PROBLEM 12A-4 (CONTINUED)
(2)
JAMIE’S SUPPLIES
INCOME STATEMENT
FOR YEAR ENDED DECEMBER 31, 201X
Revenue:
Less: Sales Ret. & Allow.
$3
1
8
0
00
6
0
0
00
5
7
8
0
Net Sales
90
5
9
0
00
Cost of Goods Sold
3
0
0
00
Less: Purch. Ret. & Allow.
5
0
0
00
Net Purchases
$46
7
0
00
Add: Freight-In
2
1
0
00
Net Cost of Purchases
49
1
8
0
00
Cost of Goods Avail for Sale
$60
4
8
0
00
Less: Merch. Inv. 12/31/1X
10
4
0
0
00
Cost of Goods Sold
50
0
8
0
00
Gross Profit
5
1
0
00
Operating Expenses:
4
0
0
00
5
6
0
00
36
2
6
0
00
Net Income from Operations
$4
2
5
0
00
Other Income:
Net Income
$4
5
2
0
00
PROBLEM 12A-4 (CONTINUED)
JAMIE’S SUPPLIES
STATEMENT OF OWNER’S EQUITY
FOR YEAR ENDED DECEMBER 31, 201X
P. Jamie, Capital, 1/1/1X
$10
6
0
0
00
Net Income
5
2
0
00
2
8
0
Increase in Capital
2
4
0
00
P. Jamie, Capital, 12/31/1X
$10
8
4
0
00
JAMIE’S SUPPLIES
BALANCE SHEET
DECEMBER 31, 201X
Assets
Current Assets:
Cash
$2
4
0
0
00
Accounts Receivable
3
4
0
0
00
Merchandise Inventory
10
4
0
0
00
Prepaid Insurance
1
3
2
0
00
Plant and Equipment:
Equipment
$2
9
0
0
00
1
4
2
0
00
1
4
8
0
Liabilities
Current Liabilities
Accounts Payable
$5
1
1
0
00
Unearned Training Fees
8
2
0
Mortgage Payable (current)
8
3
0
Mortgage Payable
4
0
0
00
Owner’s Equity
P. Jamie, Capital
8
4
0
PROBLEM 12A-4 (CONTINUED)
(3)
GENERAL JOURNAL
PAGE 2
Date
Account Titles and Description
PR
Dr.
Cr.
Adjusting Entries
31
Income Summary
11
3
0
0
00
Merchandise Inventory
11
3
0
0
00
31
Merchandise Inventory
10
4
0
0
00
Income Summary
10
4
0
0
00
31
Unearned Training Fees
2
7
0
00
Training Fees Earned
2
7
0
00
31
Depreciation Expense, Equipment
4
0
0
00
Accumulated Depreciated, Equipment
4
0
0
00
31
Insurance Expense
5
6
0
00
Prepaid Insurance
5
6
0
00
Closing Entries
31
Sales
96
3
7
0
00
Training Fees Earned
2
7
0
00
Purchases Returns and Allowance
13
5
0
0
00
Purchases Discount
3
2
3
0
00
Income Summary
113
3
7
0
00
31
Income Summary
107
9
5
0
00
Sales Returns and Allowances
3
1
8
0
00
Sales Discount
2
6
0
0
00
Purchases
63
2
0
0
00
2
7
1
0
00
Advertising Expense
11
3
0
0
00
Rent Expense
10
2
0
0
00
Salaries Expense
13
8
0
0
00
Depreciation Expense, Equipment
4
0
0
00
Insurance Expense
5
6
0
00
31
Income Summary
4
5
2
0
00
P. Jamie, Capital
4
5
2
0
00
31
P. Jamie, Capital
4
2
8
0
00
P. Jamie, Withdrawals
4
2
8
0
00
12 Appendix-15
PROBLEM 12A-5
(1, 3)
ABBY’ S TOY HOUSE
Delivery Truck
6/10, n/30
6/10, n/30
Sam Katz Garage
Sanya Burger
Rose Karpel Co.
PROBLEM 12A-5 (CONTINUED)
ABBY‘S TOY HOUSE
CASH RECEIPTS JOURNAL
PAGE 1
Date
201X
Sales
Accounts
Sundry Cr.
Cash
Discounts
Receivable
Toy Sales
Dr.
Dr.
Cr.
Cr.
Account Names
Pr.
Amount Cr.
Aug.
1
7,300
00
A. Ellen, Capital
310
7,300
00
1,800
4,200
ABBY‘S TOY HOUSE
CASH PAYMENTS JOURNAL
PAGE 1
Date
201X
Accounts
Purchases
Check
Sundry
Payable
Discount
Cash
Cr.
No.
Account Debited
PR.
Dr.
Dr.
Cr.
