## Answers

Journal Entries in the books of Alena Co.

Debit Credit

1. Accounts Receivable (11500-10400) | 1100 | |

Service Revenue (17100-16000) | 1100 | |

2. Salaries & Wages (8725-8000) | 725 | |

Salaries & Wages Payable (given) | 725 | |

3 Rent Expenses (3600 -1900) | 1700 | |

Prepaid Rent (2200-500) | 1700 | |

4. Interest Expense (given ) | 100 | |

Interest Payable | 100 | |

5. Supplies Expense (given) | 850 | |

Supplies Account (1500-650) | 850 | |

6. Depreciation Expenses (given) | 700 | |

Accumulated Depreciation (700-0) | 700 | |

7. Unearned Revenue account (1900-450) | 1450 | |

Rent Revenue (2860-1410) | 1450 |

Income Statement for the 3 months ending on September | ||

INCOME:- | ||

Service Revenue | 17100 | |

Rent Revenue | 2860 | |

TOTAL (A) | 19960 | |

EXPENSES:- | ||

Salaries & Wages | 8725 | |

Rent Expenses | 3600 | |

Depreciation Expenses | 700 | |

Supplies Expenses | 850 | |

Utilities Expenses | 1510 | |

Interest Expenses | 100 | |

TOTAL (B) | 15485 | |

INCOME FOR THE PEROID (A-B) | 4475 |

OWNERS EQUITY AS ON 30TH SEPTEMBER | ||

Owners Capital | 22000 | |

Add:- Income for the Peroid | 4475 | 26475 |

Less:- Owners Drawings | 1600 | |

OWNERS EQUITY | 24875 |

BALANCE SHEET AS ON 30TH SEPTEMBER:-

ASSETS | |

Cash | 8700 |

Accounts Receivable | 11500 |

Supplies | 650 |

Prepaid Rent | 500 |

Equipment | 18000 |

TOTAL ASSETS | 39350 |

LIABILITIES | |

Accumulated Depreciation | 700 |

Notes Payable | 10000 |

Accounts Payable | 2500 |

Interest Payable | 100 |

Unearne4d Rent Revenue | 450 |

Salaries & Wages Payable | 725 |

Owners Equity | 24875 |

TOTAL LIABILITIES | 39350 |

Interest is @12% per year hence interest on 10000 for full year is 10000*12% = 120

However since interst amount outstanding ia 100 hence it is outstanding for (120 /12) 10 months

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