GENERAL JOURNAL

Dr.
1-Apr Cash 20,000
Computer equipment 40,000
J. Stafford, capital
2-Apr Rent expense 1,700
Cash
3-Apr Office supplies 1,100
Cash
10-Apr Prepaid insurance 3,600
Cash
14-Apr Salaries expense 1,800
Cash
24-Apr Cash 7,900
Commissions earned
28-Apr Salaries expense 1,800
Cash
29-Apr Repairs expense 250
Cash
30-Apr Telephone expense 650
Cash
30-Apr J. Stafford, withdrawals 1,500
Cash
ADJUSTING ENTRIES
a. Insurance expense 200
Prepaid insurance
b. Office supplies 400
Office supplies
c. Depreciation expense-Computer equipment 600
Accumulated depreciation-Computer equipment
d. Salaries expense 320
Salaries payable
e. Accounts receivable 1,650
Commissions earned
CLOSING ENTRIES
Commissions earned 9,550
Income summary

Income summary 7,720

Rent expense
Salaries expense
Repairs expense
Telephone expense
Insurance expense
Office supplies expense
Depreciation expense-Comp. Equip.
Income summary 1,830
J. Stafford, capital

J. Stafford, capital 1,500

J. Stafford, withdrawals
 GENERAL LEDGER
Cr. Cash Accounts receivable Prepaid insurance
20,000 1,700 1,650 3,600
7,900 1,100 3,400
60,000 3,600
1,800
1,700 1,800
250
1,100 650
1,500
3,600 15,500

1,800 Salaries payable

320
7,900
J. Stafford, capital J. Stafford, withdrawals Commissions earned
1,800 60,000 1,500 1,500
1,500 1,830 -
250 60,330 9,550

650

1,500
Repairs expense Telephone expense Insurance expense
250 250 650 650 200
200 - - -

400 Income summary

7,720 9,550
600 1,830 1,830
-
320

1,650

9,550

1,700
3,920
250
650
200
400
600
1,830

1,500
NERAL LEDGER
Prepaid insurance Office supplies Computer equipment Accumulated depreciation-Comp. Equip.
200 1,100 400 40,000 600
700

Commissions earned Rent expense Salaries expense

7,900 1,700 1,700 1,800
1,650 - 1,800
9,550 3,600
- 320
3,920 3,920
-

Insurance expense Office supplies expense Depreciation expense-Comp. Equip.

200 400 400 600 600
- -
 UNADJUSTED TRIAL BALANCE ADJUSTED TRIAL BALANCE
Dr. Cr.
Cash 15,500 Cash
Prepaid insurance 3,600 Accounts receivable
Office supplies 1,100 Prepaid insurance
Computer equipment 40,000 Office supplies
J. Stafford, capital 60,000 Computer equipment
J. Stafford, withdrawals 1,500 Accumulated depreciation-Comp. Equip.
Commissions earned 7,900 Salaries payable
Rent expense 1,700 J. Stafford, capital
Salaries expense 3,600 J. Stafford, withdrawals
Repairs expense 250 Commissions earned
Telephone expense 650 - Rent expense
67,900 67,900 Salaries expense
Repairs expense
Telephone expense
Insurance expense
Office supplies expense
Depreciation expense-Comp. Equip.
RIAL BALANCE F
Dr. Cr. INCOME STATEMENT
15,500 Commissions earned 9,550
1,650 Expenses:
3,400 Rent expense 1,700
700 Salaries expense 3,920
40,000 Repairs expense 250
600 Telephone expense 650
320 Insurance expense 200
60,000 Office supplies expense 400
1,500 Depreciation expense-Comp. Equip. 600
9,550 7,720
1,700 Net income 1,830
3,920
250
650
200
400
600 -
70,470 70,470
 FINANCIAL STATEMENTS
STATEMENT OF OWNER'S EQUITY BALANCE SHEET
J. Stafford, capital, 4/1/2011 - ASSETS
Investment by owner 60,000 Cash 15,500
Add: Accounts receivable 1,650
Net income 1,830 Prepaid insurance 3,400
Less: Office supplies 700
J. Stafford, withdrawals 1,500 Computer equipment 40,000
J. Stafford, capital, 4/30/2011 60,330 Less: Accumulated depreciation-Comp. Eq (600)
60,650
 POST-CLOSING TRIAL BALANCE
ALANCE SHEET Dr. Cr.
LIABILITIES Cash 15,500
Salaries payable 320 Accounts receivable 1,650
Prepaid insurance 3,400
Office supplies 700
Computer equipment 40,000
EQUITY Accumulated depreciation-Comp. Equip. 600
J. Stafford, capital 60,330 Salaries payable 320
60,650 J. Stafford, capital - 60,330
61,250 61,250
 GENERAL JOURNAL
Dr. Cr.
1-Jul Cash 20,000
Building 120,000
L. Fogle, capital 140,000
2-Jul Rental expense 1,800
Cash 1,800
5-Jul Office supplies 2,300
Cash 2,300
10-Jul Prepaid insurance 5,400
Cash 5,400
14-Jul Salaries expense 900
Cash 900
24-Jul Cash 8,800
Storage fees earned 8,800
28-Jul Salaries expense 900
Cash 900
29-Jul Repairs expense 850
Cash 850
30-Jul Telephone expense 300
Cash 300
31-Jul J. Fogle, withdrawals 1,600
Cash 1,600
ADJUSTING ENTRIES
a. Insurance expense 300
Prepaid insurance 300
b. Office supplies expense 750
Office supplies 750
c. Depreciation expense-Building 1,200
Accumulated depreciation-Building 1,200
d. Salaries expense 180
Salaries payable 180
e. Accounts receivable 950
Storage fees earned 950
CLOSING-ENTRIES
Storage fees earned 9,750
Income summary 9,750

