Accounting
Table of Contents
Assumption page……………………………………………………………………… ………………….00
Beginning Balances & Transactions……………………………………………………………………... 00
Chart of Accounts………………………………………………………………………………………... 00
Journal Entries…………………………………………………………………………………………......00
Ledger……………………………………………………………………………………………………..00
Unadjusted Trial Balance……………………………………………………………………………….....00
Adjusted Journal Entries…………………………………………………………………………………..00
Adjusted Trial Balance…………………………………………………………………………………….00
Income Statement………………………………………………………………………………………….00
Statement of Retained Earnings…………………………………………………………………………...00
Balance Sheet……………………………………………………………………………………………...00
Cash Flow Statement ……………………………………………………………………………………..00
Closing Journal Entries……………………………………………………………………………………00
Post-Closing Trial Balance………………………………………………………………………………..00
Assumption Page
Our Umbrella Corporation began with the cooperation of three entrepreneurial minds, who saw the benefit of combining each other’s skills and knowledge in different markets and merge it all to create the most renovating Corporation of the century.
“It is better to fail in originality than to succeed in imitation.”
Calculations for Accumulated Depreciation
Buildings
Interest on Loan
Interest = Principal × Rate × Time
$15,000 × 0.10 × 4/12 = $500
Vehicle:
The vehicle has a useful life of 10 year and it cost 10,000
Therefore using the straight line method
Annual depreciation = (Cost less Salvage ÷ Estimated useful life)
Annual Depreciation = ($10,000 ÷ 10 year) = $1000
Equipment’s:
Cost: $5000
Depreciation: $6000 ÷ 5 year = $1000
Beginning Balances & Transactions
Beginning Balances:
Cash:
$15,000
Loan:
$15,000 (10% APR)
Common Stock:
$10,000
Beg. Retained Earning:
$5,000
Accounting Period September 1, 2017 – December 17, 2017
Transactions:
September
September, 7, 2017
· Purchased St. James Place for $1,800
· Purchased New York Avenue for $1000
· Purchased Kentucky Avenue for $1800
· Cobra Corp owes rent amounting to $200 for St. James Place Avenue
· Received rent $180, from Team Seven for Kentucky avenue.
· Received rent $180, from the Note Corp for New York Avenue.
· Paid $100 for Salaries owed
· Interest payable for the loan borrowed of $15,000 at a rate of 10% per quarter.
September, 10, 2017
· Cobra paid rent owed of $200 for St James place Avenue
· Received $500 from Tea Corp from parking fee collected for St James place avenue
· Paid $ 100 for utilities bill owed for the office.
· Paid $30 for the rent in the Garden Avenue.
· Received $100 from James for household Transportation services.
October
October, 7, 2017
· Purchased Ventnor Avenue $2200
· Purchased Short line for$1000
· Purchased Pacific Avenue for$1500
· Received rent $260, from Alpha Corp for Pacific Avenue
· Received rent of $220, from MMBP for Ventnor Avenue
· Received rent of 200 for the month From TechHub Corp for Short Line Avenue.
· Cobra paid rent of $200 for St James place value.
· Received rent $180, from Team Seven for Kentucky avenue.
· Received rent $180, from the Note Corp for New York Avenue.
· Paid $150 for Salaries owed
October, 15, 2017
· Received $450 from Tea Corp from parking fee collected for St James place avenue
· Paid $ 90 for utilities bill owed for the office.
· Paid $30 for the rent in the Garden Avenue.
· Received $150 from James for household Transportation services.
November
November, 7, 2017
· Received rent $260, from Alpha Corp for Pacific Avenue
· Received rent of $220, from MMBP for Ventnor Avenue
· Received rent $180, from Team Seven for Kentucky avenue.
· Received rent $180, from the Note Corp for New York Avenue.
· Paid $140 for Salaries owed
· Cobra paid rent of $200 for St James place Avenue
November, 15, 2017
· Received rent of $200, From TechHub Corp for Short Line Avenue.
· Received $400 from Tea Corp from parking fee collected for St James place avenue
· Paid $ 110 for utilities bill owed for the office.
· Paid $30 for the rent in the Garden Avenue.
· Received $200 from James for household Transportation services.
December
December, 7, 2017
· Received rent $260, from Alpha Corp for Pacific Avenue
· Received rent of $220, from MMBP for Ventnor Avenue
· Received rent $180, from Team Seven for Kentucky avenue.
· Received rent $180, from the Note Corp for New York Avenue.
