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JOURNAL ENTRIES 1 2 3 DATE Dec 8 Dec 11 Dec.26 JOURNAL DESCRIPTION Accounts payable-Ohio Purchases return Accounts payable-Ohio Discount received Discount allowed Accounts receivable-my garage POST.REF DEBIT 180 CREDIT 180 76.4 76.4 136 136 REVENUE JOURNAL Accts. Rec. Dr DATE 1 Dec.1 3 2 Dec.1 6 3 Dec.1 9 4 Dec.2 2 5 Dec.3 1 TOTAL 1 2 8300 3463 Accounts receivable-kitchen world Account receivable-my garage Cost of merch.sold Dr Merch. Inventory Cr 2490 6800 2040 3464 Account receivable-Liz house 4200 1500 3465 Account receivable-Amie's club 6700 1970 3466 Account receivable-Geideman's 4800 1450 30800 9450 INVOICE NO. 3462 Account Debited ACCOUNT CREDITED Dec.4 Account receivable-third street Account receivable-my garage Accounts receivable-Liz's house Sales Cr CASH RECEIPT JOURNAL POST.REF Other account Cr DATE Dec.2 6 3 Dec.2 7 TOTAL Post. ref Account receivable Cr 1960 Cash Dr 6664 6664 2500 2500 11124 11124 1960 Date 1 Dec.2 2 Dec.1 8 3 Dec.2 1 TOTAL DATE Account credited Post.ref Accounts payable-Ohio Account payableDeker office products Accounts payable-EDH dist PURCHASES JOURNAL Acc Office payable supplies CR DR 4125 580 C.K NO 1 Dec11 2 Dec12 5471 5472 3 Dec.1 5 4 Dec.2 9 5 Dec.3 0 6 Dec.3 1 TOTAL 5473 Post.ref Amount 5880 580 10005 CASH PAYMENT JOURNAL ACCOUNT DEBITED POST.REF Other accs Dr Account payable-Ohio Accounts payable-Deker office supplies Salaries expense Other acc Dr 580 5880 10585 Merch. Inventory DR 4125 Accounts payable DR 3868.6 512 Cash Cr 3868.6 512 600 600 65 65 5475 Cleaning expenseMISCELLANEOUS Salaries expense 600 600 5476 Withdrawal-Rose Pico 8500 8500 5474 9765 4380.6 14145.6 POSTING TO LEDGER GENERAL LEDGER Discount Allowed DATE ITEM POST.REF DEBIT 1 Accounts receivable 12 136 Income summary 34 2 Dec.2 6 Dec.3 1 Discount Received DATE ITEM POST.REF 1 Accounts payable 21 Income summary 34 2 Dec.1 1 Dec.3 1 Purchases return DATE ITEM POST.REF 1 21 Dec. 8 Accounts payable CREDIT 136 DEBIT CREDIT 76.4 76.4 DEBIT Account No.8 BALANCE DEBIT CREDIT 136 0 Account No.9 BALANCE DEBIT CREDIT 76.4 0 CREDIT 180 Account No.10 BALANCE DEBIT CREDIT 180 CASH DATE ITEM POST.REF DEBIT 1 2 Balance Accounts receivable X 12 11124 Accounts payable 21 4380.6 15143.4 Salaries expense 52 1200 13943.4 miscellaneous 59 65 13878.4 Withdrawal rose pico 31 8500 5378.4 3 4 5 6 Dec.1 Dec.3 1 Dec.3 1 Dec.3 1 Dec.3 1 Dec.3 1 Accounts Receivable DATE ITEM POST.REF 1 2 Balance Discount allowed x 8 sales 41 cash 11 3 4 Dec.1 Dec.2 6 Dec.3 1 Dec.3 1 MERCHANDISE INVENTORY DATE ITEM POST.REF 1 2 Balance Cost of merchandise sold x 51 Accounts payable 21 3 Dec.1 Dec.3 1 Dec.3 1 DEBIT CREDIT CREDIT 136 30800 CREDIT 9450 10005 Account No.12 BALANCE DEBIT CREDIT 2720 2584 33384 11124 DEBIT account No.11 BALANCE DEBIT CREDIT 8400 19524 22260 account No.13 BALANCE DEBIT CREDIT 10880 1430 11435 OFFICE SUPPLIES DATE ITEM POST.REF DEBIT 1 2 X 21 580 Dec.1 Dec.3 1 Balance Accounts payable Accounts payable DATE ITEM POST.REF DEBIT 1 2 3 x 10 9 180 76.4 Dec.1 Balance Dec.8 Purchases return Dec.1 Discount received 1 4 Dec.3 Merchandise inventory 1 5 Dec.3 Office supplies 1 6 Dec.3 cash 1 ROSE PICO, capital DATE ITEM POST.REF DEBIT 1 2 x 32 8500 ROSE PICO, DRAWING DATE ITEM POST.REF DEBIT 1 11 8500 Dec.1 Dec.3 1 Dec.3 balance drawing Cash CREDIT CREDIT account No.14 BALANCE DEBIT CREDIT 1080 1660 Account No.21 BALANCE DEBIT CREDIT 700 520 443.6 13 10005 10448.6 14 580 11028.6 11 4380.6 6648 CREDIT CREDIT Account No.31 BALANCE DEBIT CREDIT 33840 25340 Account No.32 BALANCE DEBIT CREDIT 8500 2 1 Dec.3 1 SALES DATE 1 2 Dec.3 1 Dec.3 1 Capital 31 ITEM POST.REF Accounts receivable 12 Income summary 34 8500 DEBIT 0 account No.41 CREDIT BALANCE DEBIT 30800 30800 CREDIT 30800 0 COST OF MERCHANDISE SOLD DATE ITEM POST.REF DEBIT 2 13 9450 SALARIES EXPENSE DATE ITEM POST.REF DEBIT 1 Cash 11 600 Account No.52 BALANCE DEBIT CREDIT 600 cash 11 600 1200 Income summary 34 2 3 Dec.3 1 Dec.1 5 Dec.3 0 Dec.3 1 Merchandise inventory CREDIT CREDIT 1200 account No.51 BALANCE DEBIT CREDIT 9450 0 MISCELLANEOUS EXPENSE DATE ITEM POST.REF DEBIT 1 Cash 11 65 Income summary 34 2 Dec.3 1 Dec.3 1 RETAINED EARNINGS DATE ITEM POST.REF 1 34 Dec.3 1 Income summary 65 DEBIT Debit 1 Dec.2 sales 2 Geideman's date ITEM 41 6700 POST.REF Debit 1 Dec.3 sales 1 KITCHEN WORLD date ITEM 41 4800 POST.REF Debit 1 Dec.1 Sales 3 LIZ'S HOUSE date ITEM 41 8300 POST.REF Debit 1 41 4200 sales Account No.59 BALANCE DEBIT CREDIT 65 0 CREDIT 16760.4 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Arnie's Wholesale club date ITEM POST.REF Dec.1 CREDIT Credit Balanc e 6700 Credit Balanc e 4800 Credit Balanc e 8300 Credit Balanc e 4200 Account No.60 BALANCE DEBIT CREDIT 16940.4 9 2 Dec.2 cash 7 MY GARAGE 1 Dec.1 sales 6 2 Dec.2 Cash 6 3 Dec.2 Discount allowed 6 THIRD STREET date ITEM 1 2 Dec.1 Dec.4 Balance Cash 11 41 2500 6800 6664 136 8 136 0 Credit Balanc e 2720 760 POST.REF Debit x 11 1960 Debit 1 2 512 3 Balance Cash x 11 Office supplies 14 EDH DISTRIBUTION date ITEM POST.REF 1 Dec.2 1 OHIO date Merchandise inventory 13 ITEM POST.REF 1 2 3 Merchandise inventory Purchases return cash 13 10 11 Discount received 9 4 Dec.2 Dec.8 Dec.1 1 Dec.1 1 6800 11 ACCOUNTS PAYABLE SUBSIDIARY LEDGER DECKER OFFICE PRODUCTS date ITEM POST.REF Dec.1 Dec.1 2 Dec.1 8 1700 Debit Credit Balanc e 700 188 580 768 Credit Balanc e 5880 5880 Debit Credit 4125 180 3868. 