D23 C ASSETS A 1 Indiana Jones, Inc. 2. Summary of Account Balances 3 1/1/2005 (Beginning Balances) 4 Accounts Balances 5 Cash 110,000 6 Short-term Investments 7 Accounts Receivable 42,000 8 Allowance for Doubtful Accounts (7,000) 9 Interest Receivable 10 Office Supplies 1,000 11 Merchandise Inventory 22,000 2 Prepaid Insurance 25,000 13 Land 50,000 14 Building 400.000 15 Accumulated Depreciation -- Building (80,000) 16 Equipment 500,000 17 Accumulated Depreciation -- Equipment (100,000) 18 Intangible Asset -- Patent 40,000 19 Accounts Payable 60,000 20 Salaries Payable 10,000 21 Income Taxes Payable 15,000 22 Unearned Revenue 50.000 23 Dividends Payable 10,000 24 Interest Payable 15,000 25 Notes Payable 350,000 26 Common Stock 100,000 27 Additional Paid-in Capital 230,000 28 Retained Earnings 163.000 29 Sales Revenue Instructions Beginning Bal. LIABILITIES EQUIT Transactio Ready Clipboard Font D23 x B 60,000 10,000 15,000 50,000 10,000 15,000 350.000 100,000 230,000 163.000 LIABILITIES EQUIT REVENUES A 19 Accounts Payable 20 Salaries Payable 21 Income Taxes Payable 22 Unearned Revenue 23 Dividends Payable 24 Interest Payable 25 Notes Payable 26 Common Stock 27 Additional Paid-in Capital 28 Retained Earnings 29 Sales Revenue 30 Sales Discounts 31 Sales Allowances 32 Service Revenue 33 Interest Income 34 Cost of Goods Sold 35 Advertising Expense 36 Office Supplies Expense 37 Salaries Expense 38 Utilities Expense 39 Insurance Expense 40 Bad Debt Expense 41 Depreciation Expense 42 Amortization Expense 43 Miscellaneous Expense 44 Interest Expense 45 Income Tax Expense 46 Totals 1 1 1 EXPENSES Date Description 1/1 BEGINNING BALANCES 1/8 Indiana pays off $30,000 of accounts payable 1/12 Indiana buys 300 units of inventory at a cost of $82/unit on credit, terms net/60. 1/19 Indiana sells 320 units to Bellog, Inc. for $290 each on credit, terms 2/15, net 45. 1/21 Indiana pays the salaries payable balance from the beginning of the year. 1/31 Indiana collects the A/R owed by Lao Che from the beginning of the year in full (see instructions) 217 Indiana buys $3,000 of office supplies in cash. 2/15 Indiana pays off $30,000 of accounts payable. 2/18 Indiana collects the amount owed from Belloq, Inc from the 1/19 sale outside the discount period 2/27 Indiana provides the services owed to a client. The client paid $50,000 in advance last year. 3/4 Indiana pays off the 1/12 purchase. 3/8 Indiana writes of the Temple of Doom A/R balance as uncollectible (see instructions) 3/14 Indiana collects the A/R owed by Ark of the Covenant Inc. and Asp Co. (see instructions) 3124 Indiana buys 350 units of inventory at a cost of $85/unit on credit, terms net/60. 411 Indiana sells 280 units to Elsa Schneider, Ltd. For $300 each on credit, terms 2/15, net/45. 4/8 Indiana grants Elsa Schneider, Ltd. an allowance of $300 for damaged goods 4/12 Indiana collects the A/R owed by Elsa Schneider, Ltd. within the discount period. 4/25 Indiana pays for online advertising in the amount of $4,000. 5/1 Indiana buys a short-term investment for $20,000 5/8 Indiana pays off the 3/24 purchase. 5/15 Indiana buys 275 units of inventory at a cost of $87/unit on credit, terms net/60. 5/27 Indiana pays the income taxes payable amount from the beginning of the year balance. 6/3 Indiana pays the dividends payable amount from the beginning of the year balance 6/27 Indiana buys 150 units of Inventory at a cost of $90/unit on credit, terms net/60 713) Indiana seils 220 units to Brody Curators, Inc. for $305 each on credit terms 2/15. net:45 ASSETS Cate Allowance Short-term Accounts for Doubtful Interest Merchandise Investments Receivable Accounts Receivable Inventory 42000 7000) 22.000 Cast 110,000 30 000 Orice Supplies 1,000 Prepaid Insurance 25,000 Accumulated Intangible Depreciation Asset Equipment Patent (100 000 40.000 Land 50.000 Building 400,000 Accumulated Depreciation - Building Equipment 180.000 500,000 10 1/12 1/19 12 R ible AA AB AC AD REVENUES Sales Sales Sales Allowance Service Revenue Discounts Revenue LIABILITIES Incorne Taxes Interest Unearned Dividends Payable Payable Revenue Payable 15 000 nnnn Accounts Payable 50 000 Salaries Payable 10.900 mit 2,000 EQUITY Additional Paid in Retained Capital Earnings Notes Payable Go Common Stock Interest Income AF AG AI Al AK AL AM AN AP AQ EXPENSES (Enter Expenses as Negative Numbers) Office Income Salaries Advertisin Supplies Utilities Insurance Bad Debt Depreciation Amortizatio Miscellaneou Interest Tax Expenseig Expense Expense Expense Expense Expense Expense n Expense Expense Expense Expense Cost of Goods Sold at