· Paid $150 for Salaries owed
· Received rent of $200, From TechHub Corp for Short Line Avenue.
· Received $600 from Tea Corp from parking fee collected for St James place avenue
· Paid $ 110 for utilities bill owed for the office.
· Paid $30 for the rent in the Garden Avenue.
· Received $100 from James for household Transportation services.
· dividend paid $1000
· received rent for from Cobra for St James
Chart of Accounts
|
Umbrella Corporation |
|||||
|
Chart of Accounts |
|||||
|
|
Assets |
|
Liabilities |
|
Equity |
|
101 |
Cash |
201 |
Interest payable |
301 |
Common stock |
|
102 |
Vehicle (Truck) |
202 |
|
302 |
Retained Earning |
|
103 |
Equipment |
|
|
|
|
|
104 |
St James place |
Income Statements Accounts (Equity) |
|||
|
105 |
New York Avenue |
|
Revenues |
|
Expenses |
|
106 |
Kentucky Avenue |
401 |
Rent Revenue |
501 |
Rent Expense |
|
107 |
Ventnor Avenue |
402 |
Parking Revenue |
502 |
Tax Expense |
|
108 |
Shoreline Avenue |
403 |
Service Revenue |
503 |
Interest Expense |
|
119 |
Pacific Avenue |
|
|
504 |
Vehicle depreciation Expense |
|
110 |
Prepaid rent |
|
|
505 |
Equipment depreciation Expense |
|
111 |
A/c receivable |
|
|
506 |
Salary expense |
|
|
|
|
|
507 |
Utility Expenses |
|
|
|
|
|
508 |
Dividend expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Journal Entries
|
Date |
Account |
Debits(Dr.) |
Credit (Cr) |
Posting |
|
7-Sep |
St James Place |
$1,800 |
|
104 |
|
|
Cash |
|
$1,800 |
101 |
|
|
(Purchased James Place) |
|
|
|
|
7-Sep |
New York Avenue |
$1,000 |
|
105 |
|
|
Cash |
|
$,1000 |
101 |
|
|
(Purchased New York Avenue) |
|
|
|
|
7-Sep |
Kentucky Avenue |
$1,800 |
|
106 |
|
|
Cash |
|
1,800 |
101 |
|
|
(Purchased Kentucky Avenue |
|
|
|
|
7-Sep |
Account receivables |
$200 |
|
501 |
|
|
Rent revenue |
|
$200 |
202 |
|
|
(Rent outstanding) |
|
|
|
|
7-Sep |
Cash |
$180 |
|
101 |
|
|
Rent Revenue |
|
$180 |
401 |
|
|
(Team seven paid rent) |
|
|
|
|
7-Sep |
Cash |
$180 |
|
101 |
|
|
Rent Expense |
|
$180 |
401 |
|
|
(Note Corp paid Rent) |
|
|
|
|
7-Sep |
Salary Expenses |
$100 |
|
506 |
|
|
Cash |
|
$100 |
101 |
|
|
(Record salary paid) |
|
|
|
|
7-Sep |
Interest Expense |
$500 |
|
201 |
|
|
Interest Payable |
|
$500 |
503 |
|
|
(Interest paid on loan ) |
|
|
|
|
10-Sep |
Cash |
$200 |
|
202 |
|
|
Account receivables |
|
$200 |
101 |
|
|
( Rent owed paid by Cobra) |
|
|
|
|
10-Sep |
Cash |
$500 |
|
101 |
|
|
Parking revenue |
|
$500 |
402 |
|
|
(Parking fee collected by team corps) |
|
|
|
|
10-Sep |
Utilities expense |
$100 |
|
|
|
|
Cash |
|
$100 |
101 |
|
|
(Paid utility expenses for the office) |
|
|
|
|
10-Sep |
Rent Expense |
$30 |
|
401 |
|
|
Cash |
|
$30 |
101 |
|
|
( Rent paid for the office) |
|
|
|
|
10-Sep |
Cash |
