GENERAL JOURNAL Closing Entries August 31 Date Particulars DR CR Aug-31 P&L Summary $ 162,847.10 Opening Inventory $ 100,174.00 Purchases $ 49,350.00 Freight inwards $ 200.00 Sales salaries expense $ 6,900.00 Depreciation Deliv. Truck $ 450.00 Delivery expense $ 33.00 Electricity expense $ 275.00 Office salaries expense S 2,770.00 Office Supplies Expense $ 186.00 Depreciation Store Equip. $ 600.00 Insurance Expense S 250.00 Rent Expense $ 300.00 Telephone expense $ 220.00 Legal/Acctg. Fees Exp. S 350.00 Discount allowed $ 789.10 GENERAL JOURNAL Closing Entries August 31 cont. Date Particulars DR CR Aug-31 Sales $ 102,945.00 Discount received $ 1,008.00 Closing Inventory value $86,575 P&L Summary $ 190,528.00 close revenues and bring C/Inv. to account P & L Summary $ 27,680.90 Capital $ 27,680.90 Trf profit Capital $ 18,180.00 Drawings $ 18,180.00 Close Drawings account The Bright Spot. Adjusted Trial Balance 31/8/20XX Cash at Bank $ 56,360.90 Accounts Receivable $ 19,800.00 Inventory $ 86,575.00 Office Supplies on hand $ 375.00 Prepaid rent $ 200.00 Prepaid insurance $ 550.00 Store Equipment $ 22,500.00 Store Equipment Acc Dpn $ 9,500.00 Delivery Truck $ 23,000.00 Delivery Truck Acc Dpn $ 6,950.00 Accounts Payable $ 27,600.00 Sales salaries payable S 600.00 Office salaries payable $ 270.00 Capital $ 154,940.00 Income Summary $ 9,500.90 TOTAL $ 209,360.90 $ 209,360.90 THE BRIGHT SPOT Stmt of Changes in Equity as at 31/8/20XX Aug-01 Opening Capital Add Profit for the period Less Drawings Aug-31 Closing Capital THE BRIGHT SPOT Profit & Loss Statement p/ending 31/8/20xx Net Sales less COGS Opening Inventory Purchases Freight inwards Goods Available for Sale less Closing Inventory less Discount received GROSS PROFIT less operating expenses Selling & Distribution Sales salaries expense Depreciation Deliv. Truck Delivery expense General & Adminstrative Electricity expense office salaries expense Office Supplies Expense Depreciation Store Equip. Insurance Expense Rent Expense Telephone expense Legal/Accts. Fees Exp. NET PROFIT