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Lausanne Co. 2014 Financial Statements

The trial balance shows the unadjusted and adjusted accounts for Lausanne Co. as of September 30, 2014. Adjusting entries were made for supplies, prepaid rent, accumulated depreciation, salaries and wages payable, interest payable, and unearned rent revenue. The income statement shows revenue of $71 and expenses of $48, resulting in net income of $23. The retained earnings statement shows an ending balance of $42. The balance sheet lists assets of $695, liabilities of $53, and equity of $642.

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78 views4 pages

Lausanne Co. 2014 Financial Statements

The trial balance shows the unadjusted and adjusted accounts for Lausanne Co. as of September 30, 2014. Adjusting entries were made for supplies, prepaid rent, accumulated depreciation, salaries and wages payable, interest payable, and unearned rent revenue. The income statement shows revenue of $71 and expenses of $48, resulting in net income of $23. The retained earnings statement shows an ending balance of $42. The balance sheet lists assets of $695, liabilities of $53, and equity of $642.

Uploaded by

Email Penting
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Lausanne Co., Inc.

Trial Balance
30-Sep-14
Unadjusted Adjussting Entries Adjussted T B Income Statement
Account Title
Dr. Cr. Dr. Cr. Dr. Cr. Dr.
Cash 200 200
Accounts Receivable 250 5 255
Supplies 50 8 42
Prepaid Rent 10 2 8
Equipment 200 200
Accumulated Depr—Equipment - 10 10
Notes Payable 20 20
Accounts Payable 10 10
Salaries and Wages Payable - 10 10
Interest Payable - 4 4
Unearned Rent Revenue 15 6 9
Share Capital—Ordinary 600 600
Retined Earning 20 20
Dividends 1 1
Service Revenue 50 5 55
Rent Revenue 10 6 16
Salaries and Wages Expense 8 10 18 18
Rent Expense 3 2 5 5
Depreciation Expense 10 10 10
Supplies Expense 8 8 8
Utilities Expense 3 3 3
Interest Expense 4 4 4
Total 725 725 45 45 754 754 48
23
71
-
Income Statement Balance Sheet
Cr. Dr. Cr. General Journal
200 Interest Expense 4
255 Interest Payable 4
42 Supplies Expense 8
8 Supplies 8
200 Depreciation Expense 10
10 Accumulated Depr.—Equipment 10
20 Rent Expense 2
10 Prepaid Rent 2
10 Salaries and Wages Expense 10
4 Salaries and Wages Payable 10
9 Accounts Receivable 5
600 Service Revenue 5
20 Unearned Rent Revenue 6
1 Rent Revenue 6
55
16 Lausanne Co., Inc.
Income Statement
30-Sep-14
Service Revenue 55
Rent Revenue 16
Total Revenue 71
Expenses
71 706 683 Salaries and Wages Expense 18
23 Rent Expense 5
71 706 706 Depreciation Expense 10
Supplies Expense 8
Utilities Expense 3
Interest Expense 4
Total Expenses 48
Net Income 23

Lausanne Co., Inc.


Retained Earning Statement
30-Sep-14
Retined Earning Beginning 20
Add: Net Income 23
Less: Divident 1
Retined Earning Ending 42

Lausanne Co., Inc.


Balance Sheet
30-Sep-14
Assets
Cash 200
Accounts Receivable 255
Supplies 42
Prepaid Rent 8
Equipment 200
Accumulated Depr—Equipment 10 190
Total Assets 695
Liability
Notes Payable 20
Accounts Payable 10
Salaries and Wages Payable 10
Interest Payable 4
Unearned Rent Revenue 9
Toral Liability 53
Equity
Share Capital—Ordinary 600
Retined Earning 42
Toral Equity 642
Total Liability and Equity 695
Lausanne Co., Inc.
Post Closing Trial Balance
30-Sep-14
Cash 200
Accounts Receivable 255
Supplies 42
Prepaid Rent 8
Equipment 200
Accumulated Depreciation—Equipment 10
Notes Payable 20
Accounts Payable 10
Salaries and Wages Payable 10
Interest Payable 4
Unearned Rent Revenue 9
Share Capital—Ordinary 600
Retined Earning 42
705 705
Closing Entries
Service Revenue 55
Rent Revenue 16
Retined Earning 71
Retined Earning 48
Salaries and Wages Expense 18
Rent Expense 5
Depreciation Expense 10
Supplies Expense 8
Utilities Expense 3
Interest Expense 4
Retined Earning 1
Dividends 1

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