JAM Trucking Services

General Journal
Page 1
Date Explanation PR Debit Credit
2023 5 CASH 1,500,000.00
DELIVERY EQUIPMENT 1,800,000.00
April JAM, CAPITAL 3,300,000.00
Initial Investment
PREPAID INSURANCE 45,000.00
8 CASH 45,000.00
Paid insurance for trucks
TAXES AND LICENSES 5,500.00
10 CASH 5,500.00
Paid taxes and licenses
OFFICE SUPPLIES 2,000.00
14 CASH 2,000.00
Bought office supplies for cash
FURNITURE AND FIXTURES 12,000.00
18 ACCOUNTS PAYABLE 12,000.00
Bought furniture on account
OFFICE EQUIPMENT 21,000.00
20 CASH 21,000.00
Bought office equipment for cash
CASH 35,000.00
25 DELIVERY INCOME 35,000.00
Rendered services for cash
SALARIES EXPENSE 9,800.00
30 CASH 9,800.00
Paid employees’ salaries
ACCOUNTS RECEIVABLE 33,000.00
May 1 DELIVERY INCOME 33,000.00
Rendered services on account
ACCOUNTS PAYABLE 6,000.00
3 CASH 6,000.00
Partial payment for furniture
NOTES RECEIVABLE 11,000.00
5 ACCOUNTS RECEIVABLE 11,000.00
Received note for customer’s account
ACCOUNTS RECEIVABLE 55,000.00
10 DELIVERY INCOME 55,000.00
Rendered services on account
UTILITIES EXPENSE 3,500.00
15 CASH 3,500.00
Paid utilities
CASH 500,000.00
18
 18 LOAN PAYABLE 500,000.00
Proceeds of loan
JAM DRAWING 50,000.00
20 CASH 50,000.00
Owner withdrew cash
SALARY EXPENSE 18,000.00
24 CASH 18,000.00
Paid employees’ salaries

JAM Trucking Services

General Journal
Page 2
Date Date Date Date Date Date
2023 UTILITIES EXPENSE 5,000.00
May 24 UTILITIES PAYABLE 5,000.00
Received bill for utilities

Adjusting entries
INSURANCE EXPENSE 10,000.00
May 31 PREPAID INSURANCE 10,000.00
Expired insurance
OFFICE SUPPLIES EXPENSE 2,000.00
31 OFFICE SUPPLIES 2,000.00
Used office supplies

Closing entries
DELIVERY INCOME 123,000.00
May 31 INCOME SUMMARY 123,000.00
To close revenue account
INCOME SUMMARY 53,800.00
SALARIES EXPENSE 27,800.00
UTILITIES EXPENSE 8,500.00
31 TAXES AND LICENSES 5,500.00
INSURANCE EXPENSE 10,000.00
OFFICE SUPPLIES EXPENSE 2,000.00
To close expenses account
INCOME SUMMARY 69,200.00
31 JAM, CAPITAL 69,200.00
To close net income to capital
JAM, CAPITAL 50,000.00
31 JAM, DRAWING 50,000.00
To close drawings
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56
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7
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17
 Mrs. JAM Trucking Services
General Ledger
ACCOUNT NAME: CASH ACCOUNT NUMBER:
Date Explanation PR Debit
APRIL 5 Initial Investment GJ1 1,500,000.00
8 Payment of Truck Insurance GJ1
10 Payment of taxes and licenses GJ1
14 Payment of Office Supplies GJ1
20 Payment of Office Equipment GJ1
25 Collection of clients GJ1 35,000.00
30 Payment of employees' salaries GJ1
MAY 1 Partial payment of furniture GJ1
15 Payment of utilities expense GJ1
18 Loan proceeds GJ1 500,000.00
20 Cash withdrawal GJ1
24 Payment of employees' salaries GJ1
2,035,000.00
1,874,200.00

ACCOUNT NAME: ACCOUNTS RECEIVABLE ACCOUNT NUMBER:

Date Explanation PR Debit
MAY 1 Revenues earned on account GJ1 33,000.00
4 Promissory Note GJ1
10 Revenues earned on account GJ1 55,000.00
88,000.00
77,000.00

