Question

Letter	Code	Number	APPLY		SMITH	69000
S	83	64	19000
M	77	64	13000
I	73	64	9000
T	84	64	20000
H	72	64	8000
F	70	64	6000
G	71	64	7000
H	72	64	8000
I	73	64	9000
J	74	64	10000
K	75	64	11000
L	76	64	12000
M	77	64	13000
N	78	64	14000
O	79	64	15000
P	80	64	16000
Q	81	64	17000
R	82	64	18000
S	83	64	19000
T	84	64	20000
U	85	64	21000
V	86	64	22000
W	87	64	23000
X	88	64	24000
Y	89	64	25000
Z	90	64	26000

	Jardine System Company
	Work Sheet
	For Year Ended December 31, 2019
		Unadjusted						Adjusted
No.	Account Title	Trial Balance			Adjustments			Trial Balance
		DR	CR		DR		CR	DR	CR
201	Accounts payable		65,000			(d)	54,300
127	Accounts Receivables	205,000				(a)	13,000
168	Accumulated depreciation-Building		125,000			(c)	185,000
633	Advertising expenses	47,000		(d)	5,000
685	Amortization expense	102,000
167	Building	750,000
101	Cash	215,000
301	Common Stock		400,000
501	Cost of Goods Sold	1,450,000		(a)	13,000
612	Depreciation-Equipment			(c)	185,000
637	Insurance expense			(d)	4,300
684	Interest expense	70,000
203	Interest payable		30,000
131	Inventory	29,000		(b)	4,300
176	Land	70,000
251	Long-term notes payable		254,000
430	Other Revenue		69,000
640	Rent expense	36,000		(d)	1,000
208	Rent payable					(e)	5,000
686	Repairs expense	32,000		(d)	41,000
305	Retained Earnings		635,000			(b)	4,300
683	Salaries expense	875,000		(e)	5,000
401	Sales		2,721,000
126	Short-term Investments	152,000
202	Short-term notes payable		70,000
129	Short-term Receivables	69,000
652	Supplies expense	24,000		(d)	3,000
186	Trade Marks / Patents	200,000
690	Utilities expense	43,000
	Totals	4,369,000	4,369,000		261,600		261,600	-	-

2) Complete adjusted trial balance of worksheet
3) Use your completed worksheet to prepare (a) net income, (b) Statement of Owner's Equity and (c) balance sheet as of December 31, 2019.

Answer 1

2)			Worksheet
	No.	Account title					Unadjusted trial balance		Adjustments		Adjusted trial balance
							Dr	Cr	Dr	Cr	Dr	Cr
	201	Accounts payable						65000		54300		119300
	127	Accounts receivables					205000			13000	192000
	168	Accumulated depreciation-Building						125000		185000		310000
	633	Advertising expense					47000		5000		52000
	685	Amortization expense					102000				102000
	167	Building					750000				750000
	101	Cash					215000				215000
	301	Common stock						400000				400000
	501	Cost of goods sold					1450000		13000		1463000
	612	Depreciation-Equipment							185000		185000
	637	Insurance expense							4300		4300
	684	Interest expense					70000				70000
	203	interest payable						30000				30000
	131	Inventory					29000		4300		33300
	176	Land					70000				70000
	251	Long-term notes payable						254000				254000
	430	Other revenue						69000				69000
	640	Rent expense					36000		1000		37000
	208	Rent payable								5000		5000
	686	Repairs expense					32000		41000		73000
	305	Retained earnings						635000		4300		639300
	683	Salaries expense					875000		5000		880000
	401	Sales						2721000				2721000
	126	Short-term investments					152000				152000
	202	Short-term notes payable						70000				70000
	129	Short-term receivables					69000				69000
	652	Supplies expense					24000		3000		27000
	186	Trademarks/Patents					200000				200000
	690	Utilities expense					43000				43000
		Totals					4369000	4369000	261600	261600	4617600	4617600
3)
a)	Net income:
						$	$
	Sales						2721000
	Other revenue						69000
	Total revenues						2790000
	Less:
	Cost of goods sold					1463000
	Advertising expense					52000
	Amortization expense					102000
	Depreciation-Equipment					185000
	Insurance expense					4300
	Interest expense					70000
	Rent expense					37000
	Repairs expense					73000
	Salaries expense					880000
	Supplies expense					27000
	Utilities expense					43000	2936300
	Net income/(loss)						-146300