Professional Documents
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8.90 Financial Statements S
8.90 Financial Statements S
8.90 Financial Statements S
Payroll Expenses
Payroll Liability
eral Journal General Journal
Debit (Credit) Date Accounts Debit (Credit)
431 1/31 Undeposited Funds 300
(431) Service (300)
525
(525)
956
(956)
11,000
(11,000)
500
(500)
620
(620)
360
(360)
15,000
(15,000)
4,583
(1,044)
(3,539)
800
(170)
(630)
384
(384)
Owner's
Assets = Liabilities + Equity
218,897 = 74,721 + 144,175
218,897
Accounts Trial Balance General Ledger General Le
Checking 94,437 Checking Accounts Receivable
Accounts Receivable 1,215 Debit Credit Balance Debit Credit
Inventory Asset 1,945 Beginning Balance 0 Beginning Balance
Prepaid Insurance 11,000 25,000 25,000 20,500
Short-Term Investments 12,000 65,000 90,000 431
Undeposited Funds 300 50,000 140,000 399
Accumulated Depreciation 0 (12,000) 128,000 (5,000)
Furniture & Equipment 98,000 (16,000) 112,000 (7,500)
Accounts Payable 0 (7,000) 105,000 (8,000)
Visa (1,000) 628 105,628 525
Interest Payable 0 20,500 126,128 816
Loan Payable - Current 0 (400) 125,728 (431)
Payroll Liability (1,598) (598) 125,130 (525)
Sales Tax Payable (123) 956 126,086
Unearned Revenue 0 (11,000) 115,086
Loan Payable - Long Term (72,000) (500) 114,586
Owners Draw 0 (620) 113,966 Inventory Asset
Owners Equity (150,397) (360) 113,606 Debit Credit
Merchandise Sales (2,467) (15,000) 98,606 Beginning Balance
Rent Music Equipment 0 (3,539) 95,067 2,897
Service (508) (630) 94,437 (328)
Cost of Goods Sold 1,950 94,437 (304)
Bank Service Charges 0 94,437 (320)
Depreciation Expense 0 94,437 400
Insurance Expense 0 94,437 598
Interest Expense 0 94,437 (400)
Internet Expense 0 94,437 (598)
Misc. Expense 0 94,437
Office Supplies 500 94,437
Payroll Expenses 5,767 94,437
Telephone Expense 360 94,437
Utilities 620 94,437
Interest Income 0 94,437
Total Debits - Total (credits) 0
Net Income 6,222
l Ledger General Ledger General Ledger General Ledger General Ledger General Ledger Genera
counts Receivable Prepaid Insurance Furniture & Equipment Loan Payable - Current
Balance Debit Credit Balance Debit Credit Balance Debit Credit
0 Beginning Balance 0 Beginning Balance 0 Beginning Balance
20,500 11,000 11,000 75,000 75,000
20,931 11,000 16,000 91,000
21,330 11,000 7,000 98,000
16,330
8,830 Short-Term Investments Accounts Payable
830 Debit Credit Balance Debit Credit Balance Payroll Liability
1,355 Beginning Balance 0 Beginning Balance 0 Debit Credit
2,171 12,000 12,000 (15,000) (15,000) Beginning Balance
1,740 12,000 15,000 0 (1,044)
1,215 12,000 0 (170)
1,215 0 (384)
1,215 Undeposited Funds 0
Debit Credit Balance 0
Inventory Asset Beginning Balance 0 0
Balance 5,000 5,000 0 Sales Tax Payable
0 7,500 12,500 0 Debit Credit
2,897 8,000 20,500 0 Beginning Balance
2,569 420 20,920 0 (21)
2,265 208 21,128 (19)
1,945 (628) 20,500 Visa (20)
2,345 (20,500) 0 Debit Credit Balance (25)
2,943 431 431 Beginning Balance 0 (39)
2,543 525 956 (1,000) (1,000)
1,945 (956) (1) (1,000)
1,945 300 300
