I need help creating an adjusted trial balance sheet and an income statement. The info to make the adjusted trial entry is below all this... the net income should come out to be 5,815 and I can't figure this out

dec. 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $7,200. Mr. Jones received common stock in an amount equal to his investment

dec.2nd
Paid $2,475 for rent for December 20X1 through February 28, 20X2.

dec.3rd
Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2

4th

Received $3,500 cash from a client as an advance payment for services to be performed in the future.

5th

Purchased additional office equipment on account from Payne Company for $1,800.

10th
Paid $225 for a newspaper advertisement.

11th
Paid Payne Company for part of the debt incurred on December 5, $900.

12th
Billed clients for services performed on account, $1,200.

17th
Received cash payment from client for services performed on this date, $2,100.

18th
Paid $725 for supplies.

20th
Billed clients for services performed on account, $1,100.

24th
Received cash payment from client for services performed on this date, $1,850.

25th
Received cash from clients as payment on account, $1,300.

30th
Paid $330 for utilities for December.

31st
Paid cash dividend of $2,100.

a. Insurance expired during December is $150.
b. Supplies on hand on December 31 are valued at $1,320.
c. Depreciation of office equipment for December is $250.
d. Rent expired during December is $825.
e. Determined that company had performed $2,000 of the services for which it was paid on December 4th.

I need help creating an adjusted trial balance sheet and an income statement. the info to make the adjusted trial entry is below all this...the net income should come out to be 5,815 and i can't figure this out

dec. 1st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $7,200. Mr. Jones received common stock in an amount equal to his investment

dec.2nd
Paid $2,475 for rent for December 20X1 through February 28, 20X2.

dec.3rd
Paid $1,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20X2

4th

Received $3,500 cash from a client as an advance payment for services to be performed in the future.

5th

Purchased additional office equipment on account from Payne Company for $1,800.

10th
Paid $225 for a newspaper advertisement.

11th
Paid Payne Company for part of the debt incurred on December 5, $900.

12th
Billed clients for services performed on account, $1,200.

17th
Received cash payment from client for services performed on this date, $2,100.

18th
Paid $725 for supplies.

20th
Billed clients for services performed on account, $1,100.

24th
Received cash payment from client for services performed on this date, $1,850.

25th
Received cash from clients as payment on account, $1,300.

30th
Paid $330 for utilities for December.

31st
Paid cash dividend of $2,100.

a. Insurance expired during December is $150.
b. Supplies on hand on December 31 are valued at $1,320.
c. Depreciation of office equipment for December is $250.
d. Rent expired during December is $825.
e. Determined that company had performed $2,000 of the services for which it was paid on December 4th.

What helps is to journalize the transactions and then post them to T-accounts (general ledger accounts). Then do the a-e transactions as adjusting entries into the T-accounts. The ending balances will be what goes on the adjusted trial balance. If you can tell me what you don't understand I can help you. But, I won't do your homework for you because you don't learn that way.

I agree with... hang on, need to scroll up... mh34.

What values do you have for the T-accounts. No one really wants to go and journalize all those entries for you. It's kind of boring.

Show us the values of the T-acounts, Cash=100-50+150=200, etc. and it would make it much easier for us to tell you where you went wrong.

Ok I went through and did the ledger and came up with this trial balance
Debit Credit
cash... 6695
accounts receivable... 1000
supplies... 1975
prepaid rent... 2475
prepaid insurance... 1800
office equipment... 9000
accounts payable... 900
unearned fees... 3500
common stock... 14950
dividends 2100
fees earned 6250
advertising expense... 225
utilities expense... 330

this is the info needed to make an adjusted trial balance

a. Insurance expired during December is $150.
b. Supplies on hand on December 31 are valued at $1,320.
c. Depreciation of office equipment for December is $250.
d. Rent expired during December is $825.
e. Determined that company had performed $2,000 of the services for which it was paid on December 4th.

Can you please help me make an adjusted trial balance and an income statement.I need to at least know my adjusted trial balance is correct

Adjusting Journal Entries
A)
Dr. Insurance Expense 150
Cr. Prepaid Insurance 150

B)
Dr. Supplies Expense 655
Cr. Supplies 655
Calculation = 1975-1320

C)
Dr. Amortization Expense 250
Cr. Accumulated Amortization – Office Equipment 250

D)
Dr. Rent Expense 825
Cr. Prepaid Rent 825

E)
Dr. Unearned Revenue 2,000
Cr. Revenue 2,000

Adjusted trial balance:
cash... 6695
accounts receivable... 1000
supplies... 1320
prepaid rent... 1650
prepaid insurance... 1650
office equipment... 9000
accounts payable... 900
unearned fees... 1500
common stock... 14950
dividends 2100
fees earned 8250
advertising expense... 225
utilities expense... 330
insurance expense…150
supplies expense…655
amortization expense…250
accumulated amortization – office equipment….250
rent expense…825

Company XYZ
Income Statement
For the month ended December 31, 2005

Fees Earned (Revenue) 8,250

Expenses:
Advertising expense 225
Amortization expense 250
Insurance expense 150
Rent expense 825
Supplies expense 655
Utilities expense 330
TOTAL EXPENSES 2,435

NET INCOME 5,815

If you have any other questions regarding how I got the answers, please ask.

Thanks a lot. Now I know what I was doing wrong there

Does this balance sheet look right

Assets:
Cash... 6695
Accounts receiveable.. 1000
Supplies.. 665
Office equipment... 9000

Liabilities:
Accounts payable... 900

Owners equity:
Common stock... 14950
Fees earned 8250
Dividends... 2100
Current earnings.. 5150

Company XYZ
Balance Sheet
December 31, 2005

Current Assets:
Cash 6695
Accounts receivable 1000
Supplies 1320
Prepaid rent 1650
Prepaid insurance 1650
TOTAL CURRENT ASSETS 12,315

Long-term Assets:
Office equipment 9000
Less: accumulated amortization – office equipment 250
TOTAL LONG-TERM ASSETS 8,750

TOTAL ASSETS 21,065


Current Liabilities:
Accounts payable 900
Unearned fees 1500
Total Current Liabilities 2,400

Shareholder's Equity:
Common stock 14,950
Less: dividends 2,100
Add: Net Income 5,815
Total Shareholder's Equity 18,665

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 21,065

I used my adjusted trial balance numbers.

Your balance sheet seems to be based on your adjusted trial balance numbers, which appears to be wrong. You have supplies valued at 665 instead of 1320 for example.

OK I see now... is this how I do the post closing trial balance

Cash debit 6695
Accounts rec debit 1000
Supplies debit 1320
Prepaid rent debit 1650
Prepaid insurance debit 1650
Office equipment debit 9000
Accumulated depreciation credit 250
Accounts payable credit 900
Unearned fees credit 1500
Common stock credit 14,950
Retained earnings credit 3,715

Yeah, the accounts and numbers appear to be right.