PROBLEM 5B-3 (CONTINUED)
PALMER’S PLOWING
GENERAL JOURNAL
PAGE 2
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Jan.
28
Accounts Payable
211
4
8
0
0
00
Cash
111
4
8
0
0
00
Paid on Account
29
Advertising Expense
512
3
0
0
00
Accounts Payable
211
3
0
0
00
Advertising Bill Received
30
Telephone Expense
513
1
8
0
00
Cash
111
1
8
0
00
Paid Telephone Bill
Adjusting Entries
31
Snow Supplies Expense
515
5
0
0
00
Snow Supplies
115
5
0
0
00
31
Rent Expense
514
8
0
0
00
Prepaid Rent
114
8
0
0
00
31
Depreciation Expense, Office Equipment
516
1
6
0
00
Accumulated Depreciation, Office Eq.
122
1
6
0
00
31
Depreciation Expense, Snow Equipment
517
1
5
0
00
Accumulated Depreciation, Snow Eq.
124
1
5
0
00
31
Salaries Expense
511
3
4
0
00
Salaries Payable
212
3
4
0
00
Closing Entries
31
Plowing Fees
411
19
0
0
0
00
Income Summary
313
19
0
0
0
00
PROBLEM 5B-3 (CONTINUED)
PALMER’S PLOWING
GENERAL JOURNAL
PAGE 3
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Jan.
31
Income Summary
313
4
5
3
0
00
Salaries Expense
511
2
4
4
0
00
Advertising Expense
512
3
0
0
00
Telephone Expense
513
1
8
0
00
Snow Supplies Expense
515
5
0
0
00
Rent Expense
514
8
0
0
00
Depreciation Expense, Office
Equipment
516
1
6
0
00
Depreciation Expense, Snow
Equipment
517
1
5
0
00
31
Income Summary
313
14
4
7
0
00
P. Mao, Capital
311
14
4
7
0
00
31
P. Mao, Capital
311
8
0
0
0
00
P. Mao, Withdrawals
312
8
0
0
0
00
PROBLEM 5B-3 (CONTINUED)
CASH
ACCOUNT NO. 111
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
1
GJ1
9
0
0
0
00
9
0
0
0
00
1
GJ1
4
0
0
0
00
5
0
0
0
00
6
GJ1
6
0
0
00
4
4
0
0
00
8
GJ1
11
0
0
0
00
15
4
0
0
00
12
GJ1
8
0
0
0
00
7
4
0
0
00
26
GJ1
2
1
0
0
00
5
3
0
0
00
28
GJ2
4
8
0
0
00
5
0
0
00
30
GJ2
1
8
0
00
3
2
0
00
ACCOUNT NO. 112
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
20
GJ1
8
0
0
0
00
8
0
0
0
00
Post
Ref.
Debit
Credit
Balance
Credit
Jan.
1
GJ1
4
0
0
0
00
4
0
0
00
8
0
0
2
0
0
PROBLEM 5B-3 (CONTINUED)
SNOW SUPPLIES
ACCOUNT NO. 115
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
6
GJ1
6
0
0
00
6
0
0
00
31
Adjusting
GJ2
5
0
0
00
1
0
0
00
OFFICE EQUIPMENT
ACCOUNT NO. 121
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
4
GJ1
9
6
0
0
00
9
6
0
0
00
ACCOUNT NO. 122
Date
201X
Explanation
Post
Ref.
Debit
Credit
Jan.
31
Adjusting
GJ2
1
6
0
1
6
0
00
Debit
Jan.
1
GJ1
9
0
0
0
00
9
0
0
0
00
PROBLEM 5B-3 (CONTINUED)
ACCUMULATED DEPRECIATION, SNOW
EQUIPMENT
ACCOUNT NO. 124
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Adjusting
GJ2
1
5
0
00
1
5
0
00
Date
201X
Post
Ref.
Debit
Jan.
