CRUSH DEMOLITION CO

April 30, 2011

No.

Account Title

101 Cash
126 Supplies
128 Prepaid insurance
167 Equipment
168 Acccumulated depreciation - Equipment
201 Accounts payable
203 Interests payable
208 Rent payable
210 Wages payable
213 Property taxes payable
251 Long-term notes payable
301 Share capital
311 Retained earnings
312 Dividens
401 Demolition fees earned
612 Depreciation expense - Equipment
623 Wages expense
633 Interests expense
637 Insurance expense
640 Rent expense
652 Supplies expense
683 Property taxes expense
684 Repairs expense
690 Utilities expense
901 Income Statement
Totals
Net Income
Totals

Unadjusted Trial Balance

Debit
$
9,000
18,000
14,600
140,000

Adjusment

Credit

Debit

10,000
16,000
0
0
0
0
20,000 $ 4,000
56,900
10,000

24,000
177,000
0
51,400
2,200
0
8,800
0
8,400
6,700
6,800
$ 289,900 $ 289,900

$
$
$
$
$
$
$

18,000
2,200
200
11,500
5,360
9,900
450

700

$ 52,310

CRUSH DEMOLITION COMPANY

April 30, 2011
Adjusment

Adjusted Trial Balance

Credit
$
$ 9,900 $
$ 11,500 $
$
$ 18,000
$ 4,700
$
200
$ 5,360
$ 2,200
$
450

Debit
9,000
8,100
3,100
140,000

Credit

$
$
$
$
$
$
$
$
$

24,000

$
$
$
$
$
$
$
$
$

18,000
53,600
2,400
11,500
14,160
9,900
8,850
6,700
7,500

Income Statement
Debit

Credit

28,000
20,700
200
5,360
2,200
450
16,000
56,900
10,000

$ 177,000

Statement of changes in
Equity
Debit
Credit
$
9,000
$
8,100
$
3,100
$ 140,000
$ 28,000
$ 20,700
$
200
$
5,360
$
2,200
$
450
$ 16,000
$ 56,900
$ 10,000
$ 24,000

$ 177,000
$ 132,610

$ 52,310 $ 316,810 $ 316,810 $ 132,610 $ 177,000 $ 184,200 $ 139,810

$ 44,390
$ 44,390
$ 177,000 $ 177,000 $ 184,200 $ 184,200

Closing
Debit

Credit
$
$
$
$

24,000 $ 44,390
$ 24,000
$ 177,000
$ 18,000
$ 53,600
$
2,400
$ 11,500
$ 14,160
$
9,900
$
8,850
$
6,700
$
7,500
$ 177,000 $ 177,000
$ 378,000 $ 378,000 $

Post-Closing Trial
Balance
Debit
Credit
9,000
8,100
3,100
140,000
$ 28,000
$ 20,700
$
200
$
5,360
$
2,200
$
450
$ 16,000
$ 56,900
$ 30,390
0
0
0
0
0
0
0
0
0
0
0
0
160,200 $ 160,200

CRUSH DEMOLITION COMPANY

Income Statement
For Month Ended April 30, 2012
Revenues
Demolition fees earned
Total Revenue
Expenses
Depreciation expense - Equipment
Wages expense
Interests expense
Insurance expense
Rent expense
Supplies expense
Property taxes expense
Repairs expense
Utilities expense
Total Expenses
Net Income

177,000

18,000
53,600
2,400
11,500
14,160
9,900
8,850
6,700
7,500

CRUSH DEMOLITION COMPANY

Statement of Changes in Equity
For Month Ended April 30, 2012
Share Capital
$
56,900 $
$

Balance at December 1
Plus: Issuance of Shares
Net Incomes
Less: Dividens
Balance at April 31

Retained
Earnings
0
44,390
24,000

56,900 $

20,390

CRUSH DEMOLITION COMPANY

Statement of Financial Position
For Month Ended April 30, 2012
Asset
Plus: Cash
Supplies
Prepaid insurance
Equipment
Less: Acccumulated depreciation - Equipment
Total Assets

Liabilities and Equity

9,000
8,100
3,100
140,000
28,000
132,200

Accounts payable
Interests payable
Rent payable
Wages payable
Property taxes payable
Long-term notes payable
Total Liabilities
Share Capital
Retained Earnings
Total Equity
Total liabilities and equity

20,700
200
5,360
2,200
450
16,000
44,910
56,900
20,390
77,290
122,200

a. Since the debit will still equal credits, this error would not likely be discovered. The error will be known if the insurrance agent
b. Since debits would not equal credits, this mistake would likely be caught.

177,000

132,610

44,390

Total Equity
$
$

56,900
44,390
24,000

77,290

own if the insurrance agent inform the lack of payment

General Journal
April
30 Dr Consulting Revenue
$ 177,000
Cr Income Summary
Dr Income Summary
$ 132,610
Cr Depreciation expense - Equipmen
Cr Wages expense
Cr Interests expense
Cr Insurance expense
Cr Rent expense
Cr Supplies expense
Cr Property taxes expense
Cr Repairs expense
Cr Utilities expense
Dr Income Summary
$ 44,390
Cr Retained earnings
Dr Retained earnings
$ 24,000
Cr Dividens
$ 378,000

$ 177,000
$
$
$
$
$
$
$
$
$

18,000
53,600
2,400
11,500
14,160
9,900
8,850
6,700
7,500

44,390

$ 24,000
$ 378,000