2018 7,13,000 2017 6,20,000 7,13,000 4,71,500 2,41,500 6,20,000 4,10,000 2,10,000 17,250 11,500 5,750 15,000 10,000 5,000 Account Sales Revenue Sales discount Net slaes Cost of goods sold Gross Profit Operating exp: Salaries & wages exp. Rent expense Utility Expense Maintenance exp. Dep. Expense (equip. & Build) Bad debt exp Insurance exp Total operating exp. Operating income Other revenues and expenses: Rent revenue Interest exp. Income before tax Income tax exp. Net Income 57,500 4,025 13,800 1,09,825 1,31,675 50,000 3,500 12,000 95,500 1,14,500 34,500 97,175 45,000 52,175 30,000 84,500 42,000 42,500 2018 2017 December 31, 2018 and 2017 Account Current Assets: Cash Accounts Receivable Inventory Prepaid Insurance Total current assets Long term Investments Equipment Accumulated depreciation Equipment Total Assets 1,00,000 2,00,000 1,85,000 24,000 5,09,000 2,50,000 5,00,000 (1,50,000) 11,09,000.00 50,000 1,00,000 1,25,000 36,000 3,11,000 80,000 5,00,000 (1,00,000) 7,91,000.00 60,000 Liabilities and sharholders equity Accounts Payable Wages & Salaries Payable Unearned Sales Revenue Income tax payable Total current liabilities Bonds payable Total Liabilities Common shares Retained earnings Total Liabilities and sharholders equity 1,60,000 75,000 1,07,500 45,000 3,87,500 3,50,000 7,37,500 1,00,000 2,71,500 11,09,000.00 10,000 42,000 1,12,000 3,50,000 4,62,000 1,00,000 2,29,000 7,91,000.00 2019 Account Titles 1 01-Jan Building Cash Notes Payable 2 03-Jan Wages Payable Cash 3 08-Jan Unearned Sales Revenues Sales Revenue Cost of goods sold Inventories 4 12-Jan Tax Payable Cash 5 13-Jan Cash Sales Revenue 6 15-Jan Cash Common Shares 7 16-Jan Inventories Accounts Payable 8 21-Jan Accounts Payable Inventories Ca Debit Credit 5,86,382 1,30,307 4,56,075 75,000 75,000 1,07,500 1,07,500 26,061 26,061 45,000 45,000 1,30,307 1,30,307 3,90,921 3,90,921 2,73,645 2,73,645 13,031 13,031 MARIA TOWA 00 IE B E F 21-Jan 13,031 13,031 D Accounts Payable Inventories Accounts Payable Cash Inventories 28-Jan 2,60,614 2,52,796 7,818 31-Jan 6,515 6,515 31-Jan 10,425 10,425 e 02-Feb 1,56,369 1,56,369 1,04,246 Utilities Expense Cash Salaries Expense Cash Cash Sales revenue Cost of goods sold Inventories Accounts receivable Sales revenue Cost of goods sold Inventories Cash Accounts receivable 2.Data 3.JE 4.GL T accounts 1,04,246 3 12-Feb 78,184 78,184 52,123 52,123 4 01-Mar 78,184 78,184 6. Adj. JE 1.Group 5.Unadjusted TB F A B 14 01-Mar E 78,184 78,184 15 01-Apr 3,909 3,909 16 15-Apr 2,60,614 2,60,614 17 01-May 1,30,307 1,30,307 18 01-Aug 15,637 Cash Accounts receivable Rent Expense Cash Inventory Cash Cash Notes Payable Prepaid Rent Cash Maintenance expense Cash Salaries Expense Cash Cash Unearned Rent Revenue Accounts receivable Sales revenue Cost of goods sold Inventories 15,637 19 31-Aug 6,515 6,515 20 30-Sep 19,546 19,546 21 30-Sep 31,274 31,274 22 21-Oct 2,60,614 2,60,614 1,30,307 1,30,307 Ir 23 01-Nov 65,154 65,154 24 08-Nov 2,73,645 2,73,645 1,82,430 Accounts payable Cash Accounts