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  • Rand Inc. Journal Entries

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    Kri Banay
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    This journal entry documents the beginning balances and adjustments for Rand Inc. as of December 31, 2022. It records the initial opening balances for assets, liabilities, and equity accounts. It also includes several adjustment entries for accounts such as unrealized losses, allowance for doubtful accounts, depreciation expense, and estimated losses from lawsuits. The total debits and credits are equal, balancing the journal entry.

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    Assignment - Accounting

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    Rand-Inc.-Journal-Entries

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    This journal entry documents the beginning balances and adjustments for Rand Inc. as of December 31, 2022. It records the initial opening balances for assets, liabilities, and equity accounts. It also includes several adjustment entries for accounts such as unrealized losses, allowance for doubtful accounts, depreciation expense, and estimated losses from lawsuits. The total debits and credits are equal, balancing the journal entry.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    5 views1 page

    Rand Inc. Journal Entries

    Uploaded by

    Kri Banay
    This journal entry documents the beginning balances and adjustments for Rand Inc. as of December 31, 2022. It records the initial opening balances for assets, liabilities, and equity accounts. It also includes several adjustment entries for accounts such as unrealized losses, allowance for doubtful accounts, depreciation expense, and estimated losses from lawsuits. The total debits and credits are equal, balancing the journal entry.

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    © All Rights Reserved
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    of 1

    9:34 PM Rand Inc.

    10/24/23 Journal
    December 31, 2022

    Tr... Type Date Num Name Memo Account Debit Credit


    1 General Journal 31/12/2022 Beg. ... Begin... Cash 275,000.00
    Begin... Marketable Securiti... 78,000.00
    Begin... Account Receivable 487,000.00
    Begin... Allowance for Dou... 50,000.00
    Begin... Inventories 425,000.00
    Begin... Property and Equip... 310,000.00
    Begin... Accumulated Depr... 150,000.00
    Begin... Trade Payable and... 420,000.00
    Begin... Estimate Liability F... 100,000.00
    Begin... Ordinary Shares, P... 260,000.00
    Begin... Share Premium - ... 130,000.00
    Begin... Retained Earnings 254,000.00
    Begin... Net Sales 1,580,000.00
    Begin... Cost of Sales 755,000.00
    Begin... Selling and Admini... 485,000.00
    Begin... Depreciation Expe... 29,000.00
    Begin... Est. Loss from Law... 100,000.00

    2,944,000.00 2,944,000.00

    2 General Journal 31/12/2022 Adj. ... Adjus... Unrealize loss on ... 11,000.00
    Adjus... Marketable Securiti... 11,000.00
    Adjus... Allowance for Dou... 15,800.00
    Adjus... Doubtful Accounts ... 15,800.00
    Adjus... Retained Earnings 12,000.00
    Adjus... Cost of Sales 5,500.00
    Adjus... Inventories 17,500.00
    Adjus... Property and Equip... 30,000.00
    Adjus... Depreciation Expe... 6,000.00
    Adjus... Accumulated Depr... 12,000.00
    Adjus... Retained Earnings 24,000.00
    Adjus... Accumulated Depr... 21,000.00
    Adjus... Property and Equip... 18,500.00
    Adjus... Equipment sold for... 2,500.00
    Adjus... Advertising and Pr... 25,000.00
    Adjus... Retained Earnings 25,000.00
    Adjus... Estimate Liability F... 100,000.00
    Adjus... Est. Loss from Law... 100,000.00

    226,300.00 226,300.00

    TOTAL 3,170,300.00 3,170,300.00

    Page 1

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