Prooblem 4-5 No.

JOURNAL ENTRIES :

Oct. 1 Cash $ 80,000

Shin, Capital $ 80,000

Oct. 1 Truck $ 60,000

Cash $ 30,000
Accounts Payable $ 30,000

Oct. 3 Cleaning Supplies $ 9,000

Accounts Payable $ 9,000

Oct. 5 Prepaid Insurance $ 12,000

Cash $ 12,000

Oct. 12 Account Receivable $ 25,000

Sales Revenue $ 25,000

Oct. 18 Accounts Payable - Truck $ 10,000

Accounts Payable - Cleaning Supplies $ 5,000
Cash $ 15,000

Oct. 20 Salaries Expense $ 12,000

Cash $ 12,000

Oct. 21 Cash $ 14,000

Accounts Receivable $ 14,000

Oct. 25 Accounts Receivable $ 30,000

Sales Revenue $ 30,000

Oct. 31 Gas and Oil Expense $ 2,000

Cash $ 2,000

Oct. 31 Shin, Drawing $ 6,000

Cash $ 6,000
 SHIN WASHING
LEDGER

Cash Shin, Capital Truck

80,000 30,000 80,000 60,000
14,000 12,000
15,000 80,000 60,000
12,000
2,000
6,000 Preapaid Insurance Accounts Receivable
12,000 25,000 14,000
94,000 77,000 30,000
17,000 12,000
55,000 14,000
41,000
Cleaning Supplies Gas and Oil Expense
9,000 2,000 Shin, Withindrew
6,000
9,000 2,000
6,000

Salaries Expense Saleries Payable

12,000 6,000
6,000
6,000
18,000
Accounts Payable
10,000 30,000
5,000 9,000
5,000

15,000 44,000
29,000

Sales Revenue
25,000
30,000

55,000

Supplies on Hand
5,000

5,000
 Problem 4-5 No. 4

SHINWASHING
WORKSHEET
For Period Ended October 31, 2020

Trial Balance Adjustments

Account Title
DEBIT CREDIT DEBIT CREDIT
Cash 17,000.00
Accounts Receivable 41,000.00
Shin, Capital 80,000.00
Service Revenue 55,000.00
Truck 60,000.00
Accounts Payable 24,000.00 5,000.00
Cleaning supplies expense 9,000.00
Prepaid insurance 12,000.00 1,000.00
Salary expense 12,000.00 6,000.00
Gas and oil expense 2,000.00
Shin, withdrawal 6,000.00
Office supplies on hand 5,000.00
Salaries payable 6,000.00
Depreciation expense 500.00
Accumulated depreciation 500.00
Insurance expense 1,000.00

TOTAL 159,000.00 159,000.00 12,500.00 12,500.00

NET INCOME
TOTAL 159,000.00 159,000.00 12,500.00 12,500.00

Problem 4-5 No. 5

SHIN WASHING
INCOME STATEMENT
For Period Ended January 31, 2020

Service Revenue 55,000.00

Less: Operating Expenses
Cleaning supplies expense 9,000.00
Salary expense 18,000.00
Gas and oil expense 2,000.00
Depreciation expense 500.00
Insurance expense 1,000.00 30,500.00
Net Income (Loss) 24,500.00

SHIN WASHING
BALANCE SHEET

ASSETS LIABILITIES

Cash 17,000.00 Accounts Payable

Accounts Receivable 41,000.00 Salaries Payable
Prepaid insurance 11,000.00
Office supplies on hand 5,000.00 TOTAL LIABILITES
Truck 60,000.00
Less: Accumulated depreciation 500.00 59,500.00 OWNERS' EQUITY
Shin, capital

TOTAL ASSETS 133,500.00 TOTAL OWNERS' EQUITY

Problem 4-5 No. 4

SHINWASHING
WORKSHEET
d Ended October 31, 2020

Adjusted Trial Balance Income Statement Balance Sheet

DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
17,000.00 - 17,000.00
41,000.00 - 41,000.00
- 80,000.00 80,000.00
- 55,000.00 55,000.00
60,000.00 - 60,000.00
29,000.00 29,000.00
9,000.00 - 9,000.00
11,000.00 11,000.00
18,000.00 18,000.00
2,000.00 - 2,000.00
6,000.00 - 6,000.00
5,000.00 5,000.00
6,000.00 6,000.00
500.00 500.00

