acctg cycle

SALES JOURNAL Page No. 6

INVOICE POST ACCTS. REC. DR. DATE NO. ACCOUNT DEBITED REF SALES CR. INVENTORY CR.

1 12/6/2012 891 35,000 20,000 12 12/20/2012 892 18,375 11,300 23 12/30/2012 893 24,500 14,600 34 4

5 5

6 Total 77,875 45,900 6

COST OF SALE DR.

CASH RECEIPTS JOURNALPage No. 4

POST OTHER ACCOUNTS COST/SOLD DR. SALES CASHDATE ACCOUNT CREDITED REF ACCTS - CR. SALES - CR REC. - CR. INVENTORY CR. DISC. - DR. DR.

1 12/10/2012 18,000 10,360 18,000 12 16-Dec 42,000 630 41,370 23 12/21/2012 12,250 12,250 34 12/30/2012 18,975 184 18,791 45 5

6 6

7 7

8 8

9 Total 18,000 73,225 10,360 814 90,411 9

PURCHASES JOURNAL Page No. 11

POST OTHER ACCOUNTS STORE MERCH.DATE ACCOUNT CREDITED REF (SUNDRY) PAYABLE SUPPLIES INVENORY

ACCTS - DR. CR. DR. DR.

1 12/3/2012 14,800 14,800 12 12/11/2012 620 620 23 12/21/2012 15,600 15,600 34 12/28/2012 Store equipment 800 800 45 5

6 6

7 7

8 Total 800 31,820 620 30,400 8

CASH PAYMENTS 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 2,200 2,200 12 12/4/2012 2633 Merch. Inventory 400 400 23 12/13/2012 2634 24,500 296 24,204 34 12/15/2012 2635 Advertising Expense 1,500 1,500 45 12/19/2012 2636 Merch. Inventory 7,600 7,600 56 12/19/2012 2637 6,100 6,100 67 12/20/2012 2638 Accounts Receivable 600 600 78 12/26/2012 2639 Sales Returns and Allowanc 1,000 1,000 89 12/27/2012 2640 Sales Salaries Expense 1,750 9

10 Office Salaries Expense 950 2,700 1011 12/29/2012 2641 Store Supplies 550 550 1112 12/30/2012 2642 10,400 104 10,296 1213 13

14 14

15 Total 16,550 41,000 400 57,150 1516 16

JOURNAL Page No. 53

POSTDATE DESCRIPTION REF DEBIT CREDIT

1 12/14/2012 Sales Returns and Allowances 411 3500 12 Accounts Receivable 112 3500 23 3

4 Merchandise Inventory 115 2000 45 Cost of Merchandise Sold 510 2000 56 6

7 12/25/2012 Allowance for Doubtful Accounts 113 6125 78 Accounts Receivable 112 6125 89 9

10 12/24/2012 Accounts Payable 210 5200 1011 Merchandise Inventory 115 5200 1112 12

13 13

14 12/30/2012 Accounts Payable 210 200 1415 Store Equipment 123 200 1516 16

17 ADJUSTING ENTRIES 1718 12/31/2012 Cost of Merchandise Sold 510 2,240 1819 Merchandise Inventory 115 2,240 1920 20

21 12/31/2012 Insurance Expense 532 1,250 2122 Prepaid Insurance 116 1,250 2223 23

24 12/31/2012 Store Supplies Expense 523 3,045 2425 Store Supplies 117 3,045 2526 26

27 12/31/2012 Depreciation Expense 522 10,080 2728 Accm. Deprec-Store Eq. 124 10,080 2829 29

30 12/31/2012 Sales Salaries Expense 520 480 3031 Office Salaries Expense 530 260 3132 Salaries Payable 211 740 3233 33

34 12/31/2012 Interest Expense 550 67 3435 Interest Payable 218 67 3536 36

37 12/31/2012 Bad Debt Exp. 533 6,125 3738 Allow for Doubtful Accounts 113 6,125 3839 39

40 40

41 41

JOURNAL Page No. 54

POSTDATE DESCRIPTION REF DEBIT CREDIT

1 CLOSING ENTRIES 12 12/31/2012 Sales 410 948,915 23 Income Summary 312 948,915 34 4

5 12/31/2012 Income Summary 312 694,086 56 Sales Returns & Allow. 411 25,100 67 Sales Discounts 412 14,014 78 Cost of Merchandise Sold 510 471,075 89 Sales Salaries Expense 520 76,630 9

