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Cover page
Intro
| Introduction | |||
| Queta Johnson is about to open a new business – Chocolate Nirvana. It will be a small chocolate specialties store. She plans on selling a limited number of hand-made molded candies, some of which are holiday specific and others that are of a more generic nature, as well as carrying a line of top-end candy bars. The majority of her sales will come from walk-in customers which will all be on a cash only basis. She anticipates working full-time at the store and needing the help of four part-time employees. She uses a perpetual FIFO (First-in, First-Out) method to account for her inventory. So, every time you record a sale of merchandise you must also figure out the cost of the goods (determined from recording it in the merchandise inventory sheets and applying FIFO). | |||
| The purpose of this practice set is to allow you the chance to see how each of the separate components we have worked on this semester fit together. As you complete the set, you may find it necessary to look back at what we learned in various chapters to help remember exactly what to do. | |||
| Instructions | |||
| 1. Be sure to complete each form before moving on to the next form. | |||
| 2. Read the form and decide which journal to put it in. | |||
| 3. First - journalize the form into ONE of the journals. If it can go into one of the special journals, that is where you first put it. Only if you cannot (the transaction does not work for any of them) would you record it in the general journal. It would never go in two journals but it does have to go in one - you cannot record it anywhere else until you have journalized it. | |||
| CASH PAYMENTS JOURNAL - Use this if you are told to write a check. It must go in the Cash credit column, which means that it must also go to the check book and write out a check. Why did we pay it? On account would go in the Accounts Payable debit column, you would need the name of the business off to the left, and it would need to be recorded in the Accounts Payable subidiary. Some other reason? Would need to go in the Other column and you would need the name of an account from the chart of accounts. If we have an asset relating to what we are paying for we should use that. If not then we can use the expense or other appropriate account. If we pay for more than one thing with the single check we will need 2 lines to record it so that we can properly show the details. | |||
| CASH RECEIPTS JOURNAL - Use this one if you receive money FOR ANY REASON. The total amount of cash received must go in the Cash debit column and into the check book as a deposit. Why did you get the money? If you received it for a summary of cash sales, you must credit Sales - Store Sales and Sales Tax Payable. These numbers come from the bottom of the cash sales form. Then we must also take the things we sold into the merchandsie inventory sheets and record them as sales and determine what our COST in the goods sold would be. This is based on what we learned in chapter 7. If we received it for any other reason it needs to go in the Other column and we need the name of an account on the left. | |||
| PURCHASES JOURNAL - Used if you buy something on account (or receive a service that you will be paying for a bit later). Because everything in this journal will include a credit to Accounts Payable you will need the name of the business off to the left and have to take it to the Accounts Payable Subsidiary. Then, what did you buy? Merchandise? Then also put it in the Merchandise Inventory column and have to take it to the Inventory sheets and show the purchase. Something else? Then over on the right, put the amount in and then find an account from the chart of account that matches what you have gotten. | |||
| SALES JOURNAL - This business does not use a sales journal | |||
| GENERAL JOURNAL - Only if you cannot record it in one of these four journals would you record it in the general journal. Which means you should not record anything here that affects Cash. We study payroll in chapter 11. We will also use the general journal for our adjusting and closing entries. | |||