ACCOUNT NAME: NOTES RECEIVABLE ACCOUNT NUMBER:

Date Explanation PR Debit
MAY 5 Promissory Note GJ1 11,000.00

ACCOUNT NAME: PREPAID INSURANCE ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 8 Payment of truck insurance GJ1 45,000.00
MAY 31 Expired insurance GJ2
35,000.00
ACCOUNT NAME: OFFICE SUPPLIES ACCOUNT NUMBER:
Date Explanation PR Debit
APRIL 14 Payment of Office Supplies GJ1 2,000.00
MAY 31 Used office supplies GJ2
-

ACCOUNT NAME: OFFICE EQUIPMENT ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 20 Purchase of office equipment GJ1 21,000.00

ACCOUNT NAME: FURNITURE AND FIXTURE ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 18 Purchased of furniture and fixture GJ1 12,000.00

ACCOUNT NAME: DELIVERY EQUIPMENT ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 5 Initial investment GJ1 1,800,000.00

ACCOUNT NAME: ACCOUNTS PAYABLE ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 18 Purchased of furniture and fixture GJ1
MAY 3 3 Partial payment of furniture and fixture GJ1 6,000.00

ACCOUNT NAME: UTILITIES PAYABLE ACCOUNT NUMBER:

Date Explanation PR Debit
MAY 24 Utilities expenses for the month of May GJ2
ACCOUNT NAME: LOAN PAYABLE ACCOUNT NUMBER:
Date Explanation PR Debit
MAY 18 Loan proceeds GJ1

ACCOUNT NAME: JAM, CAPITAL ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 5 Initial Investment GJ1
MAY 31 To close net income to capital GJ2
31 To close drawings to capital GJ2 50,000.00
50,000.00

ACCOUNT NAME: JAM, DRAWINGS ACCOUNT NUMBER:

Date Explanation PR Debit
MAY 20 Cash withdrawal GJ1 50,000.00
31 To close drawings to capital GJ2
0

ACCOUNT NAME: DELIVERY INCOME ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 25 Collection from clients GJ1
MAY 1 Revenue earned on account GJ1
10 Revenue earned on account GJ1

MAY 31 To close revenue account GJ2 123,000.00

ACCOUNT NAME: SALARIES EXPENSE ACCOUNT NUMBER:

Date Explanation PR Debit
APRIL 30 Payment of employees salaries GJ1 9,800.00
MAY 24 Payment of employees salaries GJ1 18,000.00
27,800.00
31 To close expenses account GJ2
-
ACCOUNT NAME: UTILITIES EXPENSE ACCOUNT NUMBER:
Date Explanation PR Debit
MAY 15 Payment of utilities expense GJ1 3,500.00
24 Utilities expense for May GJ2 5,000.00
 8,500.00
31 To close expenses account GJ2
-
ACCOUNT NAME: TAXES AND LICENSES ACCOUNT NUMBER:
Date Explanation PR Debit
APRIL 10 Payment of taxes and licenses GJ1 5,500.00
31 To close expenses account GJ2
-

ACCOUNT NAME: INSURANCE EXPENSE ACCOUNT NUMBER:

Date Explanation PR Debit
MAY 31 Expired insurance GJ2 10,000.00
31 To close expenses account GJ2
-

ACCOUNT NAME: OFFICE SUPPLIES EXPENSE ACCOUNT NUMBER:

Date Explanation PR Debit
MAY 31 Used office supplies GJ2 2,000.00
31 To close expenses account GJ2
0

ACCOUNT NAME: INCOME SUMMARY ACCOUNT NUMBER:

Date Explanation PR Debit
MAY 31 To close revenue account GJ2
31 To close expenses account GJ2 53,800.00
31 To close net income to capital GJ2 69,200.00
 1

Credit 1
1
45,000.00 1
5,500.00 1
2,000.00 1
21,000.00 1
1
9,800.00 1
6,000.00 1
3,500.00 1
1
50,000.00 1
18,000.00 1
160,800.00 1
1

