GROUP 4

Pham Ngoc Uyen Nhi leader

Le Phan Khanh Vy
Phan Le Khanh Linh
Dang Nguyen Bao
Nguyen Vu Truong Huy
a) b)
Dec. 6 Salaries and Wages Expense 600 Cash
Salaries and Wages Payable 1,000 12/1 7,200
Cash 1,600 12/8 2,100
12/10 6,600
8 Cash 2,100 12/27 11,640
Accounts Receivable 2,100 Bal. 13,320

10 Cash 6,600 Account Receivable

Service Revenue 6,600 12/1 4,600
10 Cost of Goods Sold 4,100 12/18 12,000
Inventory 4,100 Bal. 2,500

13 Inventory 9,000 Inventory

Accounts Payable 9,000 12/1 12,000
12/13 9,000
15 Supplies 2,000
Cash 2,000 Bal. 8,320

18 Accounts Receivable 12,000 Supplies

Sales Revenue 12,000 12/1 1,200
18 Cost of Goods Sold 8,400 12/15 2,000
Inventory 8,400 Bal. 3,200

20 Salaries and Wages Expense 1,800 Equipment

Cash 1,800 12/1 22,000
Bal. 22,000
23 Accounts Payable 9,000
Cash (9,000 less 2% discount) 8,820 Sales Discounts
Inventory (2% discount) 180 12/27 360
Bal. 360
27 Cash (12,000 less 3% discount) 11,640
Sales Discounts (3% discount) 360 Cost of Goods Sold
Accounts Receivable 12,000 12/10 4,100
12/18 8,400
Bal. 12,500
 c)
Cash Accumulated Depreciation- Equipment ADJUSTING
12/6 1,600 12/1 2,200 Account Titles
12/15 2,000 Bal. 2,200 1 Salaries and Wages Expense
12/20 1,800
12/23 8,820 Account Payable
12/23 9,000 12/1 4,500 2 Depreciation Expense
12/13 9,000
Account Receivable Bal. 4,500
12/8 2,100 3 Supplies Expense
12/27 12,000 Salaries and Wages Payable
12/6 1,000 12/1 1,000
Bal. 0
Inventory
12/10 4,100 Share Capital- Ordinary
12/18 8,400 12/1 30,000
12/23 180 Bal. 30,000

Retained Earnings
Supplies 12/1 9,300
Bal. 9,300

Sales Revenue
12/18 12,000
Equipment 12/10 6,600
Bal. 18,600

Salaries and Wages Expense

Sales Discounts 12/6 600
12/20 1,800
Bal. 2,400

Cost of Goods Sold

 ADJUSTING ENTRIES
Account Titles Debit Credit
Salaries and Wages Expense € 800
Salaries and Wages Payable € 800

Depreciation Expense € 200

Accumulated Depreciation- Equipment € 200

Supplies Expense € 1,500

Supplies (3,200-1,700) € 1,500
d) e)
Jurczyk Distributing
Adjusted Trial Balance
December 31,2020
Debit Credit
Cash € 13,320
Accounts Receivable 2,500
Inventory 8,320
Supplies 1,700
Equipment 22,000
Accumulated Depreciation-Equip € 2,400
Accounts Payable 4,500
Salaries and Wages Payable 800
Share Capital- Ordinary 30,000
Retained Earnings 9,300
Sales Revenue 18,600
Sales Discounts 360
Cost of Goods Sold 12,500
Depreciation Expense 200
Supplies Expense 1,500
Salaries and Wages Expense 3,200
€ 65,600 € 65,600
 Jurczyk Distributing Jur
Income Statement Statem
For the Month Ended December 31,2020
Sales
Sales Revenue € 18,600 Property, plant, and equipm
Less: Sales Discounts 360
Net Sales 18,240
Cost of Goods Sold 12,500 Current assets
Gross Profit 5,740
Operating Expenses
Salaries and Wages Expense € 3,200
Supplies Expense 1,500
Depreciation Expense 200
Total Operating Expenses 4,900 E
Net Income € 840 Equity