Aug
1
1
Prepaid Rent
114
3,300
00
3,300
00
PROBLEM 12A-5 (CONTINUED)
ABBY‘S TOY HOUSE
SALES JOURNAL Page 1
Date
201X
Invoice
No.
Terms
Account Debited
PR
Accounts Rec.-Dr.
Toy Sales – Cr.
Aug.
3
1
6/10, n/30
Laura Capps
√
1,600
00
6
2
6/10, n/30
Jim Rex
√
1,100
00
9
3
6/10, n/30
Laura Capps
√
1,000
00
16
4
6/10, n/30
Amber Reade
√
00
22
5
6/10, n/30
Laura Capps
√
00
24
6
6/10, n/30
Amber Reade
√
1,300
00
30
7
6/10, n/30
√
2,600
00
(112) (410)
ABBY’S TOY HOUSE
GENERAL JOURNAL Page 1
Sales Returns and Allowances
412
Issued Credit Memo #1
Accounts Payable, Rose Kaufman
Purchases Returns and Allowances
512
Issued Debit Memo #1
(2)
CASH
ACCOUNT NO. 110
PROBLEM 12A-5 (CONTINUED)
ACCOUNTS RECEIVABLE
ACCOUNT NO. 112
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Credit
Aug.
1
CPJ1
3
3
0
0
00
3
3
0
0
00
ACCOUNT NO. 121
Balance
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Credit
Aug.
20
PJ1
2
9
0
0
00
2
9
0
0
00
ACCOUNTS PAYABLE
ACCOUNT NO. 210
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Credit
Aug.
14
GJ1
1
5
0
0
00
1
5
0
0
00
Aug.
31
PJ1
8
0
0
00
15
3
0
0
ACCOUNT NO. 310
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Aug.
1
CRJ1
7
3
0
0
00
7
3
0
0
28
CRJ1
8
0
0
0
00
3
0
0
Balance
PROBLEM 12A-5 (CONTINUED)
TOY SALES
ACCOUNT NO. 410
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
SALES RETURNS AND ALLOWANCES
ACCOUNT NO. 412
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
SALES DISCOUNTS
ACCOUNT NO. 414
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
TOY PURCHASES
ACCOUNT NO. 510
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
CPJ1
PURCHASES RETURNS AND ALLOWANCES
ACCOUNT NO. 512
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
1
1
PROBLEM 12A-5 (CONTINUED)
PURCHASES DISCOUNTS
ACCOUNT NO. 514
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
SALARIES EXPENSE
ACCOUNT NO. 610
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
CLEANING EXPENSE
ACCOUNT NO. 612
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Aug.
CPJ1
2
0
0
00
2
0
0
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
NAME
Laura Capps
Date
201X
Explanation
Post
Ref.
Debit
Credit
Dr. Balance
Aug.
3
SJ1
1
6
0
0
00
1
6
0
0
00
9
SJ1
1
0
0
0
00
2
6
0
0
00
16
1
6
0
0
1
0
0
0
00
22
SJ1
3
0
0
00
1
3
0
0
00
28
3
0
0
1
0
0
0
00
NAME
Berta Fick Co.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Dr. Balance
Aug.
30
SJ1
2
6
0
0
00
2
6
0
0
00
PROBLEM 12A-5 (CONTINUED)
NAME
Amber Reade
Date
201X
Explanation
Post
Ref.
Debit
Credit
Dr. Balance
Aug.
16
SJ1
3
4
0
0
00
3
4
0
0
00
24
SJ1
1
3
0
0
00
4
7
0
0
00
28
CRJ1
1
3
0
0
00
3
4
0
0
00
NAME
Jim Rex
Date
201X
Explanation
Post
Ref.
Debit
Credit
Dr. Balance
Aug.
6
1
1
0
0
00
1
1
0
0
00
10
GJ1
1
0
0
1
0
0
0
00
16
1
0
0
0
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
NAME
Sanya Burger
Date
201X
Explanation
Post
Ref.
Debit
Credit
Cr. Balance
Aug.
26
PJ1
4
0
0
0
4
0
0
0
00
NAME
Rose Karpel Co.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Cr. Balance
Aug.
1
3
4
0
0
3
4
0
0
00
8
1
7
0
0
5
1
0
0
00
12
3
4
0
0
00
1
7
0
0
00
28
PJ1
1
5
0
0
3
2
0
0
00
30
1
5
0
0
00
1
7
0
0
00
PROBLEM 12A-5 (CONTINUED)
NAME
Sam Katz Garage
Date
201X
Explanation
Post
Ref.
Debit
Credit
Cr. Balance
2
2
NAME
Rose Kaufman
Date
201X
Explanation
Post
Ref.
Debit
Credit
Cr. Balance
3
3
1
5
1
1
8
PROBLEM 12A-5 (CONCLUDED)
(4)
ABBY’S TOY HOUSE
SCHEDULE OF ACCOUNTS RECEIVABLE
DECEMBER 31, 201X