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  • FAR Periodic Accounting Cycle Worksheet

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    knghtwlkrs
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    The document is a worksheet for Jim Boy Trading Co. for the month ended December 31, 2021. It shows the unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet, and closing entries. The income statement shows revenues of $210,000 and expenses of $205,000, resulting in net income of $60,000. The balance sheet includes total assets of $495,000 and total liabilities and equity of $495,000.

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    Accounting

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    FAR-Periodic-Accounting-Cycle-Worksheet

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    The document is a worksheet for Jim Boy Trading Co. for the month ended December 31, 2021. It shows the unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet, and closing entries. The income statement shows revenues of $210,000 and expenses of $205,000, resulting in net income of $60,000. The balance sheet includes total assets of $495,000 and total liabilities and equity of $495,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    9 views3 pages

    FAR Periodic Accounting Cycle Worksheet

    Uploaded by

    knghtwlkrs
    The document is a worksheet for Jim Boy Trading Co. for the month ended December 31, 2021. It shows the unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet, and closing entries. The income statement shows revenues of $210,000 and expenses of $205,000, resulting in net income of $60,000. The balance sheet includes total assets of $495,000 and total liabilities and equity of $495,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 3

    Jim Boy Trading Co.

    Worksheet
    For the month ended December 31, 2021
    Accounts Unadjusted Trial Balance Adjustments Adjusted Trial Balance

    Cash 105,000.00 105,000.00


    Accounts receivable 50,000.00 50,000.00
    Inventory, Beg 30,000.00 30,000.00
    Equipment 200,000.00 200,000.00
    Accumulated Dep 80,000.00 20,000.00 100,000.00
    Accounts payable 20,000.00 20,000.00
    Jim Boy, Capital 300,000.00 300,000.00
    Jim Boy, Drawings 80,000.00 80,000.00
    Sales 210,000.00 210,000.00
    Purchases 70,000.00 70,000.00
    Freight-in 5,000.00 5,000.00
    Purchase returns 10,000.00 10,000.00
    Salaries expense 60,000.00 60,000.00
    Utilities expense 20,000.00 20,000.00
    Totals 620,000.00 620,000.00
    Adjustments:
    Depreciation expense 20,000.00 20,000.00
    Inventory, End 60,000.00 60,000.00
    Income Summary 60,000.00 60,000.00
    Totals 80,000.00 80,000.00 700,000.00 700,000.00
    Jim Boy Trading Co.
    Worksheet
    For the month ended December 31, 2021
    Accounts Adjusted Trial Balance Income Statement Balance Sheet

    Cash 105,000.00 105,000.00


    Accounts receivable 50,000.00 50,000.00
    Inventory, Beg 30,000.00 30,000.00
    Equipment 200,000.00 200,000.00
    Accumulated Dep 100,000.00 100,000.00
    Accounts payable 20,000.00 20,000.00
    Jim Boy, Capital 300,000.00 300,000.00
    Jim Boy, Drawings 80,000.00 80,000.00
    Sales 210,000.00 210,000.00
    Purchases 70,000.00 70,000.00
    Freight-in 5,000.00 5,000.00
    Purchase returns 10,000.00 10,000.00
    Salaries expense 60,000.00 60,000.00
    Utilities expense 20,000.00 20,000.00
    Totals
    Adjustments:
    Depreciation expense 20,000.00 20,000.00
    Inventory, End 60,000.00 60,000.00
    Income Summary 60,000.00 60,000.00
    Totals 700,000.00 700,000.00 205,000.00 280,000.00 495,000.00 420,000.00
    75,000.00 75,000.00
    280,000.00 280,000.00 495,000.00 495,000.00

    Jim Boy Trading Co.


    Worksheet
    For the month ended December 31, 2021
    Accounts Balance Sheet Closing Entries Post-Closing Trial Balance

    Cash 105,000.00 105,000.00


    Accounts receivable 50,000.00 50,000.00
    Inventory, Beg 30,000.00
    Equipment 200,000.00 200,000.00
    Accumulated Dep 100,000.00 100,000.00
    Accounts payable 20,000.00 20,000.00
    Jim Boy, Capital 300,000.00 80,000.00 75,000.00 295,000.00
    Jim Boy, Drawings 80,000.00 80,000.00
    Sales 210,000.00
    Purchases 70,000.00
    Freight-in 5,000.00
    Purchase returns 10,000.00
    Salaries expense 60,000.00
    Utilities expense 20,000.00
    Totals
    Adjustments:
    Depreciation exp 20,000.00
    Inventory, End 60,000.00 60,000.00
    Income Summary 105,000.00 45,000.00
    Totals 495,000.00 420,000.00 405,000.00 405,000.00 415,000.00 415,000.00
    75,000.00
    495,000.00 495,000.00

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