10 Advertising Expense 521 19,500 1011 Depreciation Expense 522 10,080 1112 Store Supplies Expense 523 3,045 1213 Misc. Selling Expense 529 2,800 1314 Office Salaries Expense 530 41,710 1415 Rent Exp. 531 20,800 1516 Insurance Expense 532 1,250 1617 Bad Debt Expense 533 6,125 1718 Misc. Administrative Expense 539 1,650 1819 Interest Expense 550 307 1920 20

21 12/31/2012 Income Summary 254,829 2122 P. Williams, Capital 254,829 2223 23

24 12/31/2012 P. Williams, Capital 40,000 2425 P. Williams, Drawing 40,000 2526 26

27 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

Inventory Control SheetTV A:52 inch Flat Screen Television

Purchases Cost of Goods Sold (Sales) INVENTORYDate Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount

11/30/2012 25 $2,000 $50,000 12/6/2012 4 2000 $ 8,000 21 $ 2,000 $ 42,000

12/14/2012 1 $ 2,000 $ 2,000 22 $ 2,000 $ 44,000

TV B:68 inch Flat Screen Television


11/30/2012 10 $ 3,000 $ 30,000 12/6/2012 4 $ 3,000 $ 12,000 6 $ 3,000 $ 18,000

TV C:72 inch Flat Screen Television


11/30/2012 8 $ 3,500 $ 28,000

12/3/2012 4 $ 3,700 $ 14,800 8 $ 3,500 $ 28,000 4 $ 3,700 $ 14,800

12/19/2012 2 $ 3,800 $ 7,600 8 $ 3,500 $ 28,000 4 $ 3,700 $ 14,800 2 $ 3,800 $ 7,600

12/20/2012 2 $ 3,800 $ 7,600 8 $ 3,500 $ 28,000 1 $ 3,700 $ 3,700 3 $ 3,700 $ 11,100

12/30/2012 3 $ 3,700 $ 11,100 1 $ 3,500 $ 3,500 7 $ 3,500 $ 24,500

PS D:6 foot x 10 foot Projector System


11/30/2012 5 $ 5,180 $ 25,900

12/10/2012 2 $ 5,180 $ 10,360 3 $ 5,180 $ 15,540

12/21/2012 3 $ 5,200 $ 15,600 3 $ 5,180 $ 15,540 3 $ 5,200 $ 15,600

12/24/2012 Returns 1 $ 5,200 $ 5,200 3 $ 5,180 $ 15,540 2 $ 5,200 $ 10,400

Ending Inventory Value: $112,440

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER (CUSTOMERS)

POST RUNNINGDATE TRANSACTION REF DEBIT CREDIT BALANCE

11/20/12 SJ 5 $ 10,500 $ 10,500 12/6/12 SJ 6 $ 35,000 $ 45,500

12/14/12 GJ 53 $ 3,500 $ 42,000 12/16/12 CRJ 4 $ 42,000 $ -


11/20/12 SJ 5 $ 6,125 $ 6,125 12/25/13 GJ 53 $ 6,125 $ -


11/15/12 SJ 5 $ 9,000 $ 9,000 12/20/12 SJ 6 $ 18,375 $ 27,375 12/20/12 CPJ 8 $ 600 $ 27,975 12/30/12 CRJ 4 $ 18,975 $ 9,000


11/27/12 SJ 5 $ 12,250 $ 12,250 12/21/12 CRJ 4 $ 12,250 $ -


12/30/12 SJ 6 $ 24,500 $ 24,500

Customer Name: Albert Co.

Customer Name: Marie Co.

Customer Name: Cameron Co.

Customer Name: McKenzie Co.

Customer Name: Randall Co.

