Excellence Assured Business Executive Coaching and

Motivational Speakers, Inc.

Chart of Accounts

Code Account Title

1060 Cash
1200 Accounts Receivable
1250 Inventory
1300 Supplies
1400 Prepaid Insurance
1700 Land
1720 Buildings
1725 Accumulated Depreciation – Building
1730 Equipment
1735 Accumulated Depreciation – Equipment
2100 Accounts Payable
2110 Salaries & Wages Payable
2120 Interest Payable
2150 Unearned Revenue
2160 Income Taxes Payable
2250 Dividends Payable
2300 Notes Payable
3350 Common Stock
3560 Retained Earnings
3570 Income Summary
3650 Dividends
4020 Revenue
4100 Revenue – Books and materials
5020 Cost of Goods Sold
5500 Salaries & Wages Expense
5550 Rent Expense
5600 Advertising Expense
5650 Depreciation Expense
5700 Insurance Expense
5800 Supplies Expense
5850 Utilities Expense
5870 Interest Expense
5900 Income Tax Expense
FEBRUARY

GENERAL JOURNAL

Date Description P/R Debit

February 1 Cash 1060 $ 19,000.00
Common Stock 3350
To record the issuance of common stock for cash

February 1 Prepaid Insurance 1400 $ 3,600.00

Cash 1060
To record payment for 2 years of insurance.

February 1 Cash 1060 $ 1,500.00

Unearned Revenue 2150
To record receipt of advance payment from customer
for 3 months of service

February 2 Cash 1060 $ 26,200.00

Notes Payable 2300
To record note payable, due in one year with 12%
annual interest

February 5 Equipment 1730 $ 24,000.00

Cash 1060
Purchased equipment for cash

February 6 Supplies 1300 $ 1,102.00

Accounts Payable 2100
Purchased supplies on account

February 15 Salaries & Wages Expense 5500 $ 2,302.00

Cash 1060
Paid employee's salaries

February 28 Cash 1060 $ 8,602.00

Revenue 4020
Received cash for services rendered

February 28 Accounts Receivable 1200 $ 4,650.00

 Revenue 4020
Performed services for customers on account

February 28 Cash 1060 $ 1,902.00

Accounts Receivable 1200
Collected cash from customers on account

February 28 Accounts Payable 2100 $ 902.00

Cash 1060
Paid accounts payable

February 28 Advertising Expense 5600 $ 802.00

Rent Expense 5550 $ 2,202.00
Cash 1060
Paid expenses in cash

February 28 Utilities Expense 5850 $ 502.00

Accounts Payable 2100
To record accrued utilities as of February 28

February 28 Salaries & Wages Expense 5500 $ 2,302.00

Salaries & Wages Payable 2110
To record accrued salaries as of February 28

February 28 Supplies Expense 5800 $ 600.00

Supplies 1300
To take up the supplies used and to adjust the
Supplies account

February 28 Interest Expense 5870 $ 262.00

Interest Payable 2120
To take up the accrued interest on notes payable at
February 28, 2018

February 28 Depreciation Expense 5650 $ 400.00

Accumulated Depreciation – Equipment 1735
To take up depreciation for the month of February
February 28 Insurance Expense 5700 $ 150.00
Prepaid Insurance 1400
To take up the expired portion of prepaid insurance

February 28 Unearned Revenue 2150 $ 500.00

Revenue 4020
To take up the income portion of the unearned
revenue and to adjust the balance of the Unearned
Revenue account

February 28 Income Tax Expense 5900 $ 635.00

Income Taxes Payable 2160
To take up the accrued taxes as of February 28

February 28 Revenue 4020 $ 13,752.00

Income Summary 3570
To close the revenue account

February 28 Income Summary 3570 $ 10,157.00

Salaries & Wages Expense 5500
Rent Expense 5550
Advertising Expense 5600
Depreciation Expense 5650
Insurance Expense 5700
Supplies Expense 5800
Utilities Expense 5850
Interest Expense 5870
Income Tax Expense 5900
To close the expnse accounts