$100 |
|
101 |
|
|
Service Revenue |
|
$100 |
403 |
|
|
(James paid for transportation services) |
|
|
|
|
7-Oct |
Ventnor Avenue |
$2,200 |
|
108 |
|
|
Cash |
|
$2,200 |
101 |
|
|
(Purchased Ventnor avenue) |
|
|
|
|
7-Oct |
Short line |
$1,000 |
|
109 |
|
|
Cash |
|
$1,000 |
101 |
|
|
(Purchased shoreline) |
|
|
|
|
7-Oct |
Pacific Avenue |
$1,500 |
|
110 |
|
|
Cash |
|
$1,500 |
101 |
|
|
(Purchased pacific avenue) |
|
|
|
|
7-Oct |
Cash |
$260 |
|
101 |
|
|
Rent Revenue |
|
$260 |
401 |
|
|
(Rent received from Alpha Corp) |
|
|
|
|
7-Oct |
Cash |
$220 |
|
101 |
|
|
Rent Revenue |
|
$220 |
401 |
|
|
( Rent received from MMBP) |
|
|
|
|
7-Oct |
Cash |
$100 |
|
101 |
|
|
Rent Revenue |
|
$100 |
401 |
|
|
(Rent received from TechHub Corp) |
|
|
|
|
7-Oct |
Cash |
$200 |
|
101 |
|
|
Rent revenue |
|
$200 |
401 |
|
|
(Received half of the rent from TechHub) |
|
|
|
|
7-Oct |
Cash |
$200 |
|
501 |
|
|
Rent Revenue |
|
$200 |
101 |
|
|
(Rent paid by Cobra for St James avenue) |
|
|
|
|
7-Oct |
Cash |
$200 |
|
112 |
|
|
Prepaid rent revenue |
|
$200 |
101 |
|
|
( Rent paid in advance for St James) |
|
|
|
|
7-Oct |
Cash |
$180 |
|
101 |
|
|
Rent Revenue |
|
$180 |
401 |
|
|
( Rent paid by team seven) |
|
|
|
|
7-Oct |
Cash |
$180 |
|
101 |
|
|
Rent Revenue |
|
$180 |
401 |
|
|
(Rent paid by Note Corp) |
|
|
|
|
7-Oct |
Salary Expenses |
$150 |
|
506 |
|
|
Cash |
|
$150 |
101 |
|
|
(Salary paid to employees) |
|
|
|
|
15-Oct |
Cash |
$450 |
|
101 |
|
|
Parking revenue |
|
$450 |
502 |
|
|
(Rent received from tea corps) |
|
|
|
|
15-Oct |
Utilities expense |
$90 |
|
507 |
|
|
Cash |
|
$90 |
101 |
|
|
(Utilities expenses paid for the office) |
|
|
|
|
15-Oct |
Rent Expense |
$30 |
|
501 |
|
|
Cash |
|
$30 |
101 |
|
|
( Rent paid for the office) |
|
|
|
|
15-Oct |
Cash |
$150 |
|
101 |
|
|
Service revenue |
|
$150 |
503 |
|
|
(Services received from James) |
|
|
|
|
7-Nov |
Cash |
$260 |
|
101 |
|
|
Rent revenue |
|
$260 |
401 |
|
|
(Rent received from Alpha Corp) |
|
|
|
|
7-Nov |
Cash |
$220 |
|
101 |
|
|
Rent Revenue |
|
$220 |
401 |
|
|
(Rent received from MMBP) |
|
|
|
|
7-Nov |
Cash |
$180 |
|
101 |
|
|
Rent Revenue |
|
$180 |
401 |
|
|
(Rent received from Team Seven) |
|
|
|
|
7-Nov |
Cash |
$180 |
|
101 |
|
|
Rent Revenue |
|
$180 |
401 |
|
|
(Rent received from Note corps) |
|
|
|
|
7-Nov |
Salary Expenses |
$140 |
|
506 |
|
|
Cash |
|
$140 |
101 |
|
|
(Salary paid to employees) |
|
|
|
|
15-Nov |
Cash |
$200 |
|
101 |
|
|
Rent revenue |
|
$200 |
401 |
|
|
(Rent received from TechHub) |
|
|
|
|
15-Nov |
Cash |
$400 |
|
101 |
|
|
Parking services |
|
$400 |
502 |
|
|
(Parking fee collected by team corps) |
|
|
|
|
15-Nov |
Utilities expense |
$110 |
|
507 |
|
|
Cash |