6 76.4 Balanc e 4125 3945 76.4 0 PICO INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT Cash 5378.4 Accounts receivable 22260 Merchandise inventory 11435 Office supplies 1660 Prepaid rent 2560 Prepaid insurance 1200 Office equipment 10000 CREDIT Accumulated depreciation 300 Accounts payable 6648 Unearned revenue 2000 Rose pico capital 33840 Rose pico drawing 8500 Income summary Sales 30800 Purchases return 180 Cost of merchandise sold 9450 Salaries expense 1200 Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense 65 Discount allowed 136 Discount received 76.4 TOTAL 73844.4 73844.4 PICO INC. ACCOUNTING WORKSHEET DECEMBER 31, 2016 ACCOUNT UNADJUSTED TRIAL BALANCE Debit credit Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary Sales Purchases return 5378.4 22260 11435 1660 2560 1200 10000 ADJUSTING ENTRIES Debit credit 440 1045 1280 200 300 6648 2000 33840 8500 ADJUSTED TRIAL BALANCE Debit credt INCOME STATEMENT Debit credit 5378.4 22260 10995 615 1280 1000 10000 300 600 6648 2000 33840 8500 30800 180 30800 180 30800 BALANCE SHEET AND STATEMENT OF OWNERS EQUITY Debit credit 5378.4 22260 10995 615 1280 1000 10000 600 6648 2000 33840 8500 180 Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Discount received TOTALS 9450 1200 65 136 73844. 4 440 9890 1200 1280 1045 300 200 65 136 1280 1045 300 200 76.4 73844 .4 3265 3265 9890 1200 1280 1045 300 200 65 136 76.4 76.4 74144. 74144 1411 30876. 60028. 43268 4 .4 6 4 4 Net income 16760.4 16760.4 30876.4 30876.4 60028.4 60028.4 ADJUSTING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 3 Dec.3 1 4 Dec.3 1 5 Dec.3 1 DESCRIPTION Insurance expense POST.REF DEBIT 200 Prepaid insurance Office supplies expense 1045 Office supplies Depreciation expense 300 CREDIT 200 1045 Accumulated depreciation Rent expense 300 1280 Prepaid rent Cost of Merchandise sold 440 1280 Merchandise inventory MERCHANDISE INVENTORY DATE ITEM POST.REF 1 2 Balance Cost of merchandise sold X 51 Accounts payable 21 3 Dec.1 Dec.3 1 Dec.3 1 440 DEBIT CREDIT 9450 10005 account No.13 BALANCE DEBIT CREDIT 10880 1430 11435 4 Dec.3 1 Cost of merchandise sold 51 OFFICE SUPPLIES DATE ITEM POST.REF 1 2 Balance Accounts payable X 21 Office supplies expense 54 3 Dec.1 Dec.3 1 Dec.3 1 Prepaid rent DATE ITEM POST.REF 1 2 X 53 Dec.1 Dec.3 1 Balance Rent expense Prepaid insurance DATE ITEM POST.REF 1 2 X 56 Dec.1 Dec.3 1 Balance Insurance expense Accumulated depreciation DATE ITEM POST.REF 1 2 X 55 Dec.1 Dec.3 Balance Depreciation expense 440 DEBIT CREDIT 1045 DEBIT CREDIT 1280 DEBIT CREDIT 200 DEBIT CREDIT 300 10995 account No.14 BALANCE DEBIT CREDIT 1080 1660 615 account No.15 BALANCE DEBIT CREDIT 2560 1280 account No.16 BALANCE DEBIT CREDIT 1200 1000 account No.19 BALANCE DEBIT CREDIT 300 600 1 COST OF MERCHANDISE SOLD DATE ITEM POST.REF DEBIT 1 Merchandise inventory 13 9450 account No.51 BALANCE DEBIT CREDIT 9450 Merchandise inventory 13 440 9890 Income summary 34 2 3 Dec.3 1 Dec.3 1 Dec.3 1 9890 Rent expense DATE ITEM POST.REF DEBIT 1 Prepaid rent 15 1280 Income summary 34 1 Dec.3 1 Dec.3 1 POST.REF DEBIT 1 2 14 34 1045 Office supplies Income summary POST.REF DEBIT 1 19 300 2 Accumulated depreciation Income summary 34 CREDIT 1045 depreciation expense DATE ITEM Dec.3 1 Dec.3 1 CREDIT 1280 Office supplies expense DATE ITEM Dec.31 Dec.31 CREDIT CREDIT 300 0 account No.53 BALANCE DEBIT CREDIT 1280 0 account No.54 BALANCE DEBIT CREDIT 1045 0 account No.55 BALANCE DEBIT CREDIT 300 0 Insurance expense DATE ITEM POST.REF DEBIT 1 Prepaid insurance 16 200 Income summary 34 2 Dec.3 1 Dec.3 1 CREDIT 200 0 PICO INC. ADJUSTED TRIAL BALANCE DECEMBER 31,2016 ACCOUNT Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary Sales Purchases return Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Discount received TOTAL DEBIT 5378.4 22260 10995 615 1280 1000 10000 8500 9890 1200 1280 1045 300 200 65 136 74144.4 account No.56 BALANCE DEBIT CREDIT 200 CREDIT 600 6648 2000 33840 30800 180 76.4 74144.4 PICO INC. INCOME STATEMENT FOR THE MONTH ENDING DEC 31, 2016 REVENUE Sales Less: cost of merchandise sold Merchandise inventory Dec.1 Add: purchases Less: purchases return Goods available for sale Less ending inventory Cost of goods sold Gross profit Other revenue-Discount received Total revenue EXPENSES Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Total expenses Net income 30800 10880 10005 180 20705 10995 9710 21090 76.4 21166.4 1200 1280 1045 300 200 65 136 4226 16940.4 PICO INC. STATEMENT OF OWNER'S EQUITY FOR THE MONTH ENDED DEC 31, 2016 Capital Dec. 1 33840 Add. Net income 16940.4 50780.4 Less: drawings 8500 Owner's equity at Dec.31 42280.4 PICO INC. BALANCE SHEET AS AT DEC 31, 2016 ASSETS CURRENT ASSETS Cash 5378.4 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Total current assets 41528.4 NON-CURRENT ASSET Office equipment 10000 LESS: accumulated depreciation 600 TOTAL ASSETS 9400 50928.4 LIABILITIES AND OWNERS EQUITY LIABILITIES Account payable 6648 Unearned revenue 2000 Total liabilities 8648 OWNERS EQUITY Capital 33840 Add: Retained earnings 16940.4 Less: drawings 8500 Total owners equity 42280.4 Total liabilities and owner's equity 50928.4 CLOSING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 3 Dec.3 1 DESCRIPTION Sales POST.REF Discount received Income summary Income summary DEBIT 30800 76.4 30876.4 14116 Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Income summary 9890 1200 1280 1045 300 200 65 136 16940.4 Retained earnings 4 Dec.3 1 CREDIT 16940.4 Capita 8500 Drawings 