Bethany's Bicycle Corporation

Income Statement
For the Month Ending March 31

Revenues:
Bicycle Repair Revenue $ 5,350.00
Total Revenue $ 5,350.00

Expenses:
Store Rent Expense $ 1,900.00
Telephone Expense $ 340.00
Insurance Expense $ 200.00
Repair Supplies Exp. $ 450.00
Depreciation Exp. $ 120.00
Income Taxes Expense $ 65.00
Electric Expense $ 250.00
Total Expenses $ 3,325.00

Net Income $ 2,025.00

 Bethany's Bicycle Corporation
Statement of Retained Earnings
For the Month Ending March 31

Retained Earnings, March 1 $0

Add: Net Income $ 2,025.00
Subtotal $ 2,025.00
Less: Dividends $ (1,000.00)
Retained Earnings, March 31 $ 1,025.00
 Bethany's Bicycle Corporation
Balance Sheet
March 31

Assets:
Cash $ 18,060.00
Prepaid Insurance $ 2,200.00
Repair Supplies $ 200.00
Repair Equipment $ 5,800.00
Less: Accum. Depr. $ (120.00)
Total Assets $ 26,140.00

Liabilities and Stockholders' Equity

Liabilities:
Accounts Payable $ 5,050.00
Income Taxes Payable $ 65.00
Total Liabilities $ 5,115.00

Stockholders' Equity:
Common Stock $ 20,000.00
Retained Earnings $ 1,025.00
Total Stockholders' Equity $ 21,025.00

Total Liabilities & Stockholders' Equity

$ 26,140.00
 Account Number from
Date Chart of Accounts tab Account Title from Chart of Accounts tab Debit
3/1/2016 111 Cash 20000
3/1/2016 311 Common Stock

3/1/2016 117 Prepaid Insurance 2400

3/1/2016 111 Cash

3/1/2016 511 Store Rent Expense 1900

3/1/2016 111 Cash

3/3/2016 144 Repair Equipment 5800

3/3/2016 111 Cash
3/3/2016 212 Account Payable

3/8/2016 514 Repair Supplies Expense 650

3/8/2016 212 Account Payable

3/10/2016 512 Telephone Expense 340

3/10/2016 111 Cash

3/11/2016 411 Bicyle Repair Revenue

3/11/2016 111 Cash 1650

3/18/2016 212 Account Payable 400

3/18/2016 111 Cash

3/20/2016 411 Bicyle Repair Revenue

3/20/2016 111 Cash 2450

3/31/2016 411 Bicyle Repair Revenue

3/31/2016 111 Cash 1250

3/31/2016 517 Electrice Expense 250

3/31/2016 111 Cash

3/31/2016 313 Dividends 1000

3/31/2016 111 Cash
 Adjusting Entries:
3/31/2016 117 Prepaid Insurance 200
3/31/2016 513 Insurance Expense

3/31/2016 514 Repair supplies Expense 450

3/31/2016 119 Repair supplies

3/31/2016 515 Depr. Exp.-Repair Equipment 120

3/31/2016 145 Accum. Depr.-Repair Equipment

3/31/2016 516 Income Tax Expense 65

3/31/2016 213 Income Tax Payable

Closing Entries
3/31/2016 411 Bicycle repair revenue 5350
312 Retained Earnings

3/31/2016 312 Retained Earnings 3325

3/31/2016 513 Insurance Expense
3/31/2016 514 Repair Supplies Expense
3/31/2016 515 Depr. Exp.- Repair Equipment
3/31/2016 516 Income Tax Expense
3/31/2016 517 Electric Expense

3/31/2016 313 Dividends

3/31/2016 312 Retained Earnings 1000
Credit

20000

2400

1900

1000
4800

650

340

1650

400

2450

1250

250

1000
 200

450

120

65

5350

200
450
120
65
250

1000
 Date Cash (111)
3/31/2016 $ 20,000.00
3/1/2016 $ 2,400.00
3/1/2016 $ 1,900.00
3/3/2016 $ 1,000.00
3/10/2016 $ 340.00
3/11/2016 $ 1,650.00
3/18/2016 $ 400.00
3/20/2016 $ 2,450.00
3/31/2016 $ 1,250.00 $ 250.00
3/31/2016 $ 1,000.00
Trial Balance $ 18,060.00
Adjusted TB $ 18,060.00
Post Closing TB $ 18,060.00

Date Prepaid Insurance (117)

3/1/2016 $ 2,400.00
Trial Balance $ 2,400.00
3/31/2016 $ 200.00
Adjusted TB $ 2,200.00
Post Closing TB $ 2,200.00

Date Repair Supplies (119)

