SALES JOURNAL Page No.

6
INVOICE POST ACCTS. REC. DR.
COST OF SALE
DR.
DATE NO. ACCOUNT DEBITED REF SALES CR. INVENTORY CR.
1 6-Dec 891 Briana Co. X 3,790 1,790 1
2 20-Dec 892 Cameron Co. X 1,393 653 2
3 30-Dec 893 Briana Co. X 2,392 1,232 3
4 Total 7,575 3,675 4
5 5
6 6
Page No. 4
POST OTHER ACCOUNTS COST/SOLD DR. SALES CASH
DATE ACCOUNT CREDITED REF ACCTS - CR. SALES - CR REC. - CR. INVENTORY CR. DISC. - DR. DR.
1 2-Dec Sales 410 998 478 998 1
2 14-Dec Briana Co. X 3,491 70 3,421 2
3 21-Dec McKenzie Co. X 1,396 1,396 3
4 30-Dec Cameron Co. X 1,513 14 1,499 4
5 Total 998 6,400 478 84 7,314 5
6 6
7 7
8 8
9 9
CASH RECEIPTS JOURNAL
Page No. 11
POST OTHER ACCOUNTS STORE MERCH.
DATE ACCOUNT CREDITED REF (SUNDRY) PAYABLE SUPPLIES INVENORY
ACCTS - DR. CR. DR. DR.
1 4-Dec Matt Co. X 596 596 1
2 10-Dec Prince Co. X 310 310 2
3 21-Dec Elisha Co. X 825 825 3
4 28-Dec Joseph Co. X 1200 1200 4
5 29-Dec Prince Co. X 1220 1220 5
6 Total 1200 4151 310 2641 6
7 7
8 8
PURCHASES JOURNAL
Page No. 8
CK. POST OTHER ACCOUNTS MERCH.
DATE NO. ACCOUNT DEBITED REF (SUNDRY) PAYABLE INVENTORY CASH
ACCTS - DR. DR. CR. CR.
1 1-Dec 2632 Rent expense 531 2,200 2,200 1
2 5-Dec 2633 Merch. inventory 115 89 89 2
3 8-Dec 2634 Sale return 411 150 150 3
4 10-Dec 2635 Matt Co. X 2,093 12 2,081 4
5 11-Dec 2636 Prince Co. X 708 708 5
6 13-Dec 2637 Advertising expense 521 3,000 3,000 6
7 19-Dec 2638 Merch. inventory 115 495 495 7
8 19-Dec 2639 Joseph Co. 411 596 596 8
9 20-Dec 2640 Cameron Co. x 120 120 9
10 27-Dec 2641 Sales salaries 520 2,050 2,050 10
11 27-Dec 2641 Office salaries 530 1,400 1,400 11
12 29-Dec 2642 Store supplies 117 70 70 12
13 31-Dec 2643 Elisha Co. x 576 6 570 13
14 Total 9,574 3,973 18 13,529 14
15 15
16 16
CASH PAYMENTS JOURNAL
JOURNAL Page No. 53
POST
DATE DESCRIPTION REF DEBIT CREDIT
1 12-Dec Sales Returns and allowance 411 299 1
2 Accounts receivable - Briana Co. X 299 2
3 3
4 12-Dec Merchandise inventory 115 119 4
5 Cost of goods sold 510 119 5
6 6
7 24-Dec Allowance for doubtful accounts 113 598 7
8 Accounts recievable - Marie Co. 112 598 8
9 9
10 26-Dec Accounts payable - Elisha Co. 210 249 10
11 Merchandise inventory 115 249 11
12 12
13 31-Dec Accounts payable - Joseph Co. X 200 13
14 Store equipment 123 200 14
15 15
16 ADJUSTING ENTRIES 16
17 31-Dec Cost of goods sold 510 $180 17
18 Merchandise inventory 115 $180 18
19 19
20 31-Dec Insurance expense 532 2250 20
21 Prepaid insurance 116 2250 21
22 22
23 31-Dec Store supplies expense 523 2,380 23
24 Store supplies 117 2,380 24
25 25
26 31-Dec Depreciation expense 522 10080 26
27 Acc. Dep-Store equipment 124 10080 27
28 28
29 31-Dec Sales salary expense 520 1075 29
30 Office salaries expense 530 540 30
31 Salaries payable 211 1615 31
32 32
33 31-Dec Interest expense 550 200 33
34 Interest payable 218 200 34
35 35
36 31-Dec Bad debts expense 533 211 36
37 Allowance for doubtfull accounts 113 211 37
38 38
39 39
40 40
41 41
JOURNAL Page No. 54
POST
DATE DESCRIPTION REF DEBIT CREDIT
1 Closing Entries 1
2 31-Dec Sales 410 $304,703 2
3 Income summary 312 $304,703 3