1,000.00 1,000.00

170,000.00 170,000.00 30,500.00 55,000.00

24,500.00 24,500.00
170,000.00 170,000.00 55,000.00 55,000.00 140,000.00 140,000.00
ABILITIES

ccounts Payable 29,000.00

aries Payable 6,000.00

TAL LIABILITES 35,000.00

WNERS' EQUITY
-

-
TAL OWNERS' EQUITY 35,000.00
 Problem 4-5 No. 6

ADJUSTING ENTRIES :
● Supplies on Hand $ 5,000
Acconts Payable $ 5,000

● Saleries Expense $ 6,000

Salaries Payable $ 6,000

● Depreciation Expense $ 500

Accumulated Depreciation $ 500
(60,000 / 10 years / 12 months = $ 500)

● Insurance Expense $ 1,000

Prepaid Insurance $ 1,000
(12,000 / 12 months = $ 1,000)
 Problem 4-5 No. 7

SHIN WASHING
BALANCE SHEET
POST-CLOSING TRIAL BALANCE

DEBIT CREDIT
Cash 17,000.00
Accounts Receivable 41,000.00
Prepaid insurance 11,000.00
Office supplies on hand 5,000.00
Truck 60,000.00
Accumulated depreciation 500.00
Shin, capital 98,500.00
Accounts payable 29,000.00
Salaries payable 6,000.00
Total 134,000.00 134,000.00
 Question of Discussions :
1) Is the trial balance correct? Why or Why not?
No, Because some accounts are not it its normal balance.

Require Activities :
1) Complete the working paper and extend the adjusted accounts to their respective colums.

Mutual Distributors
Working Paper - January 31, 200x

Trial Balance Income Statement

Account Title
DEBIT CREDIT DEBIT CREDIT
Accounts Receivable 50,000.00
Accumulated Depreciation 3,000.00
Allowance for bad debts 500.00
Bad debts Expense 500.00 500.00
Equipment 60,000.00
Cash 40,000.00
Depreciation expense 3,000.00 3,000.00
Insurance expense 900.00 900.00
Intere Income 1,500.00 1,500.00
Rent Income 6,000.00 6,000.00
Salaries and wages 12,000.00 12,000.00
Service Income 96,500.00 96,500.00
SSS premium Expense 2,000.00 2,000.00
SSS premium payable 1,000.00
Supplies expense 1,500.00 1,500.00
Taxes and licenses 3,000.00 3,000.00
Unearned Rent Income 3,000.00
Prepaid Supplies 500.00
Prepaid Insurance 300.00
M, Capital 65,200.00
M, Drawings 4,500.00
Withholding Tax Payable 1,500.00
TOTAL 178,200.00 178,200.00 22,900.00 104,000.00
INCOME TO BALANCE SHEET 81,100.00
TOTAL BALANCE 104,000.00 104,000.00
 2) a. Total Operating Expense :
Bad debts Expense
Depreciation expense
Insurance expense
Salaries and wages
Balance Sheet SSS premium Expense
DEBIT CREDIT Supplies expense
50,000.00 Taxes and licenses
3,000.00 TOTAL
500.00
b. Net Income or Loss
60,000.00 = Rp 81,100.00
40,000.00
c. Adjusted Capital
M, Capital $ 65,200 + 81,100 =
M, Drawing

d. Total Assets of the business net of contra assets valuatiin accounts

Cash
1,000.00 Accounts Receivable
Less : Allowance for bad debts
Equipment
3,000.00 Less : Accumulated Depreciation
500.00 Prepaid Supplies
300.00 Prepaid Insurance
65,200.00 TOTAL ASSETS
4,500.00
1,500.00 e. Total liabilities :
155,300.00 74,200.00 SSS premium payable
81,100.00 Unearned Rent Income
155,300.00 155,300.00 Withholding Tax Payable
 Rp 500.00
3,000.00
900.00
12,000.00
2,000.00
1,500.00
3,000.00
Rp 22,900.00

Rp 146,300.00
4,500.00
Rp 141,800.00

ets valuatiin accounts

Rp 40,000.00
50,000.00
500.00 Rp 49,500.00
60,000.00
3,000.00 Rp 57,000.00
Rp 500.00
Rp 300.00
Rp 147,300.00

Rp 1,000.00
3,000.00
1,500.00
Rp 5,500.00