8500 PICO INC. POST-CLOSING TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT CREDIT Cash 5378.4 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Office equipment 10000 Accumulated depreciation 600 Accounts payable 6648 Unearned revenue 2000 Rose Pico capital 25340 Retained earnings 16940.4 TOTAL 51528.4 51528.4 JOURNAL ENTRIES 1 2 3 DATE Dec 8 Dec 11 Dec.26 JOURNAL DESCRIPTION Accounts payable-Ohio Purchases return Accounts payable-Ohio Discount received Discount allowed Accounts receivable-my garage POST.REF DEBIT 180 CREDIT 180 76.4 76.4 136 136 REVENUE JOURNAL Accts. Rec. Dr DATE 1 Dec.1 3 2 Dec.1 6 3 Dec.1 9 4 Dec.2 2 5 Dec.3 1 TOTAL 1 2 8300 3463 Accounts receivable-kitchen world Account receivable-my garage Cost of merch.sold Dr Merch. Inventory Cr 2490 6800 2040 3464 Account receivable-Liz house 4200 1500 3465 Account receivable-Amie's club 6700 1970 3466 Account receivable-Geideman's 4800 1450 30800 9450 INVOICE NO. 3462 Account Debited ACCOUNT CREDITED Dec.4 Account receivable-third street Account receivable-my garage Accounts receivable-Liz's house Sales Cr CASH RECEIPT JOURNAL POST.REF Other account Cr DATE Dec.2 6 3 Dec.2 7 TOTAL Post. ref Account receivable Cr 1960 Cash Dr 6664 6664 2500 2500 11124 11124 1960 Date 1 Dec.2 2 Dec.1 8 3 Dec.2 1 TOTAL DATE Account credited Post.ref Accounts payable-Ohio Account payableDeker office products Accounts payable-EDH dist PURCHASES JOURNAL Acc Office payable supplies CR DR 4125 580 C.K NO 1 Dec11 2 Dec12 5471 5472 3 Dec.1 5 4 Dec.2 9 5 Dec.3 0 6 Dec.3 1 TOTAL 5473 Post.ref Amount 5880 580 10005 CASH PAYMENT JOURNAL ACCOUNT DEBITED POST.REF Other accs Dr Account payable-Ohio Accounts payable-Deker office supplies Salaries expense Other acc Dr 580 5880 10585 Merch. Inventory DR 4125 Accounts payable DR 3868.6 512 Cash Cr 3868.6 512 600 600 65 65 5475 Cleaning expenseMISCELLANEOUS Salaries expense 600 600 5476 Withdrawal-Rose Pico 8500 8500 5474 9765 4380.6 14145.6 POSTING TO LEDGER GENERAL LEDGER Discount Allowed DATE ITEM POST.REF DEBIT 1 Accounts receivable 12 136 Income summary 34 2 Dec.2 6 Dec.3 1 Discount Received DATE ITEM POST.REF 1 Accounts payable 21 Income summary 34 2 Dec.1 1 Dec.3 1 Purchases return DATE ITEM POST.REF 1 21 Dec. 8 Accounts payable CREDIT 136 DEBIT CREDIT 76.4 76.4 DEBIT Account No.8 BALANCE DEBIT CREDIT 136 0 Account No.9 BALANCE DEBIT CREDIT 76.4 0 CREDIT 180 Account No.10 BALANCE DEBIT CREDIT 180 CASH DATE ITEM POST.REF DEBIT 1 2 Balance Accounts receivable X 12 11124 Accounts payable 21 4380.6 15143.4 Salaries expense 52 1200 13943.4 miscellaneous 59 65 13878.4 Withdrawal rose pico 31 8500 5378.4 3 4 5 6 Dec.1 Dec.3 1 Dec.3 1 Dec.3 1 Dec.3 1 Dec.3 1 Accounts Receivable DATE ITEM POST.REF 1 2 Balance Discount allowed x 8 sales 41 cash 11 3 4 Dec.1 Dec.2 6 Dec.3 1 Dec.3 1 MERCHANDISE INVENTORY DATE ITEM POST.REF 1 2 Balance Cost of merchandise sold x 51 Accounts payable 21 3 Dec.1 Dec.3 1 Dec.3 1 DEBIT CREDIT CREDIT 136 30800 CREDIT 9450 10005 Account No.12 BALANCE DEBIT CREDIT 2720 2584 33384 11124 DEBIT account No.11 BALANCE DEBIT CREDIT 8400 19524 22260 account No.13 BALANCE DEBIT CREDIT 10880 1430 11435 OFFICE SUPPLIES DATE ITEM POST.REF DEBIT 1 2 X 21 580 Dec.1 Dec.3 1 Balance Accounts payable Accounts payable DATE ITEM POST.REF DEBIT 1 2 3 x 10 9 180 76.4 Dec.1 Balance Dec.8 Purchases return Dec.1 Discount received 1 4 Dec.3 Merchandise inventory 1 5 Dec.3 Office supplies 1 6 Dec.3 cash 1 ROSE PICO, capital DATE ITEM POST.REF DEBIT 1 2 x 32 8500 ROSE PICO, DRAWING DATE ITEM POST.REF DEBIT 1 11 8500 Dec.1 Dec.3 1 Dec.3 balance drawing Cash CREDIT CREDIT account No.14 BALANCE DEBIT CREDIT 1080 1660 Account No.21 BALANCE DEBIT CREDIT 700 520 443.6 13 10005 10448.6 14 580 11028.6 11 4380.6 6648 CREDIT CREDIT Account No.31 BALANCE DEBIT CREDIT 33840 25340 Account No.32 BALANCE DEBIT CREDIT 8500 2 1 Dec.3 1 SALES DATE 1 2 Dec.3 1 Dec.3 1 Capital 31 ITEM POST.REF Accounts receivable 12 Income summary 34 8500 DEBIT 0 account No.41 CREDIT BALANCE DEBIT 30800 30800 CREDIT 30800 0 COST OF MERCHANDISE SOLD DATE ITEM POST.REF DEBIT 2 13 9450 SALARIES EXPENSE DATE ITEM POST.REF DEBIT 1 Cash 11 600 Account No.52 BALANCE DEBIT CREDIT 600 cash 11 600 1200 Income summary 34 2 3 Dec.3 1 Dec.1 5 Dec.3 0 Dec.3 1 Merchandise inventory CREDIT CREDIT 1200 account No.51 BALANCE DEBIT CREDIT 9450 0 MISCELLANEOUS EXPENSE DATE ITEM POST.REF DEBIT 1 Cash 11 65 Income summary 34 2 Dec.3 1 Dec.3 1 RETAINED EARNINGS DATE ITEM POST.REF 1 34 Dec.3 1 Income summary 65 DEBIT Debit 1 Dec.2 sales 2 Geideman's date ITEM 41 6700 POST.REF Debit 1 Dec.3 sales 1 KITCHEN WORLD date ITEM 41 4800 POST.REF Debit 1 Dec.1 Sales 3 LIZ'S HOUSE date ITEM 41 8300 POST.REF Debit 1 41 4200 sales Account No.59 BALANCE DEBIT CREDIT 65 0 CREDIT 16760.4 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Arnie's Wholesale club date ITEM POST.REF Dec.1 CREDIT Credit Balanc e 6700 Credit Balanc e 4800 Credit Balanc e 8300 Credit Balanc e 4200 Account No.60 BALANCE DEBIT CREDIT 16940.4 9 2 Dec.2 cash 7 MY GARAGE 1 Dec.1 sales 6 2 Dec.2 Cash 6 3 Dec.2 Discount allowed 6 THIRD STREET date ITEM 1 2 Dec.1 Dec.4 Balance Cash 11 41 2500 6800 6664 136 8 136 0 Credit Balanc e 2720 760 POST.REF Debit x 11 1960 Debit 1 2 512 3 Balance Cash x 11 Office supplies 14 EDH DISTRIBUTION date ITEM POST.REF 1 Dec.2 1 OHIO date Merchandise inventory 13 ITEM POST.REF 1 2 3 Merchandise inventory Purchases return cash 13 10 11 Discount received 9 4 Dec.2 Dec.8 Dec.1 1 Dec.1 1 6800 11 ACCOUNTS PAYABLE SUBSIDIARY LEDGER DECKER OFFICE PRODUCTS date ITEM POST.REF Dec.1 Dec.1 2 Dec.1 8 1700 Debit Credit Balanc e 700 188 580 768 Credit Balanc e 5880 5880 Debit Credit 4125 180 3868. 