ACCOUNTS PAYABLE SUBSIDIARY LEDGER (VENDERS)


11/26/12 PJ 10 $ 9,700 $ 9,700 12/3/12 PJ 11 $ 14,800 $ 24,500

12/13/12 CPJ 8 $ 24,500 $ -


11/16/12 PJ 10 $ 6,100 $ 6,100 12/19/12 CPJ 8 $ 6,100 $ -


11/29/12 PJ 10 $ 5,650 $ 5,650 12/21/12 PJ 11 $ 15,600 $ 21,250 12/24/12 GJ 53 $ 5,200 $ 16,050 12/30/12 CPJ 8 $ 10,400 $ 5,650


12/11/12 PJ 11 $ 620 $ 620 12/28/12 PJ 11 $ 800 $ 1,420 12/30/12 GJ 53 $ 200 $ 1,220

Vendor Name:


Vendor Name: Prince Co.

Vendor Name: Joseph Co.

Vendor Name: Elisha Co.

Vendor Name: Matt Co.

Schedule of Accounts Receivable

Cameron Co. $ 9,000

Randall Co. $ 24,500

$ 33,500 Total Accounts Receivable

Schedule of Accounts Payable

Elisha Co. $ 5,650

Matt Co. $ 1,220

$ 6,870 Total Accounts Payable

GENERAL LEDGERBalance Sheet Accounts

Cash ACCOUNT NO. 110POST

DATE ITEM REF DEBIT CREDIT DEBIT CREDIT

12/1/12 Balance 73,92012/31/12 CRJ 4 90,411 164,33112/31/12 CPJ 8 57,150 107,181

Accounts Receivable ACCOUNT NO. 112POST


12/1/12 Balance 37,87512/31/12 SJ 6 77,875 115,75012/31/12 CRJ 4 73,225 42,52512/20/12 CPJ 8 600 43,12512/14/12 GJ 53 3,500 39,62512/25/12 GJ 53 6,125 33,500

Allowance for Doubtful Accounts ACCOUNT NO. 113POST


12/1/12 Balance 3,50012/25/12 GJ 53 6,125 2,62512/31/12 Adj GJ 53 6,125 3,500

Merchandise Inventory ACCOUNT NO. 115POST


12/1/12 Balance 133,90012/31/12 SJ 6 45,900 88,00012/31/12 CRJ 4 10,360 77,64012/31/12 PJ 11 30,400 108,04012/31/12 CPJ 8 400 107,640

12/4/12 CPJ 8 400 108,04012/19/12 CPJ 8 7,600 115,64012/14/12 GJ 53 2,000 117,640

12/24/12 GJ 53 5,200 112,44012/31/12 2,240 110,200

BALANCE

BALANCE

BALANCE

BALANCE

Prepaid Insurance ACCOUNT NO. 116POST


12/1/12 Balance 3,75012/31/12 1,250 2,500

Store Supplies ACCOUNT NO. 117POST


12/1/12 Balance 2,85012/11/12 PJ 11 620 3,47012/29/12 CPJ 8 550 4,02012/31/12 Adj 3,045 975

Store Equipment ACCOUNT NO. 123POST


12/1/12 Balance 100,80012/28/12 PJ 11 800 101,60012/30/12 GJ 53 200 101,400

Accumulated Depreciation-Store Equipment ACCOUNT NO. 124POST


12/1/12 Balance 20,16012/31/12 Adj GJ 53 10,080 30,240

Accounts Payable ACCOUNT NO. 210POST


12/1/12 Balance 21,45012/31/12 PJ 11 31,820 53,27012/31/12 CPJ 8 41,000 12,27012/24/12 GJ 53 5,200 7,07012/30/12 GJ 53 200 6,870

BALANCE

BALANCE

BALANCE

BALANCE

BALANCE

Salaries Payable ACCOUNT NO. 211POST


12/31/12 Adj GJ 53 740 740

Interest Payable ACCOUNT NO. 218POST


12/31/12 Adj GJ 53 67 67

Note Payable ACCOUNT NO. 220POST


12/1/12 Balance 10,000

P. Williams, Capital ACCOUNT NO. 310POST


12/1/12 Balance 89,51012/31/12 Closing Entry GJ 54 254,829 344,33912/31/12 Closing Entry GJ 54 40,000 304,339

P. Williams, Drawing ACCOUNT NO. 311POST


12/1/12 Balance 40,00012/31/12 Closing Entry GJ 54 40,000 -------- --------

Income Summary ACCOUNT NO. 312POST


12/31/12 Closing Entry GJ 54 948,915 948,91512/31/12 Closing Entry GJ 54 694,086 254,829

