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    Phuong Thuy
    The document appears to be a journal for financial transactions made by a company throughout July. It records various debits and credits to accounts including cash, share capital, equipment, supplies, prepaid insurance, accounts receivable, accounts payable, salaries expense, gasoline expense, and dividends. The journal is followed by a trial balance section that lists account balances before and after adjustment entries are made.

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    The document appears to be a journal for financial transactions made by a company throughout July. It records various debits and credits to accounts including cash, share capital, equipment, supplies, prepaid insurance, accounts receivable, accounts payable, salaries expense, gasoline expense, and dividends. The journal is followed by a trial balance section that lists account balances before and after adjustment entries are made.

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    The document appears to be a journal for financial transactions made by a company throughout July. It records various debits and credits to accounts including cash, share capital, equipment, supplies, prepaid insurance, accounts receivable, accounts payable, salaries expense, gasoline expense, and dividends. The journal is followed by a trial balance section that lists account balances before and after adjustment entries are made.

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    4 views6 pages

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    Uploaded by

    Phuong Thuy
    The document appears to be a journal for financial transactions made by a company throughout July. It records various debits and credits to accounts including cash, share capital, equipment, supplies, prepaid insurance, accounts receivable, accounts payable, salaries expense, gasoline expense, and dividends. The journal is followed by a trial balance section that lists account balances before and after adjustment entries are made.

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    JOURNAL ENTRY
    Date Account Title Debit Credit
    July1 Cash €
    20,000
    Share Capital-Ordinary €
    20,000

    July1 Equipment €
    12,000
    Cash €
    4,000
    Accounts payable € (12000-
    8,000 4000)

    July3 Supplies €
    2,100
    Accounts payable €
    2,100

    July 5 Prepaid Insurance €


    3,600
    Cash €
    3,600

    July 12 Accounts receivable €


    5,900

    https://exedustack.nl/the-pilot-shortage-may-be-easing-slightly-but-aviation-now-needs-mechanics/ 1/6
    18:55 06/09/2023 Loading..

    Service revenue €
    5,900

    July 18 Accounts Payable €


    1,500
    Accounts Payable €
    1,400
    Cash €
    2,900

    July 20 Salaries
    expense
    and wages €
    4,500
    Cash €
    4,500

    July 21 Cash €
    4,400
    Accounts receivable €
    4,400

    July 25 Accounts receivable €


    9,400
    Service revenue €
    9,400

    July 31 Gasoline expense €


    400
    Cash €
    400

    July 31 Dividends €
    1,200
    Cash €
    1,200

    https://exedustack.nl/the-pilot-shortage-may-be-easing-slightly-but-aviation-now-needs-mechanics/ 2/6
    18:55 06/09/2023 Loading..

    CASH
    Date Debit Credit
    July1 Share Capital -Ordinary €
    20,000
    July1 Equipment €
    4,000
    July 5 Prepaid Insurance €
    3,600
    July 18 Accounts Payable €
    2,900
    July 20 Salaries
    expense
    and wages €
    4,500
    July 21 Accounts receivable €
    4,400
    July 31 Gasoline expense €
    400
    July 31 Dividends €
    1,200
    July 31 Balance carried forward €
    7,800
    Total € €
    24,400 24,400
    Ending Balance €
    7,800

    TRIAL BALANCE ADJUSTMENT ENTRIES ADJUSTED TRIAL BALANCE


    ACCOUNT Debit Credit Ref Debit Credit ACCOUNT DEBIT CREDIT
    (20000-4000-3600-2900- Cash € Cash €
    4500+4400-400-1200) 7,800 7,800
    (5900-4400+9400) Account Receivable € .(1) € Account Receivable €
    10,900 3,300 14,200
    Supplies € (2100- .(4) € Supplies €
    2,100 560) 1,540 560
    Prepaid insurance € .(3600/12) .(3) € Prepaid insurance €
    3,600 300 3,300
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    18:55 06/09/2023 Loading..

    Equipment € Equipment €
    12,000 12,000
    Accumulated depreciation € .(2) € Accumulated €
    - 500 depreciation 500
    (8000+2100-1500-1400) Accounts payable € Accounts payable €
    7,200 7,200
    Salaries and wages payable € .(5) € Salaries and wages €
    - 2,200 payable 2,200
    Share Capital-Ordinary € Share Capital-Ordinary €
    20,000 20,000
    Retained earnings € Retained earnings
    -
    Dividends € Dividends €
    1,200 1,200
    (9400+5900) Service Revenue € .(1) € Service Revenue €
    15,300 3,300 18,600
    Gasoline expense € Gasoline expense €
    400 400
    Supplies expense € .(4) € Supplies expense €
    - 1,540 1,540
    Depreciation expense € .(2) € Depreciation expense €
    - 500 500
    Insurance expense € .(3) € Insurance expense €
    - 300 300
    Salaries and wages € .(5) € Salaries and wages €
    expense 4,500 2,200 expense 6,700
    TOTAL € € TOTAL € €
    42,500 42,500 48,500 48,500

    INCOME STATEMENT
    Service Revenue €
    18,600
    Expenses:
    Gasoline expense €
    400

    https://exedustack.nl/the-pilot-shortage-may-be-easing-slightly-but-aviation-now-needs-mechanics/ 4/6
    18:55 06/09/2023 Loading..

    Supplies expense €
    1,540
    Depreciation expense €
    500
    Insurance expense €
    300
    Salaries and wages €
    expense 6,700
    Total Expenses €
    9,440
    Operating Income € (18600-9440
    9,160

    RETAINED EARNING
    STATEMENT
    Operating Income €
    9,160
    Dividends €
    1,200
    Retained Earnings € (9160-1200)
    7,960

    STATEMENT OF FINANCIAL
    POSITION
    As on July 31

    ASSETS:
    Cash €
    7,800
    Account Receivable €
    14,200
    Supplies €
    560
    Prepaid insurance €
    3,300
    https://exedustack.nl/the-pilot-shortage-may-be-easing-slightly-but-aviation-now-needs-mechanics/ 5/6
    18:55 06/09/2023 Loading..

    Equipment €
    12,000
    Accumulated €
    depreciation (500)
    Total Assets €
    37,360
    LIABILITIES
    Accounts payable €
    7,200
    Salaries and wages €
    payable 2,200
    Total Liabilities €
    9,400
    Owners'Equity
    €
    Share Capital-Ordinary 20,000
    Retained earnings €
    7,960
    €
    Total owners'equities 27,960
    Total liabilities and €
    owners equity 37,360 (9400+27960)

    Likes: 0 Dislikes: 0

    https://exedustack.nl/the-pilot-shortage-may-be-easing-slightly-but-aviation-now-needs-mechanics/ 6/6

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