|
$110 |
101 |
|
|
(Utilities expenses paid for the office) |
|
|
|
|
15-Nov |
Rent Expense |
$30 |
|
501 |
|
|
Cash |
|
$30 |
101 |
|
|
(Rent paid for to Garden Avenue) |
|
|
|
|
15-Nov |
Cash |
$200 |
|
101 |
|
|
Service revenue |
|
$200 |
503 |
|
|
(Services received from James) |
|
|
|
|
7-Dec |
Cash |
$260 |
|
101 |
|
|
Rent Revenue |
|
$260 |
401 |
|
|
(Rent received from Alpha Corp) |
|
|
|
|
7-Dec |
Cash |
$220 |
|
101 |
|
|
Rent Revenue |
|
$220 |
401 |
|
|
(Rent received from MMBP) |
|
|
|
|
7-Dec |
Cash |
$180 |
|
101 |
|
|
Rent Revenue |
|
$180 |
401 |
|
|
(Rent received from Team Seven) |
|
|
|
|
7-Dec |
Cash |
$180 |
|
101 |
|
|
Rent Revenue |
|
$180 |
401 |
|
|
(Rent received from Note corps) |
|
|
|
|
7-Dec |
Salaries expense |
$150 |
|
501 |
|
|
Cash |
|
$150 |
101 |
|
|
(Salaries expenses paid for the office) |
|
|
|
|
7-Dec |
Cash |
$200 |
|
101 |
|
|
Rent Revenue |
|
$200 |
401 |
|
|
(Received rent from TechHub) |
|
|
|
|
7-Dec |
Cash |
$600 |
|
101 |
|
|
Parking revenue |
|
$600 |
502 |
|
|
(Received parking fee from James) |
|
|
|
|
7-Dec |
Utilities expense |
$110 |
|
501 |
|
|
Cash |
|
$110 |
101 |
|
|
( Utilities expenses paid for the office) |
|
|
|
|
7-Dec |
Rent Expense |
$30 |
|
501 |
|
|
Cash |
|
$30 |
101 |
|
|
(Rent paid to garden avenue) |
|
|
|
|
7-Dec |
Cash |
$100 |
|
101 |
|
|
Service revenue |
|
$100 |
503 |
|
|
(Received collection of services revenue) |
|
|
|
|
7-Dec |
Dividend expense |
$1,000 |
|
|
|
|
Cash |
|
$1,000 |
101 |
|
|
(dividend paid for shareholders) |
|
|
|
|
7-Dec |
Cash |
$200 |
|
508 |
|
|
Rent Revenue |
|
$200 |
401 |
|
|
To record rent paid |
|
|
|
Ledger
|
St James Place(104) |
|||||
|
7-Sep |
Cash |
$1,800 |
31-Dec |
Bal C/F |
1,800 |
|
|
|
$1,800 |
|
|
1,800 |
|
31-Dec |
Bal C/f |
$1,800 |
|
|
|
|
New york Avenue (105) |
|||||
|
7-Sep |
Cash |
$1,000 |
31-Dec |
Bal C/F |
1,000 |
|
|
|
$1,000 |
|
|
1,000 |
|
31-Dec |
Bal C/f |
$1,000 |
|
|
|
|
Kentucky Avenue (106) |
|||||
|
7-Sep |
Cash |
$1,800 |
31-Dec |
Bal C/F |
1,800 |
|
|
|
$1,800 |
|
|
1,800 |
|
31-Dec |
Bal C/f |
$1,800 |
|
|
|
|
Shoreline (108) |
|||||
|
7-Oct |
Cash |
$1,000 |
31-Dec |
Bal C/F |
1,000 |
|
|
|
$1,000 |
|
|
1,000 |
|
31-Dec |
Bal C/f |
$1,000 |
|
|
|
|
Ventnor Avenue (107) |
|||||
|
7-Oct |
Cash |
$2,200 |
31-Dec |
Bal C/F |
2,200 |
|
|
|
$2,200 |
|
|
2,200 |
|
31-Dec |
Bal C/f |
$2,200 |
|
|
|
|
Pacific (109) |
|||||
|
7-Oct |
Cash |
$1,500 |
31-Dec |
Bal C/F |
1,500 |
|
|
|
$1,500 |
|
|
1,500 |
|
31-Dec |
Bal C/f |
$1,500 |
|
|
|
|
Common stock (301) |
|||||
|
31-Dec |
Bal c/f |
$10,000 |
7-Sep |
Bal B/F |
10,000 |
|
|
|
$10,000 |
|
|
10,000 |
|
|
|
|
|
|
$10,000 |
|
Retained earnings (301) |
|||||
|
31-Dec |
Bal c/f |
$5,000 |
7-Sep |
