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Midtown R

End-of-Period Spr
For the Year Ende

Unadjusted trial balance Adjustments

Account title Dr. Cr. Dr.


Cash 8000

Accounts receivable 40000


Supplies 4000

Prepaid Insurance 6000


Land 50000

Equipment 20000

Accumulated
Depreciation--
Equipment 2000

Accounts payable 18000

Wages payable 0

Jones, Capital 85000

Jones, Withdrawals 4000

Service Revenue 45000

Rental Revenue 2000

Wages expense 10000

Rent expense 6000

Insurance expense 0

Utilities expense 3000

Depreciation expense 0
Supplies expense 0

Miscellaneous
expense 1000
Total 152000 152000

Net income
Total

The data for year-end adjustments are as follows:


a. Service revenue, but not yet billed, $4000.

b. Supplies on hand,
$1000

c. Insurance
premiums expired,
$5000

d. Depreciation
expense, $2000

e. Wages accrued,
but not paid, $2000
Midtown Repair Company.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended December 31, 2020

Adjustments Adjusted Triabalance Income statement

Cr. Dr. Cr. Dr.


Income statement Balance sheet and statement of equity

Cr. Dr. Cr.


Income statement
Revenues
Service Revenue 49000
Rental Revenue 2000
Total revenues 51000
Expenses
Wages Expense 12000
Rent Expense 6000
Insurance Expense 5000
Utilities Expense 3000
depreciation expense 2000
Supplies Expense 3000
Miscellaneous Expense 1000
Total expenses 32000 0
Net income 19000
Statement of owner's equity
Jones, Capital 85000
Add: 19000

0
Less:Jones, Withdrawals 4000
Jones, Capital, Ending 100000
Midtown Repair Company
Balance Sheet
Assets
cash 8000
Accounts Receivable 44000
Supplies 1000
Prepaid Insurance 1000
Land 50000
Equipment 20000
Accumulated Depreciation--Equipment 4000

Total assets 120000


Liabilities
Account payable 18000
wages payable 2000

Total liabilities 20000


Equity
Jones, Capital, 100000

Total Equity 100000

Total liabilities and equity 120000

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