Date

Dec 31st

1*

Dep Cost-residual value/usefull life 2*

600
3*

4*

5*

6*

Sales revenue 7*
Expenses(admin, marketing, selling)
slaries
utilies 8*
rent
admins
interest 9*
Net income/ Net loss/ profit b*40 100,000*40%
income tax expnse 40,000
profit after tax- Income 60,000
dividends 5000
N/I, Retained Earning 55,000
Assets

Liability

New
New

Equity

Revenue

Expenses
 Internet Consulting Services Inc
General Journal
31-Dec-09

Account Title & Explanation Debit Credit

Rent expense 2100

Prepaid offic rent (asset) 2100
offic rent adjusted for the month of december

Dues and subscription expense 50

Prepaid dues and subscription 50

Supplies expense 150

Supplies 150

Depreciation Expense-Equipment 600

Acculmulated Depreciation 600

interest expense 100

interest payable 100

unearned consulting fees (liability) 2850

Consulting fees earned 2850

Consulting fees receiable 11000

Consulting fees earned 11000

Salaries expense 1700

Salaries payable 1700

Income tax expense 5000

income tax payable 5000

Interet Consuting Services Incorporation

Trial Balance Debit Credit
31-Dec-09
Cash 49,100
Consulting fees rec 34,400
prepaid office rent 4,200
Prepaid dues and subcription 250
supplies 450
Equipment 36,000
Accumulated depreciation-Equipment 10,800
Notes payable 5,000
Income taxes payable 17,000
salaries payble 1,700
Interest payable 100
unearned consuting fees 3,100
Capital stock 30,000
retained earnings 32,700
dividend 60,000
Consulting fees Earned 271,030
Salaries expense 90,520
telephone expense 2,550
rent expense 24,100
income tax expenses 56,000
supplies expenses 1,750
dues and subcription expenses 610
depreciation expense 7,200
miscelleneous expenses 4,200
interest expense 100
Balance of both 371,430 371,430

Net income/net loss 84,000

 Initial balance has been taken from UnAdjusted Trial Balance

Rent Expense Prepaid office rent

unadjusted trial 31-Dec 22,000 31-Dec 6300
adjustments 31-Dec 2100
bal 24,100 bal 4,200

Dues & subscription expense Prepaid dues and subscription

unadj 31-Dec 560 unadj 300
adj 50
balance 610 bal 250

Supplies expense
unadj 1600 unadjust
adj 150
1750 bal

Depreciation Expense
unadj 6600
adj 600
bal 7200

Interest expense
100
bal 100
Unearned consulting fees
adj 2850 unadj 5950

bal 3100

Consulting fees receivable

unadj 23400
adj 11000
bal 34400

salaries payable
adj 1700
bal 1700

income tax payable

12000 unadj
5000 adj
17000 bal
Prepaid office rent
adj 2,100

Prepaid dues and subscription

adj 50

Supplies
600 adj 150

450

Accumulated depreciation
10200 unajusted
600 adj
10800 bal

Interest payable
100
bal 100
 Consulting fees earned
unadj 257180
adj 2850
adj 11000
bal 271030

Salaries expense
unadj 88820
adj 1700
90520

Income tax expense

unadj 51000
adj 5000
56000

income tax 56000

recognize 51000
payment 39000
remaining 12000
liability