1-)General Journal
Worksheet - complete and tied out
Income statement
Statement of owners equity
Balance sheet
6-)Post closing trial balance
May 1 - Issued Check No. 5200 to L&J Management Co. in payment of the May rent, $5,000. (Use two lines to record the transaction. Charge 80% of the rent to Rent Expense Selling Space and the balance to Rent Expense Office Space.)
May 2 Sold merchandise on credit to Yellow Rock Company, Invoice No. 9501, for $4,500 (cost is $ 2,000)
May 3 - Issued a $150 credit memorandum to Yellow Rock Company for defective (worthless) merchandise sold on May 2 and returned for credit.
May 4 Purchased the following on credit from Jerrys Curling Supply Co. Invoice dated May 4, terms n/10 EOM.
Merchandise $27,027.00
Store supplies $754
Office supplies $38
Total $27,819.00
May 8 Issued Check No. 5201 to Jerrys Curling Supply Company for merchandise purchased on May 4th.
May 9 Sold store supplies to the merchant next door at their cost of $220 cash. (Hint what are we selling to the next door neighbor, it is not Merchandise Inventory and does not have a cost associated with it) May 10 Purchased $2,047 of office equipment on credit from Jerrys Curling Supply Co., invoice dated May 10, terms n/10 EOM.
May 11 Purchased $6,200 of merchandise from Red Rock, Inc., invoice dated May 10, terms 2/10, n/30.
May 12 Received a $97 credit memorandum from Jerrys Curling Supply for the return of defective office equipment received on May 10. May 15 Issued Check No. 5202, payable to Payroll, in payment of sales salaries, $3,230, and office salaries, $1,510. Cashed the check and paid the employees.
May 15 Cash sales for the first half of the month are $31,280 (cost is $13,200). (Cash sales are recorded daily but are recorded in a lump sum format through two entries May 15 and May 31)
May 16 Sold merchandise on credit to House Curling Company, Invoice No. 9502, for $3,990 (cost is $1,890)
May 17 Purchased $23,650 of merchandise from Olympics Gold, invoice dated May 17, terms 2/10, n/60.
May 19 Issued Check No. 5203 to Red Rock, Inc. in payment of its May 11 invoice less the discount.
May 22 Sold merchandise to Sweep Services, Invoice No. 9503, for $8,650 (cost is $4,990), terms 2/10, n/60.
May 23 Issued Check No. 5204 to Olympics Gold in payment of its May 17 invoice less the discount.
May 24 Purchased the following on credit from Jerrys Curling Supply Company Invoice dated May 24, terms n/10 EOM.
Merchandise $8,102.00
Store supplies $630.00
Office supplies $280.00
Total $9,012.00
May 25 Purchased $3,080 of merchandise from Burned Stone Curling, invoice dated May 25, terms 2/10, n/30.
May 26 Sold merchandise on credit to Draw Weight, Invoice No. 9504, for $21,315 (cost is $12,230).
May 26 Issued Check No. 5205 to Pebble Power in payment of the May electric bill, $983.
May 29 The owner of Curling Rocks, Skip Slider, used Check No. 5206 to withdraw $4,800 cash from the business for personal use.
May 30 Received payment from Sweep Services for the May 22 sale less the discount.
May 30 Issued Check No. 5207, payable to Payroll, in payment of sales salaries, $3,230, and office salaries, $1,510. Cashed the check and paid the employees.