1,945 Interest Payable Unearned Revenue
1,945 Accumulated Depreciation Debit Credit Balance Debit Credit
1,945 Debit Credit Balance Beginning Balance 0 Beginning Balance
1,945 Beginning Balance 0 0
1,945 0 0
0 0
0 0
neral Ledger General Ledger General Ledger General Ledger General Ledger General Ledger
n Payable - Current Loan Payable - Long Term Service Depreciation Expense
Balance Debit Credit Balance Debit Credit Balance Debit Credit
0 Beginning Balance 0 Beginning Balance 0 Beginning Balance
0 (22,000) (22,000) (208) (208)
0 (50,000) (72,000) (300) (508)
0 (72,000) (508)
0 (508)
Owners Draw (508) Insurance Expense
Payroll Liability Debit Credit Balance (508) Debit Credit
Balance Beginning Balance 0 (508) Beginning Balance
0 0 (508)
(1,044) (508)
(1,214) Owners Equity (508)
(1,598) Debit Credit Balance
(1,598) Beginning Balance 0 Cost of Goods Sold Interest Expense
(1,598) (2,897) (2,897) Debit Credit Balance Debit Credit
(20,500) (23,397) Beginning Balance 0 Beginning Balance
ales Tax Payable 15,000 (8,397) 328 328
Balance (77,000) (85,397) 304 632
0 (65,000) (150,397) 320 952
(21) 400 1,352
(40) Merchandise Sales 598 1,950 Internet Expense
(60) Debit Credit Balance 1,950 Debit Credit
(85) Beginning Balance 0 1,950 Beginning Balance
(123) (410) (410) 1,950
(123) (380) (790) 1,950
(123) (400) (1,190) 1,950
(500) (1,690) 1,950
nearned Revenue (777) (2,467) 1,950 Misc. Expense
Balance (2,467) 1,950 Debit Credit
0 (2,467) Beginning Balance
0 Bank Service Charges
0 Rent Music Equipment Debit Credit Balance
Debit Credit Balance Beginning Balance 0
Beginning Balance 0 0
0 0
0
Balance Sheet
Assets
Current assets:
General Ledger Cash 94,437
preciation Expense Office Supplies Accounts Receivable 1,215
Balance Debit Credit Balance Inventory Asset 1,945
0 Beginning Balance 0 Prepaid Insurance 11,000
0 500 500 Short-Term Investments 12,000
0 500 Undeposited Funds 300
0 500 Total current assets 120,897
Property Plant & Equipment:
nsurance Expense Payroll Expenses Furniture & Equipment 98,000
Balance Debit Credit Balance Less: Accumulated Depreciation 0
0 Beginning Balance 0 Total Property Plant & Equipment 98,000
0 4,583 4,583
0 800 5,383
0 384 5,767 Total Assets 218,897
5,767
nterest Expense 5,767 Income Statement
Balance Revenue:
0 Telephone Expense Merchandise Sales 2,467
0 Debit Credit Balance Rent Music Equipment 0
0 Beginning Balance 0 Service 508
0 360 360 Total revenue 2,975
360 Cost of Goods Sold 1,950
nternet Expense 360 Gross Profit 1,025
Balance Expenses:
0 Utilities Bank Service Charges 0
0 Debit Credit Balance Depreciation Expense 0
0 Beginning Balance 0 Insurance Expense 0
0 620 620 Interest Expense 0
620 Internet Expense 0
Misc. Expense 620 Misc. Expense 0
Balance Office Supplies 500
0 Interest Income Payroll Expenses 5,767
0 Debit Credit Balance Telephone Expense 360
0 Beginning Balance 0 Utilities 620
0 0 Total expenses 7,247
0 Net Ordinary Income (6,222)
0 Other Income/Expense:
Interest Income 0
Net Income (Loss) (6,222)
Date Quantity
1-Jan
ERP93 Purchases
Date Quantity
1-Jan
GTPROBK1 Purchases
