Paulina Maygania - 2201788994

HERCULES POIROT, P.I., SA

Worksheet
For the Quarter Ended March 31, 2017

Trial Balance Adjustments Adjusted Trial Balance

Account Titles
Dr. Cr. Dr. Cr. Dr. Cr.
Cash € 11,410 € 11,410
Accounts Receivable € 5,920 € 1,080 € 7,000
Supplies € 1,250 € 750 € 500
Prepaid Insurance € 2,400 € 600 € 1,800
Equipment € 15,000 € 15,000
Notes Payable € 10,000 € 10,000
Account Payable € 7,350 € 7,350
Share Capital - Ordinary € 14,000 € 14,000
Dividends € 600 € 600
Service Revenue € 10,200 € 1,080 € 11,280
Salaries and Wages Expenses € 2,240 € 2,240
Travel Expense € 1,300 € 1,300
Rent Expense € 1,200 € 1,200
Miscellaneous Expense € 230 € 230
Totals € 41,550 € 41,550
Insurance Expense € 600 € 600
Supplies Expense € 750 € 750
Depreciation Expense € 680 € 680
Accumulated Depreciation € 680 € 680
Interest Expense € 300 € 300
Interest Payable € 300 € 300
Totals € 3,410 € 3,410 € 43,610 € 43,610
Net Income
Totals
A

1, 2017

Income Statement Statement of Financial Position

Dr. Cr. Dr. Cr.
€ 11,410
€ 7,000
€ 500
€ 1,800
€ 15,000
€ 10,000
€ 7,350
€ 14,000
€ 600
€ 11,280
€ 2,240
€ 1,300
€ 1,200
€ 230

€ 600
€ 750
€ 680
€ 680
€ 300
€ 300
€ 7,300 € 11,280 € 36,310 € 32,330
€ 3,980 € 3,980
€ 11,280 € 11,280 € 36,310 € 36,310
 HERCULES POIROT, P.I., SA
Income Statement
For the Quarter Ended March 31, 2017
Revenues
Service Revenue € 11,280
Total Revenues € 11,280
Expenses
Salaries and wages expense € 2,240
Travel expense € 1,300
Rent expense € 1,200
Miscellaneous expense € 230
Insurance expense € 600
Supplies expense € 750
Depreciation expense € 680
Interest expense € 300
Total expenses € 7,300
Net income € 3,980

HERCULES POIROT, P.I., SA

Retained Earnings Statement
For the Quarter Ended March 31, 2017
Retained earnings, January 1 € -
Add: Net Income € 3,980
€ 3,980
Less: Dividends € 600
Retained earnings, March 31 € 3,380

HERCULES POIROT, P.I., SA

Statement of Financial Position
For the Quarter Ended March 31, 2017
Assets
Equipment € 15,000
Less: Accumulated depreciation € 680 € 14,320
Prepaid insurance € 1,800
Supplies € 500
Accounts receivable € 7,000
Cash € 11,410
Total Assets € 35,030
Equity and Liabilities
Equity
Share capital-ordinary € 14,000
Retained earnings € 4,580 € 18,580
Liabilities
Notes payable € 10,000
Accounts payable € 7,350
Interest payable € 300 € 17,650
€ 36,230
 HERCULES POIROT, P.I., SA
General Journal

Date Account Titles and Explanation Ref. Debit Credit

2017 Adjusting Entries
Mar, 31 Supplies Expense € 750
Supplies € 750
(To record supplies used)
31 Insurance Expense € 600
Prepaid Insurance € 600
(To record insurance expired)
31 Depreciation Expense € 680
Accumulated Depreciation € 680
(To record monthly depreciation)
31 Accounts Receivable € 1,080
Service Revenue € 1,080
(To record revenue for services provided)
31 Interest Expense € 300
Interest Payable € 300
(To record interest on notes payable)
 General Journal
Date Account Titles and Explanation Ref Debit Credit
2017 Closing Entries
Mar, 31 Service Revenue € 11,280
Income Summary € 11,280
(To close revenue account)
31 Income Summary € 7,300
Salaries and wages expense € 2,240
Travel expense € 1,300
Rent expense € 1,200
Miscellaneous expense € 230
Insurance expense € 600
Supplies expense € 750
Depreciation expense € 680
Interest expense € 300
(To close expense accounts)
31 Income Summary € 3,380
Retained Earnings € 3,380
(To close net income to retained earnings)
31 Retained Earnings € 600
Dividends € 600
(To close dividends to retained earnings)
 HERCULES POIROT, P.I., SA
Post Closing Trial Balance
March 31, 2017
Debit Credit
Cash € 11,410
Accounts Receivable € 7,000
Supplies € 500
Prepaid Insurance € 1,800
Equipment € 15,000
Accumulated Depreciation € 680
Notes Payable € 10,000
Accounts Payable € 7,350
Interest Payable € 300
Share Capital - Ordinary € 14,000
Retained Earnings € 3,380
€ 35,710 € 35,710