6 76.4 Balanc e 4125 3945 76.4 0 PICO INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT Cash 5378.4 Accounts receivable 22260 Merchandise inventory 11435 Office supplies 1660 Prepaid rent 2560 Prepaid insurance 1200 Office equipment 10000 CREDIT Accumulated depreciation 300 Accounts payable 6648 Unearned revenue 2000 Rose pico capital 33840 Rose pico drawing 8500 Income summary Sales 30800 Purchases return 180 Cost of merchandise sold 9450 Salaries expense 1200 Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense 65 Discount allowed 136 Discount received 76.4 TOTAL 73844.4 73844.4 PICO INC. ACCOUNTING WORKSHEET DECEMBER 31, 2016 ACCOUNT UNADJUSTED TRIAL BALANCE Debit credit Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary Sales Purchases return 5378.4 22260 11435 1660 2560 1200 10000 ADJUSTING ENTRIES Debit credit 440 1045 1280 200 300 6648 2000 33840 8500 ADJUSTED TRIAL BALANCE Debit credt INCOME STATEMENT Debit credit 5378.4 22260 10995 615 1280 1000 10000 300 600 6648 2000 33840 8500 30800 180 30800 180 30800 BALANCE SHEET AND STATEMENT OF OWNERS EQUITY Debit credit 5378.4 22260 10995 615 1280 1000 10000 600 6648 2000 33840 8500 180 Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Discount received TOTALS 9450 1200 65 136 73844. 4 440 9890 1200 1280 1045 300 200 65 136 1280 1045 300 200 76.4 73844 .4 3265 3265 9890 1200 1280 1045 300 200 65 136 76.4 76.4 74144. 74144 1411 30876. 60028. 43268 4 .4 6 4 4 Net income 16760.4 16760.4 30876.4 30876.4 60028.4 60028.4 ADJUSTING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 3 Dec.3 1 4 Dec.3 1 5 Dec.3 1 DESCRIPTION Insurance expense POST.REF DEBIT 200 Prepaid insurance Office supplies expense 1045 Office supplies Depreciation expense 300 CREDIT 200 1045 Accumulated depreciation Rent expense 300 1280 Prepaid rent Cost of Merchandise sold 440 1280 Merchandise inventory MERCHANDISE INVENTORY DATE ITEM POST.REF 1 2 Balance Cost of merchandise sold X 51 Accounts payable 21 3 Dec.1 Dec.3 1 Dec.3 1 440 DEBIT CREDIT 9450 10005 account No.13 BALANCE DEBIT CREDIT 10880 1430 11435 4 Dec.3 1 Cost of merchandise sold 51 OFFICE SUPPLIES DATE ITEM POST.REF 1 2 Balance Accounts payable X 21 Office supplies expense 54 3 Dec.1 Dec.3 1 Dec.3 1 Prepaid rent DATE ITEM POST.REF 1 2 X 53 Dec.1 Dec.3 1 Balance Rent expense Prepaid insurance DATE ITEM POST.REF 1 2 X 56 Dec.1 Dec.3 1 Balance Insurance expense Accumulated depreciation DATE ITEM POST.REF 1 2 X 55 Dec.1 Dec.3 Balance Depreciation expense 440 DEBIT CREDIT 1045 DEBIT CREDIT 1280 DEBIT CREDIT 200 DEBIT CREDIT 300 10995 account No.14 BALANCE DEBIT CREDIT 1080 1660 615 account No.15 BALANCE DEBIT CREDIT 2560 1280 account No.16 BALANCE DEBIT CREDIT 1200 1000 account No.19 BALANCE DEBIT CREDIT 300 600 1 COST OF MERCHANDISE SOLD DATE ITEM POST.REF DEBIT 1 Merchandise inventory 13 9450 account No.51 BALANCE DEBIT CREDIT 9450 Merchandise inventory 13 440 9890 Income summary 34 2 3 Dec.3 1 Dec.3 1 Dec.3 1 9890 Rent expense DATE ITEM POST.REF DEBIT 1 Prepaid rent 15 1280 Income summary 34 1 Dec.3 1 Dec.3 1 POST.REF DEBIT 1 2 14 34 1045 Office supplies Income summary POST.REF DEBIT 1 19 300 2 Accumulated depreciation Income summary 34 CREDIT 1045 depreciation expense DATE ITEM Dec.3 1 Dec.3 1 CREDIT 1280 Office supplies expense DATE ITEM Dec.31 Dec.31 CREDIT CREDIT 300 0 account No.53 BALANCE DEBIT CREDIT 1280 0 account No.54 BALANCE DEBIT CREDIT 1045 0 account No.55 BALANCE DEBIT CREDIT 300 0 Insurance expense DATE ITEM POST.REF DEBIT 1 Prepaid insurance 16 200 Income summary 34 2 Dec.3 1 Dec.3 1 CREDIT 200 0 PICO INC. ADJUSTED TRIAL BALANCE DECEMBER 31,2016 ACCOUNT Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary Sales Purchases return Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Discount received TOTAL DEBIT 5378.4 22260 10995 615 1280 1000 10000 8500 9890 1200 1280 1045 300 200 65 136 74144.4 account No.56 BALANCE DEBIT CREDIT 200 CREDIT 600 6648 2000 33840 30800 180 76.4 74144.4 PICO INC. INCOME STATEMENT FOR THE MONTH ENDING DEC 31, 2016 REVENUE Sales Less: cost of merchandise sold Merchandise inventory Dec.1 Add: purchases Less: purchases return Goods available for sale Less ending inventory Cost of goods sold Gross profit Other revenue-Discount received Total revenue EXPENSES Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Total expenses Net income 30800 10880 10005 180 20705 10995 9710 21090 76.4 21166.4 1200 1280 1045 300 200 65 136 4226 16940.4 PICO INC. STATEMENT OF OWNER'S EQUITY FOR THE MONTH ENDED DEC 31, 2016 Capital Dec. 1 33840 Add. Net income 16940.4 50780.4 Less: drawings 8500 Owner's equity at Dec.31 42280.4 PICO INC. BALANCE SHEET AS AT DEC 31, 2016 ASSETS CURRENT ASSETS Cash 5378.4 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Total current assets 41528.4 NON-CURRENT ASSET Office equipment 10000 LESS: accumulated depreciation 600 TOTAL ASSETS 9400 50928.4 LIABILITIES AND OWNERS EQUITY LIABILITIES Account payable 6648 Unearned revenue 2000 Total liabilities 8648 OWNERS EQUITY Capital 33840 Add: Retained earnings 16940.4 Less: drawings 8500 Total owners equity 42280.4 Total liabilities and owner's equity 50928.4 CLOSING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 3 Dec.3 1 DESCRIPTION