Adjusted Journal Entry

Journal Entry

Prepare the June 30 Adjusted Trial Balance (Includes ordinary business journal entries, as well as adjusting entries). DR CR DR CR DR CR 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 51 52 Account # Account name 1060 Cash 1200 Accounts Receivable 1205 Allowance for Doubtful Accounts 1300 Prepaid Insurance 1301 Prepaid Rent 1350 Inventory 1400 Held for Trading Investments 1820 Store Equipment 1825 Accumulated Dep. Equipment 1880 Land 2100 Accounts Payable 2140 Notes Payable 2150 Short-term Bank Loan 2160 Corporate Income Taxes Payable 2170 Worksafe BC Payable 2180 PST Payable 2215 El Payable 2220 CPP Payable 2225 Employee Income Tax Payable 2380 GST Collected on Sales 2385 GST Paid on Purchases 2400 Interest Payable 3350 Common Shares 3560 Retained Earnings Previous Yr. 4210 Sales Revenue 4220 Sales Returns 4300 Dividend Revenue 4460 Gain on Sale Assets 5010 Purchases 5020 Purchases Returns 5030 Purchase Discounts 5040 Cost of Goods Sold 5620 Bad Debts Expense 5660 Depreciation Expense 5685 Insurance Expense 5740 Intrerest Expense 5750 Rent Expense 5760 Salaries and Benefits Expense 5770 Worksafe BC Expense 5780 Corporate Income Tax Expense Impairment Loss Total Check - Differences must be 0 Debit Credit a Jun-30 400 Bad Debt Expense $ To Alloance for Bad Debt (1% of net sales i.e. 1% of $40,000) $ 400 b Jun-30 125 Depreciation Expense $ To Accumulated Depreciation $ 125 (Being Depreciation on equipment purchased in Jun ((15000/10)/12=$125) c Jun-30 Cost of Goods Sold $ 17,000 Purchase Return $ 4,000 To Purchase $21,000 (Being Purchase and Ppurchase return Transferred to COGS) d Jun-30 Interest Expense $ 104 To Interest payable $ 104 ( being Interest payable on Notes Payable ($15000X6%/12) and Bank Loan ($5000x7%/12) e Jun-30 Insurance Expense $ 167 To Prepaid Insurance $ 167 (Being Insurance expense for Jun - $2000/12) f Jun-30 Income Tax $ 2,500 To Income Tax Paybale ( being Income Tax expense accrued) $ 2,500 Date Accounts Title and Explanation Debit Serial Number Credit 1 June 2 Accounts Receivable - East Robson 20,000 Sales Revenue 20,000 [Goods sold on account ] N June 3 Purchases 4,000 Accounts Payable - Everest Company 4,000 [Goods purchased on account ] 3 June 4 Accounts Receivable - West Rupert Co 3,000 Sales Revenue 3,000 [Goods sold on account] 4 June 5 Purchases 3,000 Accounts Payable - Kathmandu Ltd 3,000 [Goods purchased on account ] 5 5 June 6 Cash 10,000 Sales Revenue 10,000 [Goods sold for cash ] 6 June 7 Purchases 2,000 Cash 2,000 [Goods purchased for cash ] 7 June 8 Store Equipment 15,000 Notes Payable 15,000 [Store equipment purchased by singing a note payable ] June 9 Cash 35,000 Land 30,000 Gain on sale of land 5,000 [Land sold at a gain] ON June 10 Cash 3,000 Accounts Receivable - West Rupert Co 3,000 [Collection received from AR] 10 June 11 Prepaid Insurance 2,000 Cash 2,000 [Insurance premium paid for an year in advance ] 11 June 11 Cash 5,000 Bank Loan 5,000 [Bank loan obtained ] 12 June 12 Cash 3,000 Accounts Payable - Kathmandu Ltd 3,000 Cash paid to creditor ] 13 June 13 Rent Expense 5,000 Cash 5,000 [Rent expense paid ] 14 June 14 Cash 2,000 Sales Revenue 2,000 [Goods sold for cash ] 15 June 15 Purchases 4,000 cash 4,000 [Goods purchased on account] 16 June 16 Accounts Receivable - Purdon Co 5,000 Sales Revenue 5,000 [Goods sold on account] 17 June 17 Purchases 8,000 Accounts Receivable - Mountain Co-op 8,000 [Goods purchased on account ] 18 June 18 Cash 20,000 Accounts Receivable - East Robson 20,000 [Cash collected from debtor] 19 June 19 Accounts Payable - Everest Company 4,000 Cash 4,000 (Cash paid to creditor] 20 June 20 Cash 4000 Purchases returns 4000 21 June 30 salaries expense 10000 cash 10000 ASSET ACCOUNTS 1000 TO 1999 1060 1200 1205 Subtotal 1300 1301 1350 1400 Total 1820 1825 1880 Subtotal Total GRAND TOTAL Cash Accounts receivable Allowance for doubtful accounts Accounts receivable: Net Prepaid insurance Prepaid rent Inventory Held for trading investments Current Assets Store equipment Accumulated Depreciation - Store equipment Land Property and Equipment: Net Long-Term Assets ASSETS LIABILITIES ACCOUNTS 2000 to 2999 2100 2140 2150 2160 2170 2180 2215 2220 2225 Subtotal 2380 2385 Subtotal 2400 Total Total GRAND TOTAL Accounts payable Notes payable Short-term Bank loan Corporate income taxes payable Worksafe BC payable PST payable El payable CPP payable Employee Income tax payable Payroll deductions GST collected on sales GST paid on purchases GST payable Interest payable Current Liabilities Long-Term Liabilities LIABILITIES EQUITY ACCOUNTS 3000 to 3999 3350 Total 3500 Total GRAND TOTAL Common shares Common shares Retained earnings, previous year Retained earnings SHAREHOLDER'S EQUITY REVENUE ACCOUNTS 4000 TO 4999 4210 4220 Subtotal 4300 4460 Subtotal GRAND TOTAL Sales revenue Sales returns Net Sales Dividend revenue Gain on sale assets Other Revenue REVENUE EXPENSE ACCOUNTS 5000 TO 5999 5010 5020 5030 5040 Subtotal 5620 5660 5685 5740 5750 5760 5770 5780 Subtotal 5800 Subtotal GRAND TOTAL Purchases Purchases returns Purchase discounts Cost of goods sold Cost of Goods Sold Bad debts expense Depreciation expense Insurance expense Interest expense Rent expense Salaries and benefits expense Worksafe BC expense Corporate Income tax expense General & Operating Expenses Impairment loss Other Expenses EXPENSES