This document summarizes the transactions of Clark's Word Processing Services for May 2016. It includes a trial balance, income statement, statement of owner's equity, and balance sheet. The trial balance shows total debits of $26,350 and total credits of $26,350. The income statement reports net income of $6,230. The statement of owner's equity shows an increase in owner's equity from $10,000 to $15,605. The balance sheet lists total assets of $23,955 equal to total liabilities and owner's equity.

1. Date PR Debit Credit
May-16 Cash
1 111 10,000
Carla Cousin, Capital 311 10,000
Initial Ivestment
1 Word Processing Equipment 113 6,000
Cash 111 1,000
Accounts Payable 211 5,000
Purchase Equipment from Ben Co.
1 Prepaid Rent 114 1,200
Cash 111 1,200
Rent paid 3 months in advance
3 Office Supples 115 600
Accounts Payable 211 600
Purchased supplies on accnt from Norris
7 Cash 111 3,000
Word Processing Fees 411 3,000
Cash received for services rendered
13 Office Salaries Expense 511 650
Cash 111 650
Payment of Office Salaries
18 Advertising Expense 512 250
Accounts Payable 211 250
Billed but not paid Al's News
20 Carla Cousin, Withdrawals 312 625
Cash 111 625
Personal withdrawal of cash
22 Accounts Receivables 112 5,000
Word Processing Fees 411 5,000
Billed Morris Co for fees earned
27 Office Salaries Expense 511 650
Cash 111 650
Payment of Office Salaries
28 Accounts Payable 211 2,500
Cash 111 2,500
Paid half the amount owed Ben Co.
29 Telephone Expense 513 220
Cash 111 220
Paid Telephone Bill
1
Clark's Word Processing Services
Page 1
Account Title & Description
Prepared by Carla Cousin 7/8/2016 Page 1

2. Account No. 111
Debit Cerdit Balance
Debit Credit
GJ1 10,000 10,000
GJ1 1,000 1,000
GJ1 1,200 1,200
GJ1 3,000 3,000
GJ1 650 650
GJ1 625 625
GJ1 650 650
GJ1 2,500 2,500
GJ1 220 220
2
5/1/2016 Rent paid 3 months in advance
5/29/2016 Paid Telephone Bill
5/28/2016 Paid Half the amount owed Ben Co.
5/27/2016 Payment of Office Salaries
5/20/2016 Carla Cousin, Withdrawals
5/13/2016 Payment of Office Salaries
5/7/2016
Cash
Date
Explanation
Post.
Ref.
Word Processing Fees
5/1/2016 Purchased Equipment
5/1/2016 Initial Investment
Prepared by Carla Cousin 7/8/2016 Page 2

3. Account No. 112
Debit Cerdit Balance
Debit Credit
GJ1 5,000 5,000
2
Accounts Receivables
Date
Explanation
Post.
Ref.
5/22/2016 Billed Morris Co for fees earned
Prepared by Carla Cousin 7/8/2016 Page 3

4. Account No. 114
Debit Cerdit Balance
Debit Credit
GJ1 1,200 1,200
2
PrePaid Rent
Date
Explanation
Post.
Ref.
5/1/2016 Rent 3 months in advance
Prepared by Carla Cousin 7/8/2016 Page 4

5. Account No. 115
Debit Cerdit Balance
Debit Credit
GJ1 600 600
2
Office Supplies
Date
Explanation
Post.
Ref.
5/3/2016 Purchase on accnt from Norris
Prepared by Carla Cousin 7/8/2016 Page 5

6. Account No. 113
Debit Cerdit Balance
Debit Credit
GJ1 6,000 6,000
2
Equipment
Date
Explanation
Post.
Ref.
5/1/2016 Word Processor
Prepared by Carla Cousin 7/8/2016 Page 6

7. Account No. 211
Debit Cerdit Balance
Debit Credit
GJ1 5,000 5,000
GJ1 600 600
GJ1 250 250
GJ1 2,500 2500
2
5/28/2016 Paid half the amount owed Ben Co
5/18/2016
Accounts Payable
Date
Explanation
Post.
Ref.
Billed but not paid Al's News Advertising
5/3/2016 Purchased Office Supplies from Norris
5/1/2016 Purchased Equipment Ben Co.
Prepared by Carla Cousin 7/8/2016 Page 7

8. Account No. 311
Debit Cerdit Balance
Debit Credit
GJ1 10,000 10,000
2
Capital
Date
Explanation
Post.
Ref.
05/01/16 Initial Investment
Prepared by Carla Cousin 7/8/2016 Page 8

9. Account No. 312
Debit Cerdit Balance
Debit Credit
GJ1 625 625
2
Withdrawals
Date
Explanation
Post.
Ref.
05/07/16 Carla Cousin, Withdrawal
Prepared by Carla Cousin 7/8/2016 Page 9

10. Account No. 411
Debit Cerdit Balance
Debit Credit
GJ1 3,000 3,000
GJ1 5,000 5,000
2
Revenue
Date
Explanation
Post.
Ref.
05/22/16 Billed Morris co. for fees earned
05/07/16 Cash for Services Rendered
Prepared by Carla Cousin 7/8/2016 Page 10

