JOURNAL ENTRIES T-A

1 Cash 350,000 Cash Accounts Rec.

Bacon, Capital 350,000 350,000 55,000 22,500 7,500
2 Cash 225,000 225,000 75,000 15,000
Notes Payable 225,000 11,500 10,500
5 No entry 7,500 3,600
8 Office Eqt. 55,000 3,500 2,400
Cash 55,000 12,000
10 Photography Eqt 75,000 15,000
Cash 75,000 597,500 173,500
12 Supplies 21,000 424,000
Accounts Payable 21,000
13 Cash 11,500 Accounts Payable Unearned Ser. Rev.
Service Revenue 11,500 10,500 21,000 3,500
17 Accounts Receivable 22,500 10,500
Service Revenue 22,500
19 Accounts Payable 10,500 Bacon, Withdrawals Service Revenue
Cash 10,500 15,000 11,500
25 Utilities Expense 3,600 22,500
Cash 3,600 34,000
26 Telecommunication Expense 2,400
Cash 2,400 Salaries Expense
28 Cash 7,500 12,000
Accounts Receivable 7,500
29 Salaries Expense 12,000
Cash 12,000
30 Cash 3,500
Unearned Service Rev. 3,500
31 Bacon, Withdrawals 15,000
Cash 15,000

ADJUSTING ENTRIES
a. Interest Expense 1,500
Interest Payable 1,500
b. Dep'n Expense 2,083
Accumulated Dep'n - Photo. Equip 2,083
c. Dep'n Expense 1,250
Accumulated Dep'n - Office Equip. 1,250
d. Supplies Expense 10,000
Supplies 10,000
e. Unearned Service Revenue 3,500
Service Revenue 3,500

CLOSING ENTRIES
a. Service Revenue 37,500
Income Summary 37,500
b. Income Summary 32,833
Depreciation Expense 3,333
Utilities Expense 3,600
Telecommunication Expense 2,400
Supplies Expense 10,000
Interest Expense 1,500
Salaries Expense 12,000
c. Income Summary 4,667
 Bacon, Capital 4,667
d. Bacon, Capital 15,000
Bacon, Withdrawals 15,000
T - ACCOUNTS
Supplies Office Eqt. Photography Eqt.
21,000 55,000 75,000

Notes Payable Bacon, Capital

225,000 350,000

Utilities Expense Telco. Expense

3,600 2,400
 Unadjusted Trial Balance Adjustments
Account Titles
Dr. Cr. Dr. Cr.
Cash 424,000
Accounts Receivable 15,000
Supplies 21,000 d. 10,000
Office Equipment 55,000
Accumulated Depreciation - Office Equipment - c. 1,250
Photography Equipment 75,000
Accumulated Depreciation - Photography Equipment - b. 2,083
Accounts Payable 10,500
Unearned Service Revenue 3,500 3,500 e.
Interest Payable - a. 1,500
Notes Payable 225,000
Bacon, Capital 350,000
Bacon, Withdrawals 15,000
Income Summary
Service Revenue 34,000 e. 3,500
Depreciation Expense - 3,333 b./c.
Utilities Expense 3,600
Telecommunication Expense 2,400
Supplies Expense - 10,000 d.
Interest Expense - 1,500 a.
Salaries Expense 12,000
Total 623,000 623,000 18,333 18,333
Profit
Adjusted Trial Balance Income Statement Balance Sheet Closing Entries
Dr. Cr. Dr. Cr. Dr. Cr. Dr.
424,000 424,000
15,000 15,000
11,000 11,000
55,000 55,000
1,250 1,250
75,000 75,000
2,083 2,083
10,500 10,500
0 0
1,500 1,500
225,000 225,000
350,000 350,000 15,000
15,000 15,000
37,500
37,500 37,500 37,500
3,333 3,333
3,600 3,600
2,400 2,400
10,000 10,000
1,500 1,500
12,000 12,000
627,833 627,833 32,833 37,500 595,000 590,333 90,000
4,667 4,667
37,500 37,500 595,000 595,000
Entries Post-closing Trial Balance
Cr. Dr. Cr.
424,000
15,000
11,000
55,000
1,250
75,000
2,083
10,500
0
1,500
225,000
4,667 339,667
15,000 0
37,500 0
0
3,333 0
3,600 0
2,400 0
10,000 0
1,500 0
12,000 0
90,000 580,000 580,000