| Payroll – record the payroll as instructed - 1) into their employee earnings records, 2) then transfer the information into the payroll register and 3) after totaling the payroll register use that information to prepare a general journal entry and then from what we learned in chapter 11 also prepare the entry to record payroll tax expense. Specific data for each individual regarding their pay rate, status and number of allowances can be found on their earnings record sheets. Actual hours worked are given on the form. Federal Income Tax withholding amounts are found on the chart near the front of the booklet. First detemine their gross wages, then based on their claimed marital status go to the appropriate chart (married or single - in the front of the book) and find the intersection of their gross wages and how many allowances they are claiming. This is the dollar amount to take for their income tax withholding. Prepare the journal entries based off what we were taught in the textbook. | |||
| 4. After journalizing all forms, total up every column from all four special journals and write down your total on the journal page. Compare your totals with the check figures. Do they match? If they do not, determine how far off they are. Try to determine where the error would come from. | |||
| 5. Once you have your totals correct, begin posting into the general ledger. You must post all 5 journals (includes the general journal!!!) From the special journals, if you have the name of an account in the column heading, you will post ONLY the total from that column into the general ledger as either a debit (DR) or a credit (CR) based on what is shown in the column heading. For the "Other" columns you must post each amount individually. This comes from chapter 5. Notice in chapter 5 how your post reference numbers should look. From the general journal you need to post every account you have used. | |||
| 6. As you post in the general ledger, keep running balances. Remember if you have a debit balance and a debit transaction they are added and stay a debit. If you have a credit balance and a credit transaction they are added and stay a credit. If you have one as a debit and the other as a credit they are subtracted and the balance goes to the higher side. Remember the rules for normal balances! Do not worry about an account's balance too much until you have posted all transactions - at that time all accounts should have their "normal" balance. | |||
| 7 After posting all numbers from the journals into the general ledger, go to the Unadjusted Trial Balance in the back of the booklet. Write down each account, in order, from the general ledger that has a balance (you will have many accounts that do not yet have balances) and write in the balance amount - debit or credit - and add up your balances. Check your totals (this is a Trial BALANCE so your two balances should be the same) and compare to the check figures. | |||
| 8. Use your chart of accounts page to begin work on your worksheet. List all accounts, in order, except you do not need to list Notes Payable - current, Income Summary, or Miscellaneous Expense. | |||
| 9. For the accounts on your unadjusted trial balance, fill in their balances on to the worksheet in the Unadjusted Trial Balance columns. Leave all other accounts blank for these columns. | |||
| 10. Journalize your adjusting entries in the general journal. You are given the information here, but you will need to also use the chart of accounts, sometimes you will need to look back at the form where we originally got the information we recorded for this charge, or you may need to look up on the forms, the ledger, or the trial balance a cost amount. | |||
| Prepare month end adjusting entries based on the following data for OCTOBER: | |||
| a) Record accrued interest on the long term note for 3 days - $13.56 | |||
| b) Depreciation - calculate depreciation for JUST the month of October based on the following information: | |||
| Store Equipment - 5 year life, $3000 salvage value, use straight line depreciation | |||
| Office Equipment - 5 year life, $200 salvage value, use straight line depreciation | |||
| c) Record entry for expired insurance | |||