February 28 Income Summary 3570 $ 3,595.00

Retained Earnings 3560
To close the net income to Retained Earnings
 Credit

$ 19,000.00

$ 3,600.00

$ 1,500.00

$ 26,200.00

$ 24,000.00

$ 1,102.00

$ 2,302.00

$ 8,602.00
$ 4,650.00

$ 1,902.00

$ 902.00

$ 3,004.00

$ 502.00

$ 2,302.00

$ 600.00

$ 262.00

$ 400.00
$ 150.00

$ 500.00

$ 635.00

$ 13,752.00

$ 4,604.00
$ 2,202.00
$ 802.00
$ 400.00
$ 150.00
$ 600.00
$ 502.00
$ 262.00
$ 635.00

$ 3,595.00
 GENERAL LEDGER

Assets

1060 Cash
February 1 $ 19,000.00
$ 3,600.00 February 1
February 1 $ 1,500.00
February 2 $ 26,200.00
$ 24,000.00 February 5
$ 2,302.00 February 15
February 28 $ 8,602.00
February 28 $ 1,902.00
$ 902.00 February 28
$ 3,004.00 February 28
Unadjusted Balance $ 23,396.00

Adjusted Balance $ 23,396.00

Closing Balance $ 23,396.00

1200 Accounts Receivable

February 28 $ 4,650.00
$ 1,902.00 February 28

Unadjusted Balance $ 2,748.00

Adjusted Balance $ 2,748.00

 Closing Balance $ 2,748.00

1250 Inventory

Unadjusted Balance $ -

Adjusted Balance $ -

Closing Balance $ -

1300 Supplies
February 6 $ 1,102.00

Unadjusted Balance $ 1,102.00

$ 600.00 February 28

Adjusted Balance $ 502.00

Closing Balance $ 502.00

1400 Prepaid Insurance

February 1 $ 3,600.00
Unadjusted Balance $ 3,600.00
$ 150.00 February 28

Adjusted Balance $ 3,450.00

Closing Balance $ 3,450.00

1700 Land

Unadjusted Balance $ -

Adjusted Balance $ -

Closing Balance $ -

1720 Buildings

Unadjusted Balance $ -
 Adjusted Balance $ -

Closing Balance $ -

1725 Accumulated Depreciation – Building

Unadjusted Balance $ -

Adjusted Balance $ -

Closing Balance $ -

1730 Equipment
February 5 $ 24,000.00

Unadjusted Balance $ 24,000.00

Adjusted Balance $ 24,000.00

Closing Balance $ 24,000.00

 1735 Accumulated Depreciation – Equipment

Unadjusted Balance $ -
$ 400.00 February 28

Adjusted Balance $ 400.00

Closing Balance $ 400.00

2100 Accounts Payable

$ 1,102.00 February 6
February 28 $ 902.00

Unadjusted Balance $ 200.00

$ 502.00 February 28

Adjusted Balance $ 702.00

Closing Balance $ 702.00

2110 Salaries & Wages Payable

Unadjusted Balance $ -
$ 2,302.00 February 28

Adjusted Balance $ 2,302.00

Closing Balance $ 2,302.00

2120 Interest Payable

Unadjusted Balance $ -
$ 262.00 February 28

Adjusted Balance $ 262.00

Closing Balance $ 262.00

2150 Unearned Revenue

$ 1,500.00 February 1

Unadjusted Balance $ 1,500.00

February 28 $ 500.00

Adjusted Balance $ 1,000.00

 Closing Balance $ 1,000.00

2160 Income Taxes Payable

Unadjusted Balance $ -
$ 635.00 February 28

Adjusted Balance $ 635.00

Closing Balance $ 635.00

2250 Dividends Payable

Unadjusted Balance $ -

Adjusted Balance $ -

Closing Balance $ -
 2300 Notes Payable
$ 26,200.00 February 2

Unadjusted Balance $ 26,200.00

Adjusted Balance $ 26,200.00

Closing Balance $ 26,200.00

3350 Common Stock

$ 19,000.00 February 1

Unadjusted Balance $ 19,000.00

Adjusted Balance $ 19,000.00

Closing Balance $ 19,000.00

3560 Retained Earnings

Unadjusted Balance $ -
 Adjusted Balance $ -
$ 3,595.00 February 28

Closing Balance $ 3,595.00

3570 Income Summary

Unadjusted Balance $ -

Adjusted Balance $ -
$ 13,752.00 February 28
February 28 $ 10,157.00
February 28 $ 3,595.00
Closing Balance $ -