Date Quantity
1-Jan
GUSAM2 Purchases
Date Quantity
1-Jan
WILDKAT Purchases
Date Quantity
1-Jan
GSB Purchases
Date Quantity
25-Jan 1
25-Jan
Purchases Cost of Merchandise Sold Inventory Accounts Receiva
Unit Total Unit Total Unit Total Anderson Guitars
Cost Cost Quantity Cost Cost Quantity Cost Cost
Debit
1 $400 $400 Beginning Balance
400 $400 1 $400 $400 5,000
2 $400 $800 431
1 400 $400 1 $400 $400
Smith Guitars
Debit
Beginning Balance
8,000
Income Statement
Revenue:
Merchandise Sales 2,000
Rent Music Equipment 4,500
Service 9,300
Total revenue 15,800
Cost of Goods Sold 1,600
Gross Profit 14,200
Expenses:
Bank Service Charges 0
Depreciation Expense 0
Insurance Expense 0
Interest Expense 596
Internet Expense 180
Misc. Expense 0
Office Supplies 0
Payroll Expenses 5,795
Telephone Expense 365
Utilities 648
Total expenses 7,584
Net Ordinary Income 6,617
Other Income/Expense:
Interest Income 250
Net Income (Loss) 6,867
1-Jan
25-Jan 1 400 $400
151,042
Total
Inventory Accounts Receivable Subsidiary Ledger By Customer
Unit Total Anderson Guitars Jones Guitars
Quantity Cost Cost
Debit Credit Balance Debit Credit Balance
1 $400 $400 Beginning Balance 0 Beginning Balance 0
1 $400 $400 5,000 5,000 7,500 7,500
2 $400 $800 431 5,431 399 7,899
1 $400 $400 (5,000) 431 (7,500) 399
0 $400 $0 (431) 0 399
3 $400 $1,200 (250) (250) 399
2 $400 $800 525 275 399
(275) 0 399
0 399
$1,712
Accounts Payable Subsidiary Ledger Payroll Register
Accounts Receivable Subsidiary Ledger balance (1,200)
Epiphone Fender Name Total
Debit Credit Balance Debit Credit Balance Earnings
Beginning Balance 0 Beginning Balance 0 Adam Hamulton 4,583
(15,000) (15,000) (168) (168) Erica 800
15,000 0 168 0 Total 5,383
(1,200) (1,200)
(1,200) Payroll Register
(1,200)
Name Total
Verizon Spectrum Earnings
Debit Credit Balance Debit Credit Balance Adam Hamulton 4,583
Beginning Balance 0 Beginning Balance 0 Erica 800
(365) (365) (180) (180) Total 5,383
365 0 180 0
Edison
Debit Credit Balance
Beginning Balance 0
(648) (648)
648 0
Loan Amortization
01/01 01/31 Loan
Exployee Employer Monthly Payments
Social Income Net Social Rate
Secutity Medicare Tax Pay Secutity Medicare Payments
258 66 720 3,539 258 66
49 11 110 630 49 11 Payment Payment
307 77 830 4,169 307 77 Number Amount Interest
1 1,359 300
2/1 2/28 2 1,359 296
Exployee Employer 3 1,359 291
Social Income Net Social 4 1,359 287
Secutity Medicare Tax Pay Secutity Medicare 5 1,359 282
284 66 720 3,512 284 66 6 1,359 278
50 12 110 629 50 12 7 1,359 273
334 78 830 4,141 334 78 8 1,359 269
9 1,359 264
10 1,359 260
11 1,359 255
12 1,359 250
13 1,359 246
14 1,359 241
15 1,359 237
16 1,359 232
17 1,359 227
18 1,359 222
19 1,359 218
20 1,359 213
21 1,359 208
22 1,359 203
23 1,359 199
24 1,359 194
25 1,359 189
26 1,359 184
27 1,359 179
28 1,359 174
29 1,359 169
30 1,359 164
31 1,359 159
32 1,359 154
33 1,359 149
34 1,359 144
35 1,359 139
36 1,359 134
37 1,359 129
38 1,359 124
39 1,359 119
40 1,359 114
41 1,359 108
42 1,359 103
43 1,359 98
44 1,359 93
45 1,359 87
46 1,359 82
47 1,359 77
48 1,359 71