| d) Currently there are $45 worth of office supplies on hand | |||
| e) Currently there are $90 worth of store supplies on hand | |||
| f) Record entry for amount of advertising expired for the period just ended | |||
| g) Record wages earned, but unpaid, on Oct 31 of $110 | |||
| 11. Post your adjusting entries into the general ledger and get new running balances. Remember from chapter 3 what date we use and how we show this in the ledger. | |||
| 12. Also, add your adjusting entries on to the worksheet in the Adjustments column. You will total your adjusting entries here. | |||
| 13. You can now complete the worksheet. Your Adjusted Trial Balance columns should match your general ledger balances. What accounts need to get extended into the Income Statement columns (based on the Adjusted Trial Balance numbers) and which ones need to go into the Balance Sheet columns? Look at chapter 4 if you can't remember. Also, check chapter 4 to remind yourself how to show the totals on the bottom of the last page of the worksheet. | |||
| 14. You are now ready to prepare your financial statements. Be sure to use chapter 6 examples as references. | |||
| 15. Your Accounts Payable Vendor balance (Schedule of Accounts Payable) is from chapter 5. Simply list each vendor that you owe money to (Accounts Payable) and total them (example in chapter 5). You do not have to list any business that does not have a balance at the end of the month. | |||
| 16. Income Statement - use a multiple step format. What all do you show, and in what columns (chapter 6) to get to gross profit? Where do you show Interest Expense? The company decided not to separate their operating expenses into selling and administrative but rather to list them all under Operating Expenses unless they are considered to be Other Expenses. | |||
| 17. Statement of Owner's Equity - were we in business last month? Does that affect how we show anything on this statement? | |||
| 18. Balance Sheet - be sure to use the classified format as described and illustrated in chapter 6. They show their Note Payable as a noncurrent liability rather than splitting it between current and noncurrent. | |||
| 19. You are now ready to prepare your closing entries. These need to be journalized in the general journal. Use chapter 4 as a reference. If you prepared your worksheet correctly this is a great help in preparing the closing entries. Remember, though, we may have some accounts now that we did not have back in chapter 4 that still need to be closed because of the type of account they are. We close revenues and expenses - where are they found on the balance sheet? What amount should we have for the third entry? What are we trying to close in the 4th entry? | |||
| 20. After journalizing the closing entries, you then need to post them into the general ledger. Do we put something in the item column? | |||
| 21. After posting the closing entries, you will then prepare the post-closing trial balance. Which accounts should still be open? | |||
| Be sure to use your textbook as a reference as you work through this set. All of this information comes from work in our textbook. | |||
| Before turning in your completed practice set - Please be sure to put your name on it | |||
chart of accts
| Chocolate Nirvana | Chocolate Nirvana | |||||
| Chart of Accounts | Chart of Accounts | |||||
| ASSETS | REVENUE | |||||
| 100 | Cash | 410 | Sales - Store Sales | |||
| 112 | Office Supplies | |||||
| 113 | Store Supplies | |||||
| 114 | Prepaid Insurance | COST OF GOODS SOLD | ||||
| 115 | Prepaid Advertising | 510 | Cost of Merchandise Sold | |||
| 120 | Merchandise Inventory | |||||
| 150 | Office Equipment | |||||
| 151 | Accumulated Depreciation - Office Equip | OPERATING EXPENSES | ||||
| 160 | Store Equipment | 610 | Advertising Expense | |||
| 161 | Accumulated Depreciation - Store Equip | 615 | Depreciation Exp - Store Eq | |||
| 620 | Wages Expense | |||||
| 625 | Store Supplies Expense | |||||
| LIABILITIES | 650 | Rent Expense | ||||
| 210 | Accounts Payable | 660 | Depreciation Exp - Office Eq | |||
| 211 | Interest Payable | 665 | Insurance Expense | |||
| 213 | Sales Tax Payable | 670 | Payroll Tax Expense | |||