Bal B/F |
5,000 |
|
|
|
$5,000 |
|
|
5,000 |
|
|
|
|
|
|
$5,000 |
|
Vehicle (102) |
|||||
|
7-Oct |
Bal b/f |
$10,000 |
31-Dec |
Bal C/F |
10,000 |
|
|
|
$10,000 |
|
|
10,000 |
|
31-Dec |
Bal C/f |
$10,000 |
|
|
|
|
Equipment (102) |
|||||
|
7-Oct |
Bal b/f |
$1,000 |
31-Dec |
Bal C/F |
1,000 |
|
|
|
$1,000 |
|
|
1,000 |
|
31-Dec |
Bal C/f |
$1,000 |
|
|
|
|
Note Payables (203) |
|||||
|
17-Dec |
Bal c/f |
$15,000 |
7-Sep |
Bal B/F |
15,000 |
|
|
|
$15,000 |
|
|
15,000 |
|
|
|
|
31-Dec |
|
$15,000 |
|
Cash (101) |
|||||
|
|
Start Bal |
$15,000 |
7-Sep |
St James |
$1,800 |
|
7-Sep |
Rent revenue |
$180 |
7-Sep |
New york avenue |
$1,000 |
|
7-Sep |
Rent revenue |
$180 |
7-Sep |
Kentucky avenue |
$1,800 |
|
10-Sep |
A/c Receivables |
$200 |
7-Sep |
Salary expense |
$100 |
|
10-Sep |
Parking revenue |
$500 |
10-Sep |
Utilities expense |
$100 |
|
10-Sep |
Service revenue |
$100 |
10-Sep |
Rent Expense |
$30 |
|
7-Oct |
Rent revenue |
$260 |
7-Oct |
Ventnor |
$2,200 |
|
7-Oct |
Rent revenue |
$220 |
7-Oct |
Shoreline |
$1,000 |
|
7-Oct |
Rent revenue |
$200 |
7-Oct |
Pacific |
$1,500 |
|
7-Oct |
Prepaid Rent |
$200 |
7-Oct |
Salary expense |
$150 |
|
7-Sep |
Rent revenue |
$180 |
15-Oct |
Utilities expense |
$90 |
|
7-Oct |
Rent revenue |
$180 |
15-Oct |
Rent Expense |
$30 |
|
15-Oct |
Parking revenue |
$450 |
7-Nov |
Salary expense |
$140 |
|
15-Oct |
Service revenue |
$150 |
15-Nov |
Utilities expense |
$110 |
|
7-Nov |
Rent revenue |
$260 |
15-Nov |
Rent Expense |
$30 |
|
7-Nov |
Rent revenue |
$220 |
7-Dec |
Salaries expense |
$150 |
|
7-Nov |
Rent revenue |
$180 |
7-Dec |
Utilities expense |
$110 |
|
7-Nov |
Rent revenue |
$180 |
7-Dec |
Rent Expense |
$30 |
|
15-Nov |
Rent revenue |
$200 |
7-Dec |
Dividend expense |
$1,000 |
|
15-Nov |
Rent revenue |
$200 |
31-Dec |
Bal B/F |
$10,410 |
|
15-Nov |
Parking revenue |
$400 |
|
|
|
|
15-Nov |
Service revenue |
$200 |
|
|
|
|
7-Dec |
Rent revenue |
$260 |
|
|
|
|
7-Dec |
Rent revenue |
$220 |
|
|
|
|
7-Dec |
Rent revenue |
$180 |
|
|
|
|
7-Dec |
Rent revenue |
$180 |
|
|
|
|
7-Dec |
Rent revenue |
$200 |
|
|
|
|
7-Dec |
Parking revenue |
$600 |
|
|
|
|
7-Dec |
Rent revenue |
$200 |
|
|
|
|
7-Dec |
Service revenue |
$100 |
|
|
|
|
|
|
$21,780 |
|
|
$21,780 |
|
31-Dec |
Bal B/F |
$10,410 |
|
|
|
|
Rent Revenue (401) |
|||||
|
|
|
|
7-Sep |
A/C receivable |
$200 |
|
|
|
|
7-Sep |
Cash |
$180 |
|
|
|
|
7-Sep |
Cash |
$180 |
|
|
|
|
7-Oct |
Cash |
$260 |
|
|
|
|
7-Oct |
Cash |
$220 |
|
|
|
|
7-Oct |
cash |
$200 |
|
|
|
|
7-Oct |
cash |
$200 |
|
|
|
|
7-Oct |
cash |
$180 |
|
|
|
|
7-Oct |
Cash |
$180 |
|
|
|
|
7-Nov |
Cash |
$260 |
|
|
|
|
7-Nov |
Cash |
$220 |
|
|
|
|
7-Nov |
Cash |
$180 |
|
|
|
|
7-Nov |
Cash |
$180 |
|
|
|
