See Transactions & Additonal

Lucky Enterprises, Inc.

at Bottom of Page

Trial Balance

as of March 31, 20XX

Db

Cr

as of April 30, 20xx

Cash

31,368

Accounts Receivable

21,125

Inventory

13,800

Prepaid Insurance

1,400

Land

15,000

Equipment

33,000

Accumulated depreciation, equip

4,125

Accounts Payable

13,000

Interest Payable

312

Notes Payable

25,000

Common Stock

50,000

Retained Earnings

12,800

Revenue

65,000

Cost of Goods Sold

32,500

Salary Expense

7,500

Wage Expense

10,600

Rent Expense

1,200

Depreciation expense

1,032

Telephone Expense

800

Insurance expense

600

Interest expense

312

Gain on sale

Loss on sale

170,237

170,237

-

-

1-Apr

ck 96 Paid weekly wages of $1200

1-Apr

ck 97 Paid April rent of $600

5-Apr

Sold 10 kits @ $1500 each, at a cost of $750 each on account AYL invoice 141

6-Apr

ck 98 paid 3000 on account JML

8-Apr

ck 99 Paid weekly wages of $1200

8-Apr

Purchased $8000 of kit inventory on account from KRU

11-Apr

Received $8125 on account from AYL for invoice # 128

11-Apr

Sold 6 kits @ $500 each, at a cost of $250 each on account MT inv 142

12-Apr

Sold land holdings for $15,000

13-Apr

Issue $25,000 stock to R. U. Lucky for cash

16-Apr

ck 100 Paid weekly wages of $1200

17-Apr

Sold 5 kits @ $1,500 each, at a cost of $750 each to MT (cash sale).

17-Apr

Purchased $3000 of kit inventory on account from KRU invoice # 500

18-Apr

ck 101 Purchased kit inventory for $750 from JML

23-Apr

ck 102 Paid weekly wages of $1200

25-Apr

Received $6000 on account from MT

26-Apr

ck 103 Paid $10,000 on account KRU

28-Apr

Received $7,000 on account from AYL

29-Apr

Sold 3 kits @ $1,500, at a cost of $750 each to AYL (cash sale).

30-Apr

ck 104 Paid weekly wages of $1200

30-Apr

ck 105 Paid monthly salary $2500

30-Apr

Received telephone bill of $300 for service provided in April

Additional : a

previous note bears interest @ 5% per annum with balloon payment due in 5 years

b

Seven months of insurance remained prepaid at the start of the month

c

Equipment has an 8 year life with no salvage value

Requirements:

1. Record all of the transactions for April in the appropriate journals.

2. Prepare the trial balance at April 30, 20XX.

3. Prepare the income statement for Lucky for the four months ending April 30, 20XX.

4. Prepare a statement of retained earnings for the four month period ended April 30, 20XX.

5. Prepare a balance sheet as of April 30, 20XX.

6. Prepare a general journal for the month of April 30, 20XX.