| 214 | Employee's Federal Income Tax Payable | 675 | Office Supplies Expense | |||
| 215 | Social Security Tax Payable | 680 | Telephone Expense | |||
| 216 | Medicare Tax Payable | 685 | Utilities Expense | |||
| 217 | FUTA Tax Payable | 690 | Miscellaneous Expense | |||
| 218 | SUTA Tax Payable | |||||
| 219 | Wages Payable | |||||
| 250 | Notes Payable - Non Current | OTHER EXPENSE | ||||
| 810 | Interest Expense | |||||
| OWNERS' EQUITY | ||||||
| 310 | Queta Johnson, Capital | |||||
| 311 | Queta Johnson, Drawing | |||||
| 312 | Income Summary |
Fed Inc Tax Withholding Amts
| Persons - Single | |||||||
| Wages | Claimed Number of wihholding Allowances | ||||||
| less | |||||||
| Least | than | 0.00 | 1.00 | 2.00 | 3.00 | 4.00 | 5.00 |
| Income tax for withholding | |||||||
| $ - 0 | $ 200.00 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 |
| $ 200.00 | $ 400.00 | $ 15.00 | $ 12.00 | $ 8.00 | $ 4.00 | $ - 0 | $ - 0 |
| $ 400.00 | $ 700.00 | $ 30.00 | $ 22.00 | $ 17.00 | $ 11.00 | $ 5.00 | $ 2.00 |
| $ 700.00 | $ 1,200.00 | $ 38.00 | $ 31.00 | $ 24.00 | $ 17.00 | $ 13.00 | $ 9.00 |
| $ 1,200.00 | $ 1,800.00 | $ 46.00 | $ 39.00 | $ 33.00 | $ 25.00 | $ 19.00 | $ 11.00 |
| $ 1,800.00 | $ 2,500.00 | $ 58.00 | $ 47.00 | $ 42.00 | $ 31.00 | $ 24.00 | $ 16.00 |
| $ 2,500.00 | $ 3,200.00 | $ 65.00 | $ 58.00 | $ 51.00 | $ 40.00 | $ 30.00 | $ 22.00 |
| Persons - Married | |||||||
| Wages | Claimed Number of wihholding Allowances | ||||||
| less | |||||||
| Least | than | 0 | 1 | 2 | 3 | 4 | 5 |
| Income tax for withholding | |||||||
| $ - 0 | $ 400.00 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 |
| $ 400.00 | $ 700.00 | $ 9.00 | $ 5.00 | $ 2.00 | $ - 0 | $ - 0 | $ - 0 |
| $ 700.00 | $ 1,000.00 | $ 17.00 | $ 12.00 | $ 7.00 | $ 5.00 | $ 3.00 | $ - 0 |
| $ 1,000.00 | $ 1,400.00 | $ 40.00 | $ 34.00 | $ 27.00 | $ 19.00 | $ 14.00 | $ 5.00 |
| $ 1,400.00 | $ 1,800.00 | $ 52.00 | $ 46.00 | $ 37.00 | $ 25.00 | $ 19.00 | $ 11.00 |
| $ 1,800.00 | $ 2,500.00 | $ 61.00 | $ 52.00 | $ 41.00 | $ 34.00 | $ 24.00 | $ 20.00 |
| These are the Federal Income Tax Withholding dollar amounts to use for our practice set | |||||||
| The FITW amounts in dollar - for the practice and do not show the actual IRS figures | |||||||
Check Figures
| Chocolate Nirvana | |
| Figures - Check | |
| Sales - Journal | |
| Accounts - Receivable | $ 3,844.29 |
| Retail Sales | $ 3,592.80 |
| Sales -Tax Payable | $ 251.49 |
| Cost of goods sold / Inventory for merchandise | $ 2,827.18 |
| Purchase - Journal | |
| Accounts - Payable | $ 38,507.00 |
| Inventory Merchandise | $ 37,477.00 |
| Others | $ 1,030.00 |
| Journal - Cash Receipts | |
| Others | $ 44,000.00 |
| Inventory- Merchandise / COGS | $ 32,494.14 |
| Store Sales | $ 57,800.00 |
| Sales - Tax Payable | $ 4,046.00 |
| Discount on sales | $ 17.60 |
| Accounts - Receivable | $ 1,760.36 |
| Cash | $ 107,588.76 |
| Journal - Cash Payments | |
| Others | $ 42,835.89 |
| Accounts - Payable | $ 30,308.28 |
| Cash | $ 73,144.17 |
| After posting your journals here are some selected balances: Balances Select after journal postings | |
| Cash | $ 34,444.59 |
| Accounts - Receivable | $ 1,939.97 |
| Inventory - Merchandise | $ 2,155.68 |
| Accounts - Payable | $ 8,090.00 |
| Payroll total net - all employees, after | $ 6,252.16 |
| Activities at the end of month | |
| The Work Sheet: | |
| Trial Balance | $ 118,135.93 |
| Adjustments | $ 1,683.56 |
| Adjusted - Trial Balance | $ 118,719.49 |
| Income Statement at ver bottom | $ 61,392.80 |
| Balance Sheetat very bottm | $ 67,180.24 |
| Income - Statement: | |
| Net Sales | $ 61,240.75 |
| Gross Profit | $ 26,028.15 |
| Total - Operating Expenses | $ 15,997.31 |
| Net Income | $ 9,853.55 |
| Owner’s Equity Statement | |
| Queta Johnson On October 31st 2011. | $ 16,353.55 |
| Balance Sheet: | |
| Total - Current Assets | $ 40,180.24 |
| Total Property; Plant; Equipment. | $ 22,180.00 |
| Total Assets | $ 62,360.24 |
| Total - Current Liabilities | $ 30,881.69 |
| Total Non-Current Liabilities | $ 15,125.00 |
| Total Liabilities | $ 46,006.69 |
| Total Liabilities added Owner’s Equity | $ 62,360.24 |
| Closing Trial Balance for posting | |
| Debits & credit | $ 62,680.24 |
sales journal
| SALES - JOURNAL | Page 1 | |||||||||