receivable Sales revenue Cost of goods sold Inventory Cash Sales discount Accounts receivable Income Tax Payable Cash 1,82,430 25 14-Nov 2,68,172 5,473 2,73,645 26 31-Dec 10,000 10,000 Dec 31, the note payable and the interest need to be calculated and paid Can be done here or in Adj. JE sheet Interest expense = A 31-Dec Notes Payable Interest expense Cash 4,56,075 27,365 4,83,440 1. Group 2.Data 3.JE 4.GL_T accounts 5.Unadjusted TB 6.Adj. JE ASSETS Cash LIABILITIES Accounts Payable SHAREHOLDERS' EQUITY Common Shares do CF Bee 1,10,307 tes End nd ch Retained earnings CT Blog End Notes Payable 4,56,075 BB 1 17 456,02 End REVENUES de Sales Revenue 31 Dec ce ILO Beg 1 Group 2 Data JE 4.GL T accounts 5 Unadiusted TH AF ZI 3.56075 End Sales Revenge 31-0 L. 10.00 Unearned sales Revenue Accounts Receivable He En End Sales Discount OF de dr B Unearned Rent Revenue cr Eml Best Inventory End Cost of Goods Sold or ber d. ex Wages & salaries payable Ber End End dir Income Tax payable Pee dr + Rent Expense OF dr Prepaid Insurance exp.ch tid dr Bonds payable End ON End De 41 44 45 46 47 48 49 50 51 52 51 54 55 56 37 58 50 D 61 cre End Prepaid rent exp. dir Be alaries & wages Expens - dr. Bes End Long term investments ar End Utility Expense dr + Beg 165 Equipment CF Best En 67 End dr Maintenance exp. Ben Accumulated dep. Equipo BE 70 71 72 70 7 End End . Building CT Interest expense d. Bee TO 1 End El 5,862 To 70 Income tax exp. CH d. Blog 131 AGE Sated TRADE 7 Updated GL with ad 8Adjusted 18 2018 7,13,000 2017 6,20,000 7,13,000 4,71,500 2,41,500 6,20,000 4,10,000 2,10,000 17,250 11,500 5,750 15,000 10,000 5,000 Account Sales Revenue Sales discount Net slaes Cost of goods sold Gross Profit Operating exp: Salaries & wages exp. Rent expense Utility Expense Maintenance exp. Dep. Expense (equip. & Build) Bad debt exp Insurance exp Total operating exp. Operating income Other revenues and expenses: Rent revenue Interest exp. Income before tax Income tax exp. Net Income 57,500 4,025 13,800 1,09,825 1,31,675 50,000 3,500 12,000 95,500 1,14,500 34,500 97,175 45,000 52,175 30,000 84,500 42,000 42,500 2018 2017 December 31, 2018 and 2017 Account Current Assets: Cash Accounts Receivable Inventory Prepaid Insurance Total current assets Long term Investments Equipment Accumulated depreciation Equipment Total Assets 1,00,000 2,00,000 1,85,000 24,000 5,09,000 2,50,000 5,00,000 (1,50,000) 11,09,000.00 50,000 1,00,000 1,25,000 36,000 3,11,000 80,000 5,00,000 (1,00,000) 7,91,000.00 60,000 Liabilities and sharholders equity Accounts Payable Wages & Salaries Payable Unearned Sales Revenue Income tax payable Total current liabilities Bonds payable Total Liabilities Common shares Retained earnings Total Liabilities and sharholders equity 1,60,000 75,000 1,07,500 45,000 3,87,500 3,50,000 7,37,500 1,00,000 2,71,500 11,09,000.00 10,000 42,000 1,12,000 3,50,000 4,62,000 1,00,000 2,29,000 7,91,000.00 2019 Account Titles 1 01-Jan Building Cash Notes Payable 2 03-Jan Wages Payable Cash 3 08-Jan