Baldy's Barber Shop												Baldy's Barber Shop
Work Sheet												Income Statement
For Year Ended December 31, xxxx												For the Period Jan 1, xxxx thru Dec 31, xxxx
Account	Unadjusted                Trial Balance		Adjustments		Adjusted              Trial Balance		Income Statement		Balance Sheet & Statement of Owner's Equity			Revenues:
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit		Sales		$    3,105
Cash In Bank	9,933				9,933				9,933			Operating expenses:
Cash Over/Short	-				-				-			Barber Supplies		325
Petty Cash	100				100				100			Janitorial & Cleaning Services		500
Deposits	1,000				1,000				1,000			Towel & Linen Cleaning		-
Prepaid Advertising	1,500				1,500				1,500			Uniform Rental		75
Prepaid Insurance	2,500			208	2,292				2,292			Building Rent		1,000
Barber Equipment	3,300				3,300				3,300			Building Maintenance		1,450
Furniture & Fixtures	1,600				1,600				1,600			Utilities		200
Office Equipment	1,500				1,500				1,500			Advertising		200
Accum Deprec-Barber Equipment		-		39		39				39		Promotions & Special Events		525
Accum Deprec-Furniture & Fixtures				20		20				20		Magazines & Newspapers		40
Accum Deprec-Office Equipment				25		25				25		Coffee Supplies		-
Accounts Payable		-				-				-		Office Supplies		190
Notes Payable-Short Term				2,083		2,083				2,083		Postage		50
Notes Payable-Long Term		10,000	2000			8,000				8,000		Telephone		30
Owners Equity		15,000				15,000				15,000		Insurance		208
Sales		3,105				3,105		3,105				Entertainment		50
Barber Supplies	325				325		325					Professional Fees		200
Janitorial & Cleaning Services	500				500		500					Fees,Licenses,Permits		700
Towel & Linen Cleaning					-		-					Wi-Fi Internet		37
Uniform Rental	75				75		75					Donations		100
Building Rent	1,000				1,000		1,000					Depreciation		84
Building Maintenance	1,450				1,450		1,450					Interest		83
Utilities	200				200		200					Total operating expenses		6,047
Advertising	200				200		200					Net Profit / Loss		$  (2,942)
Promotions & Special Events	525				525		525
Magazines & Newspapers	40				40		40
Coffee Supplies					-		-					Baldy's Barber Shop
Office Supplies	190				190		190					Statement of Owner's Equity
Postage	50				50		50					For the Period Jan 1, xxxx thru Dec 31, xxxx
Telephone	30				30		30
Insurance			208		208		208					Owners Equity	$ 15,000
Entertainment	50				50		50					Less: Withdrawals by owner	1,000
Professional Fees	200				200		200					Net Profit / Loss	(2,942)
Fees,Licenses,Permits	700				700		700					Owners Equity		$  11,058
Wi-Fi Internet	37				37		37
Donations	100				100		100
Depreciation			84		84		84					Baldy's Barber Shop
Owners Draws	1,000				1,000				1,000			Balance Sheet
Interest			83		83		83					December 31, xxxx
Profit/Loss					-			2,942	2,942			Assets
												Current Assets:
												Cash In Bank	9,933
Totals	28,105	28,105	2,375	2,375	28,272	28,272	6,047	6,047	25,167	25,167		Cash Over/Short	-
												Petty Cash	100
												Deposits	1,000	-
December Adjusting Entries Prepared by Dave Marshall Bean Counter												Prepaid Advertising	1,500
12/31/xxxx		AJE #										Prepaid Insurance	2,292
												Total current assets		14,825
														$  14,825
Insurance		AJE1	208
Prepaid Insurance		AJE1		208								Capital Assets:
Record December Insurance Expense												Barber Equipment	3,300
												Accum Deprec-Barber Equipment	39	3,261
												Furniture & Fixtures	1,600
Interest		AJE2	83									Accum Deprec-Furniture & Fixtures	20	1,580
Note Payable-Short Term		AJE2		83								Office Equipment	1,500
Record December Interest Expense for Note												Accum Deprec-Office Equipment	25	1,475
												Total capital assets		6,316
												Total assets		$21,141
Note Payable - Long Term		AJE3	2000
Note Payable- Short Term		AJE3		2000								Liabilities and Owner's Equity
Classify Bank Note into Short Term												Current Liabilities:
and Long Term Portion
												Accounts Payable	-
												Notes Payable-Short Term	2,083
Depreciation		AJE4	84									Total current liabilities		2,083
Accumulated Depreciation-Barber Equipment		AJE4		39								Long-term Liabilities:
Accumulated Depreciation-Office Equipment		AJE4		25								Notes Payable-Long Term		8,000
Accumulated Depreciation-Furniture		AJE4		20								Total liabilities		10,083
& Fixtures												Owner's Equity:
Record Depreciation Expense for December												Owners Equity		11,058
												Total liabilities and owner's equity		$21,141