Sales POST.REF Discount received Income summary Income summary DEBIT 30800 76.4 30876.4 14116 Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Income summary 9890 1200 1280 1045 300 200 65 136 16940.4 Retained earnings 4 Dec.3 1 CREDIT 16940.4 Capita 8500 Drawings 8500 PICO INC. POST-CLOSING TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT CREDIT Cash 5378.4 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Office equipment 10000 Accumulated depreciation 600 Accounts payable 6648 Unearned revenue 2000 Rose Pico capital 25340 Retained earnings 16940.4 TOTAL 51528.4 51528.4 JOURNAL ENTRIES 1 2 3 DATE Dec 8 Dec 11 Dec.26 JOURNAL DESCRIPTION Accounts payable-Ohio Purchases return Accounts payable-Ohio Discount received Discount allowed Accounts receivable-my garage POST.REF DEBIT 180 CREDIT 180 76.4 76.4 136 136 REVENUE JOURNAL Accts. Rec. Dr DATE 1 Dec.1 3 2 Dec.1 6 3 Dec.1 9 4 Dec.2 2 5 Dec.3 1 TOTAL 1 2 8300 3463 Accounts receivable-kitchen world Account receivable-my garage Cost of merch.sold Dr Merch. Inventory Cr 2490 6800 2040 3464 Account receivable-Liz house 4200 1500 3465 Account receivable-Amie's club 6700 1970 3466 Account receivable-Geideman's 4800 1450 30800 9450 INVOICE NO. 3462 Account Debited ACCOUNT CREDITED Dec.4 Account receivable-third street Account receivable-my garage Accounts receivable-Liz's house Sales Cr CASH RECEIPT JOURNAL POST.REF Other account Cr DATE Dec.2 6 3 Dec.2 7 TOTAL Post. ref Account receivable Cr 1960 Cash Dr 6664 6664 2500 2500 11124 11124 1960 Date 1 Dec.2 2 Dec.1 8 3 Dec.2 1 TOTAL DATE Account credited Post.ref Accounts payable-Ohio Account payableDeker office products Accounts payable-EDH dist PURCHASES JOURNAL Acc Office payable supplies CR DR 4125 580 C.K NO 1 Dec11 2 Dec12 5471 5472 3 Dec.1 5 4 Dec.2 9 5 Dec.3 0 6 Dec.3 1 TOTAL 5473 Post.ref Amount 5880 580 10005 CASH PAYMENT JOURNAL ACCOUNT DEBITED POST.REF Other accs Dr Account payable-Ohio Accounts payable-Deker office supplies Salaries expense Other acc Dr 580 5880 10585 Merch. Inventory DR 4125 Accounts payable DR 3868.6 512 Cash Cr 3868.6 512 600 600 65 65 5475 Cleaning expenseMISCELLANEOUS Salaries expense 600 600 5476 Withdrawal-Rose Pico 8500 8500 5474 9765 4380.6 14145.6 POSTING TO LEDGER GENERAL LEDGER Discount Allowed DATE ITEM POST.REF DEBIT 1 Accounts receivable 12 136 Income summary 34 2 Dec.2 6 Dec.3 1 Discount Received DATE ITEM POST.REF 1 Accounts payable 21 Income summary 34 2 Dec.1 1 Dec.3 1 Purchases return DATE ITEM POST.REF 1 21 Dec. 8 Accounts payable CREDIT 136 DEBIT CREDIT 76.4 76.4 DEBIT Account No.8 BALANCE DEBIT CREDIT 136 0 Account No.9 BALANCE DEBIT CREDIT 76.4 0 CREDIT 180 Account No.10 BALANCE DEBIT CREDIT 180 CASH DATE ITEM POST.REF DEBIT 1 2 Balance Accounts receivable X 12 11124 Accounts payable 21 4380.6 15143.4 Salaries expense 52 1200 13943.4 miscellaneous 59 65 13878.4 Withdrawal rose pico 31 8500 5378.4 3 4 5 6 Dec.1 Dec.3 1 Dec.3 1 Dec.3 1 Dec.3 1 Dec.3 1 Accounts Receivable DATE ITEM POST.REF 1 2 Balance Discount allowed x 8 sales 41 cash 11 3 4 Dec.1 Dec.2 6 Dec.3 1 Dec.3 1 MERCHANDISE INVENTORY DATE ITEM POST.REF 1 2 Balance Cost of merchandise sold x 51 Accounts payable 21 3 Dec.1 Dec.3 1 Dec.3 1 DEBIT CREDIT CREDIT 136 30800 CREDIT 9450 10005 Account No.12 BALANCE DEBIT CREDIT 2720 2584 33384 11124 DEBIT account No.11 BALANCE DEBIT CREDIT 8400 19524 22260 account No.13 BALANCE DEBIT CREDIT 10880 1430 11435 OFFICE SUPPLIES DATE ITEM POST.REF DEBIT 1 2 X 21 580 Dec.1 Dec.3 1 Balance Accounts payable Accounts payable DATE ITEM POST.REF DEBIT 1 2 3 x 10 9 180 76.4 Dec.1 Balance Dec.8 Purchases return Dec.1 Discount received 1 4 Dec.3 Merchandise inventory 1 5 Dec.3 Office supplies 1 6 Dec.3 cash 1 ROSE PICO, capital DATE ITEM POST.REF DEBIT 1 2 x 32 8500 ROSE PICO, DRAWING DATE ITEM POST.REF DEBIT 1 11 8500 Dec.1 Dec.3 1 Dec.3 balance drawing Cash CREDIT CREDIT account No.14 BALANCE DEBIT CREDIT 1080 1660 Account No.21 BALANCE DEBIT CREDIT 700 520 443.6 13 10005 10448.6 14 580 11028.6 11 4380.6 6648 CREDIT CREDIT Account No.31 BALANCE DEBIT CREDIT 33840 25340 Account No.32 BALANCE DEBIT CREDIT 8500 2 1 Dec.3 1 SALES DATE 1 2 Dec.3 1 Dec.3 1 Capital 31 ITEM POST.REF Accounts receivable 12 Income summary 34 8500 DEBIT 0 account No.41 CREDIT BALANCE DEBIT 30800 30800 CREDIT 30800 0 COST OF MERCHANDISE SOLD DATE ITEM POST.REF DEBIT 2 13 9450 SALARIES EXPENSE DATE ITEM POST.REF DEBIT 1 Cash 11 600 Account No.52 BALANCE DEBIT CREDIT 600 cash 11 600 1200 Income summary 34 2 3 Dec.3 1 Dec.1 5 Dec.3 0 Dec.3 1 Merchandise inventory CREDIT CREDIT 1200 account No.51 BALANCE DEBIT CREDIT 9450 0 MISCELLANEOUS EXPENSE DATE ITEM POST.REF DEBIT 1 Cash 11 65 Income summary 34 2 Dec.3 1 Dec.3 1 RETAINED EARNINGS DATE ITEM POST.REF 1 34 Dec.3 1 Income summary 65 DEBIT Debit 1 Dec.2 sales 2 Geideman's date ITEM 41 6700 POST.REF Debit 1 Dec.3 sales 1 KITCHEN WORLD date ITEM 41 4800 POST.REF Debit 1 Dec.1 Sales 3 LIZ'S HOUSE date ITEM 41 8300 POST.REF Debit 1 41 4200 sales Account No.59 BALANCE DEBIT CREDIT 65 0 CREDIT 16760.4 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Arnie's Wholesale club date ITEM POST.REF Dec.1 CREDIT Credit Balanc e 6700 Credit Balanc e 4800 Credit Balanc e 8300 Credit Balanc e 4200 Account No.60 BALANCE DEBIT CREDIT 16940.4 9 2 Dec.2 cash 7 MY GARAGE 1 Dec.1 sales 6 2 Dec.2 Cash 6 3 Dec.2 Discount allowed 6 THIRD STREET date ITEM 1 2 Dec.1 Dec.4 Balance Cash 11 41 2500 6800 6664 136 8 136 0 Credit Balanc e 2720 760 POST.REF Debit x 11 1960 Debit 1 2 512 3 Balance Cash x 11 Office supplies 14 EDH DISTRIBUTION date ITEM POST.REF 1 Dec.2 1 OHIO date Merchandise inventory 13 ITEM POST.REF 1 2 3 Merchandise inventory Purchases return cash 13 10 11 Discount received 9 4 Dec.2 Dec.8 Dec.1 1 Dec.1 1 6800 11 ACCOUNTS PAYABLE SUBSIDIARY LEDGER DECKER OFFICE PRODUCTS date ITEM POST.REF Dec.1 Dec.1 2 Dec.1 8 1700 Debit Credit Balanc e 700 188 580 768 Credit Balanc e 5880 5880 Debit Credit 4125 180 3868. 