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(1)
### 1,485.00
(2)
(9) 38,000.00 15,500.00
(4)
(11) 3,614.00 1,320.00
(5)
935.00
(6)
1,100.00
(7)
275.00
(8)
96,195.00 (12)
688.00 (15)
1,485.00 (17)
2,310.00 (18)
660.00 (20)
84,661.00 (END )
###
###
(Accounts Receivable )
(10) 14,850.00
3,614.00 (11)
11,236.00 (END )
###
###
(Prepaid Insurance )
(18) 2,310.00
192.50(AEJ 1 )
2,117.50 (END )
2,310.00 2,310.00
(Prepaid Rent )
(17) 1,485.00 1,485.00 (END )
(Accounts Payable )
(12) 96,195.00
###
(END ) 92,345.00 49,940.00
1,100.00
###
###
(3)
(13)
(20)
(Merchandise Inventory )
(3)
### 38,140.00 (14)
(13) 49,940.00
### (END )
###
###
(Accumulated Depreciation )
(END )
129.17
129.17(AJE 2 )
(END )
(Accrued Expenses )
1,916.00
440.00
226.00
1,916.00
(Proprietor's Capital )
(END ) 69,909.33 65,000.00
(1)
4,909.33 (CE4 )
###
###
(CE2 )
(Sales )
52,850.00 38,000.00
14,850.00
###
###
(9)
(10)
(Rent Expense )
(2) 1,485.00 1,485.00 (CE 1 )
(16)
(19)
1,250.00 (AJE 3 )
1,916.00
(14)
(5)
(20)
(Wages Expense )
(6)
935.00 2,063.00 (CE1 )
(15)
688.00
(16)
440.00
2,063.00 2,063.00
(8)
(19)
(Utilities Expense )
275.00
501.00 (CE1 )
226.00
501.00
501.00
(Depreciation Expense )
(AJE 2 )
129.17
129.17 (CE1 )
(CE2 )
(Income Summary )
52,850.00 1,485.00
3,080.00
2,063.00
1,100.00
501.00
192.50
129.17
1,250.00
38,140.00
4,909.33
###
###
(CE1
(CE1
(CE1
(CE1
(CE1
(CE1
(CE1
(CE1
(CE3
(CE4
)
)
)
)
)
)
)
)
)
)
(AEJ 1 )
(Insurance Expense )
192.50
192.50 (CE1 )
(Interest Expense )
(AJE 3 ) 1,250.00 1,250.00 (CE1 )
Number 2 and 3
9.)
(Debit )
38,000.00
Cash
Sales
10.)
11.)
38,000.00
Accounts Receivable
Sales
14,850.00
14,850.00
Cash
3,614.00
Accounts Receivables
12.)
3,614.00
Accounts Payable
96,195.00
Cash
13.)
96,195.00
Inventory
49,940.00
Accounts Payable
14.)
49,940.00
38,140.00
Inventory
15.)
38,140.00
Wages Expense
688.00
Cash
16.)
688.00
Wages Expense
440.00
Accrued Salaries Payable
17.)
Prepaid Rent
440.00
1,485.00
Cash
18.)
Prepaid Insurance
1,485.00
2,310.00
Cash
19.)
Uitilities Expense
2,310.00
226.00
Accrued Expenses
20.)
Total
(Credit )
Advertising Expense
Cash
Accounts Payable
226.00
1,760.00
660.00
1,100.00
247,648.00
247,648.00
Number 4
Adjusting Entries
(Debit )
1.)
Insurance Expense
Prepaid Insurance
192.50
2.)
Depreciation Expense-FF
Accumulated Depreciation-FF
129.17
3.)
Interest Expense
Accrued Expenses
1,250.00
Number 5
Closing Entries
(Debit )
1. )
Income Summary
Rent Expense
Advertising Expense
Wages Expense
Office Supplies Expense
Utilities Expense
Interest Expense
Depreciation Expense
Insurance Expense
2.)
Sales
9,800.67
52,850.00
Income Summary
3.)
Income Summary
Cost of Goods Sold
38,140.00
4.)
Income Summary
Proprietor's Capital
4,909.33
107,271.67
(Credit )
192.5
129.17
1250
(Credit )
1,485.00
3,080.00
2,063.00
1,100.00
501.00
1,250.00
129.17
192.50
52,850.00
38,140.00
4,909.33
107,271.67
Number 6
PC DEPOT
BALANCE SHEET
SEPTEMBER 30, 20XX
ASSETS
Cash
Accounts Receivable
Inventory
Prepaid Rent
Prepaid Insurance
Total Current Assets
Furnitures and Fixtures
Accumulated Depreciation
Total Non-current Asset
Total Assets
84,661
11,236
149,300
1,485
2,118
248,800
15,500
(129)
15,371
264,170
92,345
1,916
100,000
194,261
Proprietor's Capital
69,909
264,170
PC DEPOT
INCOME STATEMENT
FOR THE PERIOD ENDED SEPTEMBET 30, 20XX
Sales
Cost of Goods Sold
Gross Margin
Operating Expenses
Rent Expense
Advertising Expense
Wages Expense
Office Supplies Expense
Utilities Expense
Insurance Expense
Interest Expense
Depreciation Expense
Total Operating Expenses
Net Income
Note: Amounts are rounded off
52,850
38,140
14,710
1,485
3,080
2,063
1,100
501
193
1,250
129
9,801
4,909
Number 1
1. Initital Set-up of the company. The initial capital was funded by a bank loan at 15%
and initial outlay from the proprietor's own money.
2. The company paid its rent for the month of September.
3. Purchase of merchandise inventory on credit
4. Purchase of furnitures and fixtures by issuing cash
5. Payment of advertising expense for the month of September
6. Payment of wages of employees for the month of September
7. Purchase of office supplies expense
8. Payment of utilities (i.e. water and electricity) for the month September