Jan 1 – 30, 18
Qty Amount % of Sales Avg Price COGS Avg COGS Gross Margin Gross Margin %
Inventory
Bags 11 1,529.70 9.4% 139.06 526.00 47.82 1,003.70 65.6%
Men’s Jackets 2 269.90 1.7% 134.95 40.00 20.00 229.90 85.2%
Men’s Shirts 2 119.98 0.7% 59.99 20.00 10.00 99.98 83.3%
Men’s Shoes 2 314.99 1.9% 157.50 50.00 25.00 264.99 84.1%
Other Charges
Bounce Check Charge 130.00 0.2% 30.00
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Sales by Item Summary
January 1 – 30, 2018
Practice Set 2, Document 73
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 80 of 99
1/30/2018
Your Name
January Withdrawal
Your Name’s Desert Golf
55-100 PGA Boulevard
La Quinta, CA 92253
1/30/2018
Your Name’s Desert Golf
55-100 PGA Boulevard
La Quinta, CA 92253
Practice Set 2, Document 74
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 81 of 99
Unadjusted Balance Adjustments Adjusted Balance
Debit Credit Debit Credit Debit Credit
1100 ꞏ Checking 36,587.65 36,587.65
1200 ꞏ Accounts Receivable 12,938.07 12,938.07
2200 ꞏ Sales Tax Payable 0.00 0.00
2510 ꞏ Office Equipment Loan 3,000.00 3,000.00
2520 ꞏ Store Fixtures Loan 5,000.00 5,000.00
3000 ꞏ Owners’ Equity 0.00 0.00
6120 ꞏ Bank Service Charges 15.00 15.00
6150 ꞏ Depreciation Expense 183.33 183.33
6181 ꞏ Liability Insurance 100.00 100.00
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Adjusted Trial Balance
January 2018
Practice Set 2, Document 75
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 82 of 99
Type Date Num Name Cl
r
Amount Balance
Beginning Balance 35,275.14
Cleared Transactions
Checks and Payments – 15 items
Check 01/10/2018 1 Parker, Matt X -64.75 -64.75
Bill Pmt -Check 01/18/2018 3 Sports Clothes, Inc. X -392.00 -456.75
Deposits and Credits – 4 items
Deposit 01/05/2018 X 4,212.33 4,212.33
Deposit 01/14/2018 X 2,820.83 7,033.16
Uncleared Transactions
Checks and Payments – 3 items
Check 01/30/2018 13
A
nne Wells -2,000.00 -2,000.00
Check 01/30/2018 12 Your Name -2,000.00 -4,000.00
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Reconciliation Detail
1100 ꞏ Checking, Period Ending 01/31/2018
Practice Set 2, Document 76
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 83 of 99
Jan 31, 18
Beginning Balance 0.00
Cleared Transactions
Your Name’s Desert Golf
Reconciliation Summary
2100 · Visa, Period Ending 01/31/2018
Practice Set 2, Document 77
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 84 of 99
1/31/2018
Your Name’s Desert Golf
55-100 PGA Boulevard
La Quinta, CA 92253
Practice Set 2, Document 78
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 85 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
52 Invoice 01/02/2018 1 Popov, Anastasia 1200 ꞏ Accounts Receivable 604.74
Popov, Anastasia Women’s Shorts 4020 ꞏ Clothing Sales 129.98
Popov, Anastasia Women’s Shorts 1120 ꞏ Inventory Asset 20.00
53 Invoice 01/02/2018 2 Campbell, Claudia 1200 ꞏ Accounts Receivable 1,041.88
Campbell, Claudia Golf Clubs: Sets 4030 ꞏ Equipment Sales 750.00
Campbell, Claudia Golf Clubs: Sets 1120 ꞏ Inventory Asset 300.00
Campbell, Claudia Golf Clubs: Sets 5000 ꞏ Cost of Goods Sold 300.00
Campbell, Claudia Golf Bags 4010 ꞏ Accessory Sales 179.95
54 Invoice 01/02/2018 3 Hassan, Azar 1200 ꞏ Accounts Receivable 1,982.88
Hassan, Azar Golf Clubs: Woods 4030 ꞏ Equipment Sales 1,836.00
Hassan, Azar Golf Clubs: Woods 1120 ꞏ Inventory Asset 400.00