Income summary 7,180

Depreciation expense-Building 1,200
Salaries expense 1,980
Insurance expense 300
Rent expense 1,800
Office supplies expense 750
Repairs expense 850
Telephone expense 300
Income summary 2,570
L. Fogle, capital 2,570

L. Fogle, capital 1,600

L. Fogal, withdrawals 1,600
 GENERAL LEDGER
Cash Accounts receivable Office supplies
20,000 1,800 - 2,300 750
8,800 2,300 950 1,550
ASSETS 5,400 950
900
900
850
300
1,600
14,750

LIABILITIES Salaries payable

-
180
180

L. Fogle, capital L. Fogle, withdrawals Storage fees earned

140,000 1,600 1,600 8,800
1,600 2,570 - 950
140,970 9,750 9,750
-
EQUITY

Rent expense Office supplies expense Repairs expense

1,800 1,800 - 850 850
- 750 -
750 750
-
 Prepaid insurance Building Accumulated depreciation-Building
5,400 300 120,000 -
5,100 1,200
1,200

Depreciation expense-Building Salaries expense Insurance expense

- 900 -
1,200 900 300 300
1,200 1,200 1,800 -
- 180
1,980 1,980

-
Telephone expense Income summary
300 300 7,180 9,750
- 2,570 2,570
-
 UNADJUSTED TRIAL BALANCE ADJUSTED TRIAL BALANCE
Dr. Cr. Dr.
Cash 14,750 Cash 14,750
Accounts receivable - Accounts receivable 950
Office supplies 2,300 Office supplies 1,550
Prepaid insurance 5,400 Prepaid insurance 5,100
Building 120,000 Building 120,000
Accumulated depreciation-Building - Accumulated depreciation-Building
Salaries payable - Salaries payable
L. Fogle, capital 140,000 L. Fogle, capital
L. Fogle, withdrawals 1,600 L. Fogle, withdrawals 1,600
Storage fees earned 8,800 Storage fees earned
Depreciation expense-Building - Depreciation expense-Building 1,200
Salaries expense 1,800 Salaries expense 1,980
Insurance expense - Insurance expense 300
Rent expense 1,800 Rent expense 1,800
Office supplies expense - Office supplies expense 750
Repairs expense 850 Repairs expense 850
Telephone expense 300 - Telephone expense 300
148,800 148,800 151,130
ALANCE FINANCIAL ST
Cr. INCOME STATEMENT
Storage fees earned 9,750
Expenses:
Depreciation expense-Building 1,200
Salaries expense 1,980
Insurance expense 300
1,200 Rent expense 1,800
180 Office supplies expense 750
140,000 Repairs expense 850
Telephone expense 300
9,750 7,180
Net income 2,570

-
151,130
 FINANCIAL STATEMENTS
STATEMENT OF OWNER'S EQUITY BALANCE SHEET
L. Fogle, capital, 7/1/2011 0 Assets
Investment by owner 140,000 Cash 14,750
Add: Accounts receivable 950
Net income 2,570 Office supplies 1,550
Less: Prepaid insurance 5,100
L. Fogle, withdrawals 1,600 Building 120,000
140,970 Less: Accumulated depreciation-Building (1,200)
141,150
 POST-CLOSING TRIAL BALANCE
ET Dr. Cr.
Liabilities Cash 14,750
Salaries payable 180 Accounts receivable 950
Office supplies 1,550
Equity Prepaid insurance 5,100
L. Fogle, capital 140,970 Building 120,000
Accumulated depreciation-Building 1,200
Salaries payable 180
141,150 L. Fogle, capital - 140,970
142,350 142,350
 GENERAL JOURNAL
Dr. Cr.
a. Supplies expense 5,700
Supplies 5,700
b. Insurance expense 3,900
Prepaid insurance 3,900
c. Depreciation expense-Equipment 8,500
Accumulated depreciation-Equipment 8,500
d. Utilities expense 550
Accounts payable 550
e. Wages expense 1,600
Wages payable 1,600
f. Rent expense 200
Rent payable 200
g. Property taxes expense 900
Property taxes payable 900
h. Interest expense 240
Interest payable 240
CLOSING ENTRIES
Construction fees earned 134,000
Income summary 134,000