| DATE 2015 | INV NO | ACCOUNT DEBITED | REF | Accounts - Receivable DR. | Retail Sales CR. | Sales - Tax Payable CR | COG DR. Merchandise - Inventory CR. | |||
| 1 | Oct | 10 | 1001 | Edwin's Pharmacy | ✓ | $ 951.44 | $ 889.20 | $ 62.24 | $ 711.36 | 1 |
| 2 | Oct | 10 | 1002 | Gifts of SRM | ✓ | $ 808.92 | $ 756.00 | $ 52.92 | $ 604.80 | 2 |
| 3 | Oct | 27 | 1003 | Edwin's Pharmacy | ✓ | $ 2,083.93 | $ 1,947.60 | $ 136.33 | $ 1,511.02 | 3 |
| 4 | $ 3,844.29 | $ 3,592.80 | $ 251.49 | $ 2,827.18 | 4 | |||||
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purchase journal
| PURCHASES JOURNAL | Page 1 | ||||||||||||||
| DATE 2015 | ACCOUNT CREDITED | POST REF | Accounts Payable CR. | Merchandise Inventory DR. | ACCOUNT DR. | POST REF | Amount | ||||||||
| 1 | Oct | 5 | Fire Place Supplies | ✓ | $ 370.00 | Office Supplies | 112 | $ 370.00 | 1 | ||||||
| 2 | Oct | 5 | Antwerp Supreme | ✓ | $ 3,528.00 | $ 3,528.00 | 2 | ||||||||
| 3 | Oct | 5 | Chocolate Delights | ✓ | $ 12,956.00 | $ 12,956.00 | 3 | ||||||||
| 4 | Oct | 18 | Chocolate Delights | ✓ | $ 9,839.00 | $ 9,839.00 | 4 | ||||||||
| 5 | Oct | 20 | Antwerp Supreme | ✓ | $ 3,724.00 | $ 3,724.00 | 5 | ||||||||
| 6 | Oct | 27 | Antwerp Supreme | ✓ | $ 2,450.00 | $ 2,450.00 | 6 | ||||||||
| 7 | Oct | 27 | Chocolate Delights | ✓ | $ 4,980.00 | $ 4,980.00 | 7 | ||||||||
| 8 | Oct | 28 | TA&A Bell | ✓ | $ 340.00 | Telephone Expense | 680 | $ 340.00 | 8 | ||||||
| 9 | Oct | 28 | XY Energy | ✓ | $ 320.00 | Utilities Expense | 685 | $ 320.00 | 9 | ||||||
| 10 | Totals | $ 38,507.00 | $ 37,477.00 | $ 1,030.00 | 10 | ||||||||||
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cash receipts journal
| CASH RECEIPTS JOURNAL | Page 1 | ||||||||||||
| DATE 2015 | INV NO | ACCOUNT - CREDITED | POST REF | Other CR | Merch Inventory CR. COGS DR. | Sales - Store Sales CR. | Sales -Tax Pay CR. | Sales - Discount DR. | Accts - Rec CR | Cash DR | |||
| 1 | Oct | 1 | 101 | Queta Johnson, Capital | 310 | $ 11,000.00 | $ 11,000.00 | 1 | |||||
| 2 | Oct | 1 | 102 | Notes Payable, Noncurrent | 250 | $ 33,000.00 | $ 33,000.00 | 2 | |||||
| 3 | Oct | 13 | 103 | Sales- Store Sales | 410 | $ 7,628.04 | $ 13,770.00 | $ 963.90 | $ 14,733.90 | 3 | |||
| 4 | 20 | 104 | Edwin Pharmacy | ✓ | $ 941.93 | $ 9.51 | 4 | ||||||
| 5 | 20 | 105 | SRM Gifts | ✓ | $ 800.00 | $ 8.09 | 5 | ||||||
| 6 | 20 | 106 | Sales- Store Sales | 410 | $ 10,049.48 | $ 18,660.00 | $ 1,306.20 | $ 19,966.20 | 6 | ||||
| 7 | 27 | 107 | Sales- Store Sales | 410 | $ 7,734.18 | $ 13,490.00 | $ 944.30 | $ 14,434.30 | 7 | ||||
| 8 | 31 | 108 | Sales- Store Sales | 410 | $ 7,314.74 | $ 11,880.00 | $ 831.60 | $ 12,711.60 | 8 | ||||
| 9 | 31 | Totals | $ 44,000.00 | $ 32,494.14 | $ 57,800.00 | $ 4,046.00 | $ 17.60 | $ 1,760.36 | $ 107,588.76 | 9 | |||
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cash payments journal
| CASH PAYMENTS JOURNAL | Page 1 | ||||||||
| DATE 2015 | Check No. | ACCOUNT DEBITED | POST REF | Other Accounts DR. | Accounts Payable DR. | Cash CR. | |||
| 1 | Oct | 1 | 1001 | Rent Expense | 650 | $ 5,500.00 | $ 5,500.00 | 1 | |
| 2 | 1 | 1002 | Store Equipment | 160 | $ 18,000.00 | $ 18,000.00 | 2 | ||
| 3 | 1 | 1003 | Prepaid Insurance | 114 | $ 1,200.00 | $ 1,200.00 | 3 | ||
| 4 | 5 | 1004 | Office Equipment | 160 | $ 4,500.00 | $ 4,500.00 | 4 | ||
| 5 | 5 | 1005 | Store Supplies | 113 | $ 570.00 | $ 570.00 | 5 | ||
| 6 | 5 | 1006 | PrePaid Advertising | 115 | $ 600.00 | $ 600.00 | 6 | ||
| 7 | 15 | 1007 | Fire Place Supplies | ✓ | $ 370.00 | $ 370.00 | 7 | ||
| 8 | 15 | 1008 | Antwerp Supreme | ✓ | $ 3,528.00 | $ 3,528.00 | 8 | ||
| 9 | 15 | 1009 | Chocolate Delights | ✓ | $ 12,956.00 | $ 12,956.00 | 9 | ||
| 10 | 22 | Credit Memo | ✓ | $ (108.72) | $ (108.72) | 10 | |||
| 11 | 28 | 1010 | Cleaning Expense | 655 | $ 175.00 | $ 175.00 | 11 | ||
| 12 | 28 | 1011 | Chocolate delights | ✓ | $ 9,839.00 | $ 9,839.00 | 12 | ||
| 13 | 28 | 1012 | Antwerp Supreme | ✓ | $ 3,724.00 | $ 3,724.00 | 13 | ||
| 14 | 28 | 1013 | Notes Payable- Current | 212 | $ 1,375.00 | $ 1,375.00 | 14 | ||
| 15 | Interest Expense | 810 | $ 163.73 | $ 163.73 | 15 | ||||
| 16 | 28 | 1014 | Payroll Checking Account | 101 | $ 6,252.16 | $ 6,252.16 | 16 | ||
