Professional Documents
Culture Documents
Journal entries
Dec. 2
1,025
1,025
500
500
3,950
3,950
10
750
750
14
1,500
1,500
15
1,100
1,100
16
20
5,625
5,625
28
3,000
3,000
29
192
192
31
1,500
1,500
3,065
3,065
555
555
500
500
1,250
1,250
400
400
2,475
2,475
Credit
400
1,250
1,100
500
1,500
83,000
0
31,284
_______
$119,034
$31,284
$ 400
1,250
3,875
555
2,475
3,065
2,965
896
250
1,305
17,036
$14,248
SUCCESS SYSTEMS
Statement of Retained Earnings
For Three Months Ended December 31, 2009
Retained earnings, October 1, 2009 ............................
Plus: Net income ..........................................................
Less: Dividends ............................................................
Retained earnings, December 31, 2009 ......................
$
0
14,248
14,248
7,100
$ 7,148
$ 58,160
5,668
580
1,665
825
7,600
20,000
(1,250)
18,750
$ 93,248
Liabilities
Accounts payable...........................................................
1,100
500
1,500
3,100
Equity
Common stock ...............................................................
83,000
7,148
$ 93,248
31,284
31,284
901
612
613
623
637
640
652
655
676
677
684
17,036
14,248
400
1,250
3,875
555
2,475
3,065
2,965
896
250
1,305
31
14,248
31
7,100
Note: All accounts with numbers that start with the digits 1 or 2
(the permanent accounts) are unaffected by the closing process.
7,100
Credit
5,668
580
1,665
825
Office equipment...........................................................
8,000
400
20,000
1,250
1,100
500
1,500
83,000
7,148
General Ledger
Cash
Date
Oct.
Nov.
Dec.
Explanation
1
2
5
8
15
17
20
22
31
31
1
2
5
18
22
28
30
30
2
3
4
10
14
20
28
29
31
PR
Debit
55,000
4,800
1,400
4,633
2,208
3,950
1,500
5,625
3,000
Nov.
Dec.
Date
Oct.
Nov.
Dec.
Date
Oct.
Dec.
Date
Oct.
Dec.
Date
Oct.
Date
Dec.
6
12
15
22
28
8
18
24
4
28
Accounts Receivable
Explanation
PR
Debit
4,800
1,400
5,208
5,668
3,950
Computer Supplies
Explanation
PR
3
5
15
31
Prepaid Insurance
Explanation
PR
5
31
Prepaid Rent
Explanation
PR
2
31
Office Equipment
Explanation
PR
1
Debit
1,420
1,125
1,100
Debit
2,220
Debit
3,300
Debit
8,000
Date
Dec.
Date
Oct.
Dec.
Date
Dec.
Date
Dec.
Date
Oct.
Date
Dec.
Date
Oct.
Nov.
Dec.
Computer Equipment
Explanation
PR
Debit
20,000
1,420
Explanation
Wages Payable
PR
Debit
31
Common Stock
Explanation
PR
14
Debit
1
Retained Earnings
Explanation
PR
Debit
31
31
7,100
Explanation
31
30
31
31
Closing
Dividends
PR
Debit
3,600
2,000
1,500
Nov.
Dec.
Date
Dec.
Date
Dec.
Date
Oct.
Nov.
Dec.
Date
Dec.
Date
Dec.
6
12
28
2
8
24
20
31
Closing
31
31
31,284
Debit
875
1,750
750
500
Closing
31
31
Insurance Expense
Explanation
PR
Debit
555
Closing
Explanation
31
31
Closing
Rent Expense
PR
Debit
2,475
Date
Oct.
Dec.
Date
Nov.
Dec.
Date
Nov.
Dec.
Date
Oct.
Dec.
Date
Dec.
31
31
20
2
31
Advertising Expense
Explanation
PR
Debit
1,940
1,025
Closing
Mileage Expense
Explanation
PR
1
28
29
31
Debit
320
384
192
Closing
22
31
Miscellaneous Expense
Explanation
PR
Debit
250
Closing
17
3
31
Repairs ExpenseComputer
Explanation
PR
Debit
805
500
Closing
31
31
31
Income Summary
Explanation
PR
Debit
Closing
Closing
17,036
Closing
14,248