|
15-Nov |
cash |
$200 |
|
|
|
|
15-Nov |
Cash |
$200 |
|
|
|
|
7-Dec |
Cash |
$260 |
|
|
|
|
7-Dec |
Cash |
$220 |
|
|
|
|
7-Dec |
Cash |
$180 |
|
|
|
|
7-Dec |
Cash |
$180 |
|
|
|
|
7-Dec |
Cash |
$200 |
|
31-Dec |
Bal C/f |
$4,280 |
7-Dec |
Cash |
$200 |
|
|
|
$4,280 |
|
|
$4,280 |
|
|
|
|
31-Dec |
Bal c/f |
$4,280 |
|
Rent Expense(501) |
|||||
|
10-Sep |
Cash |
$30 |
31-Dec |
Bal B/F |
120 |
|
15-Oct |
Cash |
$30 |
|
|
|
|
15-Nov |
Cash |
$30 |
|
|
|
|
7-Dec |
Cash |
$30 |
|
|
|
|
|
|
$120 |
|
|
$120 |
|
31-Dec |
Bal b/f |
$120 |
|
|
|
|
Utilities Expense (507) |
|||||
|
10-Sep |
Cash |
$100 |
31-Dec |
Bal B/F |
410 |
|
15-Oct |
Cash |
$90 |
|
|
|
|
15-Nov |
Cash |
$110 |
|
|
|
|
7-Dec |
Cash |
$110 |
|
|
|
|
|
|
$410 |
|
|
$410 |
|
31-Dec |
Bal b/f |
$410 |
|
|
|
|
Salaries Expense (507) |
|||||
|
7-Sep |
Cash |
$100 |
31-Dec |
Bal B/F |
540 |
|
10-Oct |
Cash |
$150 |
|
|
|
|
7-Nov |
Cash |
$140 |
|
|
|
|
7-Dec |
Cash |
$150 |
|
|
|
|
|
|
$540 |
|
|
$540 |
|
31-Dec |
Bal b/f |
$540 |
|
|
|
|
Parking services (402)) |
|||||
|
|
|
|
7-Dec |
Cash |
500 |
|
|
|
|
15-Oct |
Cash |
450 |
|
|
|
|
15-Nov |
Cash |
$400 |
|
|
|
|
7-Dec |
|
$600 |
|
|
|
$1,950 |
|
|
$1,950 |
|
|
|
|
31-Dec |
Bal B/F |
$1,950 |
|
Service services (402)) |
|||||
|
|
|
|
10-Dec |
Cash |
100 |
|
|
|
|
15-Oct |
Cash |
150 |
|
|
|
|
15-Nov |
Cash |
$200 |
|
|
|
|
7-Dec |
Cash |
$100 |
|
|
|
$550 |
|
|
$550 |
|
|
|
|
31-Dec |
Bal B/F |
$550 |
|
Interest Payable (301) |
|||||
|
31-Dec |
Bal c/f |
$500 |
7-Sep |
Interest Expense |
500 |
|
|
|
$500 |
|
|
500 |
|
|
|
|
|
|
$500 |
|
A/c Receivable (111) |
|||||
|
31-Dec |
Bal c/f |
$200 |
7-Sep |
|
200 |
|
|
|
$200 |
|
|
200 |
|
|
|
|
|
|
|
|
Depreciation |
|||||
|
31-Dec |
Accumulated Depreciation |
$1,000 |
7-Sep |
|
|
|
|
Accumulated Depreciation |
$1000 |
|
|
|
|
|
|
$2,000 |
|
|
$2,000 |
|
Accumulated depreciation |
|||||
|
31-Dec |
Depreciation |
|
7-Sep |
|
1,000 |
|
|
Depreciation |
|
|
|
1,000 |
|
|
|
$2,000 |
|
|
$2,000 |
Unadjusted Trial Balance
|
Umbrella Corporation |
||
|
Unadjusted Trial Balance |
||
|
as from Dec 31, 2017 |
||
|
Accounts |
Dr. |
Cr. |
|
Cash |
$10,410 |
|
|
St James Place |
$1,800 |
|
|
New york Avenue |
$1,000 |
|
|
Kentucky Avenue |
$1,800 |
|
|
Shoreline |
$1,000 |
|
|
Ventnor Avenue |
$2,200 |
|
|
Pacific |
$1,500 |
|
|
Retained Earning |
|
$5,000 |
|
Vehicle |
$10,000 |
|
|
Equipment’s |
$5,000 |
|
|
Notes payables |
|
$15,000 |
|
Rent Revenue |
|
$4,280 |
|
Rent Expense |
$120 |
|
|
Utilities Expense |
$410 |
|
|
Salaries Expense |
$540 |
|
|
Parking revenue |
|
$1,950 |
|
Service revenue |
|
$550 |
|
Dividend expense |
$1,000 |
|
|
Common stock |
|
$10,000 |
|
|
$36,780 |
$36,780 |
Adjusted Journal Entries
|
