EXECUTIVE TRAVEL

Adjusting Entries
For the year ended 30 June 2003
Date Account Titles Ref. Debit
2003
June 30 Rent Expense 1400
Prepaid Rent

30 Supplies Expense 520

Office Supplies Inventory

30 Depreciation Expense 2320

Accu Depreciation- Equipment

30 Interest Expense 1470

Interest Payable

30 Wages Expense 450

Wages Payable

30 Trade Debtors (A/R) 1200

Fees Earned (Service Revenue)
Debit Credit

1400

520

2320

1470

450

1200
 EXECUTIVE TRAVEL
Adjusted Trial Balance
For the year ended 30 June 2003
Account Titles Debit
Cash at Bank 6900
Trade Debtors 6540
Prepaid Rent 1400
Office Supplies Inventory 290
Office Equipment 17,280
Accumulated Depreciation- Equipment
Trade Creditors
Bank Loan
Owner's Capital
Owner's Drawings 26,310
Fees Earned
Rent Expense 8400
Wages Expense 19,930
Telephones Expense 2590
Supplies Expense 520
Wages Payable
Depreciation Expense 2320
Interest Expense 1470
Interest Payable
Total 93,950
Credit

8530
3940
10,000
7880

61,680

450

1470
93,950
 EXECUTIVE TRAVEL
Income Statement
For the year ended 30 June 2003
Particulars Amount
Revenues:
Fees earned 61,680

Total Revenue

Less: Expenses:
Rent Expense 8400
Wages Expense 19,930
Telephones Expense 2590
Supplies Expense 520
Depreciation Expense 2320
Interest Expense 1470
Net Profit
Amount

61,680

-35,230
26,450
 EXECUTIVE TRAVEL
Owner's Equity Statement
For the year ended 30 June 2003
Particulars Amount

Owner's Capital at the beginning 7880

Add: Net Profit 26,450

Less: Owner's Drawings -26,310

Owner's Capital on June 30
Amount

34,330

8020
 EXECUTIVE TRAVEL
Balance Sheet
For the year ended 30 June 2003
Particulars Amount Amount
Assets:
Cash at bank 6900
Trade Debtors 6540
Prepaid Rent 1400
Office Supplies Inventory 290
Office Equipment 17,280
(-) Accumulated Depreciation- Equipment -8530

Total Assets

Liabilities and Owner's Equity:

Liabilities:
Trade Creditors 3940
Bank Loan 10,000
Interest Payable 1470
Wages Payable 450

Total Liabilities 15,860

Owner's Equity:
Owner's Capital on June 30 8020

Total liabilities and owner's equity

Amount Amount

6900
6540
1400
290

23,880

15,860

8020

23,880
 EXECUTIVE TRAVEL
Closing Entries
For the year ended 30 June 2003
Date Account Titles Ref. Debit
June 30 Fees earned 61,680
Income Summary

June 30 Income Summary 35,230

Rent Expense
Wages Expense
Telephone Expense
Supplies Expense
Depreciation Expense
Interest Expense

June 30 Income Summary 26,450

Owner's Capital

June 30 Owner's Capital 26,310

Owner's Drawings
Debit Credit

61,680

8400
19,930
2590
520
2320
1470

26,450

26,310
 EXECUTIVE TRAVEL
Post-Closing Trial Balance
For the year ended 30 June 2003
Account Titles Debit
Cash at bank 6900
Trade Debtors 6540
Prepaid Rent 1400
Office Supplies Inventory 290
Office Equipment 17,280
Trade Creditors
Bank Loan
Owner's Capital
Wages Payable
Interest Payable
Accumulated Depreciation- Equipment
Total 32,410
Credit

3940
10,000
8020
450
1470
8530
32,410