Credit 1
1
11,000.00 1
1
11,000.00 1
1

Credit 1
1

Credit 1
1
10,000.00 1
1
Credit 1
1
2,000.00 1
1

Credit 1
1

Credit 1
1

Credit 1
1

Credit 1
12,000.00 1
1
6,000.00 1

Credit 1
5,000.00 1
Credit 1
500,000.00 1

Credit 1
3,300,000.00 1
69,200.00 1
1
3,369,200.00 1
3,319,200.00 1

Credit 1
1
50,000.00 1
1

Credit 1
35,000.00 1
33,000.00 1
55,000.00 1
123,000.00 1
1
- 1

Credit 1
1
1
1
27,800.00 1
1

Credit 1
1
1
 1
8,500.00 1
1

Credit 1
1
5,500.00 1
1

Credit 1
1
10,000.00 1
1

Credit 1
1
2000 1
1

Credit 1
123,000.00 1
1
1

91
 JAM Trucking Services
Trial Balance
31-May-23 1
Cash 1,874,200.00 1
Accounts Receivable 77,000.00 1
Notes Receivable 11,000.00 1
Prepaid Insurance 45,000.00 1
Office Supplies 2,000.00 1
Office Equipment 21,000.00 1
Furniture and Fixtures 12,000.00 1
Delivery Equipment 1,800,000.00 1
Accounts Payable 6,000.00 1
Utilities Payable 5,000.00 1
Loan Payable 500,000.00 1
JAM, Capital 3,300,000.00 1
JAM, Drawing 50,000.00 1
Delivery Income 123,000.00 1
Salaries Expense 27,800.00 1
Utilities Expense 8,500.00 1
Taxes and Licenses 5,500.00 1
3,934,000.00 3,934,000.00 1
19
 JAM Trucking Services
Adjusted Trial Balance
31-May-23 1
Cash 1,874,200.00 1
Accounts Receivable 77,000.00 1
Notes Receivable 11,000.00 1
Prepaid Insurance 35,000.00 1
Office Supplies - 1
Office Equipment 21,000.00 1
Furniture and Fixtures 12,000.00 1
Delivery Equipment 1,800,000.00 1
Accounts Payable 6,000.00 1
Utilities Payable 5,000.00 1
Loan Payable 500,000.00 1
JAM, Capital 3,300,000.00 1
JAM, Drawing 50,000.00 1
Delivery Income 123,000.00 1
Salaries Expense 27,800.00 1
Utilities Expense 8,500.00 1
Taxes and Licenses 5,500.00 1
Insurance Expense 10,000.00 1
Office Supplies Expense 2,000.00 1
3,934,000.00 3,934,000.00 1
21
 JAM Trucking Services
Post-Closing Trial Balance
31-Dec-21 1
Cash 1,874,200.00 1
Accounts Receivable 77,000.00 1
Notes Receivable 11,000.00 1
Prepaid Insurance 35,000.00 1
Office Equipment 21,000.00 1
Furniture and Fixtures 12,000.00 1
Delivery Equipment 1,800,000.00 1
Accounts Payable 6,000.00 1
Utilities Payable 5,000.00 1
Loan Payable 500,000.00 1
JAM, Capital 3,319,200.00 1
3,830,200.00 3,830,200.00 1
13
 JAM Trucking Services
Statement of Financial Position
31-May-23 1
Assets 1
Current Assets 1
Cash 1,874,200.00 1
Accounts Receivable 77,000.00 1
Notes Receivable 11,000.00 1
Prepaid Insurance 35,000.00 1
Total Current Assets 1,997,200.00 1
Non-Current Assets 1
Office Equipment 21,000.00 1
Furniture and Fixtures 12,000.00 1
Delivery Equipment 1,800,000.00 1
Total Non-Current
1,833,000.00 1
Assets
Total Assets 3,830,200.00 1