Jurczyk Distributing Current Liabilities

Retained Earnings Statement
For the Month Ended December 31,2020
Retained earnings, December 1 € 9,300
Add: Net Income 840
Retained earnings, December 31 € 10,140
 Jurczyk Distributing
Statement of Financial Position
December 31,2020
Assets
Property, plant, and equipment
Equipment € 22,000
Less: Accumulated depreciation 2,400 € 19,600
Current assets
Supplies 1,700
Inventory 8,320
Accounts receivable 2,500
Cash 13,320 25,840
Total assets € 45,440
Equity and Liabilities
Equity
Share capital-ordinary € 30,000
Retained earnings 10,140 € 40,140
Current Liabilities
Salaries and Wages Payable 800
Accounts Payable 4,500 5,300
Total equity and liabilities € 45,440
b) c)
ADJUSTING ENTRIES ROSIAK
Account Titles Debit Credit I
Nov. 30 Supplies Expense € 4,100 For the Yea
Supplies € 4,100 Sales

30 Depreciation Expense € 11,500

Accumulated Depreciation- Equipment € 11,500
Cost of Goods Sold
30 Interest Expense € 4,000 Gross Profit
Interest Payable € 4,000 Operating Expenses

30 Cost of Goods Sold € 180

Inventory € 180

Income from Operations

Interest Expense
Net loss

ROSIAK
Retain
For the Yea
Retained Earnings, Decembe
Less: Net loss

Retained Earnings, Novembe

ROSIAK
Stateme
N

Property, plant, and equipm

Current assets

Eq
Equity

Non - Current Liabilities

Current Liabilities
 d)
ROSIAK FASHION CENTER GENERA
Income Statement Date Account Titles and
For the Year Ended November 30,2020 Closing En
2020 (1)
Sales Revenue £755,200 Nov. 30 Sales Revenue
Less: Sales Returns and Allowances 12,800
Net Sales 742,400 (To close income state
Cost of Goods Sold 497,580 with credit ba
Gross Profit 244,820 (2)
Operating Expenses 30 Income Summary
Salaries and Wages Expense £136,000
Advertising Expense 24,400
Rent Expense 24,000
Freight- Out 16,700
Utilities Expense 14,000
Maintenance and Repairs Expense 12,100
Depreciation Expense 11,500
Supplies Expense 4,100
Total Operating Expenses 242,800
Income from Operations 2,020
Interest Expense 4,000
Net loss £(1,980) (To close income state
with debit ba
(3)
ROSIAK FASHION CENTER 30 Retained Earnings
Retained Earnings Statement
For the Year Ended November 30,2020 (To close net income to r
Retained Earnings, December 1, 2019 £38,000 (4)
Less: Net loss £1,980 31 Retained Earnings
Dividends 8,000 9,980
Retained Earnings, November 30, 2020 £28,020 (To close dividends to r

ROSIAK FASHION CENTER

Statement of Financial Position
November 30,2020
Assets
Property, plant, and equipment
Equipment £133,000
Less: Accumulated depreciation 34,500 £98,500
Current assets
Supplies 2,100
Inventory 44,520
Accounts Receivable 27,700
Cash 8,700 83,020
Total assets £181,520
Equity and Liabilities
Equity
Share capital-ordinary £50,000
Retained earnings 28,020 £78,020
Non - Current Liabilities
Notes Payable 45,000
Current Liabilities
Notes Payable (due next year) 6,000
Accounts Payable 48,500
Interest Payable 4,000 58,500
Total equity and liabilities £181,520
 e)
GENERAL JOURNAL ROSIAK FASHION C
Account Titles and Explanation Debit Credit Post- Closing Trial Bal
Closing Entries November 30,2020
(1)
Sales Revenue 755,200
Income Summary 755,200
(To close income statement accounts
with credit balances)
(2)
Income Summary 757,180
Sales Returns and Allowances 12,800
Cost of Goods Sold 497,580
Salaries and Wages Expense 136,000
Advertising Expense 24,400
Utilities Expense 14,000
Maintenance and Repairs Expense 12,100
Freight- Out 16,700
Rent Expense 24,000
Supplies Expense 4,100
Depreciation Expense 11,500
Interest Expense 4,000
(To close income statement accounts
with debit balances)
(3)
Retained Earnings 1,980
Income Summary (757,180 - 755,200) 1,980
(To close net income to retained earnings)
(4)
Retained Earnings 8,000
Dividends 8,000
(To close dividends to retained earnings)
 ROSIAK FASHION CENTER
Post- Closing Trial Balance
November 30,2020
Debit Credit
Cash £8,700
Accounts Receivable 27,700
Inventory 44,520
Supplies 2,100
Equipment 133,000
Accumulated Depreciation-Equip £34,500
Notes Payable 51,000
Accounts Payable 48,500
Interest Payable 4,000
Share Capital- Ordinary 50,000
Retained Earnings 28,020
£216,020 £216,020
a) b)
GENERAL JOURNAL J1
Date Account Titles Ref. Debit Credit Date
Apr. 2 Inventory 120 6,200 Apr. 1
Accounts Payable 201 6,200 5
11
4 Accounts Receivable 112 5,500 13
Sales Revenue 401 5,500 14
Cost of Goods Sold 505 3,400 16
Inventory 120 3,400 20
23
5 Freight- Out 644 240 26
Cash 101 240 27
29
6 Accounts Payable 201 500
Inventory 120 500
Date
11 Accounts Payable (6,200- 500) 201 5,700 Apr. 4
Cash (5,700 less 1% discount) 101 5,643 13
Inventory (1% discount) 120 57 30