BALANCE

BALANCE

BALANCE

BALANCE

BALANCE

BALANCE

12/31/12 Closing Entry GJ 54 254,829 -------- --------

GENERAL LEDGERIncome Statement Accounts

Sales ACCOUNT NO. 410POST


12/1/12 Balance 853,04012/31/12 SJ 6 77,875 930,91512/31/12 CRJ 4 18,000 948,91512/31/12 Closing Entry GJ 54 948,915 -------- --------

Sales Returns and Allowances ACCOUNT NO. 411POST


12/1/12 Balance 20,60012/26/12 CPJ 8 1,000 21,60012/14/12 GJ 53 3,500 25,10012/31/12 Closing Entry GJ 54 25,100 -------- --------

Sales Discounts ACCOUNT NO. 412POST


12/1/12 Balance 13,20012/31/12 CRJ 4 814 14,01412/31/12 Closing Entry GJ 54 14,014 -------- --------

Cost of Merchandise Sold ACCOUNT NO. 510POST


12/1/12 Balance 414,57512/31/12 SJ 6 45,900 460,47512/31/12 CRJ 4 10,360 470,835

12/14/12 GJ 53 2,000 468,83512/31/13 Adj GJ 53 2,240 471,07512/31/12 Closing Entry GJ 54 471,075 -------- --------

BALANCE

BALANCE

BALANCE

BALANCE

Sales Salaries Expense ACCOUNT NO. 520POST


12/1/12 Balance 74,40012/27/12 CPJ 8 1,750 76,15012/31/12 Adj GJ 53 480 76,63012/31/12 Closing Entry GJ 54 76,630 -------- --------

Advertising Expense ACCOUNT NO. 521POST


12/1/12 Balance 18,00012/15/12 CPJ 8 1,500 19,50012/31/12 Closing Entry GJ 54 19,500 -------- --------

Depreciation Expense ACCOUNT NO. 522POST


12/31/12 Adj GJ 53 10,080 10,08012/31/12 Closing Entry GJ 54 10,080 -------- --------

Store Supplies Expense ACCOUNT NO. 523POST



Miscellaneous Selling Expense ACCOUNT NO. 529POST


12/1/12 Balance 2,800

BALANCE

BALANCE

BALANCE

BALANCE

BALANCE

12/31/12 Closing Entry GJ 54 2,800 -------- --------

Office Salaries Expense ACCOUNT NO. 530POST


12/1/12 Balance 40,50012/27/12 CPJ 8 950 41,45012/31/12 Adj GJ 53 260 41,71012/31/12 Closing Entry GJ 54 41,710 -------- --------

Rent Expense ACCOUNT NO. 531POST


12/1/12 Balance 18,60012/1/12 CPJ 8 2,200 20,80012/31/12 Closing Entry GJ 54 20,800 -------- --------

Insurance Expense ACCOUNT NO. 532POST



Bad Debt Expense ACCOUNT NO. 533POST



BALANCE

BALANCE

BALANCE

BALANCE

Miscellaneous Administrative Expense ACCOUNT NO. 539POST


12/1/12 Balance 1,65012/31/12 Closing Entry GJ 54 1,650 -------- --------

Interest Expense ACCOUNT NO. 550POST


12/1/12 Balance 24012/31/12 Adj GJ 53 67 30712/31/12 Closing Entry GJ 54 307 -------- --------

BALANCE

BALANCE

ALLI CO.Worksheet

DECEMBER 31, 2012

Unadjusted Adjusted Income Equity StatementAccount Title Trial Balance Adjustments Trial Balance Statement and Balance Sheet

Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr.