Umbrella Corporation |
|||
|
Adjusting Journal entries |
|||
|
Date |
Account |
Debit |
Credit |
|
1-Dec |
Service Revenue |
$550 |
|
|
|
Parking Revenue |
$1,950 |
|
|
|
Rent Revenue |
$4,280 |
|
|
|
Income Summary |
|
$6,780 |
|
|
(To Close Revenue) |
|
|
|
1-Dec |
Income summary |
$4,570 |
|
|
|
Vehicle depreciation expense |
|
$1,000 |
|
|
Equipment depreciation Expense |
|
$1,000 |
|
|
Interest Expense |
|
$500 |
|
|
Salary Expense |
|
$540 |
|
|
Utilities Expense |
|
$410 |
|
|
Rent Expense |
|
$120 |
|
|
Dividend expense |
|
$1,000 |
|
|
(To close Expense) |
|
|
|
1-Dec |
Retained Earning |
$7,210 |
|
|
|
Income summary |
|
$7,210 |
|
|
(To close Income summary) |
|
|
Adjusted Trial Balance
|
Umbrella Corporation |
||
|
Adjusted Trial Balance |
||
|
as from Dec 31, 2017 |
||
|
Accounts |
Dr. |
Cr. |
|
Cash |
$10,410 |
|
|
St James Place |
$1,800 |
|
|
New york Avenue |
$1,000 |
|
|
Kentucky Avenue |
$1,800 |
|
|
Shoreline |
$1,000 |
|
|
Ventnor Avenue |
$2,200 |
|
|
Pacific |
$1,500 |
|
|
Retained Earning |
|
$5,000 |
|
Vehicle |
$10,000 |
|
|
Equipment’s |
$5,000 |
|
|
Notes payables |
|
$15,000 |
|
Rent Revenue |
|
$4,280 |
|
Rent Expense |
$120 |
|
|
Utilities Expense |
$410 |
|
|
Salaries Expense |
$540 |
|
|
Parking revenue |
|
$1,950 |
|
Service revenue |
|
$550 |
|
Common stock |
|
$10,000 |
|
Interest Expense |
$500 |
|
|
Interest Payables |
|
$500 |
|
Vehicle depreciation Expense |
$1,000 |
|
|
Vehicle Accumulated depreciation |
|
$1,000 |
|
Equipment’s depreciation expense |
$1,200 |
|
|
Equipment Accumulated depreciation |
|
$1,200 |
|
Dividend expense |
$1,000 |
|
|
|
$39,480 |
$39,480 |
Income Statement
|
Umbrella Corp |
||
|
Income Statements |
||
|
Month Ended Dec 31st ,2017 |
||
|
Revenues: |
$ |
$ |
|
Service Revenue |
$550 |
|
|
Rent Revenue |
$1,950 |
|
|
Parking Revenue |
$4,280 |
|
|
Total Revenue |
|
$6,780 |
|
Less: Expenses: |
|
|
|
Rent Expense |
$120 |
|
|
Vehicle Depreciation expense |
$1,000 |
|
|
Equipment Depreciation expense |
$1,000 |
|
|
Interest Expense |
$500 |
|
|
Salaries Expenses |
$540 |
|
|
Utilities Expense |
$410 |
|
|
Total Expense |
|
$3,570 |
|
Net income |
|
$3,210 |
Statement of Retained Earnings
|
Umbrella Corp |
|
|
Statements of Retained Earnings |
|
|
for the Month Ending Dec 31st , 2017 |
|
|
Retained Earnings, September 1st, 2017 |
$5,000 |
|
Add: Net Income |
$3,210 |
|
Subtotal |
$8,210 |
|
Less: Dividend |
1000.00 |
|
Retained Earnings, December 31, 2017 |
$7,210 |
Balance Sheet
|
Umbrella Corporation |
||||
|
Balance sheet |
||||
|
for the month ended Dec 31st, 2017 |
||||
|
Assets |
|
|
Liabilities |
|
|
Cash |
|
$10,410 |
Note payables |
$15,000 |
|
Vehicle |
$10,000 |
|
Interest Payables |
$500 |
|
Less: Depreciation |
