MINI PRACTICE SET (CONTINUED)
Requirement 3
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
NAME
DANMARK CO.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Credit
Balance
Mar.
1
Balance
2
0
0
0
00
27
GJ7
5
0
0
0
00
7
0
0
0
00
NAME
JOHNSONS CO.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Credit
Balance
Mar.
11
GJ5
14
0
0
0
00
14
0
0
0
00
14
GJ5
1
0
0
0
00
13
0
0
0
00
23
GJ6
13
0
0
0
00
NAME
MANNY’S GARAGE
201X
Explanation
Ref.
Debit
Credit
Balance
Mar.
21
GJ6
19
7
0
0
00
19
7
0
0
00
Date
Post
Credit
NAME
THOMAS CO.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Credit
Balance
Mar.
2
GJ4
8
0
0
0
00
8
0
0
0
00
9
GJ4
4
0
0
0
00
12
0
0
0
00
12
GJ5
8
0
0
0
00
4
0
0
0
00
29
GJ7
13
0
0
0
00
17
0
0
0
00
MINI PRACTICE SET (CONTINUED)
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
NAME
BACH CO.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Balance
Mar.
1
Balance
√
1
8
0
0
00
1
GJ4
1
8
0
0
00
Inv. #54
GJ6
4
6
0
0
00
4
6
0
0
00
Inv. #56
GJ6
1
4
0
0
00
6
0
0
0
00
GJ7
4
6
0
0
00
1
4
0
0
00
NAME
DANMARK CO.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Balance
Mar.
Inv. #57
GJ7
9
0
0
0
00
9
0
0
0
00
NAME
YOUNG CO.
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Balance
Mar.
3
Inv. #51
GJ4
8
0
0
0
00
8
0
0
0
00
6
Inv. #52
GJ4
8
0
0
0
00
16
0
0
0
00
9
Inv. #53
GJ4
6
0
0
0
00
22
0
0
0
00
CM #10 (Inv. #52)
GJ4
3
2
0
0
00
18
8
0
0
00
GJ6
4
8
0
0
00
14
0
0
0
00
GJ6
8
0
0
0
00
6
0
0
0
00
Inv. #55
GJ6
5
0
0
0
0
11
0
0
0
00
GJ7
5
0
0
0
00
6
0
0
0
00
MINI PRACTICE SET (CONTINUED)
THE FANTASTIC DRESS SHOP
SCHEDULE OF ACCOUNTS RECEIVABLE
MARCH 31, 201X
Bach Co.
$1
4
0
0
00
9
0
0
0
00
6
0
0
0
00
THE FANTASTIC DRESS SHOP
SCHEDULE OF ACCOUNTS PAYABLE
MARCH 31, 201X
Danmark Co.
$7
0
0
0
00
7
0
0
00
0
0
0
00
GENERAL LEDGER
CASH
ACCOUNT NO. 110
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
2
3
5
0
80
GJ4
1
8
0
0
00
4
1
5
0
80
GJ4
1
0
0
00
4
0
5
0
80
12
GJ5
30
0
0
0
00
34
0
5
0
12
GJ5
7
9
2
0
00
26
1
3
0
80
13
GJ5
5
0
0
0
00
31
1
3
0
80
15
GJ5
2
1
5
0
90
28
9
7
9
90
15
GJ5
2
5
0
00
28
7
2
9
90
15
GJ5
6
5
1
00
28
0
7
8
90
16
GJ6
4
6
5
6
00
32
7
3
4
90
16
GJ6
8
0
0
0
00
40
7
3
4
90
23
GJ6
12
6
1
0
00
28
1
2
4
90
25
GJ6
1
8
0
0
00
26
3
2
4
90
28
GJ7
4
8
5
0
00
31
1
7
4
90
28
GJ7
4
6
0
0
00
7
7
4
90
30
GJ7
4
2
00
35
7
3
2
90
MINI PRACTICE SET (CONTINUED)
Requirements 1, 4, 8
PETTY CASH
ACCOUNT NO. 111
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
5
5
00
ACCOUNTS RECEIVABLE
ACCOUNT NO. 112
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
1
8
0
0
00
GJ4
1
8
0
0
00
0
00
GJ4
8
0
0
0
00
8
0
0
0
00
GJ4
8
0
0
0
00
16
0
0
0
00
GJ4
6
0
0
0
00
22
0
0
0
00
10
GJ4
3
2
0
0
00
18
8
