Adjusting Entries Debit Credit

a. Salaries Expense 30,000

Salaries Payable 30,000

b. Rent Expense 100,000

Prepaid Rent 100,000

c. Depreciation Expense 200,000

Accumulated Depreciation 200,000
 Dores Marie Pateno Hoobby Shop
Worksheet
Dec. 31, 2024
Unadjusted Trial Balance Adjustments
ACCOUNTS Debit Credit Debit Credit
Cash 100,000
Accounts Receivable 500,000
Merchandise Inventory 700,000
Prepaid Rent 300,000 100,000
Shop Equipment 1,600,000
Accumulated Depreciation 200,000 200,000
Accounts Payable 400,000
Pateno, Capital 1,300,000
Pateno, Withdrawals 100,000
Sales 2,900,000
Sales Discounts 100,000
Purchases 800,000
Purchases Return and Allowances 200,000
Transportation In 100,000
Salaries Expense 400,000 30,000
Advertising Expense 150,000
Utilities Expense 100,000
Supplies Expense 50,000
TOTAL 5,000,000 5,000,000

ADJUSTMENTS
Salaries Payable 30,000
Rent Expense 100,000
Depreciation Expense 200,000
TOTAL 330,000 330,000
Marie Pateno Hoobby Shop
Worksheet
Dec. 31, 2024
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
100,000 100,000
500,000 500,000
700,000 700,000 500,000 500,000
200,000 200,000
1,600,000 1,600,000
400,000 400,000
400,000 400,000
1,300,000 1,300,000
100,000 100,000
2,900,000 2,900,000
100,000 100,000
800,000 800,000
200,000 200,000
100,000 100,000
430,000 430,000
150,000 150,000
100,000 100,000
50,000 50,000

30,000 30,000
100,000 100,000
200,000 200,000
5,230,000 5,230,000 2,730,000 3,600,000 3,000,000 2,130,000
870,000 870,000
3,600,000 3,600,000 3,000,000 3,000,000
Adjusting Entries Debit Credit
a. Office Supplies Expense 17,000
Office Supplies 17,000

b. Advertising Expense 25,000

Prepaid Advertising 25,000

c. Salaries Expense 21,000

Salaries Payable 21,000

d. Depreciation Expense 35,000

Accumulated Depreciation - office building 15,000
Accumulated Depreciation - office equipment 20,000

Closing Entries Debit Credit

Merchandise Inventory, End 723,000
Sales 4,600,000
Purchase Return and Allowances 133,000
Purchase Discount 172,000
Merchandise Inventory, Beginning 598,000
Sales Return and Allowances 187,000
Sales Discount 161,000
Purchases 2,643,000
Transportaion In 72,000
Insurance Expense 25,000
Interest Expense 208,000
Salaries Expense 883,000
Travel Expense 188,000
Office Supplies Expense 17,000
Advertising Expense 25,000
Depreciation Expense 35,000
Income Summary 586,000

Income Summary 586,000

Sousa, Capital 586,000

Sousa, Capital 200,000

Sousa, Withdrawals 200,000
 Christine Sousa Bags
Worksheet
Dec. 31, 2024
Unadjusted Trial Balance Adjustments
ACCOUNTS Debit Credit Debit Credit
Cash 72,000
Accounts Receivable 136,000
Merchandise Inventory 598,000
Office Building 1,600,000
Accumulated Depreciation - office building 100,000 15,000
Office Equipment 570,000
Accumulated Depreciation - office equipment 150,000 20,000
Office Supplies 42,000 17,000
Land 400,000
Prepaid Advertising 75,000 25,000
Accounts Payable 74,000
Mortgage Payable 1,100,000
Notes Payable 200,000
Sousa, Capital 1,510,000
Sousa, Withdrawal 200,000
Sales 4,600,000
Sales Return and Allowances 187,000
Sales Discount 161,000
Purchases 2,643,000
Purchase Return and Allowances 133,000
Purchase Discount 172,000
Transportation In 72,000
Insurance Expense 25,000
Interest Expense 208,000
Salaries Expense 862,000 21,000
Travel Expense 188,000
TOTALS 8,039,000 8039000

ADJUSTMENTS
Office Supplies Expense 17,000
Advertising Expense 25,000
Salaries Payable 21,000
Depreciation Expense 35,000
TOTALS 98000 98000

Christine Sousa Bags

Income Statement
For the period ending Dec. 31, 2024
Gross Sales 4,600,000
Less:
Sales Return and Allowances -187,000
Sales Discount -161,000
Net Sales 4,252,000
Less: COGS
Merchandise Inventory, Beginning 598,000
Purchases 2,643,000
Transportation In 72,000
Purchase Return and Allowances -133,000
Purchase Discount -172,000
Total Goods Available for Sale 3,008,000
Less: Merchandise Inventory, Ending -723,000 2,285,000
Gross Profit 1,967,000
Less: Operating Expenses
Insurance Expense 25,000
Salaries Expense 883,000
Travel Expense 188,000
Office Supplies Expense 17,000
Advertising Expense 25,000
Depreciation Expense 35,000 1,173,000
Operating Income 794,000
Less: Interest Expense 208,000
Net Income 586,000

Christine Sousa Bags

Statement of Financial Position
As of Dec. 31, 2024

ASSETS
Cash 72,000
Accounts Receivable 136,000
Merchandise Inventory 723,000
Office Building 1,600,000
Accumulated Depreciation - office building 115,000 1,485,000
Office Equipment 570,000
Accumulated Depreciation - office equipment 170,000 400,000
Office Supplies 25,000
Land 400,000
Prepaid Advertising 50,000
TOTAL ASSETS 3,291,000
LIABILITIES AND CAPITAL
Current Liabilities
Accounts Payable 74,000
Mortgage Payable 1,100,000
Salaries Payable 21,000
Total Current Liabilities 1,195,000

Non-Current Liabilities
Notes Payable 200,000
TOTAL LIABILITIES 1,395,000

Sousa, Capital Beginning 1,510,000

Additional Investment 0
Sousa, Withdrawal -200,000
BALANCE 1,310,000
Net Income 586,000
Sousa, Capital Ending 1,896,000

TOTAL LIABILITIES AND CAPITAL 3,291,000

 Sousa Bags
rksheet
31, 2024
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
72,000 72,000
136,000 136,000
598,000 598,000 723,000 723,000
1,600,000 1,600,000
115,000 115,000
570,000 570,000
170,000 170,000
25,000 25,000
400,000 400,000
50,000 50,000
74,000 74,000
1,100,000 1,100,000
200,000 200,000
1,510,000 1,510,000
200,000 200,000
4,600,000 4,600,000
187,000 187,000
161,000 161,000
2,643,000 2,643,000
133,000 133,000
172,000 172,000
72,000 72,000
25,000 25,000
208,000 208,000
883,000 883,000
188,000 188,000

17,000 17,000
25,000 25,000
21,000 21,000
35,000 35,000
8,095,000 8095000 5042000 5628000 3,776,000 3190000
586000 586,000
5628000 5628000 3,776,000 3,776,000