8201 Account rities D E A B GENERAL JOURNAL Date Account Titles Jan Cash Common Stock Credit Debit 120.000 120,000 9,000 1Jan Prepaid Rent Cash 9,000 2 Jan Prepaid Advertising Cash 20,000 20,000 2 Jan Furniture Fixtures Equipment Cash Note Payable 14,500 8,000 9,200 9,510 22.190 15,400 2-Jan Inventory.apparel Cash Accounts Payable 4,620 10.780 3 Jan Prepaid Insurance Cash 2.400 2,400 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 4 Jan Supplies Accounts Payable 750 750 5 Jan Inventory -gifts Accounts payable 9,420 9,420 6 Jan Accounts Receivable Sales Revenue 3,200 3.200 COGS Inventory - apparel Inventory -gifts 1,325 880 445 8 Jan Cash Accounts Receivable Sales Revenue 6.175 3,325 9,500 COGS Inventory - apparel Inventory -gifts 3,970 2.600 1.370 9-Jan Cash Uneamed Revenue 1,000 1,000 10-Sep Accounts Payable Cash 10.780 10.780 GENERAL JOURNAL Scroll Lock GENERAL LEDGER Read WORKSHEET FINANCIAL STATEMENTS GENERAL JOURNAL Account Titles Date Debit Credit 10,780 10-Sep Accounts Payable Cash 10,780 4.200 14 Jan Cash Accounts Receivable 4,200 6,750 15 Jan Salary Expense Cash 6,750 16 Jan Cash Accounts Receivable Sales Revenue 8,950 15.650 24,600 10.150 COGS Inventory - apparel Inventory gifts 4,950 5.200 18 Jan Uneamed Revenue Sales Revenue 380 380 COGS Inventory - apparel 225 225 19 Jan Legal Expense Accounts Payable 765 765 20 Jan Inventory - apparel Inventory -gifts Accounts Payable 2.200 1.900 4,100 21 Jan Accounts Payable Cash 3,000 3,000 24-Jan Dividends Cash 4.500 4,500 25 Jan Cash Unearned Revenue 100 100 26 Jan Cash Accounts Receivable 6.000 6,000 1 28 Jan Utility Expense Accounts Payable 500 500 4 5 29 Jan Equipment Cash 9,000 9,000 GENERAL JOURNAL GENERAL LEDGER WORKSHEET Scroll Luck FINANCIAL STATEMENT Debit Account Titles Credit Date 3.000 21 Jan Accounts Payable Cash 3,000 8 9 0 1 2 3 4.500 24 Jan Dividends Cash 4,500 100 5 25 Jan Cash Unearned Revenue 100 3 6,000 26-Jan Cash Accounts Receivable 6,000 500 1 2 28 Jan Utility Expense Accounts Payable 500 4 5 29-Jan Equipment Cash 9.000 9,000 7 30-Jan Accounts Receivable Sales Revenue 4.830 4,830 2.090 11 2 3 14 COGS Inventory - apparel Inventory -gifts 1,240 850 31-Jan Cash Accounts Receivable Sales Revenue 2,821 5.239 8,060 16 7 8 19 0 3.360 COGS Inventory - apparel Inventory .gifts 2,560 800 2 3 31-Jan Supplies Cash 450 450 31 Jan Land Cash Note Payable 80.000 8 20,000 60.000 49 60 Credit GENERAL JOURNAL - ADJUSTING ENTRIES Date Account Titles 31 Jan Salary Expense Salaries Payable Debit 6,675 6,675 52 53 54 55 6 7 8 9 950 31 Jan Supplies Expense Supplies 950 140 31 Jan Loss on shrinkage Inventory - apparel Inventory -gifts 1 70 70 3 31-Jan Insurance Expense Prepaid Insurance 400 400 4.000 31-Jan Advertising Expense Prepaid Advertising 31 Jan Rent Expense Prepaid Rent 4,000 3,000 3,000 31 Jan Interest Expense Interest Payable 74 74 31 Jan Depreciation Expense Accumulated Depreciation - Furniture Accumulated Depreciation - Fixtures Accumulated Depreciation - Equipment 476 151 133 192 99 00 011 Credit GENERAL JOURNAL - CLOSING ENTRIES Date Account Titles 31 Jan Sales Revenue Income Summary Debit 50,570 50.570 GEN 44,850 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Del 31-Jan Income Summary Cost of goods sold Rent Expense Insurance Expense Advertising Expense Salaries Expense Supply Expense Legal Expense Utilities Expense Depreciaton Expense interest Expense Loss on Shrinkage 21,120 3,000 400 4,000 13,425 950 765 500 476 74 140 31 Jan Income Summary Retained Earnings 5,720 5.720 31-Jan Retained Earnings Dividends 4,500 4,500 QUESTION 1 As a result of recording depreciation: Assets increase Retained Earnings increases Liabilities increase Assets decrease QUESTION 2 Determine the cumulative effect of recording transaction #1: Assets are increased by 120,000 O Expenses are increased by 40,000 Assets are increased by 40,000 Expenses are increased by 120,000 There is no effect on Assets or Expenses O QUESTION 3 As a result of recording transaction 4 Llabilities decrease, SHE increases, no effect on Assets o o Assets decrease. SHE decreases, no effect on Llabilities Assets increase, Liabilities increase, no effect on SHE Assets increase, SHE Increases, no effect on Llabilities No effect on Assets, Liabilities, or SHE QUESTION 4 The effect of transaction #11 is: Assets increase by $1,000 Assets decrease by $1,000 Liabilities decrease by $1,000 There is no effect on Assets SHE Increases by $1,000 QUESTION 5 The cumulative effect of transaction #9 is a(n) Increase in SHE of $1,325 o Increase in expenses of $3.200 0 0 Increase in assets of $1,875 Decrease in retained earnings of $3,200 Increase in assets of $3.200 QUESTIONS Which account is not closed out in the closing entries? Salary Expense Sales Revenue Uneared Revenue O Dividonds Loos on Shrinkage QUESTION 7 As a result of transaction 17 Asses increase by 5765 0 QUESTION 6 Which account is not closed out in the closing entries? Salary Expense Sales Revenue Unearned Revenue Dividends O Loss on Shrinkage QUESTION 7 As a result of transaction 17 Assets increase by 5765 Liabilities decrease by 5765 Retained Earnings increase by $765 OSHE decreases by $765 QUESTION & As a result of transaction #28 Assets increase Assets decrease Liabilities decrease Liabilities increase Both A and D QUESTIONS The camulative tect of transaction 818 Latitis decrease by 56,100 o Assets increase by 54100 Assets increase by $1.900 Assets decrease by $2.200 QUESTION 10 Assalomas Linas SHE lected decreased nected