| 17 | 31 | 1015 | Queta Johnson, Drawing | 311 | $ 4,500.00 | $ 4,500.00 | 17 | ||
| 18 | Totals | $ 42,835.89 | $ 30,308.28 | $ 73,144.17 | 18 | ||||
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general journals
| GENERAL JOURNAL | Page 1 | ||||||
| DATE 2015 | DESCRIPTION | POST REF. | DEBIT | CREDIT | |||
| 1 | Oct | 20 | Accounts receivable for Edwin Pharmacy | 110 | $ 941.93 | 1 | |
| 2 | Retail sales | 411 | $ 941.93 | 2 | |||
| 3 | Oct | 20 | Accounts Receivable for SRM Gifts | 110 | $ 800.84 | 3 | |
| 4 | Retail sales | 411 | $ 800.84 | 4 | |||
| 5 | Oct | 22 | Sales returns and allowances | 420 | $ 143.96 | 5 | |
| 6 | Acounts receivable for Edwin Pharmacy | 110 | $ 143.96 | 6 | |||
| 7 | Oct | 22 | Accounts Payable- fpr Antwerp Supreme | 210 | $ 108.72 | 7 | |
| 8 | Inventroy - merchandise | 120 | $ 108.72 | 8 | |||
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| GENERAL JOURNAL | Page 2 | ||||||
| DATE 2015 | DESCRIPTION | POST. REF. | Debit | Credit | |||
| 1 | Adjusting Entries | 1 | |||||
| 2 | Oct | 31 | Expense on interest | 810 | $ 13.56 | 2 | |
| 3 | Interest - Payable | 211 | $ 13.56 | 3 | |||
| 4 | Oct | 31 | Depreciation on expense on store eq | 615 | $ 3,000.00 | 4 | |
| 5 | Accumulated depreciation on store equipment | 161 | $ 3,000.00 | 5 | |||
| 6 | Oct | 31 | Depreciation exp on office eq | 660 | $ 840.00 | 6 | |
| 7 | Accumulated depreciation on Office Equip | 151 | $ 840.00 | 7 | |||
| 8 | Oct | 31 | expense on insurance | 665 | $ 200.00 | 8 | |
| 9 | insurance - prepaid | 114 | $ 200.00 | 9 | |||
| 10 | Insurance expires | 10 | |||||
| 11 | Oct | 31 | Supplies Expense of office | 675 | $ 295.00 | 11 | |
| 12 | Office Supplies | 112 | $ 295.00 | 12 | |||
| 13 | Office - Supplies Used | 13 | |||||
| 14 | Oct | 31 | store - supplies expense | 625 | $ 455.00 | 14 | |
| 15 | store - supplies | 113 | $ 455.00 | 15 | |||
| 16 | Store - Supplies Used | 16 | |||||
| 17 | Oct | 31 | Expense on Advertising | 610 | $ 150.00 | 17 | |
| 18 | Prepaid Advertising | 115 | $ 150.00 | 18 | |||
| 19 | Advertising Expires | 19 | |||||
| 20 | Oct | 31 | Expense - Miscellaneous | 690 | $ 250.00 | 20 | |
| 21 | Wages - Payable | 219 | $ 250.00 | 21 | |||
| 22 | 22 | ||||||
| 23 | 23 | ||||||
| 24 | 24 | ||||||
| 25 | 25 | ||||||
| 26 | 26 | ||||||
| 27 | 27 | ||||||
| 28 | 28 | ||||||
| 29 | 29 | ||||||
| 30 | 30 | ||||||
| 31 | 31 | ||||||
| 32 | 32 | ||||||
| 33 | 33 | ||||||
accts rec sub
| SUBSIDIARY LEDGER - FOR ACCOUNTS RECEIVABLE | |||||||
| Edwin Pharmacy | |||||||
| Debit | |||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance | ||
| Oct | 10 | S1 | $ 951.44 | $ 951.44 | |||
| 20 | CR1 | $ 951.44 | $ - 0 | ||||
| 22 | Cr1 | $ 143.96 | $ (143.96) | ||||
| 27 | S1 | $ 2,083.93 | $ 1,939.97 | ||||
| SRM Gifts | |||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance | ||
| Oct | 10 | S1 | 808.52 | 808.52 | |||
| 20 | CR1 | 808.52 | 0.00 | ||||
accts pay sub
| ACCOUNTS PAYABLE - SUBSIDIARY LEDGER | ||||||
| Antwerp Supreme | ||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance | |
| Oct | 5 | P1 | $ 3,528.00 | $ 3,528.00 | ||
| 15 | CP1 | $ 3,528.00 | $ - 0 | |||
| 20 | P1 | $ 3,724.00 | $ 3,724.00 | |||
| 22 | $ 108.72 | $ 3,615.28 | ||||
| 27 | $ 2,450.00 | $ 6,065.28 | ||||
| 28 | $ 3,615.28 | $ 2,450.00 | ||||
| Chocolate Delights | ||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance | |
| Oct | 5 | $ 12,956.00 | $ 12,956.00 | |||
| 15 | $ 12,956.00 | - | ||||
| 18 | $ 9,839.00 | $ 9,839.00 | ||||
| 27 | $ 4,980.00 | $ 14,819.00 | ||||
| 28 | $ 9,839.00 | $ 4,980.00 | ||||
| Fireplace Supplies | ||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance | |
| Oct | 5 | P1 | $ 370.00 | $ 370.00 | ||
| 15 | CP1 | $ 370.00 | $ - 0 | |||
| TA & A Bell | ||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance | |
| Oct | 28 | P1 | $ 340.00 | $ 340.00 | ||
| XY Energy | ||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance | |
| Oct | 28 | P1 | $ 320.00 | $ 320.00 | ||
Merchandise Inventory sub
| ID on Item | C - 101 | |||||||||||||
| Description | Christmas | |||||||||||||
| Purchases | Cost of Merchandise Sold | Inventory | ||||||||||||
| Unit | Total | Unit | Total | Unit | Total | |||||||||