4
GJ1
6
0
0
00
9
6
0
0
00
28
GJ2
4
8
0
0
00
4
8
0
0
00
29
GJ2
3
0
0
00
5
1
0
0
00
Date
201X
Post
Ref.
Debit
Debit
Credit
Jan.
31
Adjusting
GJ2
3
4
0
00
3
4
0
00
Ref.
Debit
Credit
Credit
Jan.
1
GJ1
18
0
0
00
0
0
0
00
31
Closing
GJ3
14
4
7
0
00
4
7
0
00
PROBLEM 5B-3 (CONTINUED)
P. MAO, WITHDRAWALS
ACCOUNT NO. 312
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
12
GJ1
8
0
0
0
00
8
0
0
0
00
31
Closing
GJ3
8
0
0
0
00
INCOME SUMMARY
ACCOUNT NO 313
Date
201X
Explanation
Pos
t
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Closing
GJ2
19
0
0
0
00
19
0
0
0
00
31
Closing
GJ3
4
5
3
0
00
14
4
7
0
00
31
Closing
GJ3
14
4
7
0
00
PLOWING FEES
ACCOUNT NO. 411
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
8
GJ1
11
0
0
0
00
11
0
0
0
00
20
GJ1
8
0
0
0
00
19
0
0
0
00
31
Closing
GJ2
19
0
0
0
00
201X
Explanation
Ref.
Debit
Debit
Credit
Jan.
GJ1
2
1
0
0
00
2
1
0
0
Adjusting
GJ2
3
4
0
00
2
4
4
0
PROBLEM 5B-3 (CONTINUED)
ADVERTISING EXPENSE
ACCOUNT NO. 512
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
29
GJ2
3
0
0
00
3
0
0
00
31
Closing
GJ3
3
0
0
00
Explanation
Ref.
Debit
Credit
31
Closing
GJ3
1
8
00
RENT EXPENSE
Ref.
Debit
Post
Ref.
Credit
GJ2
PROBLEM 5B-3 (CONTINUED)
DEPRECIATION EXPENSE, OFFICE EQUIPMENT ACCOUNT NO. 516
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Adjusting
GJ2
1
6
0
00
1
6
0
00
31
Closing
GJ3
1
6
0
00
EQUIPMENT
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Jan.
31
Adjusting
GJ2
1
5
0
00
1
5
0
PROBLEM 5B-3 (CONTINUED)
Balance Sheet
Credit
Debit
320
Inc. Statement
Credit
Debit
PALMER’S PLOWING
WORKSHEET
FOR THE MONTH ENDED JAN. 31, 201X
Adj. Trial Balance
Credit
Debit
320
Adjustments
Credit
Debit
Trial Balance
Credit
Debit
320
Cash
PROBLEM 5B-3 (CONTINUED)
PALMER’S PLOWING
INCOME STATEMENT
FOR MONTH ENDED JANUARY 31, 201X
Revenue:
Plowing Fees
$19
0
0
0
00
Operating Expenses:
Salaries Expense
$2
4
4
0
00
Advertising Expense
3
0
0
00
Telephone Expense
1
8
0
00
Snow Supplies Expense
5
0
0
00
Rent Expense
8
0
0
00
Depreciation Expense, Office Equipment
1
6
0
00
Depreciation Expense, Snow Equipment
1
5
0
00
Total Operating Expenses
4
5
3
0
00
Net Income
$14
4
7
0
00
PALMER’S PLOWING
STATEMENT OF OWNER’S EQUITY
FOR MONTH ENDED JANUARY 31, 201X
P. Mao, Capital, Jan. 1, 201X
$
0
00
Investment in January
18
0
0
0
00
Total Investment in January
18
0
0
0
00
Net Income for January
$14
4
7
0
00
Less: Withdrawals for January
(8
0
0
0
00)
Increase in Capital
6
4
7
0
00
P. Mao, Capital, Jan. 31, 201X
$24
4
7
0
00