0
0
00
16
GJ6
4
8
0
0
00
14
0
0
0
00
16
GJ6
8
0
0
0
00
6
0
0
0
00
16
GJ6
4
6
0
0
00
10
6
0
0
00
22
GJ6
5
0
0
0
00
15
6
0
0
00
24
GJ6
1
4
0
0
00
17
0
0
0
00
28
GJ7
5
0
0
0
00
12
0
0
0
00
28
GJ7
4
6
0
0
00
7
4
0
0
00
30
GJ7
9
0
0
0
00
16
4
0
0
00
MINI PRACTICE SET (CONTINUED)
MERCHANDISE INVENTORY
ACCOUNT NO. 114
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
1
Balance
4
9
0
0
00
2
GJ4
8
0
0
0
00
12
9
0
0
00
3
GJ4
2
5
1
0
00
10
3
9
0
00
6
GJ4
2
2
4
0
00
8
1
5
0
00
9
GJ4
4
0
0
0
00
12
1
5
0
00
9
GJ4
1
9
7
0
00
10
1
8
0
00
10
GJ4
1
0
2
5
00
11
2
0
5
00
11
GJ5
14
0
0
0
00
25
2
0
5
00
12
GJ5
13
8
3
0
00
11
3
7
5
00
12
GJ5
8
0
00
11
2
9
5
00
13
GJ5
2
9
0
0
00
8
3
9
5
00
14
GJ5
1
0
0
0
00
7
3
9
5
00
16
GJ6
1
8
4
0
00
5
5
5
5
00
22
GJ6
2
6
5
0
00
2
9
0
5
00
23
GJ6
3
9
0
00
2
5
1
5
00
24
GJ6
7
2
0
00
1
7
9
5
00
25
GJ6
1
8
0
0
00
3
5
9
5
00
27
GJ7
5
0
0
0
00
8
5
9
5
00
29
GJ7
13
0
0
0
00
21
5
9
5
00
30
GJ7
2
1
0
0
00
19
4
9
5
00
30
1
1
00
19
5
0
6
00
PREPAID RENT
ACCOUNT NO. 116
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
1
Balance
1
6
5
0
00
31
Adjusting
GJ8
5
5
0
00
1
1
0
0
00
DELIVERY TRUCK
ACCOUNT NO. 120
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
1
Balance
12
0
0
0
00
21
GJ6
19
7
0
0
00
31
7
0
0
00
MINI PRACTICE SET (CONTINUED)
ACCUMULATED DEPRECIATION, TRUCK
ACCOUNT NO. 121
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
3
0
0
0
00
GJ8
3
0
0
00
3
3
0
0
00
ACCOUNTS PAYABLE
ACCOUNT NO. 210
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
2
0
0
0
00
GJ4
8
0
0
0
00
10
0
0
0
00
GJ4
4
0
0
0
00
14
0
0
0
00
11
GJ5
14
0
0
0
00
28
0
0
0
00
12
GJ5
8
0
0
0
00
20
0
0
0
00
14
GJ5
1
0
0
0
00
19
0
0
0
00
21
GJ6
19
7
0
0
00
38
7
0
0
00
23
GJ6
13
0
0
0
00
25
7
0
0
00
27
GJ7
5
0
0
0
00
30
7
0
0
00
29
GJ7
13
0
0
0
00
43
7
0
0
00
SALARIES PAYABLE
ACCOUNT NO. 212
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
30
GJ8
9
8
3
1
89
9
8
3
1
89
31
GJ8
9
8
3
1
89
FIT PAYABLE
ACCOUNT NO. 214
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
GJ4
7
2
8
00
GJ5
7
2
8
00
GJ8
1
2
3
8
00
1
2
3
8
00
MINI PRACTICE SET (CONTINUED)
FICA OASDI PAYABLE
ACCOUNT NO. 216
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
1
Balance
√
1
1
5
3
20
GJ5
1
1
5
3
20
GJ8
8
0
4
14
8
0
4
14
GJ8
8
0
4
14
1
6
0
8
28
FICA MEDICARE PAYABLE
ACCOUNT NO. 218
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
1
Balance
√
2
6
9
70
GJ5
2
6
9
70
GJ8
1
8
8
07
1
8
8
07
30
GJ8
1
8
8
07
3
7
6
14
SIT PAYABLE
ACCOUNT NO. 220
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
1
Balance
√
6
5
1
00
GJ5
6
5
1
00
GJ8
9
0
7
90
9
0
7
90
SUTA TAX PAYABLE
ACCOUNT NO. 222
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Mar.