Unearned Sales Revenues Sales Revenue Cost of goods sold Inventories 4 12-Jan Tax Payable Cash 5 13-Jan Cash Sales Revenue 6 15-Jan Cash Common Shares 7 16-Jan Inventories Accounts Payable 8 21-Jan Accounts Payable Inventories Ca Debit Credit 5,86,382 1,30,307 4,56,075 75,000 75,000 1,07,500 1,07,500 26,061 26,061 45,000 45,000 1,30,307 1,30,307 3,90,921 3,90,921 2,73,645 2,73,645 13,031 13,031 MARIA TOWA 00 IE B E F 21-Jan 13,031 13,031 D Accounts Payable Inventories Accounts Payable Cash Inventories 28-Jan 2,60,614 2,52,796 7,818 31-Jan 6,515 6,515 31-Jan 10,425 10,425 e 02-Feb 1,56,369 1,56,369 1,04,246 Utilities Expense Cash Salaries Expense Cash Cash Sales revenue Cost of goods sold Inventories Accounts receivable Sales revenue Cost of goods sold Inventories Cash Accounts receivable 2.Data 3.JE 4.GL T accounts 1,04,246 3 12-Feb 78,184 78,184 52,123 52,123 4 01-Mar 78,184 78,184 6. Adj. JE 1.Group 5.Unadjusted TB F A B 14 01-Mar E 78,184 78,184 15 01-Apr 3,909 3,909 16 15-Apr 2,60,614 2,60,614 17 01-May 1,30,307 1,30,307 18 01-Aug 15,637 Cash Accounts receivable Rent Expense Cash Inventory Cash Cash Notes Payable Prepaid Rent Cash Maintenance expense Cash Salaries Expense Cash Cash Unearned Rent Revenue Accounts receivable Sales revenue Cost of goods sold Inventories 15,637 19 31-Aug 6,515 6,515 20 30-Sep 19,546 19,546 21 30-Sep 31,274 31,274 22 21-Oct 2,60,614 2,60,614 1,30,307 1,30,307 Ir 23 01-Nov 65,154 65,154 24 08-Nov 2,73,645 2,73,645 1,82,430 Accounts payable Cash Accounts receivable Sales revenue Cost of goods sold Inventory Cash Sales discount Accounts receivable Income Tax Payable Cash 1,82,430 25 14-Nov 2,68,172 5,473 2,73,645 26 31-Dec 10,000 10,000 Dec 31, the note payable and the interest need to be calculated and paid Can be done here or in Adj. JE sheet Interest expense = A 31-Dec Notes Payable Interest expense Cash 4,56,075 27,365 4,83,440 1. Group 2.Data 3.JE 4.GL_T accounts 5.Unadjusted TB 6.Adj. JE ASSETS Cash LIABILITIES Accounts Payable SHAREHOLDERS' EQUITY Common Shares do CF Bee 1,10,307 tes End nd ch Retained earnings CT Blog End Notes Payable 4,56,075 BB 1 17 456,02 End REVENUES de Sales Revenue 31 Dec ce ILO Beg 1 Group 2 Data JE 4.GL T accounts 5 Unadiusted TH AF ZI 3.56075 End Sales Revenge 31-0 L. 10.00 Unearned sales Revenue Accounts Receivable He En End Sales Discount OF de dr B Unearned Rent Revenue cr Eml Best Inventory End Cost of Goods Sold or ber d. ex Wages & salaries payable Ber End End dir Income Tax payable Pee dr + Rent Expense OF dr Prepaid Insurance exp.ch tid dr Bonds payable End ON End De 41 44 45 46 47 48 49 50 51 52 51 54 55 56 37 58 50 D 61 cre End Prepaid rent exp. dir Be alaries & wages Expens - dr. Bes End Long term investments ar End Utility Expense dr + Beg 165 Equipment CF Best En 67 End dr Maintenance exp. Ben Accumulated dep. Equipo BE 70 71 72 70 7 End End . Building CT Interest expense d. Bee TO 1 End El 5,862 To 70 Income tax exp. CH d. Blog 131 AGE Sated TRADE 7 Updated GL with ad 8Adjusted 18