4 To close revenue account 4
5 5
6 31-Dec Income summary 312 $185,253 6
7 Sales return and allowances 411 $10,469 7
8 Sales discounts 412 $7,284 8
9 Cost of Merchandise sold 510 $34,464 9
10 Sales Salaries Exp. 520 $37,525 10
11 Advertising Exp. 521 $21,000 11
12 Depreciation Exp. 522 $10,080 12
13 Store Supplies Exp. 523 $2,380 13
14 Misc. Selling Exp. 529 $2,800 14
15 Office Salaries Exp. 530 $27,440 15
16 Rent Exp. 531 $26,400 16
17 Insurance Exp. 532 $2,250 17
18 Bad Debt Exp. 533 $211 18
19 Misc. Administrative Exp. 539 $1,650 19
20 Interest Expense 550 $1,300 20
21 21
22 31-Dec income summary 312 $119,450 22
23 Randiddle, capital 310 $119,450 23
24 24
25 25
26 31-Dec Randiddle, Capital 310 $60,000 26
27 Randiddle, Withdrawals 311 $60,000 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
41 41
900 watt microwave:
Date Units cost per unit Amount Units cost per unit Amount Units cost per unit
11/30/12 4 $79
19-Dec 5 $99 $495 4 $79
5 $99
20-Dec 5 $99 $495 2 $79
2 $79 $158
1000 watt microwave:
Date Units cost per unit Amount Units cost per unit Amount Units cost per unit
11/30/12 3 $119
4-Dec 4 $149 $596 3 $119
4 $149
6-Dec 4 $149 $596 1 $119
2 $119 $238
12-Dec 1 -$119 -$119 2 $119
29-Dec 7 $159 $1,113 2 $119
7 $159
30-Dec 7 $159 $1,113 1 $119
1 $119 $119
1200 watt microwave:
Date Units cost per unit Amount Units cost per unit Amount Units cost per unit
11/30/12 7 $239
2-Dec 2 $239 $478 5 $239
6-Dec 4 $239 $956 1 $239
21-Dec 3 $249 $747 1 $239
3 $249
26-Dec 1 $249 -$249 1 $239
2 $249
Ending Inventory Value:
Inventory Control Sheet
Purchases Cost of Goods Sold (Sales) INVENTORY
Purchases Cost of Goods Sold (Sales) INVENTORY
Purchases Cost of Goods Sold (Sales) INVENTORY
Amount
$316
$316
$495
$158
Amount
$357
$357
$596
$119
$238
$238
$1,113
$119
Amount
$1,673
$1,195
$239
$239
$747
$239
$498
$1,014
Inventory Control Sheet
INVENTORY
INVENTORY
INVENTORY
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
(CUSTOMERS)
Customer Name: Albert Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/20/12 Balance SJ 5 3,388 3,388
Customer Name: Marie Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/20/12 Balance SJ 5 598 598
12/24/12 GJ 53 598 0
Customer Name: Cameron Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/15/12 Balance SJ 5 796 796
12/20/12 Sales SJ 6 1,393 2,189
12/20/12 Shipping CPJ 8 120 2,309
12/30/12 Cash receipt CRJ 4 1,513 796
Customer Name: McKenzie Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/27/12 Balance SJ 5 1,396 1,396
12/21/12 Cash receipt CRJ 4 1,396 0
Customer Name: Briana Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
12/6/12 Sales SJ 6 3,790 3,790
12/12/12 Return GJ 53 299 3,491
12/14/12 CR 4 3,491 0
12/30/12 SJ 6 2,392 2,392
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
(VENDERS)
Vendor Name: Prince Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/26/12 P 10 398 398
12/10/12 PJ 11 310 708
12/11/12 CP 8 708 0
12/29/12 P 11 1,220 1,220
Vendor Name: Joseph Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/16/12 P 10 596 596
12/19/12 CPJ 8 596 0
12/28/12 P 11 1,200 1,200