6 76.4 Balanc e 4125 3945 76.4 0 PICO INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT Cash 5378.4 Accounts receivable 22260 Merchandise inventory 11435 Office supplies 1660 Prepaid rent 2560 Prepaid insurance 1200 Office equipment 10000 CREDIT Accumulated depreciation 300 Accounts payable 6648 Unearned revenue 2000 Rose pico capital 33840 Rose pico drawing 8500 Income summary Sales 30800 Purchases return 180 Cost of merchandise sold 9450 Salaries expense 1200 Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense 65 Discount allowed 136 Discount received 76.4 TOTAL 73844.4 73844.4 PICO INC. ACCOUNTING WORKSHEET DECEMBER 31, 2016 ACCOUNT UNADJUSTED TRIAL BALANCE Debit credit Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary Sales Purchases return 5378.4 22260 11435 1660 2560 1200 10000 ADJUSTING ENTRIES Debit credit 440 1045 1280 200 300 6648 2000 33840 8500 ADJUSTED TRIAL BALANCE Debit credt INCOME STATEMENT Debit credit 5378.4 22260 10995 615 1280 1000 10000 300 600 6648 2000 33840 8500 30800 180 30800 180 30800 BALANCE SHEET AND STATEMENT OF OWNERS EQUITY Debit credit 5378.4 22260 10995 615 1280 1000 10000 600 6648 2000 33840 8500 180 Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Discount received TOTALS 9450 1200 65 136 73844. 4 440 9890 1200 1280 1045 300 200 65 136 1280 1045 300 200 76.4 73844 .4 3265 3265 9890 1200 1280 1045 300 200 65 136 76.4 76.4 74144. 74144 1411 30876. 60028. 43268 4 .4 6 4 4 Net income 16760.4 16760.4 30876.4 30876.4 60028.4 60028.4 ADJUSTING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 3 Dec.3 1 4 Dec.3 1 5 Dec.3 1 DESCRIPTION Insurance expense POST.REF DEBIT 200 Prepaid insurance Office supplies expense 1045 Office supplies Depreciation expense 300 CREDIT 200 1045 Accumulated depreciation Rent expense 300 1280 Prepaid rent Cost of Merchandise sold 440 1280 Merchandise inventory MERCHANDISE INVENTORY DATE ITEM POST.REF 1 2 Balance Cost of merchandise sold X 51 Accounts payable 21 3 Dec.1 Dec.3 1 Dec.3 1 440 DEBIT CREDIT 9450 10005 account No.13 BALANCE DEBIT CREDIT 10880 1430 11435 4 Dec.3 1 Cost of merchandise sold 51 OFFICE SUPPLIES DATE ITEM POST.REF 1 2 Balance Accounts payable X 21 Office supplies expense 54 3 Dec.1 Dec.3 1 Dec.3 1 Prepaid rent DATE ITEM POST.REF 1 2 X 53 Dec.1 Dec.3 1 Balance Rent expense Prepaid insurance DATE ITEM POST.REF 1 2 X 56 Dec.1 Dec.3 1 Balance Insurance expense Accumulated depreciation DATE ITEM POST.REF 1 2 X 55 Dec.1 Dec.3 Balance Depreciation expense 440 DEBIT CREDIT 1045 DEBIT CREDIT 1280 DEBIT CREDIT 200 DEBIT CREDIT 300 10995 account No.14 BALANCE DEBIT CREDIT 1080 1660 615 account No.15 BALANCE DEBIT CREDIT 2560 1280 account No.16 BALANCE DEBIT CREDIT 1200 1000 account No.19 BALANCE DEBIT CREDIT 300 600 1 COST OF MERCHANDISE SOLD DATE ITEM POST.REF DEBIT 1 Merchandise inventory 13 9450 account No.51 BALANCE DEBIT CREDIT 9450 Merchandise inventory 13 440 9890 Income summary 34 2 3 Dec.3 1 Dec.3 1 Dec.3 1 9890 Rent expense DATE ITEM POST.REF DEBIT 1 Prepaid rent 15 1280 Income summary 34 1 Dec.3 1 Dec.3 1 POST.REF DEBIT 1 2 14 34 1045 Office supplies Income summary POST.REF DEBIT 1 19 300 2 Accumulated depreciation Income summary 34 CREDIT 1045 depreciation expense DATE ITEM Dec.3 1 Dec.3 1 CREDIT 1280 Office supplies expense DATE ITEM Dec.31 Dec.31 CREDIT CREDIT 300 0 account No.53 BALANCE DEBIT CREDIT 1280 0 account No.54 BALANCE DEBIT CREDIT 1045 0 account No.55 BALANCE DEBIT CREDIT 300 0 Insurance expense DATE ITEM POST.REF DEBIT 1 Prepaid insurance 16 200 Income summary 34 2 Dec.3 1 Dec.3 1 CREDIT 200 0 PICO INC. ADJUSTED TRIAL BALANCE DECEMBER 31,2016 ACCOUNT Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary Sales Purchases return Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Discount received TOTAL DEBIT 5378.4 22260 10995 615 1280 1000 10000 8500 9890 1200 1280 1045 300 200 65 136 74144.4 account No.56 BALANCE DEBIT CREDIT 200 CREDIT 600 6648 2000 33840 30800 180 76.4 74144.4 PICO INC. INCOME STATEMENT FOR THE MONTH ENDING DEC 31, 2016 REVENUE Sales Less: cost of merchandise sold Merchandise inventory Dec.1 Add: purchases Less: purchases return Goods available for sale Less ending inventory Cost of goods sold Gross profit Other revenue-Discount received Total revenue EXPENSES Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Total expenses Net income 30800 10880 10005 180 20705 10995 9710 21090 76.4 21166.4 1200 1280 1045 300 200 65 136 4226 16940.4 PICO INC. STATEMENT OF OWNER'S EQUITY FOR THE MONTH ENDED DEC 31, 2016 Capital Dec. 1 33840 Add. Net income 16940.4 50780.4 Less: drawings 8500 Owner's equity at Dec.31 42280.4 PICO INC. BALANCE SHEET AS AT DEC 31, 2016 ASSETS CURRENT ASSETS Cash 5378.4 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Total current assets 41528.4 NON-CURRENT ASSET Office equipment 10000 LESS: accumulated depreciation 600 TOTAL ASSETS 9400 50928.4 LIABILITIES AND OWNERS EQUITY LIABILITIES Account payable 6648 Unearned