May 31 Cash sales for the last half of the month are $46,025 (cost is $22,500)
Unadjusted Accounts Receivable Merchandise Inventory Store supplies Office equipment Acc Depr - Orice equipment Acc Depr Store equipment Accounts payable Skip Slider Capital Skip Slider withdrawals Sales discounts Sales returns & allowances Cost of goods sold Depr expense-Orice equip Depr expense Store equip Orice salaries expense Sales salaries expense Insurance expense Rent expense-Omice space Rent expense - selling space omce supplies expense Store supplies expense Utilities expense Totals Net Income Totals ing Supply ledger accounts after you ha 4. Check numbers for selected general ledge posted May journal entries: Cash = 101,830 Accounts Receivable = 25,305 Merchandise Inventory = 173,936 Accounts Payable = 14,042 Sales = 115,760 Sales Discounts = 260 COGS = 56,810 account names CHART OF ACCOUNTS Account Number Account Title 1001 1006 1019 1124 1125 1128 1163 1164 1165 1166 2001 3001 3002 4013 4014 4015 Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid insurance Office equipment Accumulated Depreciation - Office equipment Store equipment Accumulated Depreciation - Store equipment Accounts payable Skip Slider, Capital Skip Slider, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense - Office equipment Depreciation expense - Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Utilities expense Income Summary 5002 6012 6013 6020 6021 6037 6041 6042 6050 6051 6090 9001 Income Statement Revenue: Sales Less: Sales discounts Sales returns & allowances Net sales Less: Cost of goods sold Gross profit on sales Operating expenses: Selling expenses- Depreciation expense-Store equipment Sales salaries expense Rent expense - selling space Store supplies expense Total selling expenses General and administrative expenses- Depreciation expense-Office equipment Office salaries expense Insurance expense Rent expense-Office space Office supplies expense Utilities expense Total General and administrative expenses Total operating expenses Net income Statement of Owner's Equity Skip Slider, Capital, April 30, 20xx Plus: Net income Less: Withdrawals by owner Skip Slider, Capital, May 31, 20xx Gehen Balance Sheet Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid Insurance Total current assets Plant assets: Office equipment Less accumulated depreciation Store equipment Less accumulated depreciation Total plant assets Total assets Liabilities Current liabilities Accounts payable Equity Skip Slider, Capital Total liabilities and equity Post closing trial balance DEBIT CREDIT ACCOUNT NAME Cash Accounts Receivable Merchandise Inventory Office supplies Store supplies Prepaid Insurance Office equipment Acc Depr - Office equipment Store equpiment Acc Depr - Store equipment Accounts payable Skip Slider, Capital Totals 24 - Purchased Ony. Invols Here is an examples erry's Cu Adjusting Journal Entre GENERAL JOURNAL 20xx Date DA Jerry Road Page 5 Account Title and explanation 31- SOLD TO Credit May Debit Insurance expense Prepaid insurance 1.125 6037 1128 Vecord Insurance expired as of May 30 proper accounts on your worksheet. Post this adjusting journa osting journal entry from the General Journal to the c. adjusting (Adjusting Entries A-F). Make sure you fol re you follow this process for all accounts requiring d. After you have entries, make sure that your worksheet balances. To the debits and all of the credits that you have made in the its and all of the credits that yoshould equal your credits column of the worksheet. Your debits should equal your number = $10,270) ou have completed all of the required adjusting journal alances. To do this, add up all of have made in the "ADJUSTMENTS should equal your credits. Check 0... If your worksheet balances, it is now time to calcu adjusted trial balance amounts on the worksheet. Once completed this step you need to once again ounts on the worksheet. Once you have step you need to once again make sure that your worksheet Add up the debits and credits in the "ADJUSTED TRIAL BALANCE urn or the worksheets. Your debits should equal your credits. The number = $589,088 for debits and credits, Cash $101,830; Accum Depr" ice equipment = $20,693; Sales - $115,760, Store supplies expense- $3,528] 9. Complete the "INCOME STATEMENT" and "BALANCE SHEET" columns of the worksheet. The debits and credits will not be equal, the difference for both of these sections should = $32,807 (Net Income for the period) MAR 1 Topy apply 131/20xyr e. $32,807. Total Assets - $452,642, Skup 10. statements for Curling Rocks, for the Month endements With the aid of your worksheet, prepare for May (Use your text book if necessary to prepare these sterclass Income Statement. Statement of Owner's Equity, and Sheet. Sample financial Statements can be found in formal finas. 