12/31/12 Return GJ 53 200 1,000
Vendor Name: Elisha Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/29/12 P 10 795 795
12/21/12 PJ 11 825 1,620
12/26/12 Purchase return GJ 53 249 1,371
12/31/12 Payment CPJ 8 576 795
Vendor Name: Matt Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/28/12 P 10 1,497 1,497
12/4/12 P 11 596 2,093
12/10/12 CP 8 2,093 0
Vendor Name:
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
Total Accounts Receivable
Total Accounts Payable
Prince Co. 1,220
3,015
Joseph Co. 1,000
Elisha Co. 795
Matt Co. 0
Schedule of Accounts Receivable
Schedule of Accounts Payable
Albert Co. 3,388
Marie Co. 0
Cameron Co. 796
McKenzie Co. 0
Briana Co. 2,392
6,576
GENERAL LEDGER
Balance Sheet Accounts
Cash ACCOUNT NO. 110
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 74,370
12/31/12 0 7,314 81,684
12/31/12 CPJ 8 13,529 68,155
Accounts Receivable ACCOUNT NO. 112
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 6,178
12/12/12 GJ 53 299 5,879
12/20/12 CP 8 120 5,999
12/24/12 GJ 53 598 5,401
12/31/12 SJ 6 7,575 12,976
12/31/12 CR 4 6,400 6,576
Allowance for Doubtful Accounts ACCOUNT NO. 113
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 650
12/24/12 GJ 53 598 52
12/31/12 Adjusting entry GJ 53 211 263
Merchandise Inventory ACCOUNT NO. 115
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 2,346
12/31/12 PJ 11 2,641 4,987
12/12/12 GJ 53 119 5,106
12/31/12 SJ 6 3,675 1,431
12/31/12 CR 4 478 953
12/26/12 GJ 53 249 704
12/31/12 Discounts CP 8 18 686
12/5/12 CP 8 89 775
12/19/12 CP 8 495 1,270
12/31/12 Adjusting entry GJ 53 180 1,090
Prepaid Insurance ACCOUNT NO. 116
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 5,750
12/31/12 Adjusting entry GJ 53 2,250 3,500
Store Supplies ACCOUNT NO. 117
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 2,850
12/10/12 PJ 11 310 3,160
12/29/12 CP 8 70 3,230
12/31/12 Adjusting entry GJ 53 2,380 850
Store Equipment ACCOUNT NO. 123
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 100,800
12/28/12 PJ 11 1,200 102,000
12/31/12 GJ 53 200 101,800
Accumulated Depreciation-Store Equipment ACCOUNT NO. 124
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 31,060
12/31/12 Adjusting entry GJ 53 10,080 41,140
Accounts Payable ACCOUNT NO. 210
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 3,286
12/26/12 GJ 53 249 3,037
12/31/12 GJ 53 200 2,837
12/31/12 PJ 11 4,151 6,988
12/31/12 CPJ 8 3,973 3,015
Salaries Payable ACCOUNT NO. 211
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
12/31/12 Adjusting entry GJ 53 1,615 1,615
Interest Payable ACCOUNT NO. 218
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
12/31/12 Adjusting entry GJ 53 200 200
Note Payable ACCOUNT NO. 220
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 30,000
Randiddle, Capital ACCOUNT NO. 310
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
1/1/12 Balance X 46,288
12/31/12 Closing entry GJ 53 119,450 165,738
12/31/12 Closing entry GJ 53 60,000 105,738
Randiddle, Withdrawals ACCOUNT NO. 311
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 60,000