revenue 2000 Total liabilities 8648 OWNERS EQUITY Capital 33840 Add: Retained earnings 16940.4 Less: drawings 8500 Total owners equity 42280.4 Total liabilities and owner's equity 50928.4 CLOSING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 3 Dec.3 1 DESCRIPTION Sales POST.REF Discount received Income summary Income summary DEBIT 30800 76.4 30876.4 14116 Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Discount allowed Income summary 9890 1200 1280 1045 300 200 65 136 16940.4 Retained earnings 4 Dec.3 1 CREDIT 16940.4 Capita 8500 Drawings 8500 PICO INC. POST-CLOSING TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT CREDIT Cash 5378.4 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Office equipment 10000 Accumulated depreciation 600 Accounts payable 6648 Unearned revenue 2000 Rose Pico capital 25340 Retained earnings 16940.4 TOTAL 51528.4 51528.4 JOURNAL ENTRIES 1 JOURNAL DESCRIPTION Accounts payable-Ohio Merchandise inventory DATE Dec 8 POST.REF DEBIT 180 CREDIT 180 ADJUSTING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 3 Dec.3 1 4 Dec.3 1 5 Dec.3 1 DESCRIPTION Insurance expense POST.REF Prepaid insurance Office supplies expense DEBIT 200 CREDIT 200 1045 Office supplies Depreciation expense 1045 300 Accumulated depreciation Rent expense 300 1280 Prepaid rent Cost of Merchandise sold 260 1280 Merchandise inventory 260 CLOSING ENTRIES DATE 1 Dec.3 1 2 Dec.3 1 DESCRIPTION Sales Income summary Income summary Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense POST.REF DEBIT 30800 CREDIT 30800 13800 9710 1200 1280 1045 300 200 65 REVENUE JOURNAL Accts. Rec. Dr DATE 1 Dec.1 3 2 Dec.1 6 3 Dec.1 9 4 Dec.2 2 5 Dec.3 1 TOTAL 1 8300 3463 Accounts receivable-kitchen world Account receivable-my garage Cost of merch.sold Dr Merch. Inventory Cr 2490 6800 2040 3464 Account receivable-Liz house 4200 1500 3465 Account receivable-Amie's club 6700 1970 3466 Account receivable-Geideman's 4800 1450 30800 9450 INVOICE NO. 3462 Account Debited ACCOUNT CREDITED Dec.4 Account receivable-third street Account receivable-my garage Dec.2 6 3 Dec.2 7 TOTAL Date 1 Dec.2 Sales Cr CASH RECEIPT JOURNAL POST.REF Other account Cr DATE 2 Post. ref Accounts receivable-Liz's house Account credited Accounts PURCHASES JOURNAL Post.ref Acc Office payable supplies CR DR 4125 Merch. Inventory DR 4125 Account receivable Cr 1960 Cash Dr 6800 6800 2500 2500 11260 11260 Other acc Dr 1960 Post.ref Amount 2 Dec.1 8 3 Dec.2 1 TOTAL DATE payable-Ohio Account payableDeker office products Accounts payable-EDH dist 580 5880 10585 C.K NO 1 Dec11 2 Dec12 5471 5472 3 Dec.1 5 4 Dec.2 9 5 Dec.3 0 6 Dec.3 1 TOTAL 5473 580 5880 580 10005 CASH PAYMENT JOURNAL ACCOUNT DEBITED POST.REF Other accs Dr Account payable-Ohio Accounts payable-Deker office supplies Salaries expense Accounts payable DR 3945 512 Cash Cr 3945 512 600 600 65 65 5475 Cleaning expenseMISCELLANEOUS Salaries expense 600 600 5476 Withdrawal-Rose Pico 8500 8500 5474 9765 4457 14222 POSTING TO LEDGER GENERAL LEDGER CASH DATE ITEM POST.REF DEBIT 1 2 Balance Accounts receivable X 12 11260 Accounts payable 21 4457 15203 Salaries expense 52 1200 14003 3 4 Dec.1 Dec.3 1 Dec.3 1 Dec.3 CREDIT account No.11 BALANCE DEBIT CREDIT 8400 19660 5 6 1 Dec.3 1 Dec.3 1 Miscellaneous 59 65 13938 Withdrawal rose pico 31 8500 5438 Accounts Receivable DATE ITEM POST.REF DEBIT 1 2 Balance Sales X 41 30800 Cash 11 4 Dec.1 Dec.3 1 Dec.3 1 MERCHANDISE INVENTORY DATE ITEM 1 2 2 3 4 Dec.1 Dec 8 Dec.3 1 Dec.3 1 Dec.3 1 POST.REF Balance Accounts payable Cost of merchandise sold X Accounts payable 21 Cost of merchandise sold 51 POST.REF 1 2 Balance Accounts payable X 21 Office supplies expense 54 3 Dec.1 Dec.3 1 Dec.3 11260 DEBIT CREDIT 180 9450 51 OFFICE SUPPLIES DATE ITEM CREDIT 10005 22260 account No.13 BALANCE DEBIT CREDIT 10880 10700 1250 11255 260 DEBIT Account No.12 BALANCE DEBIT CREDIT 2720 33520 CREDIT 1045 10995 account No.14 BALANCE DEBIT CREDIT 1080 1660 615 1 Prepaid rent DATE ITEM POST.REF 1 2 X 53 Dec.1 Dec.3 1 Balance Rent expense Prepaid insurance DATE ITEM POST.REF 1 2 X 56 Dec.1 Dec.3 1 Balance Insurance expense Office equipment DATE ITEM POST.REF 1 X Dec. 1 Balance Accumulated depreciation DATE ITEM POST.REF 1 2 X 55 Dec.1 Dec.3 1 Balance Depreciation expense DEBIT 1280 DEBIT DEBIT CREDIT DEBIT CREDIT 300 POST.REF DEBIT 1 2 4 X 10 13 180 Balance Purchases return Merchandise inventory CREDIT 200 Accounts payable DATE ITEM Dec.1 Dec.8 Dec.3 CREDIT CREDIT 10005 account No.15 BALANCE DEBIT CREDIT 2560 1280 account No.16 BALANCE DEBIT CREDIT 1200 1000 account No.18 BALANCE DEBIT CREDIT 10000 account No.19 BALANCE DEBIT CREDIT 300 600 Account No.21 BALANCE DEBIT CREDIT 700 520 10525 5 1 Dec.3 1 Dec.3 1 Office supplies 14 Cash 11 4457 Unearned revenue DATE ITEM POST.REF DEBIT CREDIT 1 X DEBIT CREDIT CREDIT 6 Dec.1 balance ROSE PICO, capital DATE ITEM POST.REF 1 X Dec.1 balance 580 ROSE PICO, DRAWING DATE ITEM POST.REF DEBIT 1 11 8500 Income summary DATE ITEM POST.REF DEBIT 1 sales 41 Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense 51 52 53 54 55 2 Dec.3 1 Dec.3 1 Dec.3 1 Cash 6648 CREDIT 30800 9710 1200 1280 1045 300 11105 Account No.22 BALANCE DEBIT CREDIT 2000 Account No.31 BALANCE DEBIT CREDIT 33840 Account No.32 BALANCE DEBIT CREDIT 8500 account No.34 BALANCE DEBIT CREDIT 30800 17000 SALES DATE 1 2 Dec.3 1 Dec.3 1 Insurance expense Miscellaneous expense 56 59 200 65 ITEM POST.REF DEBIT Accounts receivable 12 Income summary 34 