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MINI-PRACTICE SET 2 (continued)
ACCOUNT Rent Ex
p
ense ACCOUNT NO.
ACCOUNT Salaries Expense ACCOUNT NO.
ACCOUNT Supplies Expense ACCOUNT NO.
2013
ACCOUNT Telephone Expense ACCOUNT NO.
ACCOUNT Utilities Expense ACCOUNT NO.
2013
Oct. 22 CP10 8 8 1 00 8 8 1 00
31 Closing J18 8 8 1 00 ─0─
DESCRIPTION
POST.
REF.
DATE DESCRIPTION
DATE
CREDIT
CREDIT
DATE
DATE DESCRIPTION
DESCRIPTION
POST.
REF.
DATE DESCRIPTION
POST.
REF. DEBIT
POST.
REF.
DEBIT
DEBIT
POST.
REF.
CREDIT
BALANCE
DEBIT CREDIT
DEBIT CREDIT
BALANCE
CREDIT
629
632
635
638
BALANCE
DEBIT CREDIT
DEBIT
GENERAL LEDGER
644
CREDIT
CREDIT
BALANCE
DEBIT CREDIT
BALANCE
DEBIT
DEBIT
MINI-PRACTICE SET 2 (continued)
NAME Jennifer Brown TERMS n/30
POST.
NAME Megan Greening TERMS n/30
DESCRIPTION
POST.
REF.
NAME James Helmer TERMS n/30
DESCRIPTION
POST.
REF.
2013
NAME Emma Maldonado TERMS n/30
DESCRIPTION
POST.
REF.
2013
CREDIT BALANCEDATE DEBIT
CREDIT
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
DATE DEBIT
BALANCE
CREDIT
DATE
BALANCE
DEBIT
NAME Jim Price TERMS n/30
DESCRIPTION
POST.
REF.
NAME Dimitri Sayegh TERMS n/30
DESCRIPTION
POST.
REF.
2013
Oct. 1 Balance ✔51 000
NAME Emily Tran TERMS n/30
DESCRIPTION
POST.
REF.
2013
Oct. 1 Balance ✔170000
5 CR10 170000 ─0─
29 Sales Slip 245 S10 306600 3 06 600
BALANCE
DATE DEBIT CREDIT BALANCE
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
DATE DEBIT CREDIT
BALANCEDATE DEBIT CREDIT
MINI-PRACTICE SET 2 (continued)
NAME A Fashion Statement TERMS
DESCRIPTION
POST.
REF.
2013
Oct. 1 Balance ✔783000
NAME Classy Threads TERMS
DESCRIPTION
POST.
REF.
2013
Oct. 1 Balance ✔170000
5 CP10 170000 ─0─
NAME Today’s Woman TERMS
DESCRIPTION
POST.
REF.
2013
Oct. 1 Balance ✔877000
DATE DEBIT CREDIT BALANCE
CREDIT
2/10,n/30
BALANCE
1/10,n/30
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
2/10,n/30
DATE DEBIT CREDIT
BALANCEDATE DEBIT
MINI-PRACTICE SET 2 (continued)
000
The Fashion Rack
Schedule of Accounts Payable
October 31, 2013
A Fashion Statement
MINI-PRACTICE SET 2 (continued)
1 Cash 4833040
2 Accounts Receivable 1273850
3 Allowance for Doubtful Accounts 4 2 0 00 9 6 10
11 Social Security Tax Payable 140400
12 Medicare Tax Payable 3 2 4 00
13 Employee Income Tax Payable 102000
14 Federal Unemployment Tax Payable 6 3 0 00
15 State Unemployment Tax Payable 185200
16 Salaries Payable 0 00
17 Sales Tax Payable 338750
18 Teresa Lojay, Capital 20325200
19 Teresa Lojay, Drawing 650000
20 Income Summary 8899600 8040000
21 Sales 6835000
22 Sales Returns and Allowances 6 0 0 00
23 Purchases 1637000
The Fashion Rack
Worksheet
For Month Ended October 31, 2013
ACCOUNT NAME
TRIAL BALANCE ADJUSTMENTS
DEBIT CREDIT DEBIT CREDIT
MINI-PRACTICE SET 2 (continued)
4833040 4833040 1
1273850 1273850 2
822500 822500 9
587000 587000 10
140400 140400 11
60000 60000 22
1637000 1637000 23
30000 30000 24
43000 43000 25
46240 46240 26
312500 312500 27
117500 117500 28
70000 70000 29
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
MINI-PRACTICE SET 2 (continued)
O
p
eratin
g
Revenue
Sales 6835000
Less Sales Returns and Allowances 6 0 0 00
Net Sales 6775000
Total Merchandise Available for Sale 10477360
Less Merchandise Inventor
y,
October 31
,
2013 8040000
Cost of Goods Sold 2437360
Gross Profit on Sales 4337640
O
p
eratin
g
Ex
p
enses
Advertisin
g
Ex
p
ense 312500
De
p
reciation Ex
p
ense—E
q
ui
p
ment 117500
Insurance Ex
p
ense 7 0 0 00
Uncollectible Accounts Ex
p
ense 9 6 10
The Fashion Rack
Income Statement
For Month Ended October 31, 2013
MINI-PRACTICE SET 2 (continued)
Teresa Lojay, Capital, October 1, 2013 20325200
Current Assets
Cash 4833040
Plant and Equipment
Equipment 8300000
Less Accumulated Depreciation 822500
Total Plant and Equipment 7477500
The Fashion Rack
Statement of Owner's Equity
For Month Ended October 31, 2013
Assets
The Fashion Rack
Balance Sheet
October 31, 2013
MINI-PRACTICE SET 2 (continued)
Cash 4833040
Accounts Receivable 1273850
Allowance for Doubtful Accounts 5 1 6 10
Merchandise Inventory 8040000
The Fashion Rack
Post-closing Trial Balance
October 31, 2013
ACCOUNT NAME DEBIT CREDIT
