DR CR DR CR DR CR DR CR DR CR

$
192,000.00
ASSET ACCTS
$
=
(52,000.00)
LIABILITY ACCTS
$
+
$
$
(134,000.00)
OWNER EQ ACCTS
(9,000.00)
REVENUE ACCTS
(6,000.00)
3,000.00
$
-
EXPENSE ACCTS
BALANCE
100 - CASH
Date
Bal
3-Jan
Dr
64,000.00
4,000.00
200 - A/P (Mr. Gloss)

Cr
Date
Bal
57,000.00
101 - A/R (Madison Cty)

Dr
8,000.00
Cr
4,000.00
4,000.00
Date
Bal
Dr
Dr
7,000.00
Dr
Cr
9,000.00
9,000.00
Cr
12,000.00
Cr
50,000.00
201 - UNEARNED REVENUE

Date
Bal
4-Jan
102 - A/R (Johnson Cty)

Date
Bal
Cr
12,000.00
400 - REVENUE
7,000.00
2,000.00
2,000.00
4-Jan
5-Jan
Date
Bal
3-Jan
Dr
300 - CAPITAL
Dr
Dr
Cr
310,000.00
310,000.00
Date
Bal
#####
Dr
20,000.00
50,000.00
501 - MISC EXPENSE
Cr
Date
Dr
Cr
Date
Bal
#####
20,000.00
Dr
9,000.00
Cr
9,000.00
2,000.00
2,000.00
Date
Bal
#####
Cr
6,000.00
9,000.00
302 - RETAINED EARNINGS
Cr
40,000.00
Dr
6,000.00
9,000.00
301 - DIVIDEND
Date
Bal
#####
5-Jan
202 - N/P (BANK 1)

Date
Bal
Date
Bal
#####
4-Jan
500 - INSURANCE EXPENSE
Dr
Cr
36,000.00
310,000.00
502 - SUPPLIES EXPENSE

Date
Dr
Cr
Date
Bal
#####
Dr
8,000.00
Cr
8,000.00
240,000.00
20,000.00
7,000.00
120 - PREPAID INSURANCE

Date
Bal
Dr
4,000.00
Cr
4,000.00
40,000.00
86,000.00
210 - WAGES PAYABLE

Date
Bal
3-Jan
Dr
Cr
6,000.00
503 - UTILITIES EXPENSE

Date
Dr
Cr
Date
Dr
Cr
Date
Bal
#####
6,000.00
Dr
120,000.00
Dr
42,000.00
Cr
42,000.00
140 - LAND
Date
Bal
504 - WAGES EXPENSE

Cr
120,000.00
Date
Dr
Cr
Date
Dr
Cr
Date
Dr
Cr
Date
Bal
#####
3-Jan
Dr
175,000.00
Cr
175,000.00
1,000.00
1,000.00
505 - ADVERTISING EXP

Date
Dr
Cr
Date
Dr
Date
Dr
Cr
Cr
Date
Dr
Date
Dr
Cr
Cr
Date
Dr
Date
Dr
Cr
Cr
Date
Dr
Date
4-Jan
Cr
Dr
2,000.00
Cr
2,000.00
Date
Dr
Cr
Dr
Cr
General Journal
Date
Description
Dec
31 Retained Earnings
Expenses
1
2
3
4
5
6
7
8
9
10 20XX
11 Jan
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Post
Ref.
Debit
$
Revenue
Retained Earnings
Retained Earnings
Dividends
3 Cash
A/R - Madison County
Wages Payable
Wage Expense
Cash
4 Unearned Revenue
Revenue
Advertising Expense
Cash
5 Dividends
Cash
$
$
Credit
240,000
$
240,000
310,000
20,000
4,000
7,000
9,000
2,000
2,000
594,000
310,000
20,000
4,000
6,000
1,000
9,000
2,000
2,000
594,000
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Davis Park Co.

Income Statement
Year Ended December 31, 20xx
Revenue
Service Revenue
$ 310,000
Total Revenue
Expenses
Misc Expense
Insurance Expense
Supplies Expense
Utilities Expense
Wages Expense
Total Expenses
Net Income (Loss)
9,000
6,000
8,000
42,000
175,000
$ 240,000
$ 70,000
Davis Park Co
Statement of Retained Earnings
Year Ended December 31, 20xx
Retained earnings, Opening
Add: Net income for the period
$ 36,000
$ 70,000
Less: Dividends
Retained earnings, Ending Date
$ (20,000)
$ 86,000
Davis Park Co.

Balance Sheet
December 31, 20xx
Assets
Cash
Accounts Receivable
Prepaid Insurance
Land
..$ 64,000
.. 15,000
..
4,000
.. 120,000
Liabilities
..$ 12,000
.. 40,000
.. 6,000
.. 9,000
Total Liabilities ..$ 67,000
Accounts Payable
Notes Payables
Wages Payable
Unearned Revenue
Stockholders Equity
Total Assets ..$ 203,000
Common Stock (or Capital) ..$ 50,000

Retained earnings .. 86,000
Total stockholders' equity ..$ 136,000
Total liabilities and stockholders equity ..$ 203,000
Davis Park Co.

Post Closing Trial Balance
As of January 1, 20xx
Account
100
110
111
120
140
Debit
Cash
$
64,000
8,000
A/R - Johnson County
7,000
Prepaid Insurance
4,000
Land
120,000
Credit
200
205
210
220
A/P - Mr. Gloss

W/P
Unearned Revenue
N/P - Bank 1
300
310
320
Capital
Dividends
R.E.
50,000
86,000
400
Revenue
500
Expenses
$ 203,000
12,000
6,000
9,000
40,000
$ 203,000
Davis Park Co.

Trial Balance
As of January 5, 20xx
Account
100
110
111
120
140
Debit
Cash
$
57,000
4,000
A/R - Johnson County
7,000
Prepaid Insurance
4,000
Land
120,000
200
205
210
220
A/P - Mr. Gloss

W/P
Unearned Revenue
N/P - Bank 1
300
310
320
Capital
Dividends
R.E.
400
Revenue
504
505
Wage Expense
Advertising Expense
Credit
12,000
40,000
50,000
2,000
86,000
9,000
1,000
2,000
$ 197,000
$ 197,000

DR CR DR CR DR CR DR CR DR CR

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$

200 - A/P (Mr. Gloss)

101 - A/R (Madison Cty)

201 - UNEARNED REVENUE

102 - A/R (Johnson Cty)

501 - MISC EXPENSE

302 - RETAINED EARNINGS

202 - N/P (BANK 1)

500 - INSURANCE EXPENSE

502 - SUPPLIES EXPENSE

120 - PREPAID INSURANCE

210 - WAGES PAYABLE

503 - UTILITIES EXPENSE

504 - WAGES EXPENSE

505 - ADVERTISING EXP

Davis Park Co.

Davis Park Co.

Total Assets ..$ 203,000

Common Stock (or Capital) ..$ 50,000

Davis Park Co.

A/P - Mr. Gloss

Davis Park Co.

A/P - Mr. Gloss

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