49 1,359 66
50 1,359 61
51 1,359 55
52 1,359 50
53 1,359 44
54 1,359 39
55 1,359 33
56 1,359 28
57 1,359 22
58 1,359 17
59 1,359 11
60 1,359 6
72,000 Banks Statement for the Month Ended 1/31/21
60
5% Balance as of January 1 25,000.00
1,359 Total additions 136,128.00
Total checks, withdraws and fees 51,713.00
Principle Balance as of January 31 109,415.00
Reduction Principle
1,059 70,941 Deposits: Checks and Withdraws:
1,063 69,878 Date Amount Date Check # Amount
1,068 68,811 1/14 50,000 1/14 1001 12,000
1,072 67,739 1/14 65,000 1/19 1002 16,000
1,076 66,662 1/20 628 1/20 1003 7,000
1,081 65,581 1/20 20,500 1/31 1004 400
1,085 64,496 1/31 1005 598
1,090 63,406 1/31 1008 620
1,095 62,311 1/31 1010 15,000
1,099 61,212
1,104 60,108 Withdrawal 80
1,108 59,000 Bank service charges 15
1,113 57,887
1,118 56,770 Totals 136,128.00 51,713.00
1,122 55,647
1,127 54,521
1,132 53,389
1,136 52,253
1,141 51,112
1,146 49,966
1,151 48,815
1,155 47,660
1,160 46,500
1,165 45,335
1,170 44,165
1,175 42,990
1,180 41,811
1,185 40,626
1,189 39,437
1,194 38,242
1,199 37,043
1,204 35,839
1,209 34,629
1,214 33,415
1,220 32,195
1,225 30,971
1,230 29,741
1,235 28,506
1,240 27,266
1,245 26,021
1,250 24,771
1,256 23,515
1,261 22,255
1,266 20,989
1,271 19,717
1,277 18,441
1,282 17,159
1,287 15,872
1,293 14,579
1,298 13,281
1,303 11,978
1,309 10,669
1,314 9,355
1,320 8,035
1,325 6,710
1,331 5,379
1,336 4,042
1,342 2,701
1,347 1,353
1,353 0
Checking Bank Reconciliation
Debit Credit Balance Month Ended January 31
Beginning Balance 0 Bank Balance
25,000 25,000 Beginning Balance 109,415
65,000 90,000 Outstanding Check (16,029)
50,000 140,000 Outstanding dep 956
(12,000) 128,000
(16,000) 112,000
(7,000) 105,000 Adjusted Bank Balance 94,342
628 105,628
20,500 126,128 Book Balance
(400) 125,728 Beginning Balance 94,437
(598) 125,130 Withdrawal (80)
956 126,086 Bank service charge (15)
(11,000) 115,086
(500) 114,586 Adjusted bank balance 94,342
(620) 113,966
(360) 113,606
(15,000) 98,606
(3,539) 95,067
(630) 94,437
Banks Statement for the Month Ended 2/28/21 Checking
Debit
Balance as of February 1 109,415 Beginning Balance
Total additions 14,031
Total checks, withdraws and fees 24,149
Balance as of February 31 99,296 12,250
825
Deposits: Checks and Withdraws:
Date Amount Date Check # Amount 1,641
2/3 956 2/5 1006 11,000
2/9 12,250 2/5 1007 500
2/15 825 2/6 1009 360
2/6 1011 3,539.33 3,539
2/6 1012 630
2/25 1013 1,359
2/25 1015 168
2/28 1014 1,359
2/28 1016 123
2/28 1017 830
2/28 1020 648
2/28 1023 3,513
Withdrawal 100
Bank service charges 20
Income Statement
Revenue:
Merchandise Sales 4,468
Rent Music Equipment 4,500
Service 9,808
Total revenue 18,776
Cost of Goods Sold 3,550
Gross Profit 15,226
Expenses:
Bank Service Charges 0
Depreciation Expense 0
Insurance Expense 0
Interest Expense 596
Internet Expense 180
Misc. Expense 0
Office Supplies 500
Payroll Expenses 11,562
Telephone Expense 725
Utilities 1,268
Total expenses 14,831
Net Ordinary Income 395
Other Income/Expense:
Interest Income 250
Net Income (Loss) 645
151,042
229,874