Annabug Deaigns, Inc

Chart of Accounts

Balance Sheet Accounts

Income Statement Accounts

$1$ Assets

$2$ Liabilities

$21$ Accounts Payable Credit

$23$ Urearred Revenue Credit

$3$ Stockholders' Equity

$31$ Comman Stack

Credit

$32$ Retained Earnings Credit

$33$ Dividends Debit

Annabug Designs, Inc designs personalized Ladybug motif bumperstickers. Baseed upon the following fact pattern complete the entire accounting cycle for the month of

December, $2000$

$1$ Record the following entries for the month of December in the General Journal $($GI$)$ pages $11$ and $I2$

Dec $1$ Invested $$28,800$ cash in exhange for Cammon Stock

$1$ Paid cash $$28,800$ for $12$ manth insurance policy that maney could buy

$2$ Purchased office equipment for $$96,400$ on account

$10$ Billed dient $$2400$ for design wark

$20$ Purchased supplies worth $$2400$ on account

$22$ Received $$2400$ cash from customer for future wark.

$29$ Paid cash to creditors $$2400$

$29$ Received $$2400$ cash from customer paying down account.

$30$ Board of Directars declared and paid cash Dividend $$2400$

EXCLUDE THE DESCR PTION

ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS

$2$ Post to General Ledger $($GL$)$

$3$ Produce the Unac, usted Trial Balance

$4$ Record Adjusting Entries on Journal Page $3$

Des $,31$ Supplies an hand at month end $30$

$31$ Offist Rquipment Depresiates stari the line over $3$ years

$31$ Record insuranct topense for manth end

$31$ Earned $$2400$ of Untarned Revenue

$31$ Billed elient for $20$ hours design work at $5240$ per hour

$5$ Post Acjusting Entries to the General Ledger $($GL$)$

$6$ Produce the Adjusted Trial Balance

$7$ Produce an Incorte Statement, Retained Earnings Statement and Balance Sheet.

$8$ Record on Journal Page $4$ the closing of all temporary accounts directly into Retained Earnings

$9$ Post to General Ledger $($GL$)$

$10$ Produce the Post Olosing Trial Balance