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(2) Identify the specific accounts affected by writing the specific accounts on the
space provided for;
(3) Classify the accounts affected whether Asset, Liability, Capital, Revenue or
Expense by writing A, L, C, R or E opposite every account;
(4) Identify the effect of the transaction to the specific account affected whether
Increase or Decrease by writing INC for increase or DEC for decrease;
(5) Applying the rules of debit and credit, determine whether the specific accounts
affected shall be debited or credited by writing DR for debit and CR for credit
and
15 Cash 10,000
Accounts receivable 10,000
16 Cash 15,000
Service income 15,000
20 Furniture 20,000
Mariel, Capital 20,000
RENT EXPENSE
4/1 10,000 UTILITY EXPENSE
4/30 4,000
WAGES EXPENSE
4/15 15,000 METALICOP, DRAWINGS
4/30 20,000 4/30 12,000
LOAN PAYABLE
4/30 100,000
VULCANIZING INCOME
4/8 15,000
4/15 20,000
4/22 25,000
4/28 20,000
ACCOUNTS RECEIVABLE 4/30 3,000
4/30 3,000
Based on the above T-accounts, prepare the preliminary trial balance of Metalicop Vulcanizing
Shop
PROBLEM 4. On the basis of the following ADJUSTED trial balance of GOLDMINE SHOP,
prepare the following financial statements (all in good form):
1. Statement of Operations
2. Statement of Owner’s Equity
3. Statement of Financial Position
GOLDMINE SHOP
Final Trial Balance
31 December 2015
Cash P 80,000
Accounts Receivable 20,000
Supplies 5,000
Shop Equipments 150,000
Accumulated depreciation- Shop Equipments P 15,000
Furniture and Fixtures 50,000
Accumulated depreciation- Furniture and Fixtures 5,000
Accounts Payable 32,000
Loan Payable 100,000
Goldie, Capital 100,000
Goldie, Withdrawal 10,000
Laundry Income 135,000
Depreciation Expense 20,000
Utilities Expense 15,000
Interest Expense 12,000
Postage, Telephone and Telegraph 5,000
Miscellaneous Expense 20,000
P 387,000 P 387,000