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Panther Powerboats Corporation For the Month Ended August 31, 2020 Instructions: Below is adjusted trial balance for the month FOLLOWING the previous journal entries. Use
Panther Powerboats Corporation For the Month Ended August 31, 2020 Instructions: Below is adjusted trial balance for the month FOLLOWING the previous journal entries. Use these balances to write the closing entries on the tab labeled General Journal CLOSING. The balances below are NOT related and should not be used as check figures for normal and adjusting journal entries from July. 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 19,816.00 104 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 40,005.00 123 Valuation Allowance 35,000.00 140 Land 1,000,600.00 145 Building 2,146,167.00 146 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 31,200.00 205 Unearned Rent 4,000.00 206 Customer Refunds Payable 29,027.00 250 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; 65,500 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 149,200.00 340 Treasury Stock - 341 Unrealized (Gain) Loss Available for Sale Securities - - 500 Sales 1,802,360.00 600 Cost of Goods Sold 482,159.00 700 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 9,816.00 705 Property Tax Expense - 706 Office Maintenance & Repair Expense - 707 Legal Expenses 5,000.00 708 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 5,696,753.00 5,696,753.00 Net Income (Loss) Total Difference -
Panther Powerboats Corporation General Journal - Closing Entries August Month-end CLOSING ENTRIES: Instructions: Closing entries are NOT related to rest of part 1. They are completely separate. Please write the TWO August month end closing entries. Use end of month as date. List debits before credits, skip a line between each entry, and only use account titles from the adjusted trial balance - CLOSING tab. That's it! Part 1 is complete after finishing closing entries. Give yourself a pat on the back! 8/31 (A ) Close ALL revenue and expense accounts WITH a balance to retained earnings. 8/31 (B ) Close cash dividends to retained earnings Page 1 Date Accounts DEBIT CREDIT 31-Aug Sales 1,802,360.00 Rent Income 2,000.00 Unrealized Gain- Trading Securites 6,000.00 Income Summary 1,810,360.00 Income Summary 650,735.00 Cost of Goods Sold 482,159.00 Wage Expense 9,500.00 Salaries Expense 29,000.00 Marketing Expense 75,000.00 Travel and Entertainment Expense 925.00 Bad Debt Expense 9,816.00 Legal Expense 5,000.00 Insurance Expense 3,500.00 Office Supplies Expense 735.00 Telecommunnications Expense 100.00 Despreciation Expense- Equiptment 6,000.00 Depreciation Expense-Office Furniture 1,500.00 Intrest Expense 12,500.00 Unrealized Loss- Trading 15,000.00 Income Summary 1,159,625.00 Retained Earning 1,159,625.00 31-Aug Retained Earning 149,200.00 Cash Dividend 149,200.00 TOTAL 3,769,920.00 3,769,920.00 $ 1,977,560.00
Panther Powerboats Corporation | |||
For the Month Ended August 31, 2020 | |||
Instructions: Below is adjusted trial balance for the month FOLLOWING the previous journal entries. Use these balances to write the closing entries on the tab labeled General Journal CLOSING. The balances below are NOT related and should not be used as check figures for normal and adjusting journal entries from July. | |||
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 | 19,816.00 | |
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 | 40,005.00 | |
123 | Valuation Allowance | 35,000.00 | |
140 | Land | 1,000,600.00 | |
145 | Building | 2,146,167.00 | |
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 | 31,200.00 | |
205 | Unearned Rent | 4,000.00 | |
206 | Customer Refunds Payable | 29,027.00 | |
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; 65,500 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 | 149,200.00 | |
340 | Treasury Stock | - | |
341 | Unrealized (Gain) Loss Available for Sale Securities | - | - |
500 | Sales | 1,802,360.00 | |
600 | Cost of Goods Sold | 482,159.00 | |
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 | 9,816.00 | |
705 | Property Tax Expense | - | |
706 | Office Maintenance & Repair Expense | - | |
707 | Legal Expenses | 5,000.00 | |
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 | 5,696,753.00 | 5,696,753.00 | |
Net Income (Loss) | |||
Total | |||
Difference | - | ||
Panther Powerboats Corporation | ||||
General Journal - Closing Entries | ||||
August Month-end CLOSING ENTRIES: | ||||
Instructions: Closing entries are NOT related to rest of part 1. They are completely separate. Please write the TWO August month end closing entries. Use end of month as date. List debits before credits, skip a line between each entry, and only use account titles from the adjusted trial balance - CLOSING tab. That's it! Part 1 is complete after finishing closing entries. Give yourself a pat on the back! | ||||
8/31 (A ) | Close ALL revenue and expense accounts WITH a balance to retained earnings. | |||
8/31 (B ) | Close cash dividends to retained earnings | |||
Page 1 | ||||
Date | Accounts | DEBIT | CREDIT | |
31-Aug | Sales | 1,802,360.00 | ||
Rent Income | 2,000.00 | |||
Unrealized Gain- Trading Securites | 6,000.00 | |||
Income Summary | 1,810,360.00 | |||
Income Summary | 650,735.00 | |||
Cost of Goods Sold | 482,159.00 | |||
Wage Expense | 9,500.00 | |||
Salaries Expense | 29,000.00 | |||
Marketing Expense | 75,000.00 | |||
Travel and Entertainment Expense | 925.00 | |||
Bad Debt Expense | 9,816.00 | |||
Legal Expense | 5,000.00 | |||
Insurance Expense | 3,500.00 | |||
Office Supplies Expense | 735.00 | |||
Telecommunnications Expense | 100.00 | |||
Despreciation Expense- Equiptment | 6,000.00 | |||
Depreciation Expense-Office Furniture | 1,500.00 | |||
Intrest Expense | 12,500.00 | |||
Unrealized Loss- Trading | 15,000.00 | |||
Income Summary | 1,159,625.00 | |||
Retained Earning | 1,159,625.00 | |||
31-Aug | Retained Earning | 149,200.00 | ||
Cash Dividend | 149,200.00 | |||
TOTAL | 3,769,920.00 | 3,769,920.00 | $ 1,977,560.00 |
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