13 Cash (5,500 less 1% discount) 101 5,445

Sales Discounts (1% discount) 414 55 Date
Accounts Receivable 112 5,500 Apr. 2
4
14 Inventory 120 3,800 6
Cash 101 3,800 11
14
16 Cash 101 500 16
Inventory 120 500 18
20
18 Inventory 120 4,500 23
Accounts Payable 201 4,500 26
27
20 Inventory 120 160 29
Cash 101 160 30

23 Cash 101 7,400

Sales Revenue 401 7,400 Date
Cost of Goods Sold 505 4,120 Apr. 2
Inventory 120 4,120 6
11
26 Inventory 120 2,300 18
Cash 101 2,300 27

27 Accounts Payable 201 4,500

Cash (4,500 less 2% discount) 101 4,410 Date
Inventory (2% discount) 120 90 Apr. 1

29 Sales Returns and Allowances 412 90

 Cash 101 90 Date
Inventory 120 30 Apr. 4
Cost of Goods Sold 505 30 23
30
30 Accounts Receivable 112 3,400
Sales Revenue 401 3,400 Sal
Cost of Goods Sold 505 1,900 Date
Inventory 120 1,900 Apr. 29

Date
Apr. 13

Date
Apr. 4
23
29
30

Date
Apr. 5
 c)
Cash VREE DI
Explanation Ref. Debit Credit Balance Income S
Balance Ö 8,000 For the Month
J1 240 7,760 Sales
J1 5,643 2,117
J1 5,445 7,562
J1 3,800 3,762
J1 500 4,262
J1 160 4,102 Cost of Goods Sold
J1 7,400 11,502 Gross Profit
J1 2,300 9,202
J1 4,410 4,792
J1 90 4,702

Accounts Receivable
Explanation Ref. Debit Credit Balance
J1 5,500 5,500
J1 5,500 0
J1 3,400 3,400

Inventory
Explanation Ref. Debit Credit Balance
J1 6,200 6,200
J1 3,400 2,800
J1 500 2,300
J1 57 2,243
J1 3,800 6,043
J1 500 5,543
J1 4,500 10,043
J1 160 10,203
J1 4,120 6,083
J1 2,300 8,383
J1 90 8,293
J1 30 8,323
J1 1,900 6,423

Accounts Payable
Explanation Ref. Debit Credit Balance
J1 6,200 6,200
J1 500 5,700
J1 5,700 0
J1 4,500 4,500
J1 4,500 0

Share Capital- Ordinary

Explanation Ref. Debit Credit Balance
Balance Ö 8,000

Sales Revenue
Explanation Ref. Debit Credit Balance
J1 5,500 5,500
J1 7,400 12,900
J1 3,400 16,300

Sales Returns and Allowances

Explanation Ref. Debit Credit Balance
J1 90 90

Sales Discount
Explanation Ref. Debit Credit Balance
J1 55 55

Cost of Goods Sold

Explanation Ref. Debit Credit Balance
J1 3,400 3,400
J1 4,120 7,520
J1 30 7,490
J1 1,900 9,390

Freight- Out
Explanation Ref. Debit Credit Balance
J1 240 240
 VREE DISTRUBUTORS
Income Statement (Partial)
For the Month Ended April 30,2020

Sales Revenue € 16,300

Less: Sales Returns and Allowances € 90
Sales Discounts 55 145
Net Sales 16,155
Cost of Goods Sold 9,390
Gross Profit € 6,765