record transactions

terms for assets: cash, short term investments, A/R, allowance for doubtful Acc, interest receivable, merchandise inventory, office supplies, prepaid insurance, land, building, Accumulated building, intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable, interest payable, unearned revenue, dividends payable, notes payable
terms for equity: common stock, additional paid in capital, retained earnings
terms for revenues: sales revenue, sales discount, sales allowance, service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense, office supplies exp.,utilities exp,bad debts exp, depreciation exp, amortization exp, miscellaneous exp, interest exp, income tax exp.

A/R balance at January 1,2005
needed info=
Lao Che industries...$15,000(current)
temple of doom co...$5,500(90 day past due)
Asp Co........................$10,000(current)
Ark of the covenant.....$11,500(current)

Beginning Balance:

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. 418 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. 511 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. 613 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 7,3 Indiana seils 220 units to Brody Curators, Inc. for $305 each on credit terms 2/15. net45 Date Description 6/27 Indiana buys 150 units of inventory at a cost of $90/unit on credit, terms net/60 7/3 Indiana sells 220 units to Brody Curators, Inc. for $305 each on credit, terms 2/15, net/45. 7/10 Indiana pays off the 5/15 purchase. 7/17 Indiana collects the AVR owed by Brody Curators, Inc. within the discount period. 7/27 Indiana pays $5,000 of the interest payable it owes 8/9 Indiana pays for postage, shipping costs, and other miscellaneous items (total of $1,000). 8/24 Indiana sells 130 units to Katanga Shipping for $305 each for cash. 8/27 Indiana pays off the 6/27 purchase. 9/1 Indiana buys 300 units of inventory at a cost of $93/unit on credit, terms net/60. 9/12 Indiana buys $500 of office supplies on credit, terms net/60. 9/21 Indiana sells 250 units to Sallah Excavating, Inc. for $310 each on credit, terms 2/15, net/45. 10/4 Indiana sells 50 units to Ravenwood, LLC for $310 each for cash. 10/15 Indiana collects the A/R owed by Sallah Excavating, Inc. outside the discount period, 10/31 Indiana pays off the 9/1 purchase. 1119 Indiana pays off the 9/12 purchase. 11/19 Indiana pays for online advertising in the amount of $8,000. 11127 Indiana buys 175 units of inventory at a cost of $97/unit on credit, terms net/60 1214 Indiana sells 100 units to Jock Lindsay for $315 each on credit, terms 2/15, net:45. 12/12 indiana pays Toht. Dietrich, and Gobler GmbH for miscellaneous expenses for $2 000. 12116 Indiana collects the A/R owed by Jock Lindsay within the discount period. 12/29 Indiana declares a dividend of $10,000 to be paid next year. 12/31 Indiana provides services to Mola Ram Co. for $50,000 on credit, terms 2/15, net:45 12/31 Indiana collection $8,000 from Brody Curators, Inc. for services to be provided next year. ASSETS 2 Summary of Account Balances 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 (1,000) 9 Interest Receivable 10 Office Supplies 1,000 11 Merchandise Inventory 22,000 12 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 LIABILITIES EQUIT 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. 418 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. 511 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. 613 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 7,3 Indiana seils 220 units to Brody Curators, Inc. for $305 each on credit terms 2/15. net45 Date Description 6/27 Indiana buys 150 units of inventory at a cost of $90/unit on credit, terms net/60 7/3 Indiana sells 220 units to Brody Curators, Inc. for $305 each on credit, terms 2/15, net/45. 7/10 Indiana pays off the 5/15 purchase. 7/17 Indiana collects the AVR owed by Brody Curators, Inc. within the discount period. 7/27 Indiana pays $5,000 of the interest payable it owes 8/9 Indiana pays for postage, shipping costs, and other miscellaneous items (total of $1,000). 8/24 Indiana sells 130 units to Katanga Shipping for $305 each for cash. 8/27 Indiana pays off the 6/27 purchase. 9/1 Indiana buys 300 units of inventory at a cost of $93/unit on credit, terms net/60. 9/12 Indiana buys $500 of office supplies on credit, terms net/60. 9/21 Indiana sells 250 units to Sallah Excavating, Inc. for $310 each on credit, terms 2/15, net/45. 10/4 Indiana sells 50 units to Ravenwood, LLC for $310 each for cash. 10/15 Indiana collects the A/R owed by Sallah Excavating, Inc. outside the discount period, 10/31 Indiana pays off the 9/1 purchase. 1119 Indiana pays off the 9/12 purchase. 11/19 Indiana pays for online advertising in the amount of $8,000. 11127 Indiana buys 175 units of inventory at a cost of $97/unit on credit, terms net/60 1214 Indiana sells 100 units to Jock Lindsay for $315 each on credit, terms 2/15, net:45. 12/12 indiana pays Toht. Dietrich, and Gobler GmbH for miscellaneous expenses for $2 000. 12116 Indiana collects the A/R owed by Jock Lindsay within the discount period. 12/29 Indiana declares a dividend of $10,000 to be paid next year. 12/31 Indiana provides services to Mola Ram Co. for $50,000 on credit, terms 2/15, net:45 12/31 Indiana collection $8,000 from Brody Curators, Inc. for services to be provided next year. ASSETS 2 Summary of Account Balances 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 (1,000) 9 Interest Receivable 10 Office Supplies 1,000 11 Merchandise Inventory 22,000 12 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 LIABILITIES EQUIT