MINI PRACTICE SET (CONTINUED)
MISCELLANEOUS EXPENSE
ACCOUNT NO. 624
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
30
GJ7
1
1
00
1
1
00
31
Closing
GJ9
1
1
00
12–81
MINI PRACTICE SET (CONTINUED) Requirement 5
Balance Sheet
CR
3,300.00
43,700.00
1,255.00
1,608.28
376.14
907.90
1,008.00
126.00
750.00
12,992.70
66,024.02
23,978.99
90,003.01
DR
25,918.01
55.00
16,400.00
14,580.00
31,700.00
250.00
90,003.01
90,003.01
Income Statement
CR
14,580.00
77,000.00
250.00
1,000.00
470.00
93,300.00
93,300.00
DR
4,900.00
3,200.00
294.00
45,800.00
9,110.00
3,860.00
1,165.01
110.00
300.00
550.00
10.00
11.00
11.00
69,321.01
23,978.99
93,300.00
Adj. Trial Balance
CR
3,300.00
43,700.00
–
1,255.00
1,608.28
376.14
907.90
1,008.00
126.00
750.00
12,992.70
14,580.00
77,000.00
250.00
1,000.00
470.00
159,324.02
THE ELEGANT DRESS SHOP
WORKSHEET
MONTH ENDED MAR. 31, 201X
DR
25,918.01
55.00
16,400.00
14,580.00
31,700.00
250.00
4,900.00
3,200.00
294.00
45,800.00
9,110.00
3,860.00
1,165.01
110.00
300.00
550.00
10.00
11.00
11.00
159,324.02
Adjustments
CR
(a) 4,900.00
(c) 300.00
(b) 14,580.00
(d) 250.00
20,580.00
DR
(b) 14,580.00
(d) 250.00
(a) 4,900.00
(c) 300.00
(e)550.00
20,580.00
Trial Balance
CR
3,000.00
43,700.00
1,255.00
1,608.28
376.14
907.90
1,008.00
126.00
1,000.00
12,992.70
77,000.00
1,000.00
470.00
144,444.02
DR
25,918.01
55.00
16,400.00
4,900.00
31,700.00
250.00
3,200.00
294.00
45,800.00
9,110.00
3,860.00
1,165.01
110.00
10.00
11.00
11.00
144,444.02
Account Titles
Cash
Petty Cash
Accounts Receivable
Merchandise Inventory
Delivery Truck
Acc. Dep., Del. Truck
Accounts Payable
Salaries Payable
FIT Payable
FICA— OASDI Payable
FICA—Medicare Payable
SIT Payable
SUTA Payable
FUTA Payable
Unearned Rent
B. Duval, Capital
B. Duval, Withdrawals
Income Summary
Sales
Sales Ret. & Allow.
Sales Discount
Rental Income
Purchases
Purchases Ret. & Allow.
Purchases Discount
Sales Salaries Expense
Office Salaries Expense
Payroll Tax Expense
Cleaning Expense
Dep. Expense, Truck
Rent Expense
Postage Expense
Delivery Expense
Miscellaneous Expense
Net Income
Column Totals for Month
1,100.00
(e) 550.00
1,650.00
Prepaid Rent
MINI PRACTICE SET (CONTINUED)
Requirement 6
THE ELEGANT DRESS SHOP
INCOME STATEMENT
FOR THE MONTH ENDING MARCH 31, 201X
Revenue:
Sales
$77
0
0
0
00
Less: Sales Returns and Allowances
$3
2
0
0
00
Sales Discounts
2
9
4
00
3
4
9
4
00
Net Sales
$73
5
0
6
00
Cost of Goods Sold:
Merchandise Inventory, 3/01/0X
$ 4
9
0
0
00
Purchases
$45
8
0
0
00
Less: Purch. Ret. & Allow.
$1
0
0
0
00
Purchase Discounts
4
7
0
00
1
4
7
0
00
Net Purchases
44
3
3
0
00
Cost of Goods Available for Sale
$49
2
3
0
00
Less: Merchandise Inventory, 3/31/0X
14
5
8
0
00
Cost of Goods Sold
34
6
5
0
00
Gross Profit
$38
8
5
6
00
Operating Expenses:
Sales Salary Expense
9
1
1
0
00
Office Salary Expense
3
8
6
0
00
Payroll Tax Expense
1
1
6
5
01
Cleaning Expense
1
1
0
00
Dep. Expense, Truck
3
0
0
00
Rent Expense
5
5
0
00
Postage Expense
1
0
00
Delivery Expense
1
1
00
Miscellaneous Expense
1
1
00
Total Operating Expenses
$15
1
2
7
01
Net Income from Operations
$23
7
2
8
99
Other Income:
Rental Income
2
5
0
00
Net Income
$23
9
7
8
99
MINI PRACTICE SET (CONTINUED)
THE ELEGANT DRESS SHOP
STATEMENT OF OWNER’S EQUITY
MINI PRACTICE SET (CONTINUED)
THE ELEGANT DRESS SHOP
BALANCE SHEET
MARCH 31, 201X
Assets
Current Assets:
Cash
$25
9
1
8
01
Petty Cash
5
5
00
Accounts Receivable
16
4
0
0
00
Merchandise Inventory
14
5
8
0
00
Prepaid Rent
1
1
0
0
00
Total Current Assets
$58
0
5
3
01
Plant and Equipment:
Delivery Truck
$31
7
0
0
00
Less: Acc. Depr., Delivery Truck
3
3
0
0
00
28
4
0
0
00
Total Assets
$86
4
5
3
01
Liabilities
Current Liabilities:
Accounts Payable
$43
7
0
0
00
FIT Payable
1
2
5
5
00
FICA OASDI Payable
1
6
0
8
28
FICA Medicare Payable
3
7
6
14
SIT Payable
9
0
7
90
SUTA Payable
1
0
0
8
00
FUTA Payable
1
2
6
00
Unearned rent
7
5
0
00
Total Liabilities
$49
7
3
1
32
Owner’s Equity
B. Duval, Capital
$36
7
2
1
69
Total Liabilities and Owner’s Equity
$86
4
5
3
01
MINI PRACTICE SET (CONTINUED)
Requirement 9
THE ELEGANT DRESS SHOP
POST-CLOSING TRIAL BALANCE
MARCH 31, 201X
Account
Dr.
Cr.
Cash
25
9
1
8
01
Petty Cash
5
5
00
Accounts Receivable
16
4
0
0
00
Merchandise Inventory
14
5
8
0
00
Prepaid Rent
1
1
0
0
00
Delivery Truck
31
7
0
0
00
Accumulated Depreciation, Truck
3
3
0
0
00
Accounts Payable
43
7
0
0
00
FIT Payable
1
2
5
5
00
FICA OASDI Payable
1
6
0
8
28
FICA Medicare Payable
3
7
6
14
SIT Payable
9
0
7
90
SUTA Payable
1
0
0
8
00
FUTA Payable
1
2
6
00
Unearned Rent
7
5
0
00
B. Duval, Capital
36
7
2
1
69
89
7
5
3
01
89
7
5
3
01
MINI PRACTICE SET (CONCLUDED)