20 Icheck figures, net income - $32, Slider, Capital 05/31/20xx = $438,600.) plece Balan text 11. Post the adjusting journal entries from youmpleted proper General Ledger accounts. When you have amount from the General Journal to the number that you posted this AJE to in Journal. (Check out step 3 if yo the acco reference this information.) journal page that these AJE are o below: berches into om your general Journal to the ave completed posting an al Journal to the General Ledger, enter the his AJE to in the POST. REF. Column of the General out step 3 if you need a reminder of how to properly this information) Make sure that you reference the pro chese AJE are on in your general ledgerl See the examples ou reference the proper general Page Adjusting Journal Entries GENERAL JOURNAL #AJE5 20xx Date Credit Debit Account Titles and Explanation (1) 31- 1125 May 6037 1128 1,125 Insurance expense Prepaid insurance (Record insurance expired as of May 31) Cash Act 1001 Item Debit Credit Debit Credit 20xx 30-Apr Balance Uom DI ZIEEE 38.000 99.90 5 19 50 120 2104 6029 1020 2312151353 S4952 23 kontol Mod 420 SS JO1929 46025 Accounts Receivable Acct. #1006 REF Debit Credit Balance Debit Credit 0 T 4602 Date Item 30-Apr Balance La UPG AINE 6 190 3390 933 90 31 R6SO 2315 GOOSO 9255 2205 hal GL1 Merchandise Inventory Debit Cr e bit BLE Office Supplies Acct. M REF Debit Credit Balance Debit Credit 2.4301 Date 30-Apr Balance Monu Uu 22 Store Supplies Acct. # 1125 Item REF Debit Credit Date 30-Apr Balance 41 Balance Debit Credit 3158 TELE 2693 422 ora 1633630 GL2 3 Page Prepaid Insurance Act 12 Date Debit Credit Credit Debit 6.427 30-Apr Balance Office Equipment Actu Debit Credit Debit Credit 30-Apr Balance 12 Accumulated Depreciation - Office Equipment Acct. WWE Item Debit Credit Date 30-Apr Balance Balance Debit Credit 1998 Acct. # Store Equipment REF Debit Credit Item Balance Debit Credit 134,960 Date 30-Apr Balance Acct.# Mb Accumulated Depreciation - Store Equipment REF Credit Debit Item Balance Debit Credit 27420 Date 30-Apr Balance GL3 Accounts Payable Item Date 30-Apr Balance REF Debit Credit TG VO UT LORE ISO 200 16 0200 LO 16 99 Bo 20 Skip Slider, Capital Acct. SON Item Debit Credit Date 30-Apr Balance Balance Debit Credit 410,693 Skip Slider, Withdrawals Acct. Date Item REF Balance Debit Credit Debit Credit Aceto Debit Credit Debit Credit Sales Returns and Allowances Acct. # 4025 Balance Debit Credit Item REF Date low Debit GO Credit Sales Discounts Acct. # DU Date Item REF Balance Debit Credit Debit Credit GL5 Cost of Goods Sold Debit Credit Dobi Acct. Depreciation Expense - Office Equipment Balance Debit Credit Date REF REF Item Debit Credit Depreciation Expense. Store Equipment Acct. # Date Item REF Debit Balance Debit Credit Credit Office Salarios Expense Acct. # ORO Date Item REF Credit Balance Debit Credit ISLOT G Debit GIO Si US UND Sales Salaries Expense Acct. #021 Date Un Item REF Debit G313330 Credit Balance Debit Credit 23 GL6 Act 200 Insurance Expense Acct. #2037 Balance Debit Credit REF Debit Credit Rent Expense, Office Space Acct. con Credit Date (.. REF 2 1 Balance Debit Credit 000 Debit .000 Rent Expense - Selling Space Acct. #602 Date Credit REF GIL Debit 9.000 Balance Debit Credit 9.000 Office Supplies Expense Acct. #040 Date Item REF Debit Credit Balance Debit Debit Credit Store Supplies Expense Acct. # SY Item Debit Credit Balance Debit Credit Utlities Expense Acct. #090 Item Date LINN REF Debit Credit Balance Debit Credit GL7 Income Summary Acct. Date Item REF Debit Credit Balance Debit Credit GL8