$1,000 |
$9,000 |
|
|
|
Equipment |
$5,000 |
|
|
|
|
Less: Depreciation |
$1,000 |
$4,000 |
Stockholder Equity |
|
|
St James Avenue |
|
$1,800 |
Retained Earning |
$7,210 |
|
New york Avenue |
|
$1,000 |
Common Stock |
$10,000 |
|
Kentucky Avenue |
|
$1,800 |
|
|
|
Shoreline |
|
$1,000 |
|
|
|
Ventnor Avenue |
|
$2,200 |
|
|
|
Pacific |
|
$1,500 |
|
|
|
Total Assets |
|
$32,710 |
Total Liabilities and stockholders’ Equity |
$32,710 |
Statement of Cash Flow
|
Umbrella Corporation |
||
|
Statements of Cash flows |
||
|
Month Ended Dec 31st ,2017 |
||
|
Cash flows From operating activities |
|
|
|
Income |
|
$6,780 |
|
Depreciation Expense (Vehicle) |
$1,000 |
|
|
Depreciation Expense (Equipment) |
$1,000 |
|
|
Total |
|
$4,780 |
|
Total cash provided by operating activities |
|
$11,560 |
|
Cash flows From investing activities |
|
|
|
Acquisition of St James place |
$1,800 |
|
|
New york avenue |
$1,000 |
|
|
Kentucky Avenue |
$1,800 |
|
|
Shoreline |
$1,000 |
|
|
Pacific |
$1,500 |
|
|
Ventnor |
$2,200 |
|
|
Total cash used for investing Activities |
|
($9,300) |
|
Cash from financing activities |
|
|
|
Net Increase(Decrease in) Cash |
|
$4,590 |
|
Cash balance September 1st ,2017 |
|
$15,000 |
|
Cash balance December 31st ,2017 |
|
$10,410 |
Closing Journal Entries
|
Umbrella Corporation |
|||
|
Closing Journal entries |
|||
|
Date |
Account |
Debit |
Credit |
|
1-Dec |
Service Revenue |
$550 |
|
|
closing (1) |
Parking revenue |
$1,950 |
|
|
|
Rent Revenue |
$4,280 |
|
|
|
Income Summary |
|
$6,780 |
|
|
(To Close Revenue) |
|
|
|
1-Dec |
Income summary |
$4,570 |
|
|
closing (2) |
Vehicle depreciation expense |
|
$1,000 |
|
|
Equipment depreciation Expense |
|
$1,000 |
|
|
Interest Expense |
|
$500 |
|
|
Salary Expense |
|
$540 |
|
|
Utilities Expense |
|
$410 |
|
|
Rent Expense |
|
$120 |
|
|
Dividend expense |
|
$1,000 |
|
|
(To close Expense) |
|
|
|
1-Dec |
Retained Earning |
$7,210 |
|
|
closing (3) |
Income summary |
|
$7,210 |
|
|
(To close Income summary) |
|
|
Post-Closing Trial Balance
|
Umbrella Corporation |
|||
|
Post-Trial Balance |
|||
|
as from Dec 31, 2017 |
|||
|
Accounts |
|
Dr. |
Cr. |
|
Cash |
|
$10,410 |
|
|
St James Place |
|
$1,800 |
|
|
New york Avenue |
|
$1,000 |
|
|
Kentucky Avenue |
|
$1,800 |
|
|
Shoreline |
|
$1,000 |
|
|
Ventnor Avenue |
|
$2,200 |
|
|
Pacific |
|
$1,500 |
|
|
Retained Earning |
|
|
$7,210 |
|
Vehicle |
$10,000 |
|
|
|
Less: Depreciation |
$1,000 |
$9,000 |
|
|
Equipment’s |
$5,000 |
|
|
|
Less: Depreciation |
$1,000 |
$4,000 |
|
|
Notes payables |
|
|
$15,000 |
|
Rent Revenue |
|
|
$4,280 |
|
Parking revenue |
|
|
$1,950 |
|
Service revenue |
|
|
$550 |
|
Interest Payables |
|
|
$500 |
|
|
|
$32,710 |
$29,490 |