1
Balance
√
8
5
4
40
GJ8
1
5
3
60
1
0
0
8
00
MINI PRACTICE SET (CONTINUED)
FUTA TAX PAYABLE
ACCOUNT NO. 224
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
1
0
6
GJ8
1
9
1
2
6
UNEARNED RENT
ACCOUNT NO. 226
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Balance
1
0
0
0
Adjusting
GJ9
2
5
0
7
5
0
B. DUVAL, CAPITAL
ACCOUNT NO. 310
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
9
9
2
Closing
GJ9
28
9
0
4
8
9
7
Closing
GJ9
2
5
0
6
4
7
B. DUVAL, WITHDRAWALS
ACCOUNT NO. 320
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
GJ5
2
5
0
2
5
0
MINI PRACTICE SET (CONTINUED)
INCOME SUMMARY
ACCOUNT NO. 330
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
31
GJ9
77
2
5
0
00
77
2
5
0
00
31
GJ9
48
3
4
5
01
28
9
0
4
99
31
GJ9
28
9
0
4
99
SALES
ACCOUNT NO. 410
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
GJ4
8
0
0
0
00
8
0
0
0
00
GJ4
8
0
0
0
00
16
0
0
0
00
GJ4
6
0
0
0
00
22
0
0
0
00
12
GJ5
30
0
0
0
00
52
0
0
0
00
13
GJ5
5
0
0
0
00
57
0
0
0
00
16
GJ6
4
6
0
0
00
61
6
0
0
00
22
GJ6
5
0
0
0
00
66
6
0
0
00
24
GJ6
1
4
0
0
00
68
0
0
0
00
30
GJ7
9
0
0
0
00
77
0
0
0
00
31
Closing
GJ9
77
0
0
0
00
SALES RETURNS AND ALLOWANCES
ACCOUNT NO. 412
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
10
GJ4
3
2
0
0
00
3
2
0
0
00
31
Closing
GJ9
3
2
0
0
00
MINI PRACTICE SET (CONINUED)
SALES DISCOUNT
ACCOUNT NO. 414
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
GJ6
1
4
4
00
1
4
4
00
GJ7
1
5
0
00
2
9
4
00
Closing
GJ9
2
9
4
00
RENTAL INCOME
ACCOUNT NO. 416
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
Adjusting
GJ9
2
5
0
00
2
5
0
00
Closing
GJ9
2
5
0
00
COST OF GOODS SOLD
ACCOUNT NO. 510
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
3
GJ4
2
5
1
0
00
2
5
1
0
00
6
GJ4
2
2
4
0
00
4
7
5
0
00
9
GJ4
1
9
7
0
00
6
7
2
0
00
GJ4
1
0
2
5
00
5
6
9
5
00
GJ5
13
8
3
0
00
19
5
2
5
00
GJ5
2
9
0
0
00
22
4
2
5
00
1
8
4
0
00
24
2
6
5
00
2
6
5
0
00
26
9
1
5
00
7
2
0
00
27
6
3
5
00
2
1
0
0
00
29
7
3
5
00
Closing
GJ9
29
7
3
5
00
MINI PRACTICE SET (CONTINUED)
SALES SALARIES EXPENSE
ACCOUNT NO. 610
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
GJ8
9
1
1
0
00
9
1
1
0
00
Closing
GJ9
9
1
1
0
00
OFFICE SALARIES EXPENSE
ACCOUNT NO. 611
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
GJ8
3
8
6
0
00
3
8
6
0
00
Closing
GJ9
3
8
6
0
00
PAYROLL TAX EXPENSE
ACCOUNT NO. 612
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
30
GJ8
1
1
6
5
01
1
1
6
5
01
Closing
GJ9
1
1
6
5
01
CLEANING EXPENSE
ACCOUNT NO. 614
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Mar.
9
GJ4
1
0
0
00
1
0
0
00
GJ7
1
0
00
1
1
0
00
Closing
GJ9
1
1
0
00
DEPRECIATION EXPENSE, TRUCK
ACCOUNT NO. 616
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
MINI PRACTICE SET (CONTINUED)
POSTAGE EXPENSE
ACCOUNT NO. 620
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
GJ7
GJ9
MISCELLANEOUS EXPENSE
ACCOUNT NO. 624
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
GJ7
GJ9
RENT EXPENSE
ACCOUNT NO. 618
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
GJ8
GJ9
1,165.01
1,165.01
(b) 300.00
1,165.01
Payroll Tax Expense
Cleaning Expense
Dep. Expense, Truck
Rent Expense
Postage Expense
Miscellaneous Expense
Net Income
Column Totals for Month
MINI PRACTICE SET (CONTINUED) Requirement 5
Balance Sheet
CR
DR
25,901.01
55.00
16,400.00
19,506.00
Income Statement
CR
DR
29,735.00
9,110.00
3,860.00
Adj. Trial Balance
CR
THE FANTASTIC DRESS SHOP
WORKSHEET
SIX MONTHS ENDED MAR. 31, 201X
DR
25,901.01
55.00
16,400.00
19,506.00
29,735.00
9,110.00
3,860.00
Adjustments
CR
DR
Trial Balance
CR
DR
25,901.01
55.00
16,400.00
19,506.00
29,735.00
9,110.00
3,860.00
Account Titles
Cash
Petty Cash
Accounts Receivable
Merchandise Inventory
Cost of Goods Sold
Sales Salaries Expense
Office Salaries Expense
3,200.00
3,300.00
43,700.00
1,238.00
1,608.28
1,008.00
77,000.00
1,100.00
31,700.00
3,200.00
(c) 250.00
1,650.00
31,700.00
3,200.00
Prepaid Rent
Delivery Truck
Acc. Dep., Del. Truck
Accounts Payable
FIT Payable
SIT Payable
SUTA Payable
FUTA Payable
Unearned Rent
B. Duval, Withdrawals
Sales
Sales Ret. & Allow.
