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Using this information could you prepare the closing entry chart for the business that consists of date, particulars, Credit and debit GENERAL JOURNAL Date Particulars
Using this information could you prepare the closing entry chart for the business that consists of date, particulars, Credit and debit
GENERAL JOURNAL | ||||
Date | Particulars | PR | Debits | Credits |
Jan 1 | Bank | 100,000 | ||
Bank loan | 96,000 | |||
Bank charges expense | 4,000 | |||
Bank advices #1 | ||||
Jan 2 | Bank | $50,000 | ||
Agamjot Dhillon, Capital | 50,000 | |||
Cheque copy #2 | ||||
Feb 3 | Equipment | $30,000 | ||
Bank | 30,000 | |||
Purchase invoices #3 | ||||
Mar 4 | Bank | $5,000 | ||
A/R - R Brown | 5,000 | |||
Sales invoice #4 | ||||
Apr 5 | Bank | $3,000 | ||
Fees earned | 3,000 | |||
Cash sales slip #5 | ||||
May 6 | Supplies | $1,070 | ||
Bank | 1,070 | |||
Purchase invoices #6 | ||||
Jun 7 | Bank | $2,000 | ||
A/R - R Brown | 2,000 | |||
Fees earned | 4,000 | |||
Sales invoice #7 |
Jul 9 | Utilities expense | $300 | ||
Bank | 300 | |||
Cheque copy #8 | ||||
Jul 10 | Bank | $5,000 | ||
A/R - R Brown | 5,000 | |||
Cash receipts daily summary #9 | ||||
Seo 1 | Vehicle | $26,750 | ||
Bank | 26,750 | |||
Purchase invoices #10 | ||||
Sep 12 | Advertising Expense | $2,140 | ||
Bank | 2,140 | |||
Cheque copy #11 | ||||
Oct 13 | Bank | $40,000 | ||
Equipment | 30,000 | |||
Fees earned | 10,000 | |||
Sales invoice #12 | ||||
Nov 1 | Prepaid insurance | $1,200 | ||
Bank | 1,200 | |||
Purchase invoices #13 | ||||
Dec 15 | Wages expense | $7,500 | ||
Bank | 7.500 | |||
Cheque copy #14 | ||||
Dec 31 | Bank | $5,000 | ||
Agamjot Dhillon, Capital | 5,000 | |||
Cheque copy #15 |
Agamjot Dhillon, Drawings | $5,000 | |||
Bank | 5,000 | |||
Cheque copy #16 | ||||
Bank | $12,500 | |||
Bank loan | 10,000 | |||
Bank charges expense | 2,500 | |||
Cheque copy #17 |
PremierAutomotives | ||
Trial Balance | ||
December 31, 2022 | ||
Accounts | DEBITS | CREDITS |
Assets | ||
Bank | $303,218.78 | |
A/R - R Brown | 10,460.18 | |
Prepaid Insurance | 5,000 | |
Supplies | 31,570 | |
Equipment | 116,548.67 | |
Accumulated depreciation- Equipment | 15,000 | |
Vehicle | 83,692.47 | |
Accumulated depreciation- Vehicle | 5,000 | |
Liabilities | ||
A/P - C James | $65,000 | |
Bank Loan | 196,000 | |
HST payable | 3,090 | |
HST recoverable | 7,829.48 | |
Equity | ||
Agmajot Dhillon, Capital | $268,000 | |
Agamjot Dhillon, Drawings | 5,000 | |
Revenue/Expense | ||
Fees earned | $57,520 | |
Advertising Expense | 4,089.38 | |
Utilities Expense | 760 | |
Depreciation Expense | 500 | |
Insurance Expense | 500 | |
Bank Charges | 4,100 | |
Purchases | 10,000 | |
Supplies Expense | 1,000 | |
Wages Expense | 11,000 | |
602,439.48 | 602,439.48 | |
Premier Automotives | ||
INCOME STATEMENT | ||
For the year ended December 31 2022 | ||
Revenue | ||
Fees earned | $57,520 | |
Total Revenue | $57,520 | |
Expenses | ||
Advertising Expense | $4,089.38 | |
Utilities Expense | 760 | |
Depreciation Expense | 500 | |
Insurance expense | 500 | |
Bank Charges | 4,100 | |
Purchases | 10,000 | |
Supplies Expense | 1,000 | |
Wages Expense | 12,000 | |
Total Expense | $31,949.38 | |
Net income | $25,570.62 |
Using this information could you prepare the closing entry chart for the business that consists of date, particulars, Credit and debit
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