ACE TRADING CO.

General Journal

Date Transaction Details Debit Credit

December 31 Merchandise Inventory 565,000
Income Summary 565,000

31 Interest Receivable 2,900

Interest Revenue 2,900

31 Prepaid Insurance 35,000

Insurance Expense 35,000

31 Rent Expense 55,000

Prepaid Rent 55,000

31 Salaries Expense 12,500

Salaries Payable 12,500

31 Utilities Expense 4,500

Utilities Payable 4,500

31 Office Supplies Expense 115,710

Office Supplies 115,710

31 Depreciation Expense - Furniture & Fixtures 6,921

Accumulated Depreciation - Furniture & Fixtures 6,921

31 Uncollectible Accounts Expense 34,500

Allowance for Uncollectible Accounts 34,500

31 Interest Expense 4,500

Interest Payable 4,500