Sales Discount
MINI PRACTICE SET (CONTINUED)
Requirement 6
THE FANTASTIC DRESS SHOP
INCOME STATEMENT
FOR THE MONTH ENDING MARCH 31, 201X
Revenue:
Sales
$77
0
0
0
Less: Sales Returns and Allowances
2
0
0
00
2
9
4
00
3
4
9
4
Cost of Goods Sold:
Cost of Goods Sold
7
3
5
Gross Profit
$43
7
7
1
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
3
0
0
00
Rent Expense
5
5
0
00
Postage Expense
1
0
00
Net Income from Operations
$28
6
5
4
99
Other Income:
Rental Income
2
5
0
THE FANTASTIC DRESS SHOP
STATEMENT OF OWNER’S EQUITY
FOR THE MONTH ENDED MARCH 31, 201X
B. Duval, Capital, March 1, 201X
$12
9
9
2
70
Net Income
$28
9
0
4
99
Increase in Capital
6
5
99
B. Duval, Capital, March 31, 201X
6
4
7
69
MINI PRACTICE SET (CONTINUED)
THE FANTASTIC DRESS SHOP
BALANCE SHEET
MARCH 31, 201X
Assets
Current Assets:
Cash
$25
9
0
1
01
Petty Cash
5
5
00
Accounts Receivable
16
4
0
0
00
Merchandise Inventory
19
5
0
6
00
Prepaid Rent
1
1
0
0
00
Plant and Equipment:
Delivery Truck
$31
7
0
0
00
Less: Acc. Depr., Delivery Truck
3
3
0
0
00
4
0
0
Liabilities
Current Liabilities:
Accounts Payable
$43
7
0
0
00
FIT Payable
1
2
3
8
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
Owner’s Equity
B. Duval, Capital
6
4
7
MINI PRACTICE SET (CONTINUED)
Requirement 9
THE FANTASTIC DRESS SHOP
POST-CLOSING TRIAL BALANCE
MARCH 31, 201X
Account
Dr.
Cr.
Cash
25
9
0
1
01
Petty Cash
5
5
00
Accounts Receivable
16
4
0
0
00
Merchandise Inventory
19
5
0
6
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
3
8
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
41
6
4
7
69
Requirement 10
Form
941 for 201X:
Employer’s QUARTERLY Federal Tax Return
Department of the Treasury — Internal Revenue Service
950117
OMB No. 1545-0029
Read the separate instructions before you complete Form 941. Type or print within the boxes.
Part 1: Answer these questions for this quarter.
1
Number of employees who received wages, tips, or other compensation for the pay period
including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 1
3
5e Add Column 2 from lines 5a, 5b, 5c, and 5d . . . . . . . . . . . . . . . 5e 4,830. 21
5f Section 3121(q) Notice and Demand—Tax due on unreported tips (see instructions) . . 5f .
6
Total taxes before adjustments. Add lines 3, 5e, and 5f ……………………………………………………….. 6 7,524. 21
Street
Suite or room number
City
State
ZIP code
Report for this Quarter of 201X
(Check one.)
Employer identification number
(EIN)
3
3
—
4
1
5
8
2
1
5
Foreign country name
Foreign province/county
Foreign postal code
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge
Best daytime phone
PTIN
Date
EIN
Address
Phone
and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
City
State
ZIP code
Part 2: Tell us about your deposit schedule and tax liability for this quarter.
Part 3: Tell us about your business. If a question does NOT apply to your business, leave it
blank.
Part 4: May we speak with your third-party designee?
Part 5: Sign here. You MUST complete both pages of Form 941 and SIGN it.
/ /
17 If your business has closed or you stopped paying wages . . . . . . . . . . . . . . .
Check here, and
enter the final date you paid wages
.
18 If you are a seasonal employer and you don’t have to file a return for every quarter of the year . .
Check here.
Name (not your trade name)
Bridget Duval
Employer identification number (EIN)
33-4158215
✖
If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11
of Pub. 15.
Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you didn’t
16 Check one:
incur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but
line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule
depositor, complete the deposit schedule below; if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go to
Part 3.
You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total
liability for the quarter, then go to Part 3.
Month 3
Total liability for quarter
Total must equal line 12.
Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941.
Tax liability: Month 1
2,150.
90
✖
Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions
for details.
Yes. Designee’s name and phone number
Select a 5-digit Personal Identification Number (PIN) to use when talking to the IRS.
No.