Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 626

Financial Statements

Ava’s Interpreting Services Trial Balance

Period ending – December 31, 20YY

Beginning

Balance

$0.00

Date

General

Ledger

Account

Description of Transaction Debit Credit Balance

1 12/31/20YY 110 Cash $5,850.00 $5,850.00

2 12/31/20YY 120 Accounts Receivable $2,500.00 $8,350.00

3 12/31/20YY 130 Supplies $1,350.00 $9,700.00

4 12/31/20YY 140 Building $250,000.00 $259,700.00

5 12/31/20YY 141 Accumulated Depreciation, Building $12,500.00 $247,200.00

6 12/31/20YY 210 Accounts Payable $750.00 $246,450.00

7 12/31/20YY 310 Capital, Ava $275,000.00 -$28,550.00

8 12/31/20YY 320 Owner’s Draw, Ava $52,775.00 $24,225.00

9 12/31/20YY 410 Interpreting Services, Revenue $58,000.00 -$33,775.00

10 12/31/20YY 510 Insurance Expense $975.00 -$32,800.00

11 12/31/20YY 520 Utility Expense $1,200.00 -$31,600.00

12 12/31/20YY 530 Office Supplies Expense $750.00 -$30,850.00

13 12/31/20YY 540 Depreciation Expense $850.00 -$30,000.00

14 12/31/20YY 550 Office Salaries Expense $15,000.00 -$15,000.00

15 12/31/20YY 560 Interpreter Subcontracted, Expense $15,000.00 $0.00

Total $346,250.00 $346,250.00 $0.00

Open-Response Unit Assessment S/T Guide

Tasks (cont’d)