account No.41 CREDIT BALANCE DEBIT 30800 30800 CREDIT 30800 0 COST OF MERCHANDISE SOLD DATE ITEM POST.REF DEBIT 1 Merchandise inventory 13 9450 account No.51 BALANCE DEBIT CREDIT 9450 Merchandise inventory 13 260 9710 SALARIES EXPENSE DATE ITEM POST.REF DEBIT 1 Cash 11 600 Account No.52 BALANCE DEBIT CREDIT 600 Cash 11 600 1200 Income summary 34 2 2 3 Dec.3 1 Dec.3 1 Dec.1 5 Dec.3 0 Dec.3 1 Rent expense CREDIT CREDIT 1200 0 account No.53 DATE ITEM POST.REF DEBIT 1 Prepaid rent 15 1280 Income summary 34 1 Dec.3 1 Dec.3 1 1280 Office supplies expense DATE ITEM POST.REF DEBIT 1 2 14 34 1045 Dec.31 Dec.31 Office supplies Income summary POST.REF DEBIT 1 19 300 2 Accumulated depreciation Income summary 34 POST.REF DEBIT 1 Prepaid insurance 16 200 Income summary 34 2 POST.REF DEBIT 1 11 65 Cash CREDIT 200 MISCELLANEOUS EXPENSE DATE ITEM Dec.3 1 CREDIT 300 Insurance expense DATE ITEM Dec.3 1 Dec.3 1 CREDIT 1045 depreciation expense DATE ITEM Dec.3 1 Dec.3 1 CREDIT CREDIT BALANCE DEBIT 1280 CREDIT 0 account No.54 BALANCE DEBIT CREDIT 1045 0 account No.55 BALANCE DEBIT CREDIT 300 0 account No.56 BALANCE DEBIT CREDIT 200 0 Account No.59 BALANCE DEBIT CREDIT 65 2 Dec.3 1 Income summary 34 65 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Arnie's Wholesale club date ITEM POST.REF Debit 1 Dec.2 Sales 2 Geideman's date ITEM 41 6700 POST.REF Debit 1 Dec.3 Sales 1 KITCHEN WORLD date ITEM 41 4800 POST.REF Debit 1 Dec.1 Sales 3 LIZ'S HOUSE date ITEM 41 8300 POST.REF Debit 1 Dec.1 Sales 9 2 Dec.2 Cash 7 MY GARAGE 1 Dec.1 Sales 6 2 Dec.2 Cash 6 THIRD STREET date ITEM 41 4200 1 2 X 11 Dec.1 Dec.4 Balance Cash 11 41 POST.REF Credit Balanc e 6700 Credit Balanc e 4800 Credit Balanc e 8300 Credit Balanc e 4200 2500 1700 6800 11 Debit 0 6800 6800 0 Credit Balanc e 2720 760 1960 ACCOUNTS PAYABLE SUBSIDIARY LEDGER DECKER OFFICE PRODUCTS date ITEM POST.REF Debit 1 2 512 3 Dec.1 Dec.1 2 Dec.1 8 Balance Cash X 11 Office supplies 14 EDH DISTRIBUTION date ITEM POST.REF 1 Debit Dec.2 1 OHIO date Merchandise inventory 13 ITEM POST.REF Debit 1 2 3 Merchandise inventory Purchases return Cash 13 10 11 180 3945 Dec.2 Dec.8 Dec.1 1 Credit Balanc e 700 188 580 768 Credit Balanc e 5880 5880 Credit 4125 Balanc e 4125 3945 0 PICO INC. UNADJUSTED TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT Cash 5438 Accounts receivable 22260 Merchandise inventory 11255 Office supplies 1660 Prepaid rent 2560 Prepaid insurance 1200 Office equipment 10000 CREDIT Accumulated depreciation 300 Accounts payable 6648 Unearned revenue 2000 Rose pico capital 33840 Rose pico drawing 8500 Income summary Sales 30800 Cost of merchandise sold 9450 Salaries expense 1200 Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense 65 TOTAL 73588 PICO INC. ADJUSTED TRIAL BALANCE DECEMBER 31,2016 ACCOUNT Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary DEBIT 5438 22260 10995 615 1280 1000 10000 8500 CREDIT 600 6648 2000 33840 73588 Sales Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense 30800 9710 1200 1280 1045 300 200 65 TOTAL 73880 73880 PICO INC. POST-CLOSING TRIAL BALANCE DECEMBER 31, 2016 ACCOUNT TITLE DEBIT Cash 5438 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Office equipment 10000 Accumulated depreciation CREDIT 600 Accounts payable 6648 Unearned revenue 2000 Rose Pico capital 33840 Pico drawing 8500 Income summary 17000 TOTAL 60088 PICO INC. INCOME STATEMENT FOR THE MONTH ENDING DEC 31, 2016 REVENUE Sales cost of merchandise sold Gross profit OPERATING EXPENSES Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expense Total operating expenses 30800 9710 21090 1200 1280 1045 300 200 65 1049 60088 Net income 17000 PICO INC. STATEMENT OF OWNER'S EQUITY FOR THE MONTH ENDED DEC 31, 2016 Capital Dec. 1 33840 Add. Net income 17000 50840 Less: drawings 8500 Owner's equity at Dec.31 42340 PICO INC. BALANCE SHEET AS AT DEC 31, 2016 ASSETS CURRENT ASSETS Cash 5438 Accounts receivable 22260 Merchandise inventory 10995 Office supplies 615 Prepaid rent 1280 Prepaid insurance 1000 Total current assets 41588 NON-CURRENT ASSET Property, land and equipment 10000 Less accumulated depreciation 600 Total property, plant and equipment 9400 TOTAL ASSETS 50988 LIABILITIES AND OWNERS EQUITY Current liabilities Account payable 6648 Unearned revenue 2000 Total liabilities 8648 OWNERS EQUITY Capital 33840 Add: income summary 17000 Less: drawings 8500 Total owners equity 59340 Total liabilities and owner's equity 50988 PICO INC. ACCOUNTING WORKSHEET DECEMBER 31, 2016 ACCOUNT UNADJUSTED TRIAL BALANCE Debit credit ADJUSTING ENTRIES Debit credit ADJUSTED TRIAL BALANCE Debit credt INCOME STATEMENT Debit credit BALANCE SHEET AND STATEMENT OF OWNERS EQUITY Debit credit Cash Accounts receivable Merchandise inventory Office supplies Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Unearned revenue Rose pico capital Rose pico drawing Income summary Sales Cost of merchandise sold Salaries expense Rent expense Office supplies expense Depreciation expense Insurance expense Miscellaneous expenses 5438 22260 11255 1660 2560 1200 10000 TOTALS 73588 60028.4 260 1045 1280 200 300 6648 2000 33840 300 8500 9450 1200 5438 22260 10995 615 1280 1000 10000 5438 22260 10995 615 1280 1000 10000 600 6648 2000 33840 600 6648 2000 33840 8500 30800 260 73588 3085 30800 9710 1200 1280 1045 300 200 65 1280 1045 300 200 65 8500 3085 73880 73880 9710 1200 1280 1045 300 200 65 30800 1380 30800 0 Net income 17000 30800 30800 60088 43088 17000 60028.4 60088