Income summary 94,700

Depreciation expense—Equipment 8,500
Wages expense 47,460
Interest expense 2,880
Insurance expense 3,900
Rent expense 13,400
Supplies expense 5,700
Property taxes expense 5,500
Repairs expense 2,810
Utilities expense 4,550

Income summary 39,300

S. Adams, capital 39,300

S. Adams, capital 30,000

S. Adams, withdrawals 30,000
 GENERAL LEDGER
Cash Supplies Prepaid insurance
17,500 8,900 5,700 6,200
ASSETS 3,200 2,300

Accounts payable Interest payable Rent payable

5,800 0
550 240
6,350 240

LIABILITIES
Property taxes payable
0
900
900

S. Adams, capital S. Adams, withdrawals Construction fees earned

77,660 30,000 30,000 134,000
30,000 39,300 0
86,960

Interest expense Insurance expense Rent expense

2,640 0 13,200
EQUITY 240 3,900 200
2,880 2,880 3,900 3,900 13,400
0 0 0

Repairs expense Utilities expense Income summary

2,810 2,810 4,000 94,700
0 550 39,300
4,550 4,550
0
 GENERAL LEDGER
Prepaid insurance Equipment Accumulated depreciation-Equipment
3,900 131,000

Rent payable Wages payable Longterm notes payable

0 0
200 1,600
200 1,600

Construction fees earned Depreciation expense-Equipment Wages expense

134,000 0 45,860
0 8,500 1,600
8,500 8,500 47,460
0 0

Rent expense Supplies expense Property taxes expense

0 4,600
5,700 5,700 900
13,400 0 5,500
0

Income summary
134,000
39,300
0
 ADJUSTED TRIAL BALANCE
ulated depreciation-Equipment Dr. Cr.
25,250 Cash 17,500
8,500 Supplies 3,200
33,750 Prepaid insurance 2,300
Equipment 131,000
Longterm notes payable Accumulated depreciation—Equipment 33,750
24,000 Accounts payable 6,350
Interest payable 240
Rent payable 200
Wages payable 1,600
Property taxes payable 900
Long-term notes payable 24,000
S. Adams, Capital 77,660
S. Adams, Withdrawals 30,000
Construction fees earned 134,000
Wages expense Depreciation expense—Equipment 8,500
Wages expense 47,460
Interest expense 2,880
47,460 Insurance expense 3,900
Rent expense 13,400
Supplies expense 5,700
Property taxes expense Property taxes expense 5,500
Repairs expense 2,810
Utilities expense 4,550 0
5,500 278,700 278,700
 INCOME STATEMENT STATEMENT OF OWNER'S EQUITY
Construction fees earned 134,000 S. Adams, capital, 7/1/2010
Expenses: Investment by owner 25,000
Depreciation expense—Equipment 8,500 Add:
Wages expense 47,460 Net income 39,300
Interest expense 2,880
Insurance expense 3,900 Less:
Rent expense 13,400 S. Adams, withdrawals 30,000
Supplies expense 5,700 S. Adams, capital, 6/30/2011
Property taxes expense 5,500
Repairs expense 2,810
Utilities expense 4,550
94,700
Net income 39,300
WNER'S EQUITY BALANCE SHEET
52,660 ASSETS
Cash 17,500
Supplies 3,200
Prepaid insurance 2,300
$116,960 Equipment 131,000
Accumulated depreciation—Equipment (33,750)
Total 120,250
86,960
EET POST-CLOSING TRIAL BALANCE
LIABILITIES Dr. Cr.
Accounts payable 6,350 Cash 17,500
Interest payable 240 Supplies 3,200
Rent payable 200 Prepaid insurance 2,300
Wages payable 1,600 Equipment 131,000
Property taxes payable 900 Accumulated depreciation—Equipment 33,750
Long-term notes payable 24,000 Accounts payable 6,350
Interest payable 240
EQUITY Rent payable 200
S. Adams, Capital 86,960 Wages payable 1,600
Total 120,250 Property taxes payable 900
Long-term notes payable 24,000
S. Adams, Capital 0 86,960
154,000 154,000