12/31/12 Closing entry GJ 53 60,000 0 0
Income Summary ACCOUNT NO. 312
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
12/31/12 Closing entry GJ 53 304,703 304,703
12/31/12 Closing entry GJ 53 185,253 119,450
12/31/12 Closing entry GJ 53 119,450 0 0
GENERAL LEDGER
Income Statement Accounts
Sales ACCOUNT NO. 410
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 296,130
12/31/12 SJ 6 7,575 303,705
12/31/12 CRJ 4 998 304,703
12/31/12 Closing entry GJ 53 304,703 0 0
Sales Returns and Allowances ACCOUNT NO. 411
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 10,020
12/8/12 CP 8 150 10,170
12/12/12 GJ 53 299 10,469
12/31/12 Closing entry GJ 53 10,469 0 0
Sales Discounts ACCOUNT NO. 412
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 7,200
12/31/12 CRJ 4 84 7,284
12/31/12 Closing entry GJ 53 7,284 0 0
Cost of Goods Sold ACCOUNT NO. 510
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 30,250
12/31/12 SJ 6 3,675 33,925
12/31/12 CRJ 4 478 34,403
12/12/12 GJ 53 119 34,284
12/31/12 Adjusting entry GJ 53 180 34,464
12/31/12 Closing entry GJ 53 34,464 0 0
Sales Salaries Expense ACCOUNT NO. 520
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 34,400
12/27/12 CPJ 8 2,050 36,450
12/31/12 Adjusting entry GJ 53 1,075 37,525
12/31/12 Closing entry GJ 53 37,525 0 0
Advertising Expense ACCOUNT NO. 521
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 18,000
12/13/12 CPJ 8 3,000 21,000
12/31/12 Closing entry GJ 53 21,000 0 0
Depreciation Expense ACCOUNT NO. 522
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
12/31/12 Adjusting entry GJ 53 10,080 10,080
12/31/12 Closing entry GJ 53 10,080 0 0
Store Supplies Expense ACCOUNT NO. 523
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
12/31/12 Adjusting entry GJ 53 2,380 2,380
12/31/12 Closing entry GJ 53 2,380 0 0
Miscellaneous Selling Expense ACCOUNT NO. 529
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 2,800
12/31/12 Closing entry GJ 53 2,800 0 0
Office Salaries Expense ACCOUNT NO. 530
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 25,500
12/27/12 CPJ 8 1,400 26,900
12/31/12 Adjusting entry GJ 53 540 27,440
12/31/12 Closing entry GJ 53 27,440 0 0
Rent Expense ACCOUNT NO. 531
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 24,200
12/1/12 CPJ 8 2,200 26,400
12/31/12 Closing entry GJ 53 26,400 0 0
Insurance Expense ACCOUNT NO. 532
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
12/31/12 Adjusting entry GJ 53 2,250 2,250
12/31/12 Closing entry GJ 53 2,250 0 0
Bad Debt Expense ACCOUNT NO. 533
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
12/31/12 Adjusting entry GJ 53 211 211
12/31/12 Closing entry GJ 53 211 0 0
Miscellaneous Administrative Expense ACCOUNT NO. 539
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 1,650
12/31/12 Closing entry GJ 53 1,650 0 0
Interest Expense ACCOUNT NO. 550
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
11/30/12 Balance X 1,100
12/31/12 Adjusting entry GJ 53 200 1,300
12/31/12 Closing entry GJ 53 1,300 0 0
Worksheet
Account Title
Dr. Cr. Dr. Cr. Dr. Cr. Dr.
