Charts of accounts

Journal

Date Description 01-Sep-22 The owner contributes $100,000 into the company in exchange for 100 common shares 02-Sep-22 The company purchases a piece of coffee machine for $30,000 from Coffee Machine Co. The company has 10 days to pay the invoice 03-Sep-22 The company purchases furniture and fixture for $5,000 with cash 08-Sep-22 The company receives coffee beans from Coffee Beans Co. The company has 30 days to pay the invoice (\$30,000 invoice total). 20-Sep-22 The company hired two helpers. The monthly salary is $5,000 each. 30-Sep-22 The total sales for the month =$25,000. 50% cash sale, 50% credit cards - to be received on the 1 st day of the following month 30-Sep-22 The company performed the month-end inventory count. The remaining inventory is $15,000 30-Sep-22 The company withdrew \$10,000 from the line of credit. The interest per the bank statement was $250. 30-Sep-22 Prepare the month-end adjusting entries: depreciation, tax (15\% effective tax rate), payroll, and any other adjusting entries 12 Trial Balance For the period ended September 31 Account \# Account Name 1000 Cash 1200 Inventory 1300 Accounts Receivable 1400 Prepaid Expenses 1500 Machinery 1510 Accumulated Depreciation - Machinery 1600 Furniture and Fixture 1610 Accumulated Depreciation - Furniture and Fixture 2000 Accounts Payable 2100 Accrued Expenses 2200 Line of Credit 2300 Income Tax Payable 3000 Owner's Equity 3100 Retained Earnings 4000 Revenue 5000 Cost of Goods Sold 5800 Rental expenses 5900 Payroll Expenses 6000 Interest Expense 6100 Depreciation Expenses Income Statement For the period ended September 31 \begin{tabular}{llc} & 30-Sep-22 \\ \hline & & $ \\ \hline Total Sales & $ & \\ \hline Cost of Goods Sold & \\ & & \\ Gross Profit & $ & \\ & Operating Expenses: \\ Rental expenses & $ & \\ Payroll Expenses & $ & \\ Depreciation Expenses & $ & \\ \hline Operating Income (Loss) & $ & \\ & $ & \\ \hline Interest income (expenses) & $ & \\ \hline Income tax & $ & \\ \hline Net Income (Loss) & $ & \\ \hline \hline \end{tabular} Balance Sheet As at September 31, 2022 30-Sep-22 30-Sep-22 ASSETS LIABILITIES Current Assets Current Liabilities Cash Prepaid Expenses Inventory \begin{tabular}{ll} $ & \\ \hline$ & \end{tabular} \begin{tabular}{lll} Accounts Payable & $ & \\ Accrued Expenses & $ & \\ Line of Credit & $ & \\ \hline Total Current Liabilities & $ & \end{tabular} EQUITY Non-Current Assets 4 Property, Plant \& Equipment Total Non-Current Assets \begin{tabular}{ll} & \\ \hline$ & \\ \hline$ & \\ \hline \hline \end{tabular} Owner's Equity Retained Earnings Total Equity Total Liabilities and Equity Cash Flow Statement For the period ended September 30 30-Sep-22 Cash Flow from Operating Activities Net Income (Loss) Add Back Non-Cash Expenses Depreciation/Amortization $ Depreciation/Amortization Adjustment for Movement in Working Capital \begin{tabular}{l|ll} \hline (Increase) Decrease in Receivables & $ & \\ \hline (Increase) Decrease in Inventory & $ & \\ \hline Increase (Decrease) in Prepaid Expenses & $ & \\ \hline Increase (Decrease) in Payables & $ & \\ \hline Increase (Decrease) in Accrued Expenses & $ & \\ \hline Net Cash Flow (Outflow) from Operating Activities & $ & \end{tabular} Cash Flow from Investing Activities Purchase of Investments / Longterm Assets $ Net Cash Flow (Outflow) from Investing Activities $ Cash Flow from Financing Activities \begin{tabular}{l|ll} \hline Borrowings - Line of Credit & $ & \\ \hline Owner's Capital & $ & \\ \hline Dividends Paid & & \\ Net Cash Flow (Outflow) from Financing Activities & $ & \\ & $ & \\ \hline Net Increase (Decrease) in Cash & & \\ & $ & \\ \hline Opening Cash at May 1, 2022 & $ & \\ \hline Closing Cash at May 31, 2022 & $ & \\ \hline Net Increase (Decrease) in Cash & $ \end{tabular}