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I'm stuck on entering the general journal - adjusting entries based on the below Adjusted Trial Balance: Panther Marine Corporation For the Month Ended JULY
I'm stuck on entering the general journal - adjusting entries based on the below Adjusted Trial Balance:
| Panther Marine Corporation | |||
| For the Month Ended JULY 31, 2017 | |||
| Instructions: Below is adjusted trial balance for the month FOLLOWING the previous journal entries. The amounts are NOT related and should not be used as check figures for normal and adjusting journal entries from June. | |||
| Adjusted | |||
| Trial Balance | |||
| Acct. No. | Account Title | Dr. | Cr. |
| 100 | Cash | 372,840.00 | |
| 102 | Accounts Receivable | 755,400.00 | |
| 103 | Allowance for Doubtful Accounts | 19,816.89 | |
| 104 | Merchandise Inventory | 346,350.00 | |
| 105 | Estimated Returns Inventory | 43,541.00 | |
| 106 | Office Supplies | 2,465.00 | |
| 107 | Prepaid Insurance | 10,500.00 | |
| 120 | Investments - Trading | 60,000.00 | |
| 121 | Investments - Available for Sale | 26,450.00 | |
| 122 | Investments - Held to Maturity | 40,005.01 | |
| 123 | Valuation Allowance | 35,000.00 | |
| 140 | Land | 2,000,600.00 | |
| 145 | Building | 2,146,167.60 | |
| 146 | Accumulated Depreciation - Building | 1,500,000.00 | |
| 151 | Equipment | 61,000.00 | |
| 152 | Accumulated Depreciation - Equipment | 30,000.00 | |
| 153 | Office Furniture | 22,500.00 | |
| 154 | Accumulated Depreciation - Office Furniture | 4,500.00 | |
| 201 | Accounts Payable | 904,850.00 | |
| 202 | Wages Payable | - | |
| 203 | Interest Payable | - | |
| 204 | Dividends Payable | - | |
| 205 | Unearned Rent | 4,000.00 | |
| 206 | Customer Refunds Payable | 29,027.60 | |
| 250 | Notes Payable | 212,000.00 | |
| 251 | Bonds Payable | 400,000.00 | |
| 252 | Premium on Bonds Payable | ||
| 253 | Discount on Bonds Payable | ||
| 252 | Mortgage (Warehouse) Payable | 198,000.00 | |
| 300 | Common Stock, $1 Par, 100,000 Authorized; 40,000 shares Issued/Outstanding | 65,500.00 | |
| 301 | Paid In Capital - Excess of Par | 396,000.00 | |
| 330 | Retained Earnings | 38,500.00 | |
| 331 | Cash Dividends | 100,000.00 | |
| 340 | Treasury Stock | 18,000.00 | |
| 341 | Unrealized (Gain) Loss Available for Sale Securities | - | - |
| 500 | Sales | 2,902,760.00 | |
| 600 | Cost of Goods Sold | 582,159.00 | |
| 700 | Wage Expense (hourly workers) | 9,500.00 | |
| 701 | Salaries Expense (Exempt Staff) | 29,000.00 | |
| 702 | Marketing Expense | 75,000.00 | |
| 703 | Travel and Entertainment Expense | 925.00 | |
| 704 | Bad Debt Expense | 9,816.88 | |
| 705 | Property Tax Expense | - | |
| 706 | Office Maintenance & Repair Expense | - | |
| 707 | Legal Expenses | 5,400.00 | |
| 708 | Insurance Expense | 3,500.00 | |
| 709 | Utilities Expense | - | |
| 710 | Office Supplies Expense | 735.00 | |
| 711 | Telecommunications Expense | 100.00 | |
| 712 | Depreciation Expense - Equipment | 6,000.00 | |
| 713 | Depreciation Expense - Office Furniture | 1,500.00 | |
| 800 | Rent Income | 2,000.00 | |
| 801 | Unrealized Gain - Trading Securities | 6,000.00 | |
| 802 | Realized Gain - Investment Securities | 18,000.00 | |
| 900 | Interest Expense | 12,500.00 | |
| 901 | Unrealized Loss - Trading Securities | 15,000.00 | |
| 902 | Realized Loss - Investment Securities | 9,000.00 | |
| Total | 6,765,954.490 | 6,765,954.490 | |
| Net Income (Loss) |
| ||
The instructions for the general journal CLOSING are: (Value is supposed to equal $5 957 520.00)
| Panther Marine Corporation | |||
| General Journal - Adjusting Entries | |||
| July Month-end CLOSING ENTRIES: | |||
| Instructions: Please write the JULY month end closing entries USING the adjusted trial balance workbook amounts. Use end of month as date. List debits before credits, skip a line between each entry and only use account titles from adjusted trial balance workbook. That's it! Part 1 is complete after finishing below closing entries. Give yourself a pat on the back! | |||
| 7/31 (A ) | Close ALL revenue and income accounts to income summary. | ||
| 7/31 (B ) | Close ALL expense accounts WITH balances to income summary. | ||
| 7/31 (C ) | Close cash dividends to retained earnings | ||
| 7/31 (D ) | Close income summary to retained earnings | ||
| Page 1 | |||
| Date | Accounts | DEBIT | CREDIT |
| 31-Jul | Sales | $ 2,902,760.00 | |
| Rent Income | 2,000.00 | ||
| Unrealized Gain - Trading Securities | 6,000.00 | ||
| Realized Gain - Trading Securities | 18,000.00 | ||
| Income Summary | $ 2,928,760.00 | ||
| 31-Jul | Income Summary | $ 177,976.88 | |
| Wage Expense | $ 9,500.00 | ||
| Salaries Expense | 29,000.00 | ||
| Marketing Expense | 75,000.00 | ||
| Travel and Entertainment Expense | 925.00 | ||
| Bad Debt Expense | 9,816.88 | ||
| Legal Expenses | 5,400.00 | ||
| Insurance Expense | 3,500.00 | ||
| Office Supplies Expense | 735.00 | ||
| Telecommunications Expense | 100.00 | ||
| Depreciation Expense - Equipment | 6,000.00 | ||
| Depreciation Expense - Office Furniture | 1,500.00 | ||
| Interest Expense | 12,500.00 | ||
| Unrealized Loss - Trading Securities | 15,000.00 | ||
| Realized Loss - Trading Securities | 9,000.00 | ||
| Retained Earnings | $ 100,000.00 | ||
| Cash Dividends | $ 100,000.00 | ||
| Income Summary | $ 100,000.00 | ||
| Retained Earnings | $ 100,000.00 | ||
| $ 3,306,736.88 | $ 3,306,736.88 | ||
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