Pat's Painting...........................................

Pat's Painting Trial Balance (beginning balances) February 1, 20xx Account 101 102 103 104 120 121 201 204 205 290 300 301 400 501 502 503 504 505 Debit Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Accounts Payable Notes Payable Interest Payable Unearned Revenue Pat, Capital Pat, Drawing Painting Revenue Supplies Expense Wage Expense Depreciation Expense Insurance Expense Interest Expense Totals Credit $ 4,850.00 $10,000.00 $ 900.00 $ 600.00 $15,240.00 $ 2,940.00 $ 3,840.00 $ $ $ $24,810.00 $ - $ $ $ $ $ - $ $31,590.00 - $31,590.00 Transactions for February, 20xx: 1-Feb 1-Feb 3-Feb 7-Feb 14-Feb 14-Feb 17-Feb 21-Feb 21-Feb 22-Feb 28-Feb 28-Feb 28-Feb 28-Feb 28-Feb Borrowed $4,500 from Star Bank by signing a three month, 12% annual interest note. Paid Wooster Brush $360 for a ladder with a three year expected life. Received $2,500 from Bob Tull for a job completed and billed in January. Received $2,000 from Ann Smith for a job completed and billed in January. Purchased $1,322 in paint and other supplies on credit from Sherwin Williams. Paid Sherwin Williams $3,840 for purchases made on account in January. Completed painting the Wes Morris house and billed him $5,500. Pat contributed an additional $5,000 cash into the business. Received $4,500 from Al Jones in payment of the amount he owed. Contracted to paint Beth Miller's house and received a down payment of $1,000. Completed painting Jerry Hale's house and billed him $3,500. Bought $1,250 paint and other supplies on credit from Sherwin Williams. Paid Wooster Brush $720 for scaffolding with a three year expected life. Paid Walter Walters his monthly salary of $2,000 (do not worry about payroll taxes). Pat withdrew $3,000 for her personal use. Adjusting Entries: 28-Feb 28-Feb 28-Feb $100 of the insurance was consumed during the month of February. $45 in interest accrued on the note payable, and will not be paid until maturity date. $2472 of the supplies had been consumed. 28-Feb $220 was the depreciation on the equipment. General Journal Date Account Page 3 P Ref Debit Credit General Journal Totals Page 4 $ - $ - Pat's Painting Trial Balance February 28, 20xx Account Name Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Accounts Payable Notes Payable Interest Payable Unearned Revenue Pat, Capital Pat, Drawing Painting Revenue Supplies Expense Wage Expense Depreciation Expense Insurance Expense Interest Expense Totals Pat's Painting Income Statement For the Month of February, 20xx Revenue: Painting Revenue Expenses: Supplies Expense Wage Expense Depreciation Expense Insurance Expense Interest Expense Total Expenses Net Income Debit Credit Pat's Painting Statement of Owner's Equity For the Month of February, 20xx Beginning Balance Net Income Owner Contributed Owner Withdrew Ending Balance Pat's Painting Balance Sheet February 28, 20xx Assets: Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Total Assets Liabilities and Owner's Equity: Accounts Payable Notes Payable Interest Payable Unearned Revenue Pat, Capital Total Liabilities & Owner's Equity Pat's Painting Statement of Cash Flows For the Month of February, 20xx Net Cash Flows from Operating Activities: Net Income Decr Prepaid Insurance Incr Supplies Depreciation Decr Accounts Payable Incr Interest Payable Incr Unearned Revenue Net Cash Flow Net Cash Flow from Investing: Incr Equipment Net Cash Flow Net Cash Flow from Financing Activities: Incr Notes Payable Owner Contribution Owner Withdraw Net Cash Flow Net Increase in Cash Beginning Cash Balance Ending Cash Balance Pat's Painting Statement of Cash Flows For the Month of February, 20xx Net Cash Flows from Operating Activities: From Customers For Supplies For Salaries Net Cash Flow Net Cash Flow from Investing Activities: For Equipment Net Cash Flow Net Cash Flow from Financing Activities: From Note Payable From Pat, Owner For Pat, Withdraw Net Cash Flow Net Increase in Cash Beginning Cash Balance Ending Cash Balance CASH Date Beginning Balance P Ref Debit Credit Debit Balance 4850 Credit Balance Credit Balance ACCOUNTS RECEIVABLE Date P Ref Beginning Balance Debit Credit Debit Balance 10000 PREPAID INSURANCE Date P Ref Beginning Balance Debit Credit Debit Balance 900 Credit Balance SUPPLIES Date Beginning Balance P Ref Debit Credit Debit Balance 600 Credit Balance EQUIPMENT Date Beginning Balance P Ref Debit Credit Debit Balance 15240 Credit Balance ACCUMULATED DEPRECIATION Date P Ref Debit Beginning Balance Credit Debit Balance Credit Balance 2940 ACCOUNTS PAYABLE Date P Ref Beginning Balance Debit Credit Debit Balance Credit Balance 3840 NOTES PAYABLE Date Beginning Balance P Ref Debit Credit Debit Balance Credit Balance 0 INTEREST PAYABLE Date P Ref Beginning Balance Debit Credit Debit Balance Credit Balance 0 UNEARNED REVENUE Date P Ref Beginning Balance Debit Credit Debit Balance Credit Balance 0 PAT, CAPITAL Date Beginning Balance P Ref Debit Credit Debit Balance Credit Balance 24810 PAT, DRAWING Date Beginning Balance P Ref Debit Credit Debit Balance 0 Credit Balance PAINTING REVENUE Date P Ref Beginning Balance Debit Credit SUPPLIES EXPENSE Date P Ref Beginning Balance Debit WAGE EXPENSE Date Beginning Balance P Ref DEPRECIATION EXPENSE Date P Ref Beginning Balance INSURANCE EXPENSE Date P Ref Beginning Balance INTEREST EXPENSE Date P Ref Beginning Balance Debit Balance Credit Balance 0 Credit Debit Balance 0 Credit Balance Debit Credit Debit Balance 0 Credit Balance Debit Credit Debit Balance 0 Credit Balance Credit Debit Balance 0 Credit Balance Credit Debit Balance 0 Credit Balance Debit Debit