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  • Account No. Account Name Trial Balance Debit Credit

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    Rachelle Jose
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    The trial balance provided shows account balances as of December 31, 2020 for QCU Corporation. Several errors were noted that require adjustment including depreciation not recorded for equipment, furniture and leasehold improvements. An income statement, statement of changes in equity, and statement of financial position were prepared that reflect the proper accounting for depreciation and present the company's financial position and performance for the year ended December 31, 2020.

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    The trial balance provided shows account balances as of December 31, 2020 for QCU Corporation. Several errors were noted that require adjustment including depreciation not recorded for equipment, furniture and leasehold improvements. An income statement, statement of changes in equity, and statement of financial position were prepared that reflect the proper accounting for depreciation and present the company's financial position and performance for the year ended December 31, 2020.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    99 views8 pages

    Account No. Account Name Trial Balance Debit Credit

    Uploaded by

    Rachelle Jose
    The trial balance provided shows account balances as of December 31, 2020 for QCU Corporation. Several errors were noted that require adjustment including depreciation not recorded for equipment, furniture and leasehold improvements. An income statement, statement of changes in equity, and statement of financial position were prepared that reflect the proper accounting for depreciation and present the company's financial position and performance for the year ended December 31, 2020.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 8

    TRIAL BALANCE

    ACCOUNT NO. ACCOUNT NAME


    Debit Credit
    101 Cash 226,108.00
    110 Accts. Rec. - Adel Alvarez, employee 1,528.00
    111 Accts. Rec. - Nicolai Carls, employee 904.00
    112 Accts. Rec. - George Paul 5,600.00
    120 Supplies 1,368.00
    125 Office and Computer Equipment 112,065.97
    130 Furniture and Fixtures 34,091.29
    145 Leasehold Improvements 93,829.38
    201 Accts. Pay. - Able Store 6,248.00
    205 Accts. Pay. - Junniboi, Inc. 7,782.00
    207 Notes Payable 65,000.00
    208 Withholding tax payable 519.01
    209 Income tax payable 2,473.40
    301 Abe Shultz, Capital 387,578.64
    305 Abe Shultz, Withdrawals 4,000.00
    405 Service Fee 52,980.00
    501 Advertising Expense 3,512.00
    Depr. Exp., Office & Computer Equipments
    505 Salaries Expense 14,200.00
    Depr. Exp., Furniture and Fixtures
    Depr. Exp., Leasehold Improvements
    510 Maintenance Expense 7,782.00
    520 Rent Expense 8,421.05
    530 Utilities Expense 4,897.96
    531 Taxes and licenses 400.00
    532 Tax Penalty 1,400.00
    533 Income tax expense 2,473.40
    522,581.05 522,581.05
    Net Income/Loss
    -
    ADJUSTMENT INCOME STATEMENT BALANCE SHEET
    Debit Credit Debit Credit Debit
    384.99 226,492.99
    1,528.00
    904.00 -
    5,600.00
    1,368.00
    52,977.36 59,088.61
    7,177.08 26,914.21
    21,244.44 72,584.94
    -
    -
    -
    519.01

    -
    4,000.00
    - 52,980.00 -
    3,512.00 -
    52,977.36 52,977.36
    14,200.00 -
    7,177.08 7,177.08
    21,244.44 21,244.44
    7,782.00 -
    8,421.05 -
    4,897.96 -
    400.00
    1,400.00
    2,473.40
    82,302.88 82,302.88 124,485.29 52,980.00 397,576.75
    - 71,505.29
    52,980.00 52,980.00 397,576.75
    BALANCE SHEET
    Credit
    -
    -

    -
    -
    -
    -
    -
    6,248.00
    7,782.00
    65,000.00
    -
    2,473.40
    387,578.64
    -

    -
    -
    -

    469,082.04
    - 71,505.29
    397,576.75
    QCU CORPORATION
    Statement of Income
    For the month Dec. 31, 2020

    2020
    Service Revenue
    Service Fees 52,980.00

    Less: Cost of Service


    Depr. Exp., Office & Computer Equipments 52,977.36
    Salaries Expense 14,200.00
    Maintenance Expense 7,782.00
    Rent Expense 8,421.05
    Gross Income - 30,400.41

    Less: Operating Income


    Utilities Expense 4,897.96
    Advertising Expense 3,512.00
    Depr. Exp., Furniture and Fixtures 7,177.08
    Depr. Exp., Leasehold Improvements 21,244.44
    Taxes and Licenses 400.00
    Tax Penalty 1,400.00
    Income Tax Expense 2,473.40

    Net Income - 71,505.29


    QCU CORPORATION
    Statement of Changes in Equity
    For the month Dec. 31, 2020

    2020
    Owner's Equity, Beg. Balance 387,578.64
    Add: Net Income/Loss - 71,505.29
    316,073.35
    Less:Drawing - 4,000.00
    Owner's Equity, ending balance 312,073.35
    QCU CORPORATION
    Statement of Financial Position
    As at Dec. 31, 2020
    2,020.00
    Current Assets
    Cash 226,492.99
    Accounts Receivable - Adel Alvarez, employee 1,528.00
    Accounts Receivable - Nicolai Carls, employee -
    Accounts Receivable - George Paul, employee 5,600.00
    Supplies 1,368.00
    Total CA 234,988.99

    Noncurrent Assets
    Office Computer Equipment 59,088.61
    Furniture and Fixtures 26,914.21
    Leasehold Improvements 72,584.94
    Total Noncurrent Assets 158,587.76

    Total Assets 393,576.75

    Current Liablilities
    Accounts Payable - Able Store 6,248.00
    Accounts Payable - Juniboi, Inc. 7,782.00
    Notes Payable 65,000.00
    Withholding Tax Payable -
    Income Tax Payable 2,473.40
    Total current Liablities 81,503.40

    Noncurrent Liability -

    Owner's Equity 312,073.35

    Total Liablities and Owner's Equity 393,576.75


    Cash - don't know how to
    111 - Dr cash and Cr 111
    112 - account was paid on Jan. 12, 2021 but not adjusted to 2020
    125 - It is supposed to be depreciated by 52,977.36 . Therefore current balance should be 59,088.61
    130 - It is supposed to be depreciated by 7,177.08 . Therefore current balance should be 26,914.21
    145 - Supposed to be depriciated by 21,244.44 . Therefore current balance should be72,584.94
    205 - not adjusted because it was paid on jan. 10, 2021
    125, 130, 145 = I deducted the depreciation value direct to their account

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