Liabilities 1
Current Liabilities 1
Accounts Payable 6,000.00 1
Utilities Payable 5,000.00 1
Total Current Liabilities 11,000.00 1
Non-Current Liabilities 1
Loan Payable 500,000.00 1
Total Liabilities 511,000.00 1
Owner’s Equity 1
JAM, Capital 3,319,200.00 1
Total Liabilities and Owner’s Equity 3,830,200.00 1
25
 JAM Trucking Services
Statement of Profit and Loss
For the Month ended May 31, 2023 1
Delivery Income 123,000.00 1
Less: Operating Expenses
Salaries Expense 27,800.00 1
Utilities Expense 8,500.00 1
Taxes and Licenses 5,500.00 1
Insurance Expense 10,000.00 1
Office Supplies Expense 2,000.00 1
Total Operating Expenses 53,800.00 1
Net Income 69,200.00 1
9
 JAM Trucking Services
Statement of Changes in Equity
For the Month ended May 31, 2023 1
Beginning Capital 3,300,000.00 1
Add: Net Income 69,200.00 1
Total 3,369,200.00 1
Less: Withdrawal 50,000.00 1
Ending Capital 3,319,200.00 1
6
 JAM Trucking Services
Statement of Cash Flows
For the Month ended May 31, 2023
Cash Flows from Operating Activities
Receipts:
Collection from customers 35,000.00
Payments:
Operating Expenses 83,800.00
Net Cash from Operating Activities (48,800.00)
Cash Flows Investing Activities
Payments:
Purchase of office equipment (21,000.00)
Purchase of furniture and fixture (6,000.00)
Net Cash from Investing Activities (27,000.00)
Cash Flows from Financing Activities
Receipts:
Investment of owner 1,500,000.00
Proceeds of bank loan 500,000.00
Payments:
Cash withdrawal of owner (50,000.00)
Net Cash from Financing Activities 1,950,000.00
Net Increase/Decrease in Cash 1,874,200.00
Cash Balance-April 1 -
Cash Balance-May 31 1,874,200.00
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 JAM Trucking Services
Worksheet
For Year- Month ended May 31
Trial Balance Adjustments
No. Account Title
Debit Credit Debit Credit
Cash 1,874,200.00
Accounts Receivable 77,000.00
Notes Receivable 11,000.00
Prepaid Insurance 45,000.00 10,000.00
Office Supplies 2,000.00 2,000.00
Office Equipment 21,000.00
Furniture and Fixtures 12,000.00
Delivery Equipment 1,800,000.00
Accounts Payable 6,000.00
Utilities Payable 5,000.00
Loan Payable 500,000.00
JAM, Capital 3,300,000.00
JAM, Drawing 50,000.00
Delivery Income 123,000.00
Salaries Expense 27,800.00
Utilities Expense 8,500.00
Taxes and Licenses 5,500.00
Totals 3,934,000.00 3,934,000.00

Insurance Expense 10,000.00

Office Supplies Expense 2,000.00

Net Income
 JAM Trucking Services
Worksheet
ear- Month ended May 31, 2023
Adjusted Income Statement Balance Sheet
Debit Credit Debit Credit Debit
1,874,200.00 1,874,200.00
77,000.00 77,000.00
11,000.00 11,000.00
35,000.00 35,000.00
- -
21,000.00 21,000.00
12,000.00 12,000.00
1,800,000.00 1,800,000.00
6,000.00
5,000.00
500,000.00
3,300,000.00
50,000.00 50,000.00
123,000.00 123,000.00
27,800.00 27,800.00
8,500.00 8,500.00
5,500.00 5,500.00

10,000.00 10,000.00
2,000.00 2,000.00
3,934,000.00 3,934,000.00 53,800.00 123,000.00 3,880,200.00
69,200.00
 1
Balance Sheet 1
Credit 1
1
1
1
1
1
1
1
1
6,000.00 1
5,000.00 1
500,000.00 1
3,300,000.00 1
1
1
1
1
1
1

1
1
3,811,000.00 1
69,200.00 1
25
 TASKS POINTS
Journal Entries 56
General Ledger 91
Trial Balance 19
Adjusting Entries 7
Adjusted Trial Balance 21
Worksheet 25
Financial Statement 62
SCI 9
SCE 6
SFP 25
SCF 22
Closing Entries 17
Post-closing Trial Balance 13

Total Points 311