Hassan, Azar Golf Clubs: Woods 5000 ꞏ Cost of Goods Sold 400.00
State Board of Equalization CA Sales Tax 2200 ꞏ Sales Tax Payable 146.88
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Journal
January 2018
Page 1
Practice Set 2, Document 79
Page 86 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
58 Invoice 01/03/2018 5 Salazar, Lori 1200 ꞏ Accounts Receivable 217.91
Salazar, Lori Golf Gift Sets 4010 ꞏ Accessory Sales 44.97
59 Invoice 01/03/2018 6 Meyer, Dennis 1200 ꞏ Accounts Receivable 1,231.01
Meyer, Dennis Men’s Shorts 4020 ꞏ Clothing Sales 99.90
Meyer, Dennis Men’s Shorts 1120 ꞏ Inventory Asset 30.00
Meyer, Dennis Men’s Shorts 5000 ꞏ Cost of Goods Sold 30.00
Meyer, Dennis Men’s Shirts 4020 ꞏ Clothing Sales 119.98
Meyer, Dennis Men’s Shirts 1120 ꞏ Inventory Asset 30.00
60 Payment 01/03/2018 1023 Parker, Matt 12000 ꞏ Undeposited Funds 850.00
Parker, Matt 1200 ꞏ Accounts Receivable 850.00
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Journal
January 2018
Page 2
Practice Set 2, Document 79
Page 87 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
64 Invoice 01/03/2018 7 Hansen, Laura 1200 ꞏ Accounts Receivable 1,128.55
68 Sales Receipt 01/08/2018 2 Cash Custome
r
12000 ꞏ Undeposited Funds 107.89
Cash Custome
r
Men’s Golf Hats 4010 ꞏ Accessory Sales 99.90
Cash Custome
r
Men’s Golf Hats 1120 ꞏ Inventory Asset 14.00
Cash Custome
r
Men’s Golf Hats 5000 ꞏ Cost of Goods Sold 14.00
State Board of Equalization CA Sales Tax 2200 ꞏ Sales Tax Payable 7.99
r
r
70 Bill 01/14/2018 Head Gear, Inc. 2000 ꞏ Accounts Payable 50.00
Head Gear, Inc. Women’s Golf Hats 1120 ꞏ Inventory Asset 50.00
50.00 50.00
71 Bill 01/10/2018 Golf Gea
r
2000 ꞏ Accounts Payable 373.00
r
r
r
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Journal
January 2018
Page 3
Practice Set 2, Document 79
Page 88 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
Parker, Matt 1200 ꞏ Accounts Receivable 64.75
64.75 64.75
77 Sales Receipt 01/10/2018 3 Cash Custome
r
12000 ꞏ Undeposited Funds 259.09
Cash Custome
r
Golf Clubs: Irons 4030 ꞏ Equipment Sales 239.90
Cash Custome
r
Golf Clubs: Irons 1120 ꞏ Inventory Asset 200.00
r
Tokumoto, Greg Golf Clubs: Sets 1120 ꞏ Inventory Asset 300.00
Tokumoto, Greg Golf Clubs: Sets 5000 ꞏ Cost of Goods Sold 300.00
State Board of Equalization CA Sales Tax 2200 ꞏ Sales Tax Payable 128.00
2,028.00 2,028.00
Hassan, Azar 4050 ꞏ Sales Discounts 19.83
1,982.88 1,982.88
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Journal
January 2018
Page 4
Practice Set 2, Document 79
Page 89 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
84 Invoice 01/17/2018 11 Kincaid, Oscar 1200 ꞏ Accounts Receivable 1,987.20
Kincaid, Oscar Golf Clubs: Sets 4030 ꞏ Equipment Sales 1,200.00
85 Payment 01/17/2018 6708 Salazar, Lori 12000 ꞏ Undeposited Funds 1,976.72
Salazar, Lori 1200 ꞏ Accounts Receivable 1,976.72
1,976.72 1,976.72
373.00 373.00
88 Bill Pmt -Check 01/18/2018 3 Sports Clothes, Inc. 1100 ꞏ Checking 392.00
Sports Clothes, Inc. 2000 ꞏ Accounts Payable 392.00
Sports Clothes, Inc. 2000 ꞏ Accounts Payable 8.00
Sports Clothes, Inc. 5200 ꞏ Merchandise Discounts 8.00
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Journal
January 2018
Page 5
Practice Set 2, Document 79
Page 90 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
90 Credit 01/18/2018 1045 Sports Clothes, Inc. 2000 ꞏ Accounts Payable 40.00
Kincaid, Oscar Golf Clubs: Irons 4030 ꞏ Equipment Sales 195.00
