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					Problem 5-3B                                                                                                                                    2.
                                                          Boomer Demolition Company
                                                                   Work Sheet
                                                          For Year Ended June 30, 2005
                                                                                                                           Balance Sheet &
                                         Unadjusted                                   Adjusted
                                                                Adjustments                           Income Statement   Statement of Owner's                              General Journal
                 Account                Trial Balance                               Trial Balance
                                                                                                                                Equity
                                       Debit     Credit       Debit     Credit    Debit      Credit   Debit     Credit     Debit      Credit           Date   Accounts and explanation   PR
Cash                                    9,000                                                                                                        Sept. 30
Supplies                               18,000
Prepaid insurance                      14,600
Equipment                             140,000

Accumulated amortization, equipment               10,000
Accounts payable                                  16,000
Interest payable                                     -
Rent payable                                         -
Wages payable                                        -
Business taxes payable                               -
Long-term notes payable                           90,000
Rusty Boomer, capital                             66,900
Rusty Boomer, withdrawals               4,000
Demolition fees earned                          137,000
Amortization expense, equipment           -
Wages expense                          51,400
Interest expesne                        2,200
Insurance expense                         -
Rent expense                           48,800
Supplies expense                          -
Business taxes expense                  8,400



Repairs expense                         6,700
Utilities expense                      16,800




4. Analysis of potential errors.
                                   3.                                                                      4.
                                                                                                           Analysis component:



General Journal

                  Debit   Credit                            Boomer Demolition Company
                                                                   Income Statement
                                                           For the Year ended June 30, 2005
                                        Revenues:
                                        Demolition fees earned

                                        Operating expenses:
                                        Amortization expense, equipment
                                        Wages expense
                                        Interest expense
                                        Insurance expense
                                        Rent expense
                                        Supplies expense
                                        Business taxes expense
                                        Repairs expense
                                        Utilities expense
                                        Total operating expenses                                   -
                                        Net loss                                               $   -

                                                              Boomer Demolition Company
                                                              Statement of Owner's Equity
                                                            For the Year ended June 30, 2005
                                        R. Boomer, capital, July 1
                                        Add:Investment by owner

                                        Less: Withdrawals by owner
                                              Net loss                                             -

                                        R. Boomer, capital, June 30                            $       -


                                                             Boomer Demolition Company
                                                                    Balance Sheet
                                                                    June 30, 2005
                                                             Assets
                                        Current Assets:
                                          Cash
                                          Supplies
                                          Prepaid insurance
                                              Total current assets                                     -
                                        Capital Assets:
                                          Equipment
                                          Less: Accumulated amortization, equipment
                                              Total capital assets                                 -
                                        Total assets                                           $   -
          Liabilities and Owner's Equity
Current Liabilities:
  Accounts payable
  Interest payable
  Wages payable
  Current portion of long-term note payable
      Total current liabilities                     -
Long-term Liabilities:
  Long-term note payable(less current portion
      Total liabilities                             -
Owner's Equity:
  Rusty Boomer, capital
Total liabilities and owner's equity            $   -

				
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