Khan Rental

Journal
Date

Description

1-Sep Bank
Khan Auto's Capital
(Deposited Cash in Bank Account)
1-Sep Prepaid Rent
Cash
(Cash paid for rent in advance)
1-Sep Rental Equipment
Cash
Note Payable
(Purchased Equipment in Cash of 70,000 and
remaining on note payable at 9 % interest)
4-Sep Office Supplies
Account Payable (Modern Office Co.)
(Purchased office supplies on account)
8-Sep Cash
Unearned Rental Equipment Fee
(Recived Cash in advance on rental equipment)
12-Sep Salaries
Cash
(Salaries paid for two weeks )
15-Sep Cash
Debtors
Rental fee
(earned Revenue on rental fee )
17-Sep Maintenance Expense
Account Payable
(Repairing expenses incuured paymnet is due)
23-Sep Cash
Debtor's
(Amount collected on account of 15 sep)
27-Sep Account Payable
Cash
(Amount paid to earth move Inc,.)
28-Sep Khan Auto's Drawings
Bank
(Khan withdraw cash for personal use)
29-Sep Insurance Policy
Cash
(Paid Insurance policy)

Debit

Credit

100,000
100,000
9,000
9,000
180,000
70,000
110,000

1630
1630
10,000
10,000
3600
3600
5300
800
6100
340
340
210
210
340
340
2000
2000
2700
2700

30-Sep Utility Expense

Bills payable
(Utility Expense incurred amount is due)
30-Sep Cash
Equipmwnt Rental Fee
(Cash received for Rental equipment)
Total

270
270
8450
8450
324,640

324,640

Bank
1-Sep Khan Auto's Capital

100,000
28-Sep

100,000

Cash
Unearned Rental Equipment fee
Rental Fee
Account Recievable
Equipment Rental Fee
Bal.

10000
5300
210
8450
61680
85640

Khan Auto's Capital

100,000
100,000

Prepaid Rent
Cash

9000

9000

Rental Equipment
Cash
Note payble

70,000
110,000

180,000
Note Payable

Bal.

110,000

110,000
Office Supplies
Account Payable

1630

1630
Account Payable
Cash
Bal.

340
1630
1970

Unearned Renatl fee

Bal.

10,000
10,000

Salaries
Cash

3600

3600
Account Recievable
Rental Fee

800

800
Rental Fee

Bal.

14550
14550

Mainteance Expense
Account Payable

340

340

Khan Auto's Drawings

Bank

2000

2000

Insurance Policy
Cash

2700

2700
Utility Expense
Bills Payable

270

270

Bills Payable
Bal.

270
270

Khan Auto's Drawings

Balance

Prepaid Rent
Eqiupment
Salaries
Account Payable
Insurance Policy

2000
98000
100,000

9000
70000
3600
340
2700
85640

Bank

100,000

100,00

Bal.

9000
9000

Bal.

180,000

180,000

Equipment

110,000

110,000

Bal.

1630
1630

Office Supplies
Maintenance Expense

1630
340
1970

Cash

10,000

10,000

Bal.

3600
3600

Cash
Bal.

210
590
800

Cash
Account Reciveable
Cash

5300
800
8450

14550

Bal.

340
340

Bal.

2000
2000

Bal.

2700
2700

Bal.

270
270

Utility

270

270

Khan Rental
Trial Balance
Account Title
Bank
Khan Auto's Capital
Prepaid rent
Cash
Rental Equipment
Note Payable
Office Supplies
Creditor's
Unearned Rental Fee
Salaries
Account Recieavle
Rental Fee
Maintenance Expense
Khan Auto's Drawings
Insurance
Utility Expense
Biils Payable
Total

Debit Credit
98,000
100,000
9,000
61680
180,000
110,000
1630
1630
10,000
3600
590
14550
340
2000
2700
270
270
298,130 298,130

Adjusting Entries

Date
a

Description
Rent Expense
Prepaid Expense
(Rent paid in advance has covered)
Interest Expense
Interest Payable
(interest Expense on notepayable)
Depreciation Expense
Accumulated Depreciation
(Depreciation on equipment)
Office Supplies Expense
Office Supplies
(Offic supplies cash on hand is 1100)
Unearned fee
Rental Fee

Debit Credit
3000
3000
825
825
1500
1500
530
530
4840
4840

Account Recievable
Rental Fee

500

Salaries Expense
Salaries Payable

900

500

900
12095

12095

Adjusted Trial Balance

Account Title
Bank
Cash
Khan Auto's Capital
Prepaid Rent
Rental Equipment
Note Payable
Office Suuplies
Account Payable
Unearned fee
Salaries
Account Recievable
Rental fee
Maintenance Expense
Khan Auto's Drawings
Insurance policy
Utility Expense
Bills Payable
Interest Expense
Depreciation Expense
Accumulated Depreciation
Interest Payable
Office Suuplies Expense
Salaries Payable
Rent Expense
Total

Debit Credit
98000
61680
100,000
6000
180,000
110,000
1100
1630
5160
4500
1090
19890
340
2000
2700
270
270
825
1500
1500
825
530
900
3000
301855

301855

Income Statemnet
Amount (Rs.)
Revenue:
Rental Fee
Unearned fee

19890

Gross Profit

19890

Less Expenses:
Salaries
Maintenance Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Rent Expense
Net Profit

4500
340
825
1500
530
3000

10695
9195

Balance Sheet
Assets
Current Assets:
Bank
Account Receivale
Prepaid Rent
Cash

98000
1090
6000
-61680

Total Current Assets:

43410

Fixed Assets:
Rental Equipment
Less: Acc. Depreciation
Office Supplies
Insurance Policy

Total

180000
-1500 178500
1100
2700

225710

Liabilities +Capital
Current Liabilities:
Account Payable
Unearned Fee
Interest Payable
Salaries Payable

1630
5160
825
900

Total Current Liabilties:

8515

Long Term Liabilities :

Note Payable
Owner's Eqiuty:
Khan Auto's Capital
Add :Net Profit
Less : Drawings

110,000

100,000
9195
109,195
-2000
107,195

Total

225710