3/8/2016 $ 650.00
Trial Balance $ 650.00
3/31/2016 $ 450.00
Adjusted TB $ 200.00
Post Closing TB $ 200.00

Date Repair Equipment (144)

3/3/2016 $ 5,800.00
Trial Balance $ 5,800.00
Adjusted TB $ 5,800.00
Post Closing TB $ 5,800.00
 Date Accum. Depr.-Repair Equipment (145)
3/31/2016 $ 120.00
Adjusted TB $ 120.00
Post Closing TB $ 120.00

Date Accounts Payable (212)

3/3/2016 $ 4,800.00
3/8/2016 $ 650.00
3/18/2016 $ 400.00
Trial Balance $ 5,050.00
Adjusted TB $ 5,050.00
Post Closing TB $ 5,050.00

Date Income Taxes Payable (213)

3/31/2016 $ 65.00
Adjusted TB $ 65.00
Post Closing TB $ 65.00

Date Common Stock (311)

3/1/2016 $ 20,000.00
Trial Balance $ 20,000.00
Adjusted TB $ 20,000.00
Post Closing TB $ 20,000.00

Date Retained Earnings (312)

Closing Entry $ 5,350.00
Closing Entry $ 3,325.00
Closing Entry $ 1,000.00
Post Closing TB $ 1,025.00
 Date Dividends (313)
3/31/2016 $ 1,000.00
Trial Balance $ 1,000.00
Closing Entry $ 1,000.00
Post Closing TB 0
 Date Bicycle Repair Revenue (411)
3/11/2016 $ 1,650.00
3/20/2016 $ 2,450.00
3/31/2016 $ 1,250.00
Trial Balance $ 5,350.00
Adjusted TB $ 5,350.00
Closing Entry $ 5,350.00
Post Closing TB 0

Date Store Rent Expense (511)

3/1/2016 $ 1,900.00
Trial Balance $ 1,900.00
Adjusted TB $ 1,900.00
Clossing Entry $ 1,900.00
Post Closing TB 0

Date Telephone Expense (512)

3/10/2016 $ 340.00
Trial Balance $ 340.00
Adjusted TB $ 340.00
Closing Entry $ 340.00
Post Closing TB 0

Date Insurance Expense (513)

3/31/2016 $ 200.00
Adjusted TB $ 200.00
Closing Entry $ 200.00
Post Closing TB 0
 Date Repair Supplies Expense (514)
3/31/2016 $ 450.00
Adjusted TB $ 450.00
Closing Entry $ 450.00
Post Closing TB 0

Date Depr. Exp.-Repair Equipment (515)

3/31/2016 $ 120.00
Adjusted TB $ 120.00
Closing Entry $ 120.00
Post Closing TB 0

Date Income Taxes Expense (516)

3/31/2016 $ 65.00
Adjusted TB $ 65.00
Closing Entry $ 65.00
Post Closing TB 0

Date Electric Expense (517)

3/31/2016 $ 250.00
Trial Balance $ 250.00
Adjusted TB $ 250.00
Closing Entry $ 250.00
Post Closing TB 0
 Bethany's Bicycle Corporation Unadjusted Trial Balance
Trial Balance
Account Account Balance
Number Title Debit
111 cash $ 18,060.00
411 Bicycle Repair Revenue
117 Prepaid Insurance $ 2,400.00
511 Store Rent Expense $ 1,900.00
512 Telephone Expense $ 340.00
144 Repair Equipment $ 5,800.00
199 Repair Supplies $ 650.00
212 Account Payable
311 Common Stock
517 Electrice Expense $ 250.00
313 Dividends $ 1,000.00

Total $ 30,400.00
Balance
Balance
Credit

$ 5,350.00

$ 5,050.00
$ 20,000.00

$ 30,400.00
 Bethany's BicycleCorporation
Adjusted Trial Balance
March 31

Account Account Balance

Number Title Debit Credit
111 Cash $ 18,060.00
411 Bicycle Repair Revenue $ 5,350.00
117 Prepaid Insurance $ 2,200.00
511 Store Rent Expense $ 1,900.00
119 Repair Supplies $ 200.00
512 Telephone Expense $ 340.00
513 Insurance Expense $ 200.00
515 Depr. Exp.-Repair Equipment $ 120.00
145 Accum Dep - Repair Equipment $ 120.00
144 Repair Equipment $ 5,800.00
514 Repair Supplies Expense $ 450.00
212 Accounts Payable $ 5,050.00
213 Income Taxes Payable $ 65.00
516 Income Taxes Expense $ 65.00
517 Electric Expense $ 250.00
311 Common Stock $ 20,000.00
313 Dividends $ 1,000.00

Total $ 30,585.00 $ 30,585.00