Rodriquez Distributing Company

Worksheet
For the Year Ended December 31, 2020
Trial Balance Adjustments Adjusted Trial Balance
Accounts Debit Credit Debit Credit Debit
Cash 16,030 16,030
Account Receivable 2,400 2,400
Inventory 6,720 6,720
Supplies 3,200 1,700 1,500
Equipment 22,000 22,000
Accumulated Depreciation-Equipment 2,200 200
Accounts Payable 4,500
Salaries and Wages Payable 0 840
Owner's Capital 39,300
Salaries and Wages Expense 2,400 840 3,240
Sales Revenue 21,300
Cost of Goods sold 14,100 14,100
Sales Discount 450 450
Totals 67,300 67,300
Depreciation Expense 200 200
Supplies Expense 1,700 1,700
Totals 2,740 2,740 68,340
Net Income
Totals
ibuting Company

ecember 31, 2020

Adjusted Trial Balance Income Stament Balance Sheet
Credit Debit Credit Debit Credit
16,030
2,400
6,720
1,500
22,000
2,400 2,400
4,500 4,500
840 840
39,300 39,300
3,240
21,300 21,300
14,100
450

200
1,700
68,340 19,690 21,300 48,650 47,040
1,610 1,610
21,300 21,300 48,650 48,650
 Rodriguez Distributing Company
General Journal
For the Year Ended December 31,2020

Date Account Titles Debit Credit

Dec.6 Salaries and Wages Expense $600
Salaries and Wages Payable 1,000
Cash 1,600
To record payment of Salary Expenses

Dec.8 Cash 2,200

Account Receivable 2,200
To record receipt of cash from customer's on account

Dec.10 Cash 6,300

Sales Revenue 6,300
To record the sales revenue

Dec.10 Cost of Goods Sold 4,100

Inventory 4,100
To record cost of goods sold

Dec.13 Inventory 9,000

Accounts Payable 9,000
To record purchase made on account

Dec.15 Supplies 2,000

Cash 2,000
To record Supplies

Dec.18 Account Receivable 15,000

Sales Revenue 15,000
To record the sales Revenue

Dec.18 Cost of Goods Sold 10,000

Inventory 10,000
To record cost of goods sold

Dec.20 Salaries and Wages Expense 1,800

Cash 1,800
To record Salaries ang Wages expense payment

Dec.23 Accounts Payable 9,000

Inventory 180
Cash 8,820
To record payment of purchases with availment of discount
Dec.27 Cash 14,550
Sales Dsicount 450
Account Receivable 15,000
To record Discount
 Rodriguez Distributing Company
Adjusting Entry
For the Year Ended December 31,2020

Date Account Title Debit Credit

Adj.1 Salaries and Wages Expense $840
Salaries and Wages Payable 840
To record accrued salary and wages payable

Adj.2 Depreciation Expense 200

Accumulated depreciation-Equipment 200
To record Depreciation Expense

Adj.3 Supplies Expense 1,700

Supplies 1,700
To record expense of supplies
 Cash Account Receivable
Dec.1 $7,200 Dec.6 $1,600 Dec.1 $4,600 Dec.8 $2,200
Dec.8 $2,200 Dec.15 $2,000 Dec.18 $15,000 Dec.27 $15,000
Dec.9 $6,300 Dec.20 $1,800
Dec.27 $14,550 Dec.23 $8,820 Ending Bal $2,400

Ending Bal $16,030

Equipment Accumulated Depreciation-Equipment

Dec.1 $22,000 Dec.1 $2,200
Adj.2 $200
Ending Bal $22,000
Ending Bal $2,400

Owner's Capital Salaries and Wages Expense

Dec.1 $39,300 Dec.6 $600
Dec.20 $1,800
Ending Bal $39,300 Adj.1 $840

Ending Bal $3,240

Supplies Expense Depreciation Expense

Adj.3 $1,700 Adj.2 $200

Ending Bal $1,700 Ending Bal $200

 Inventory Supplies
Dec.1 $12,000 Dec.10 $4,100 Dec.1 $1,200 Adj.3 $1,700
Dec.13 $9,000 Dec.18 $10,000 Dec.15 $2,000
Dec.23 $180
Ending Bal $6,720 Ending Bal $1,500

Accounts Payable Salaries and Wages Payable

Dec.23 $9,000 Dec.1 $4,500 Dec.6 $1,000 Dec.1 $1,000
Dec.13 $9,000 Adj.1 $840

Ending Bal $4,500 Ending Bal $840

Sales Revenue Sales Discount

Dec.10 $6,300 Dec.27 $450
Dec.18 $15,000
Ending Bal $450
Ending Bal $21,300

Cost Of Goods Sold

Dec.10 $4,100
Dec.18 $10,000

Ending Bal $14,100

 Rodriguez Distributing Company
Income Statement
For the Ended Year December 31,2020

Sales
Sales Revenue $21,300
Less:Sales returns and allowances 0
Sales discount 450 450
Net Sales 20,850
Cost of Goods sold 14,100
Gross Profit 6,750

Operating Expenses
Supplies Expense 1,700
Depreciation expense 200
Salaries and Wages expense 3,240
Total operating expense 5,140
Income From Operation 1,610
Net Income $1,610
 Rodriguez Distributing Company
Income Statement
For the Ended Year December 31,2020

Revenues
Net sales $20,850
Total revenues 20,850

Expenses
Cost of Goods Sold 14,100
Operating Expense 5,140
Total expenses 19,240
Net Income $1,610
 Rodriguez Distributing Company
Owner's Equity
For the Ended Year December 31,2022

Owner's Capital, January 1,2020 0

Add: Investments 39,300
Net Income 1,610 40,910
40,910
Owner's Capital, December 31,2020 $40,910
 Rodriguez Distributing Company
Balance Sheet
December 31,2020

Assets
Cash $16,030
Account Receivable 2,400
Inventory 6,720
Supplies 1,500
Equipment 22,000
Less: Accumulated Depreciation- Equipment -2,400 19,600
Total Assets $46,250

Liabilities and Owner's Equity

Liabilities
Accounts Payable 4,500
Salaries and wages payable 840
Total Liabilities $5,340

Owner's Equity 40,910

Total Liabilities and Owner's Equity $46,250
 Falcetto Company
Income Statement
For the Year Ended December 31, 2020

Sales
Sales Revenue $536,800
Less: Sales returns and allowances 6,700
Sales Discount 5,000 11,700
Net Sales 525,100
Cost of Goods Sold 363,400
Gross Profit 161,700

Operating Expenses
Salaries and Wages expense 56,000
Utilities expense 18,000
Advertising expense 12,000
Depreciation expense 9,000
Freight-out 7,600
Insurance expense 4,500
Rent expense 24,000
Total operating expense 131,100
Income from operations 30,600

Other revenues and gains

Interest revenue 2,500

Other expenses and losses

Interest expense 3,600

Net income $29,500