Account Number Account Debit Credit 101 Balance Cash Balance 51,000 102 Accounts Receivable 103 Prepaid Rent 21,040 104 Materials Inventory 21,000 105 Work In Process 12,600 106 Finished Goods 5,300 Reads of the balance of unfinished and finished gods 107 Equipment 10,000 108 Accumulated depreciation 2,083 201 Accounts Payable 29,450 202 Wages Payable 9,650 203 Long Term Note Payable 8,000 44,000 301 Capital Account-Jet 302 Capital Account - Plane 44,000 303 Drawing Account-Jet 6,000 304 Drawing Account-Plane 6,000 7,040 401 Revenue 501 Cost of Goods Sold 7,033 502 Marketing Expenses 1,000 503 G&A Salaries 2,000 504 General Office Rent 505 Other Expenses 1,000 250 Total: 144,223 144,223 Keep It On Two Wheels Statement of Cost of Goods Manufactured For the Month Ended January 31 Work in process inventory, January 1 Direct materials: Direct labor Beg Inventory Purchases Cost of materials available for use Ending Materials Inventory Cost of direct materials used Factory overhead Total manufacturing costs incurred Total manufacturing costs Less Ending WIP Cost of goods manufactured Sales Keep It On Two Wheels Income Statement For the Month Ended January 31 Cost of goods sold: Beg Finished goods inventory Cost of goods manufactured Cost of finished goods available for sale Less Ending Finished Goods Cost of goods sold Plus/Minus COGS Write-Off Gross profit Operating expenses Net income