11. Account No. 511
Debit Cerdit Balance
Debit Credit
GJ1 650 650
GJ1 650 650
2
Salaries Expense
Date
Explanation
Post.
Ref.
05/27/16 Payment of Office Salaries
05/13/16 Payment of Office Salaries
Prepared by Carla Cousin 7/8/2016 Page 11

12. Account No. 512
Debit Cerdit Balance
Debit Credit
GJ1 250 250
2
Advertising Expense
Date
Explanation
Post.
Ref.
05/18/16 Billed but not paid from Al's News
Prepared by Carla Cousin 7/8/2016 Page 12

13. Account No. 513
Debit Cerdit Balance
Debit Credit
GJ1 220 220
2
Telephone Expense
Date
Explanation
Post.
Ref.
05/29/16 Paid Telephone Bill
Prepared by Carla Cousin 7/8/2016 Page 13

14. = Liabilities + Owners Equity
Cash Accounts Recievables Prepaid Rent Office Supplies Equipment = Accounts Payable + Beg Capital + Add'l Investment + Revenue - Office Salaries Exp - Adertsing Exp - Telephone Exp - Withdrawls
BAL
1 10,000.00$ 10,000.00$
2 (1,000.00)$ 6,000.00$ 5,000.00$
3 (1,200.00)$ 1,200.00$
4 600.00$ 600.00$
5 3,000.00$ 3,000.00$
6 (650.00)$ 650.00$
7 250.00$ 250.00$
8 (625.00)$ 625.00$
9 5,000.00$ 5,000.00$
10 (650.00)$ 650.00$
11 2,500.00$ 2,500.00$
12 (220.00)$ 220.00$
Totals 11,155.00$ 5,000.00$ 1,200.00$ 600.00$ 6,000.00$ 8,350.00$ 10,000.00$ -$ 8,000.00$ 1,300.00$ 250.00$ 220.00$ 625.00$
Total Assets 23,955.00$ TLOE 23,955.00$ -$
Assets
3
Prepared by Carla Cousin 7/8/2016 Page 14

15. Dr. (+) Cr. (-) Dr. (-) Cr. (+) Dr. (-) Cr. (+)
1 10,000 1,000 2 5,000 2 10,000 1
6 3,000 1,200 3 600 4 - 10,000
11 2,500 650 6 250 7
625 8 2,500 11
650 10 - 8,350
220 12 Dr. (-) Cr. (+)
15,500 4,345 3,000 6
11,155 5,000 9
- 8,000
Dr. (+) Cr. (-)
9 5,000
5,000 -
Dr. (+) Cr. (-)
8 625
Dr. (-) Cr. (+) 625 -
3 1,200
1,200 -
Dr. (+) Cr. (-)
6 650
Dr. (-) Cr. (+) 10 650
4 600 1,300 -
600 -
Dr. (+) Cr. (-)
12 220
220 -
Dr. (+) Cr. (-) Adertsing Exp
2 6,000 Dr. (+) Cr. (-)
6,000 - 7 250
250 -
Stockholders Equity
4 T-Accounts
Revenue
Equipment
Telephone Exp
Withdrawls
Office Salaries Exp
Prepaid Rent
Office Supplies
Accounts Payable Beg Capital
LiabilitiesAssets
Accounts Recievables
Cash
Prepared by Carla Cousin 7/8/2016 Page 15

16. Debit Credit
Cash B 11155
Accounts Recievables B 5000
Prepaid Rent B 1200
Office Supplies B 600
Equipment B 6000
Accounts Payable 8350 B
Carla Cousin, Capital 10000 SOE
Carla Cousin, Withdrawals SOE 625
Revenue 8000 IS
Adertsing Exp IS 250
Office Salaries Exp IS 1300
Telephone Exp IS 220
Totals 26350 26350
5
Carla Cousin
Trial Balance
May 31, 2016
Prepared by Carla Cousin 7/8/2016 Page 16

17. Revenue:
Word Processing Fees 8,000.00$
Operating Expenses:
Adertsing Exp 250.00$
Office Salaries Exp 1,300.00$
Telephone Exp 220.00$
Total Operating Expenses 1,770.00$
Net Income 6,230.00$ SOE
Carla Cousin
Income Statement
Month Ending May 31, 2016
Prepared by Carla Cousin 7/8/2016 Page 17

18. Beginning Capital 10,000.00$
Net Income /Loss 6,230.00$
Withdrawls 625.00$
Add'l Investments -$
Ending Capital 15,605.00$ B
Carla Cousin
Statement of Owner's Equity
Month Ending May 31, 2016
Prepared by Carla Cousin 7/8/2016 Page 18

19. Assets Liabilities
Cash 11,155.00$ Accounts Payable 8,350.00$
Accounts Recievables 5,000.00$
Prepaid Rent 1,200.00$
Office Supplies 600.00$
Equipment 6,000.00$ Owner's Equity
Carla Cousin, Capital 15,605.00$
Total Assets 23,955.00$ 23,955.00$Total Liabilities &
Owner's Equity
Carla Cousin
Balance Sheet
May 31, 2016
Prepared by Carla Cousin 7/8/2016 Page 19