Kincaid, Oscar Golf Clubs: Irons 1120 ꞏ Inventory Asset 100.00
Kincaid, Oscar Golf Clubs: Irons 5000 ꞏ Cost of Goods Sold 100.00
State Board of Equalization CA Sales Tax 2200 ꞏ Sales Tax Payable 15.60
310.60 310.60
92 Sales Receipt 01/20/2018 4 Cash Custome
r
12000 ꞏ Undeposited Funds 268.87
Cash Custome
r
Men’s Golf Hats 4010 ꞏ Accessory Sales 49.95
Cash Custome
r
Men’s Golf Hats 1120 ꞏ Inventory Asset 7.00
Cash Custome
r
Men’s Golf Hats 5000 ꞏ Cost of Goods Sold 7.00
Cash Custome
r
Men’s Jackets 4020 ꞏ Clothing Sales 89.95
Cash Custome
r
Men’s Jackets 1120 ꞏ Inventory Asset 20.00
Cash Custome
r
Men’s Jackets 5000 ꞏ Cost of Goods Sold 20.00
Cash Custome
r
Golf Towels 4010 ꞏ Accessory Sales 9.95
Cash Custome
r
Golf Towels 1120 ꞏ Inventory Asset 2.22
r
r
r
r
r
r
r
93 Sales Receipt 01/20/2018 5 Cash Custome
r
12000 ꞏ Undeposited Funds 4,330.62
Cash Custome
r
Golf Clubs: Sets 4030 ꞏ Equipment Sales 2,990.00
Cash Custome
r
Golf Clubs: Sets 1120 ꞏ Inventory Asset 600.00
Cash Custome
r
Golf Clubs: Sets 5000 ꞏ Cost of Goods Sold 600.00
Cash Custome
r
Golf Bags 4010 ꞏ Accessory Sales 499.90
Cash Custome
r
Golf Bags 1120 ꞏ Inventory Asset 88.00
r
r
r
r
r
r
r
r
r
r
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Journal
January 2018
Page 6
Practice Set 2, Document 79
Page 91 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
Head Gear, Inc. 2000 ꞏ Accounts Payable 49.00
Head Gear, Inc. 2000 ꞏ Accounts Payable 1.00
Head Gear, Inc. 5200 ꞏ Merchandise Discounts 1.00
50.00 50.00
100 Payment 01/23/2018 Salazar, Lori Partial Payment 12000 ꞏ Undeposited Funds 500.00
Salazar, Lori Partial Payment 1200 ꞏ Accounts Receivable 500.00
500.00 500.00
101 Bill 01/23/2018 Sports Clothes, Inc. 2000 ꞏ Accounts Payable 400.00
Sports Clothes, Inc. Men’s Jackets 1120 ꞏ Inventory Asset 200.00
Sports Clothes, Inc. Women’s Jackets 1120 ꞏ Inventory Asset 200.00
400.00 400.00
2,891.88 2,891.88
104 Payment 01/25/2018 305 Kincaid, Oscar Partial Payment 12000 ꞏ Undeposited Funds 1,741.07
Kincaid, Oscar Partial Payment 1200 ꞏ Accounts Receivable 1,741.07
Kincaid, Oscar Partial Payment 1200 ꞏ Accounts Receivable 35.53
Kincaid, Oscar Partial Payment 4050 ꞏ Sales Discounts 35.53
1,776.60 1,776.60
105 Bill 01/23/2018 Head Gear, Inc. 2000 ꞏ Accounts Payable 150.00
Head Gear, Inc. Women’s Golf Hats 1120 ꞏ Inventory Asset 150.00
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Journal
January 2018
Page 7
Practice Set 2, Document 79
Page 92 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
107 Bill Pmt -Check 01/25/2018 6 Eagle Clubs, Inc. Opening balance 1100 ꞏ Checking 5,000.00
Eagle Clubs, Inc. Opening balance 2000 ꞏ Accounts Payable 5,000.00
110 Bill Pmt -Check 01/25/2018 9 Sports Clothes, Inc. Opening balance 1100 ꞏ Checking 1,000.00
Sports Clothes, Inc. Opening balance 2000 ꞏ Accounts Payable 1,000.00
1,000.00 1,000.00
113 Deposit 01/29/2018 Deposit 1100 ꞏ Checking 6,732.95
Salazar, Lori Partial Payment 12000 ꞏ Undeposited Funds 500.00
Campbell, Claudia Deposit 12000 ꞏ Undeposited Funds 2,891.88
Kincaid, Oscar Partial Payment 12000 ꞏ Undeposited Funds 1,741.07
Tokumoto, Greg Partial Payment 12000 ꞏ Undeposited Funds 1,600.00
116 General Journal 01/30/2018 Bank service charges for bounced check# 1205 6120 ꞏ Bank Service Charges 15.00
Campbell, Claudia Bank service charges for bounced check# 1205 1100 ꞏ Checking 15.00