3650 Dividends

Unadjusted Balance $ -

Adjusted Balance $ -
 Closing Balance $ -

4020 Revenue
$ 8,602.00 February 28
$ 4,650.00 February 28

Unadjusted Balance $ 13,252.00

$ 500.00 February 28

Adjusted Balance $ 13,752.00

February 28 $ 13,752.00

Closing Balance $ -

4100 Revenue – Books and materials

Unadjusted Balance $ -

Adjusted Balance $ -

Closing Balance $ -

5020 Cost of Goods Sold

Unadjusted Balance $ -

Adjusted Balance $ -

Closing Balance $ -

5500 Salaries & Wages Expense

February 15 $ 2,302.00

Unadjusted Balance $ 2,302.00

February 28 $ 2,302.00

Adjusted Balance $ 4,604.00

$ 4,604.00 February 28

Closing Balance $ -

5550 Rent Expense

February 28 $ 2,202.00

Unadjusted Balance $ 2,202.00

 Adjusted Balance $ 2,202.00
$ 2,202.00 February 28

Closing Balance $ -

5600 Advertising Expense

February 28 $ 802.00

Unadjusted Balance $ 802.00

Adjusted Balance $ 802.00

$ 802.00 February 28

Closing Balance $ -

5650 Depreciation Expense

Unadjusted Balance $ -
February 28 $ 400.00

Adjusted Balance $ 400.00

$ 400.00 February 28

Closing Balance $ -
 5700 Insurance Expense

Unadjusted Balance $ -
February 28 $ 150.00

Adjusted Balance $ 150.00

$ 150.00 February 28

Closing Balance $ -

5800 Supplies Expense

Unadjusted Balance $ -
February 28 $ 600.00

Adjusted Balance $ 600.00

$ 600.00 February 28

Closing Balance $ -

5850 Utilities Expense

Unadjusted Balance $ -
February 28 $ 502.00

Adjusted Balance $ 502.00

$ 502.00 February 28

Closing Balance $ -

5870 Interest Expense

Unadjusted Balance $ -
February 28 $ 262.00

Adjusted Balance $ 262.00

$ 262.00 February 28

Closing Balance $ -

5900 Income Tax Expense

Unadjusted Balance $ -
February 28 $ 635.00

Adjusted Balance $ 635.00

$ 635.00 February 28
Closing Balance $ -
 EXCELLENCE ASSURED BUSINESS EXECUTIVE COACHING AND MO
Work Sheet
For the Month Ended February 28, 20

Trial Balance Adjustments

Account Title
Debit Credit Debit
Cash $ 23,396.00
Accounts Receivable $ 2,748.00
Inventory $ -
Supplies $ 1,102.00
Prepaid Insurance $ 3,600.00
Land $ -
Buildings $ -
Accumulated Depreciation – Building $ -
Equipment $ 24,000.00
Accumulated Depreciation – Equipment $ -
Accounts Payable $ 200.00
Salaries & Wages Payable $ -
Interest Payable $ -
Unearned Revenue $ 1,500.00 $ 500.00
Income Taxes Payable $ -
Dividends Payable $ -
Notes Payable $ 26,200.00
Common Stock $ 19,000.00
Retained Earnings $ -
Income Summary $ -
Dividends $ -
Revenue $ 13,252.00
Revenue – Books and materials $ -
Cost of Goods Sold $ -
Salaries & Wages Expense $ 2,302.00 $ 2,302.00
Rent Expense $ 2,202.00
Advertising Expense $ 802.00
Depreciation Expense $ - $ 400.00
Insurance Expense $ - $ 150.00
Supplies Expense $ - $ 600.00
Utilities Expense $ - $ 502.00
Interest Expense $ - $ 262.00
Income Tax Expense $ - $ 635.00
$ 60,152.00 $ 60,152.00 $ 5,351.00
Net Income
ESS EXECUTIVE COACHING AND MOTIVATIONAL SPEAKERS, INC.
Work Sheet
r the Month Ended February 28, 2018

Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit Debit Credit
$ 23,396.00 $ 23,396.00
$ 2,748.00 $ 2,748.00
$ - $ -
$ 600.00 $ 502.00 $ 502.00
$ 150.00 $ 3,450.00 $ 3,450.00
$ - $ -
$ - $ -
$ - $ -
$ 24,000.00 $ 24,000.00
$ 400.00 $ 400.00 $ (400.00)
$ 502.00 $ 702.00 $ 702.00
$ 2,302.00 $ 2,302.00 $ 2,302.00
$ 262.00 $ 262.00 $ 262.00
$ 1,000.00 $ 1,000.00
$ 635.00 $ 635.00 $ 635.00
$ - $ -
$ 26,200.00 $ 26,200.00
$ 19,000.00 $ 19,000.00
$ -
$ -
$ -
$ 500.00 $ 13,752.00 $ 13,752.00
$ - $ -
$ - $ -
$ 4,604.00 $ 4,604.00
$ 2,202.00 $ 2,202.00
$ 802.00 $ 802.00
$ 400.00 $ 400.00
$ 150.00 $ 150.00
$ 600.00 $ 600.00
$ 502.00 $ 502.00
$ 262.00 $ 262.00
 $ 635.00 $ 635.00
$ 5,351.00 $ 64,253.00 $ 64,253.00 $ 10,157.00 $ 13,752.00 $ 53,696.00 $ 50,101.00
$ 3,595.00 $ 3,595.00
$ 13,752.00 $ 13,752.00 $ 53,696.00 $ 53,696.00
 Post-Closing Trial Balance
Debit Credit
$ 23,396.00
$ 2,748.00
$ -
$ 502.00
$ 3,450.00
$ -
$ -
$ -
$ 24,000.00
$ 400.00
$ 702.00
$ 2,302.00
$ 262.00
$ 1,000.00
$ 635.00
$ -
$ 26,200.00
$ 19,000.00
$ 3,595.00
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 54,096.00 $ 54,096.00
EXCELLENCE ASSURED BUSINESS EXECUTIVE COACHING AND MOTIVATIONAL
SPEAKERS, INC.
Trial Balance
February 28, 2018

Account Title Debits Credits

1060 Cash $ 23,396.00
1200 Accounts Receivable $ 2,748.00
1250 Inventory $ -
1300 Supplies $ 1,102.00
1400 Prepaid Insurance $ 3,600.00
1700 Land $ -
1720 Buildings $ -
1725 Accumulated Depreciation – Building $ -
1730 Equipment $ 24,000.00
1735 Accumulated Depreciation – Equipment $ -
2100 Accounts Payable $ 200.00
2110 Salaries & Wages Payable $ -
2120 Interest Payable $ -
2150 Unearned Revenue $ 1,500.00
2160 Income Taxes Payable $ -
2250 Dividends Payable $ -
2300 Notes Payable $ 26,200.00
3350 Common Stock $ 19,000.00
3560 Retained Earnings $ -
3570 Income Summary $ -
3650 Dividends $ -
4020 Revenue $ 13,252.00
4100 Revenue – Books and materials $ -
5020 Cost of Goods Sold $ -
5500 Salaries & Wages Expense $ 2,302.00
5550 Rent Expense $ 2,202.00
5600 Advertising Expense $ 802.00
5650 Depreciation Expense $ -
5700 Insurance Expense $ -
5800 Supplies Expense $ -
5850 Utilities Expense $ -
5870 Interest Expense $ -
5900 Income Tax Expense $ -
Total $ 60,152.00 $ 60,152.00
EXCELLENCE ASSURED BUSINESS EXECUTIVE COACHING AND MOTIVATIONAL
SPEAKERS, INC.
Adjusted Trial Balance
February 28, 2018

Account Title Debits Credits

1060 Cash $ 23,396.00
1200 Accounts Receivable $ 2,748.00
1250 Inventory $ -
1300 Supplies $ 502.00
1400 Prepaid Insurance $ 3,450.00
1700 Land $ -
1720 Buildings $ -
1725 Accumulated Depreciation – Building $ -
1730 Equipment $ 24,000.00
1735 Accumulated Depreciation – Equipment $ 400.00
2100 Accounts Payable $ 702.00
2110 Salaries & Wages Payable $ 2,302.00
2120 Interest Payable $ 262.00
2150 Unearned Revenue $ 1,000.00
2160 Income Taxes Payable $ 635.00
2250 Dividends Payable $ -
2300 Notes Payable $ 26,200.00
3350 Common Stock $ 19,000.00
3560 Retained Earnings $ -
3570 Income Summary $ -
3650 Dividends $ -
4020 Revenue $ 13,752.00
4100 Revenue – Books and materials $ -
5020 Cost of Goods Sold $ -
5500 Salaries & Wages Expense $ 4,604.00
5550 Rent Expense $ 2,202.00
5600 Advertising Expense $ 802.00
5650 Depreciation Expense $ 400.00
5700 Insurance Expense $ 150.00
5800 Supplies Expense $ 600.00
5850 Utilities Expense $ 502.00
5870 Interest Expense $ 262.00
5900 Income Tax Expense $ 635.00
Total $ 64,253.00 $ 64,253.00
EXCELLENCE ASSURED BUSINESS EXECUTIVE COACHING AND MOTIVATIONAL
SPEAKERS, INC.
STATEMENT OF INCOME
FOR THE MONTH ENDED FEBRUARY 28, 2018