1 Cash $68,155 $68,155
2 Accounts Receivable $6,576 $6,576
3 Allow for Doubtful Accts $52 $211 $263
4 Merchandise Inventory $1,270 $180 $1,090
5 Prepaid Insurance $5,750 $2,250 $3,500
6 Store Supplies $3,230 $2,380 $850
7 Store Equipment $101,800 $101,800
8 Accm. Deprec-Store Eq. $31,060 $10,080 $41,140
9 Accounts Payable $3,015 $3,015
10 Salaries Payable $1,615 $1,615
11 Interest Payable $200 $200
12 Note Payable (Due 2017) $30,000 $30,000
13 Randiddle, Capital $46,288 $46,288
14 Randiddle, Withdrawals $60,000 $60,000
15 Sales $304,703 $304,703
16 Sales Returns & Allow. $10,469 $10,469 $10,469
17 Sales Discounts $7,284 $7,284 $7,284
18 Cost of Merchandise Sold $34,284 $180 $34,464 $34,464
19 Sales Salaries Exp. $36,450 $1,075 $37,525 $37,525
20 Advertising Exp. $21,000 $21,000 $21,000
21 Depreciation Exp. $10,080 $10,080 $10,080
22 Store Supplies Exp. $2,380 $2,380 $2,380
23 Misc. Selling Exp. $2,800 $2,800 $2,800
24 Office Salaries Exp. $26,900 $540 $27,440 $27,440
25 Rent Exp. $26,400 $26,400 $26,400
27 Insurance Exp. $2,250 $2,250 $2,250
26 Bad Debt Exp. $211 $211 $211
28 Misc. Administrative Exp. $1,650 $1,650 $1,650
29 Interest Expense $1,100 $200 $1,300 $1,300
30 Totals $415,118 $415,118 $16,916 $16,916 $427,224 $427,224 $185,253
28 Net Income $119,450
29 Grand Totals $304,703
Randiddle Co.
For the Month Ended December 31, 2012
Trial Balance Adjustments Trial Balance Statement
Unadjusted Adjusted Income
Cr. Dr. Cr.
$68,155 1
$6,576 2
$263 3
$1,090 4
$3,500 5
$850 6
$101,800 7
$41,140 8
$3,015 9
$1,615 10
$200 11
$30,000 12
$46,288 13
$60,000 14
$304,703 15
16
17
18
19
20
21
22
23
24
25
27
26
28
29
$304,703 $241,971 $122,521 30
$119,450 28
$304,703 $241,971 $241,971 29
Randiddle Co.
For the Month Ended December 31, 2012
Equity Statement
Statement and Balance Sheet
Income
Sales $304,703
Less : Sales Returns & Allow. ($10,469)
Net Sales $294,234
Cost of Merchandise Sold ($34,464)
Gross Profit $259,770
Sales Salaries Exp. $37,525
Sales Discounts $7,284
Advertising Exp. $21,000
Depreciation Exp. $10,080
Store Supplies Exp. $2,380
Misc. Selling Exp. $2,800
Office Salaries Exp. $27,440
Rent Exp. $26,400
Insurance Exp. $2,250
Bad Debt Exp. $211
Misc. Administrative Exp. $1,650
Interest Expense $1,300 ($140,320)
Net Income $119,450
Randiddle Co.
Income Statement
For the Month Ended December 31, 2012
Randiddle, Capital Beginning Balance $46,288
Add : Net Income $119,450
$165,738
Less : Randiddle, Withdrawals ($60,000)
Randiddle, Capital Ending Balance $105,738
Randiddle Co.
Statement of Owner's Equity
For the Month Ended December 31, 2012
Assets
Current Assets
Cash $68,155
Accounts Receivable 6,576
Less : Allow for Doubtful Accts -263 6,313
Merchandise Inventory 1,090
Prepaid Insurance 3,500
Store Supplies 850
Total Current Assets 79,908
Plant, Property & Equipment
Store Equipment 101,800
Less : Accm. Deprec-Store Eq. -41,140 60,660
Total Assets $140,568
Liabilities & Owner's Equity
Current Liabilities
Accounts Payable 3,015
Salaries Payable 1,615
Interest Payable 200
Total Current Liabilities 4,830
Note Payable (Due 2017) 30,000
Total Liabilities 34,830
Owner's Equity
Randiddle, Capital 105,738
Total Liabilities & Owner's Equity $140,568
Randiddle Co.
Balance Sheet
31-December-2012
ACCOUNT TITLE DEBIT CREDIT
Cash 68,155
Accounts Receivable 6576
Allow for Doubtful Accts 263
Merchandise Inventory 1090.32
Prepaid Insurance 3500
Store Supplies 850
Store Equipment 101800
Accm. Deprec-Store Eq. 41140
Accounts Payable 3015
Salaries Payable 1615
Interest Payable 200
Note Payable (Due 2017) 30000
Randiddle, Capital 105,738
Totals $181,971 $181,971
Randiddle Co.
Post-Closing Trial Balance
For the Month Ended December 31, 2012