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Journal
January 2018
Page 8
Practice Set 2, Document 79
Page 93 of 99
Trans # Type Date Num Adj Name Memo Account Debit Credit
118 Sales Tax Payment 01/30/2018 11 State Board of Equalization 1100 ꞏ Checking 1,294.84
State Board of Equalization 2200 ꞏ Sales Tax Payable 1,294.84
1,294.84 1,294.84
121 General Journal 01/30/2018 *
A
djusting Entry 6181 ꞏ Liability Insurance 100.00
*
A
djusting Entry 1400 ꞏ Prepaid Insurance 100.00
100.00 100.00
122 General Journal 01/30/2018 *
A
djusting Entry 1512 ꞏ Depreciation 83.33
A
A
A
A
nne Wells January Withdrawal 3122 ꞏ Anne Wells, Drawing 2,000.00
2,000.00 2,000.00
r
127 Check 01/31/2018 Transfe
r
Desert Bank Office Equipment Loan, Payment 1100 ꞏ Checking 63.75
Desert Bank Office Equipment, Interest 6212 ꞏ Loan Interest 53.42
Desert Bank Office Equipment, Principal 2510 ꞏ Office Equipment Loan 10.33
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Journal
January 2018
Page 9
Practice Set 2, Document 79
Page 94 of 99
A
A
A
A
Trans # Type Date Num Adj Name Memo Account Debit Credit
129 Deposit 01/31/2018 Interest 1100 ꞏ Checking 76.73
Interest 7010 ꞏ Interest Income 76.73
132 General Journal 01/31/2018 Close Drawing 3110 ꞏ First and Last Name, Capital 2,000.00
Close Drawing 3112 ꞏ First and Last Name, Drawing 2,000.00
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Journal
January 2018
Page 10
Practice Set 2, Document 79
Page 95 of 99
Jan 31, 18
Debit Credit
1100 ꞏ Checking 36,154.39
2000 ꞏ Accounts Payable 14,789.65
2100 ꞏ Visa 0.00
2200 ꞏ Sales Tax Payable 0.00
2510 ꞏ Office Equipment Loan 2,989.67
2520 ꞏ Store Fixtures Loan 4,982.79
3000 ꞏ Owners’ Equity 6,850.94
3100 ꞏ Your Last Name & Wells, Capital 0.00
4050 ꞏ Sales Discounts 171.40
4090 ꞏ Returned Check Charges 30.00
5000 ꞏ Cost of Goods Sold 5,631.44
5200 ꞏ Merchandise Discounts 19.66
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Trial Balance
As of January 31, 2018
Practice Set 2, Document 80
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 96 of 99
Jan 18
Ordinary Income/Expense
Income
4000 ꞏ Sales
4010 ꞏ Accessory Sales 2,059.88
4020 ꞏ Clothing Sales 1,794.69
Cost of Goods Sold
5000 ꞏ Cost of Goods Sold
5200 ꞏ Merchandise Discounts -19.66
Expense
6120 ꞏ Bank Service Charges 30.00
6150 ꞏ Depreciation Expense 183.33
6180 ꞏ Insurance
6181 ꞏ Liability Insurance 100.00
6380 ꞏ Supplies Expense
6381 ꞏ Sales 300.00
6382 ꞏ Office 125.00
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Profit & Loss
January 2018
Practice Set 2, Document 81
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 97 of 99
Jan 31, 18
ASSETS
Current Assets
Checking/Savings
1100 ꞏ Checking 36,154.39
1120 ꞏ Inventory Asset 44,869.06
1300 ꞏ Supplies
1310 ꞏ Office Supplies 550.00
1320 ꞏ Sales Supplies 550.00
Fixed Assets
1510 ꞏ Office Equipment
1511 ꞏ Original Cost 5,000.00
1512 ꞏ Depreciation -83.33
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
2000 ꞏ Accounts Payable 14,789.65
Practice Set 2, Document 82
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
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Balance Sheet
As of January 31, 2018
Page 98 of 99
Jan 31, 18
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Balance Sheet
As of January 31, 2018
Practice Set 2, Document 82
Copyright © 2019 Pearson Education, Inc. All Rights Reserved
Page 99 of 99