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CONTINUING PROBLEM(CONTINUING)
FIT PAYABLE
ACCOUNT NO. 2040
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
SIT PAYABLE
ACCOUNT NO. 2050
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
CONTINUING PROBLEM (CONTINUED)
INCOME SUMMARY
ACCOUNT NO. 3020
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
31
Adjusting
GJ12
4
0
0
00
4
0
0
00
SERVICE REVENUE
ACCOUNT NO. 4000
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
31
Balance
√
21
8
0
0
00
CONTINUING PROBLEM (CONTINUED)
ADVERTISING EXPENSE
ACCOUNT NO. 5010
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
√
RENT EXPENSE
ACCOUNT NO. 5020
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
31
Adjusting
GJ12
3
0
0
0
00
3
0
0
0
00
CONTINUING PROBLEM (CONTINUED)
INSURANCE EXPENSE
ACCOUNT NO. 5060
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
√
POSTAGE EXPENSE
ACCOUNT NO. 5070
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
31
Balance
√
4
0
00
CONTINUING PROBLEM (CONTINUED)
WAGE EXPENSE
ACCOUNT NO. 5110
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
31
Balance
√
2
0
3
0
00
PAYROLL TAX EXPENSE
ACCOUNT NO. 5120
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
31
Balance
√
2
1
8
24
INTEREST EXPENSE
ACCOUNT NO. 5130
Date
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
CONTINUING PROBLEM(CONTINUED)
PURCHASE RETURN AND ALLOWANCES
ACCOUNT NO. 6010
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
31
Balance
√
1
5
0
00
PURCHASE DISCOUNT
ACCOUNT NO. 6020
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
FREIGHT IN
ACCOUNT NO. 6030
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
CONTINUING PROBLEM(CONTINUED)
Smith Computer Center
Income Statement
For the Six Months Ending March 31, 201X
Revenue:
Service Revenue
$21
8
0
0
00
Sales Revenue
$11
6
8
0
00
Less: Sales Returns
4
6
0
00
Less: Sales Discounts
1
9
8
00
Net Sales Revenue
11
0
2
2
00
Total Revenue
32
8
2
2
00
Expenses:
Phone Expense
1
7
0
00
Wage Expense
2
0
3
0
00
Cost of Goods Sold*
3
8
0
00
Rent Expense
3
0
0
0
00
Supplies Expense
3
2
0
00
Payroll Tax Expense
2
1
8
24
Depreciation Expense, Computer Equipment
6
6
0
00
Depreciation Expense, Office Equipment
3
9
0
00
Postage Expense
4
0
00
Miscellaneous Expense
1
5
00
Total Expenses
7
2
2
3
24
Net Income
$25
5
9
8
76
*Cost of Goods Sold = Purchases $930 Less Purchase Returns $150
= Cost of Goods Available for Sale $780 Less Ending Inventory $400 =
Cost of Goods Sold $380
CONTINUING PROBLEM(CONTINUED)
Smith Computer Center
Statement of Owner’s Equity
For the Six Months Ending March 31, 201X
T. Feldman, Capital, October 1, 201X
$12
2
8
2
00
Net Income
$25
5
9
8
76
Less: Withdrawals
(9
1
5
00)
Increase in Capital
24
6
8
3
76
T. Feldman, Capital, March 31, 201X
$36
9
6
5
76
Smith Computer Center
Balance Sheet
March 31, 201X
Assets:
Current Assets:
Cash
$17
2
6
3
76
Petty Cash
3
0
0
00
Accounts Receivable
13
0
9
5
00
Merchandise Inventory
4
0
0
00
Prepaid Rent
5
0
0
00
Supplies
3
3
7
00
Total Current Assets
31
8
9
5
76
Plant and Equipment:
Computer Shop Equipment
$5
7
0
0
00
Less: Accumulated Depreciation
8
1
0
00
4
8
9
0
00
Office Equipment
3
8
5
0
00
Less: Accumulated Depreciation
5
0
0
00
3
3
5
0
00
Total Plant and Equipment
8
2
4
0
00
Total Assets
$40
1
3
5
76
Current Liabilities:
Accounts Payable
$3
1
7
0
00
Total Current Liabilities
3
1
7
0
00
Owner’s Equity:
T. Feldman, Capital
36
9
6
5
76
Total Liabilities and Owner’s Equity
$40
1
3
5
76
MINI PRACTICE SET
Requirements 2, 7
THE ELEGANT DRESS SHOP
GENERAL JOURNAL
PAGE 4
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Mar.
1
Cash
110
1
8
0
0
00
Accounts Receivable, Bach Co.
112/√
1
8
0
0
00
Rec’d Payment on Acct., no Discount
2
Purchases
510
8
0
0
0
00
Accounts Payable, Thomas Co.
210/√
8
0
0
0
00
Purchased Merchandise
on Account
3
Accounts Receivable, Young Co.
112/√
8
0
0
0
00
Sales
410
8
0
0
0
00
Sold Merchandise on Account
6
Accounts Receivable, Young Co.
112/√
8
0
0
0
00
Sales
410
8
0
0
0
00
Sold Merchandise on Account
9
Purchases
510
4
0
0
0
00
Accounts Payable, Thomas Co.
210/√
4
0
0
0
00
Purchased Merchandise
on Account
9
Accounts Receivable, Young Co.
112/√
6
0
0
0
00
Sales
410
6
0
0
0
00
Sold Merchandise on Account
9
Cleaning Expense
614
1
0
0
00
Cash
110
1
0
0
00
Paid Cleaning Service
10
Sales Returns and Allowances
412
3
2
0
0
00
Accounts Receivable, Young Co.
112/√
3
2
0
0
00
Issued Credit Memo
MINI PRACTICE SET (CONTINUED)
THE ELEGANT DRESS SHOP
GENERAL JOURNAL
PAGE 5
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Mar.
11
Purchases
510
14
0
0
0
00
Accounts Payable, Johnsons Co.
210/√
14
0
0
0
00
Purchased Merchandise
on Account
Mar.
12
Cash
110
30
0
0
0
00
Sales
410
30
0
0
0
00
Sold Merchandise for Cash
12
Accounts Payable, Thomas Co.
210/√
8
0
0
0
00
Purchases Discount
514
8
0
00
Cash
110
7
9
2
0
00
Paid Invoice, less Discount
13
Cash
110
5
0
0
0
00
Sales
410
5
0
0
0
00
Sold Merchandise for Cash
14
Accounts Payable, Johnsons Co.
210/√
1
0
0
0
00
Purchases Returns and Allowances
512
1
0
0
0
00
Issued Debit Memo
15
FIT Payable
214
7
4
2
00
FICA-OASDI Payable
216
1
1
5
3
20
FICA-Medicare Payable
218
2
6
9
70
Cash
110
2
1
6
4
90
Paid FIT and
FICA Taxes
15
B. Duval, Withdrawals
320
2
5
0
00
Cash
110
2
5
0
00
Owner
15
SIT Payable
220
6
5
1
00
Cash
110
6
5
1
00
Paid SIT Taxes