Revenue $ 13,752.00
Less: Expenses
Salaries & Wages Expense $ 4,604.00
Rent Expense $ 2,202.00
Advertising Expense $ 802.00
Depreciation Expense $ 400.00
Insurance Expense $ 150.00
Supplies Expense $ 600.00
Utilities Expense $ 502.00
Total Operating Expenses $ (9,260.00)
Income from Operations $ 4,492.00
Other Gains and Losses: Interest Expense $ (262.00)
Income Before Income Taxes $ 4,230.00
Income Tax Expense $ (635.00)
Net Income $ 3,595.00
 EXCELLENCE ASSURED BUSINESS EXECUTIVE COACHING AND
MOTIVATIONAL SPEAKERS, INC.
STATEMENT OF RETAINED EARNINGS
FOR THE MONTH ENDED FEBRUARY 28, 2018

Retained Earnings, February 1, 2018 $ -

Net Income for the month $ 3,595.00
Less: Dividends declared in February -
Increase in Capital 3,595.00
Retained Earnings, February 28, 2018 $ 3,595.00
 EXCELLENCE ASSURED BUSINESS EXECUTIVE COACHING AND
MOTIVATIONAL SPEAKERS, INC.
BALANCE SHEET
February 28, 2018

ASSETS
Current Assets:
Cash $ 23,396.00
Accounts Receivable $ 2,748.00
Inventory $ -
Supplies $ 502.00
Prepaid Insurance $ 3,450.00
Total Current Assets $ 30,096.00
Property, Plant, and Equipment:
Equipment $ 24,000.00
Less: Accumulated Depreciation $ 400.00 $ 23,600.00
TOTAL ASSETS $ 53,696.00

LIABILITIES
Current Liabilities
Accounts Payable $ 702.00
Salaries & Wages Payable $ 2,302.00
Interest Payable $ 262.00
Unearned Revenue $ 1,000.00
Income Taxes Payable $ 635.00
Dividends Payable $ -
Notes Payable $ 26,200.00
TOTAL LIABILITIES $ 31,101.00

STOCKHOLDER'S EQUITY
Common Stock $ 19,000.00
Retained Earnings $ 3,595.00
TOTAL LIABILITIES & STOCKHOLDER'S $ 53,696.00
EQUITY
EXCELLENCE ASSURED BUSINESS EXECUTIVE COACHING AND MOTIVATIONAL
SPEAKERS, INC.
Adjusted Trial Balance
February 28, 2018

Account Title Debits Credits

1060 Cash $ 23,396.00
1200 Accounts Receivable $ 2,748.00
1250 Inventory $ -
1300 Supplies $ 502.00
1400 Prepaid Insurance $ 3,450.00
1700 Land $ -
1720 Buildings $ -
1725 Accumulated Depreciation – Building $ -
1730 Equipment $ 24,000.00
1735 Accumulated Depreciation – Equipment $ 400.00
2100 Accounts Payable $ 702.00
2110 Salaries & Wages Payable $ 2,302.00
2120 Interest Payable $ 262.00
2150 Unearned Revenue $ 1,000.00
2160 Income Taxes Payable $ 635.00
2250 Dividends Payable $ -
2300 Notes Payable $ 26,200.00
3350 Common Stock $ 19,000.00
3560 Retained Earnings $ 3,595.00
3570 Income Summary $ -
3650 Dividends $ -
4020 Revenue $ -
4100 Revenue – Books and materials $ -
5020 Cost of Goods Sold $ -
5500 Salaries & Wages Expense $ -
5550 Rent Expense $ -
5600 Advertising Expense $ -
5650 Depreciation Expense $ -
5700 Insurance Expense $ -
5800 Supplies Expense $ -
5850 Utilities Expense $ -
5870 Interest Expense $ -
5900 Income Tax Expense $ -
Total $ 54,096.00 $ 54,096.00