| Date | Qty | Cost | Cost | Qty | Cost | Cost | Qty | Cost | Cost | |||||
| Oct 5 | 500 | 1.58 | 790.00 | $ 500.00 | $ 1.58 | $ 790.00 | ||||||||
| Oct 13 | 157.00 | $ 1.58 | $ 248.06 | $ 343.00 | $ 1.58 | $ 541.94 | ||||||||
| Oct 18 | 1000 | 1.52 | 1,520.00 | $ 1,000.00 | $ 1.52 | $ 1,520.00 | ||||||||
| Oct 20 | 343.00 | $ 1.58 | $ 541.94 | $ 1,000.00 | $ 1.52 | $ 1,520.00 | ||||||||
| 219.00 | $ 1.52 | $ 332.88 | $ 781.00 | $ 1.52 | $ 1,187.00 | |||||||||
| Oct 31 | 481.00 | $ 1.52 | $ 731.12 | $ 300.00 | $ 1.52 | $ 456.00 | ||||||||
| Item ID | D - 101 | |||||||||||||
| Item Description | Dark Chocolate | |||||||||||||
| Purchases | Cost of Merchandise Sold | Inventory | ||||||||||||
| Unit | Total | Unit | Total | Unit | Total | |||||||||
| Date | Qty | Cost | Cost | Qty | Cost | Cost | Qty | Cost | Cost | |||||
| Oct 5 | 2200 | $ 0.72 | $ 1,584.00 | $ 2,200.00 | $ 0.72 | $ 1,584.00 | ||||||||
| Oct 10 | 408.00 | $ 0.72 | $ 293.76 | $ 1,792.00 | $ 0.72 | $ 1,290.24 | ||||||||
| Oct 10 | 384.00 | $ 0.72 | $ 276.48 | $ 1,408.00 | $ 0.72 | $ 1,013.76 | ||||||||
| Oct 13 | 707.00 | $ 0.72 | $ 509.04 | $ 701.00 | $ 0.72 | $ 504.72 | ||||||||
| Oct 20 | 2940 | $ 0.70 | $ 2,058.00 | $ 2,940.00 | $ 0.70 | $ 2,058.00 | ||||||||
| Oct 20 | 701.00 | $ 0.72 | $ 504.72 | $ 2,940.00 | $ 0.70 | $ 2,058.00 | ||||||||
| 493.00 | $ 0.70 | $ 345.10 | $ 2,447.00 | $ 0.70 | $ 1,712.90 | |||||||||
| Oct 22 | -87.00 | $ 0.72 | $ 62.64 | $ 87.00 | $ 0.72 | $ 62.64 | ||||||||
| $ 2,447.00 | $ 0.70 | $ 1,712.90 | ||||||||||||
| Oct 22 | -87 | $ 0.72 | $ 62.64 | $ 2,447.00 | $ 0.70 | $ 1,712.90 | ||||||||
| Oct 27 | 896.00 | $ 0.70 | $ 627.20 | $ 1,551.00 | $ 0.70 | $ 1,085.70 | ||||||||
| Oct 27 | 961.00 | $ 0.70 | $ 672.70 | $ 590.00 | $ 0.70 | $ 413.00 | ||||||||
| Oct 31 | 94 | $ 0.70 | 94.00 | $ 0.70 | $ 65.80 | $ 496.00 | $ 0.70 | $ 347.20 | ||||||
| Item ID | H - 101 | |||||||||||||
| Item Description | Halloween | |||||||||||||
| Purchases | Cost of Merchandise Sold | Inventory | ||||||||||||
| Unit | Total | Unit | Total | Unit | Total | |||||||||
| Date | Qty | Cost | Cost | Qty | Cost | Cost | Qty | Cost | Cost | |||||
| Oct 5 | 4500 | $ 1.58 | $ 7,110.00 | $ 4,500.00 | $ 1.58 | $ 7,110.00 | ||||||||
| Oct 13 | 2522.00 | $ 1.58 | $ 3,984.76 | $ 1,978.00 | $ 1.58 | $ 3,125.24 | ||||||||
| Oct 18 | 3750 | $ 1.46 | $ 5,475.00 | $ 3,750.00 | $ 1.46 | $ 5,475.00 | ||||||||
| Oct 20 | 1978.00 | $ 1.58 | $ 3,125.24 | $ 3,750.00 | $ 1.46 | $ 5,475.00 | ||||||||
| 960.00 | $ 1.46 | $ 1,401.60 | $ 2,790.00 | $ 1.46 | $ 4,073.40 | |||||||||
| Oct 27 | 2000 | $ 2.10 | $ 4,200.00 | $ 2,790.00 | $ 1.46 | $ 4,073.40 | ||||||||
| Oct 27 | 2790.00 | $ 1.46 | $ 4,073.40 | $ 2,000.00 | $ 2.10 | $ 4,200.00 | ||||||||
| 140.00 | $ 2.10 | $ 294.00 | $ 1,860.00 | $ 2.10 | $ 3,906.00 | |||||||||
| Oct 31 | 1813.00 | $ 2.10 | $ 3,807.30 | $ 47.00 | $ 2.10 | $ 98.70 | ||||||||
| Item ID | M - 101 | |||||||||||||
| Item Description | Milk chocolate | |||||||||||||
| Purchases | Cost of Merchandise Sold | Inventory | ||||||||||||
| Unit | Total | Unit | Total | Unit | Total | |||||||||
| Date | Qty | Cost | Cost | Qty | Cost | Cost | Qty | Cost | Cost | |||||
| Oct 5 | 2700 | $ 0.72 | $ 1,944.00 | $ 2,700.00 | $ 0.72 | $ 1,944.00 | ||||||||
| Oct 10 | 580.00 | $ 0.72 | $ 417.60 | $ 2,120.00 | $ 0.72 | $ 1,526.40 | ||||||||
| Oct 10 | 456.00 | $ 0.72 | $ 328.32 | $ 1,664.00 | $ 0.72 | $ 1,198.08 | ||||||||
| Oct 13 | 1237.00 | $ 0.72 | $ 890.64 | $ 427.00 | $ 0.72 | $ 427.00 | ||||||||
| Oct 20 | 2450 | $ 0.68 | $ 1,666.00 | $ 2,450.00 | $ 0.68 | $ 1,666.00 | ||||||||
| Oct 20 | 427.00 | $ 0.72 | $ 427.00 | $ 2,450.00 | $ 0.68 | $ 1,666.00 | ||||||||
| 2261.00 | $ 0.68 | $ 1,537.00 | $ 189.00 | $ 0.68 | $ 128.52 | |||||||||
| Oct 22 | -64.00 | $ 0.72 | $ (46.08) | $ 64.00 | $ 0.72 | $ 46.08 | ||||||||
| $ 189.00 | $ 0.68 | $ 128.52 | ||||||||||||
| Oct 22 | -64 | $ 0.72 | $ (46.08) | $ 189.00 | $ 0.68 | $ 128.52 | ||||||||
| Oct 27 | 3500 | $ 0.70 | $ 2,450.00 | $ 189.00 | $ 0.68 | $ 128.52 | ||||||||
| $ 3,500.00 | $ 0.70 | $ 2,450.00 | ||||||||||||
| Oct 27 | 189.00 | $ 0.68 | $ 128.52 | $ 3,500.00 | $ 0.70 | $ 2,450.00 | ||||||||
| 1079.00 | $ 0.70 | $ 755.30 | $ 2,421.00 | $ 0.70 | $ 1,694.70 | |||||||||