1 Cash 107,181 107,181 107,1812 Accounts Receivable 33,500 33,500 33,5003 Allow for Doubtful Accts 2,625 6,125 3,5004 Merchandise Inventory 112,440 2,240 110,200 110,2005 Prepaid Insurance 3,750 1,250 2,500 2,5006 Store Supplies 4,020 3,045 975 9757 Store Equipment 101,400 101,400 101,4008 Accm. Deprec-Store Eq. 20,160 10,080 30,2409 Accounts Payable 6,870 6,870

10 Salaries Payable 740 74011 Interest Payable 67 6712 Note Payable (Due 2017) 10,000 10,00013 P. Williams, Capital 89,510 89,51014 P. Williams, Drawing 40,000 40,000 40,00015 Sales 948,915 948,915 948,91516 Sales Returns & Allow. 25,100 25,100 25,10017 Sales Discounts 14,014 14,014 14,01418 Cost of Merchandise Sold 468,835 2,240 471,075 471,07519 Sales Salaries Exp. 76,150 480 76,630 76,63020 Advertising Exp. 19,500 19,500 19,50021 Depreciation Exp. 10,080 10,080 10,08022 Store Supplies Exp. 3,045 3,045 3,04523 Misc. Selling Exp. 2,800 2,800 2,80024 Office Salaries Exp. 41,450 260 41,710 41,71025 Rent Exp. 20,800 20,800 20,80027 Insurance Exp. 1,250 1,250 1,25026 Bad Debt Exp. 6,125 6,125 6,12528 Misc. Administrative Exp. 1,650 1,650 1,65029 Interest Expense 240 67 307 30730 Total 1,075,455 1,075,455 23,547 23,547 1,089,842 1,089,842 694,086 948,915 395,75627 Net Income 254,82928 948,915 948,915 395,75629

Equity Statementand Balance Sheet

Cr.

1

2

3,500 34

5

6

7

30,240 86,870 9

740 1067 11

10,000 1289,510 13

14

15

16

17

18

19

20

21

22

23

24

25

27

26

28

29

140,927 30254,829 27395,756 28

29

ALLI CO.Income Statement

For the year ended December 31, 2012

Sales $ 948,915 Less: Sales Returns & Allowances 25,100Sales Discounts 14,014Net Sales $909,801Less: Cost of Merchandise Sold 471,075Gross Profit 438,726Less: Operating ExpensesSelling Expenses Sales Salaries Exp. 76,630 Advertising Exp. 19,500 Store Supplies Exp. 3,045 Misc. Selling Exp. 2,800 101,975General and Administrative ExpensesOffice Salaries Expense 41,710Rent Expense 20,800Insurance Expense 1,250Bad Debt Expense 6,125Misc. Administrative Expense 1,650Depreciation Expense 10,080 81,615Operating Income 255,136Less: Interest Expense 307Net Income $ 254,829

ALLI CO.Statement of Owner's Equity

For the year ended December 31, 2012

P. Williams, Capital, Beginning Balance $ 89,510 Add: Net Income 254,829 Total 344,339Less: P. Williams, Drawing 40,000P. Williams, Capital, Ending Balance $ 304,339

ALLI CO.Balance Sheet

As of December 31, 2012

AssetsCurrent Assets Cash $107,181 Accounts Receivable 33,500 Less: Allow for Doubtful Accts (3,500) 30,000 Merchandise Inventory 110,200 Prepaid Insurance 2,500 Store Supplies 975Total Current Assets $ 250,856

Property and Equipment Store Equipment 101,400 Less: Accm. Deprec-Store Eq. (30,240) 71,160Total Assets $ 322,016

LiabilitiesCurrent Liabilities Accounts Payable $ 6,870 Salaries Payable 740 Interest Payable 67Total Current Liabilities 7,677

Non-Current Liabilities Note Payable (Due 2017) 10,000Total Liabilities $ 17,677

Owner's EquityP. Williams, Capital 304,339 Total Liabilities and Owner's Equity $ 322,016

ALLI CO.Post-Closing Trial Balance

December 31, 2012

ACCOUNT TITLE DEBIT CREDIT

Cash $ 107,181 Accounts Receivable 33,500Allow for Doubtful Accts $ 3,500 Merchandise Inventory 110,200Prepaid Insurance 2,500Store Supplies 975Store Equipment 101,400Accm. Deprec-Store Eq. 30,240Accounts Payable 6,870Salaries Payable 740Interest Payable 67Note Payable (Due 2017) 10,000P. Williams, Capital 304,339 Total $ 355,756 $ 355,756

SJCRJPJCPJJournalInventoryAR-SUBAP-SUBSCH-SUBB-S LedgerI-S LedgerWkSheetIncome StmtStmt EquityBal SheetPost Trial

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