PROBLEM 5A-3 (CONTINUED)
CASH
ACCOUNT NO. 111
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
1
GJ1
16,000
00
16,000
00
1
GJ1
2,400
00
13,600
00
6
GJ1
300
00
13,300
00
8
GJ1
8,000
00
21,300
00
12
GJ1
8,000
00
13,300
00
26
GJ1
2,200
00
11,100
00
28
GJ2
6,000
00
5,100
00
30
GJ2
140
00
4,960
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
20
GJ1
5,000
00
5,000
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Jan.
1
GJ1
2,400
00
2,400
00
31
Adjusting
GJ2
400
00
2,000
00
Explanation
Post
Ref.
Balance
PROBLEM 5A-3 (CONTINUED)
OFFICE EQUIPMENT
ACCOUNT NO. 121
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
4
GJ1
12,000
00
12,000
00
Date
201X
Debit
Debit
Credit
Jan.
Adjusting
GJ2
00
201X
Explanation
Post
Ref.
Debit
Balance
Debit
Credit
Jan.
1
GJ1
10,200
00
10,200
00
201X
Explanation
Post
Ref.
Debit
Balance
Debit
Credit
Jan.
Adjusting
GJ2
00
00
PROBLEM 5A-3(CONTINUED)
ACCOUNTS PAYABLE
ACCOUNT NO. 211
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
4
GJ1
12,000
00
12,000
00
28
GJ2
6,000
00
6,000
00
29
GJ2
800
00
6,800
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Adjusting
GJ2
00
Date
201X
Explanation
Post
Ref.
Debit
Balance
Debit
Credit
31
Closing
GJ3
34,940
31
Closing
GJ3
8,000
00
26,940
201X
Explanation
Post
Ref.
Debit
Balance
Debit
Credit
Jan.
12
GJ1
8,000
00
8,000
00
31
Closing
GJ3
8,000
PROBLEM 5A-3(CONTINUED)
INCOME SUMMARY
ACCOUNT NO. 313
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Closing
GJ2
13,000
00
13,000
00
31
Closing
GJ3
4,260
00
8,740
00
31
Closing
GJ3
8,740
00
Date
201X
Explanation
Post
Ref.
Debit
Balance
Debit
Credit
Jan.
8
GJ1
8,000
00
20
GJ1
13,000
00
31
Closing
GJ2
13,000
00
Date
201X
Explanation
Post
Ref.
Debit
Balance
Jan.
26
GJ1
2,200
00
2,200
00
31
Adjusting
GJ2
00
2,350
00
31
Closing
GJ3
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Credit
GJ2
00
00
31
Closing
GJ3
00
PROBLEM 5A-3(CONTINUED)
TELEPHONE EXPENSE
ACCOUNT NO. 513
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
30
GJ2
140
00
140
00
31
Closing
GJ3
140
00
Date
201X
Debit
Credit
Debit
Credit
Jan.
31
Adjusting
GJ2
400
00
400
00
31
Closing
GJ3
400
00
SNOW SUPPLIES EXPENSE
ACCOUNT NO. 515
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Adjusting
GJ2
200
00
200
00
31
Closing
GJ3
200
00
DEPRECIATION EXPENSE, OFFICE EQUIPMENT
ACCOUNT NO. 516
Debit
Credit
Jan.
31
Adjusting
GJ2
200
00
200
00
31
Closing
GJ3
200
00
PROBLEM 5A-3(CONTINUED)
DEPRECIATION EXPENSE, SNOW EQUIPMENT
ACCOUNT NO. 517
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Adjusting
GJ2
170
00
170
00
31
Closing
GJ3
170
00
PROBLEM 5A-3 (CONTINUED)
PAT’S PLOWING
WORKSHEET
FOR MONTH ENDED JANUARY 31, 201X
PROBLEM 5A-3 (CONTINUED)
PAT’S PLOWING
INCOME STATEMENT
FOR MONTH ENDED JANUARY 31, 201X
Revenue:
Plowing Fees
$13,000
00
Operating Expenses:
Salaries Expense
$2,350
00
Advertising Expense
800
00
Telephone Expense
140
00
Snow Supplies Expense
200
00
Rent Expense
400
00
Depr. Expense, Office Equipment
200
00
Depr. Expense, Snow Equipment
170
00
Total Operating Expenses
4,260
00
Net Income
$8,740
00
PAT’S PLOWING
STATEMENT OF OWNER’S EQUITY
FOR MONTH ENDED JANUARY 31, 201X
P. Munro, Capital, Jan. 1, 201X
$0
00
Investment in January
26,200
00
Total Investment
26,200
00
Net Income for January
$8,740
00
Less: Withdrawals for January
(8,000
00)
Increase in Capital
740
00
P. Munro, Capital, Jan. 31, 201X
$26,940
00
PROBLEM 5A-3 (CONTINUED)
LIABILITIES AND OWNER’S EQUITY
PAT’S PLOWING
BALANCE SHEET
JANUARY 31, 201X
ASSETS
PROBLEM 5A-3 (CONCLUDED)
PAT’S PLOWING
POST-CLOSING TRIAL BALANCE
JANUARY 31, 201X
Dr.
Cr.
Cash
$4,960
00
Accounts Receivable
5,000
00
Prepaid Rent
2,000
00
Snow Supplies
100
00
Office Equipment
12,000
00
Accumulated Depreciation, Office Equipment
$200
00
Snow Equipment
10,200
00
Accumulated Depreciation, Snow Equipment
170
00
Accounts Payable
6,800
00
Salaries Payable
150
00
P. Munro, Capital
26,940
00
Totals
$34,260
00
$34,260
00