountant Statement of Owner's Equity For the Month ended December 31

Jimmy Liwanag, Owner's Equity, 12/1 Add: Additional Investment Profit Total Less: Withdrawals Jimmy Liwanag, Owner's Equity, 12/31

AED 120,000 AED 0 18400 18400 AED 138,400 16000 AED 122,400

Jimmy Liwanag, Accountant Balance Sheet As of December 31

ASSETS Current Assets Cash Accounts Receivable Supplies Total Current Assets Property and Equipment Equipment Less: Accumulated Depreciation - Equipment Furniture Less: Accumulated Depreciation - Furniture TOTAL ASSETS LIABILITIES Current Liabilities Accounts Payable Salaries Payable Unearned Revenue Total Current Liabilities OWNER'S EQUITY Jimmy Liwanag, Owner's Equity, 12/31 TOTAL LIABILITIES AND OWNER'S EQUITY 36000 5000 4500 45500

AED 87,000 15000 1000 AED 103,000

30000 500 36000 600

29,500 35,400 64,900 AED 167,900

122,400 167,900