| Oct 27 | 1111.00 | $ 0.70 | $ 777.70 | $ 1,310.00 | $ 0.70 | $ 917.00 | ||||||||
| Oct 31 | 737.00 | $ 0.70 | $ 515.90 | $ 573.00 | $ 0.70 | $ 401.10 | ||||||||
| Item ID | T - 101 | |||||||||||||
| Item Description | Thanksgiving | |||||||||||||
| Purchases | Cost of Merchandise Sold | Inventory | ||||||||||||
| Unit | Total | Unit | Total | Unit | Total | |||||||||
| Date | Qty | Cost | Cost | Qty | Cost | Cost | Qty | Cost | Cost | |||||
| Oct 5 | 3200 | $ 1.58 | $ 5,056.00 | $ 3,200.00 | $ 1.58 | $ 5,056.00 | ||||||||
| Oct 13 | 1263.00 | $ 1.58 | $ 1,995.54 | $ 1,937.00 | $ 1.58 | $ 3,060.46 | ||||||||
| Oct 18 | 1800 | $ 1.58 | $ 2,844.00 | $ 3,737.00 | $ 1.58 | $ 5,904.46 | ||||||||
| Oct 20 | 1426.00 | $ 1.58 | $ 2,253.08 | $ 2,314.00 | $ 1.58 | $ 3,656.12 | ||||||||
| $ 500.00 | $ 1.56 | $ 780.00 | ||||||||||||
| Oct 27 | 500 | $ 1.56 | $ 780.00 | $ 2,314.00 | $ 1.58 | $ 3,656.12 | ||||||||
| $ 500.00 | $ 1.56 | $ 780.00 | ||||||||||||
| Oct 27 | 876.00 | $ 1.58 | $ 1,384.08 | $ 1,438.00 | $ 1.58 | $ 2,272.04 | ||||||||
| $ 500.00 | $ 1.56 | $ 780.00 | ||||||||||||
| Oct 31 | 1389.00 | $ 1.58 | $ 2,194.62 | $ 49.00 | $ 1.58 | $ 77.42 | ||||||||
| $ 500.00 | $ 1.56 | $ 780.00 | ||||||||||||
Check book
| No. 1001 | 1001.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 1 | 20 | 15 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | Pay to the | |||||||||||
| Deposit | $ 11,000.00 | Order of | Thunderbird mall | $ | 5500.00 | |||||||
| Deposit | $ 33,000.00 | |||||||||||
| Sub Total | $ 44,000.00 | Dollars | ||||||||||
| Current Check | $ 5,500.00 | |||||||||||
| Balance | $ 38,500.00 | For | Robert Reichensperger | |||||||||
| No. 1002 | 1002.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 1 | 20 | 15 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 38,500.00 | Pay to the | ||||||||||
| Deposit | Order of | D&D Shelving | $ | 18000.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 38,500.00 | Dollars | ||||||||||
| Current Check | $ 18,000.00 | |||||||||||
| Balance | $ 20,500.00 | For | ||||||||||
| No. 1003 | 1003.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 1 | 20 | 15 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 20,500.00 | Pay to the | ||||||||||
| Deposit | Order of | Noc Overage | $ | 1200.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 20,500.00 | Dollars | ||||||||||
| Current Check | $ 1,200.00 | |||||||||||
| Balance | $ 19,300.00 | For | ||||||||||
| No. 1004 | 1004.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 5 | 20 | 15 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 19,300.00 | Pay to the | ||||||||||
| Deposit | Order of | Machines Ltd | $ | 4500.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 19,300.00 | Dollars | ||||||||||
| Current Check | $ 4,500.00 | |||||||||||
| Balance | $ 14,800.00 | For | ||||||||||
| No. 1005 | 1005.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 5 | 20 | 15 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 14,800.00 | Pay to the | ||||||||||
| Deposit | Order of | PDQ Supplies | $ | 570.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 14,800.00 | Dollars | ||||||||||
| Current Check | $ 570.00 | |||||||||||
| Balance | $ 14,230.00 | For | ||||||||||
| No. 1006 | 1006.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 5 | 20 | 15 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 14,230.00 | Pay to the | ||||||||||
| Deposit | Order of | Image Counts Advertising | $ | 600.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 14,320.00 | Dollars | ||||||||||
| Current Check | $ 600.00 | |||||||||||
| Balance | $ 13,630.00 | For | ||||||||||
| No. 1007 | 1007.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 15 | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 13,630.00 | Pay to the | ||||||||||
| Deposit | $ 14,733.90 | Order of | Fireplace Supplies | $ | 370.00 | |||||||
| Deposit | ||||||||||||
| Sub Total | $ 28,363.00 | Dollars | ||||||||||
| Current Check | $ 370.00 | |||||||||||
| Balance | $ 27,993.90 | For | ||||||||||
| No. 1008 | $ | 1008.00 | ||||||||||
| Date | ||||||||||||
| To | Oct 15 | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 27,993.90 | Pay to the | ||||||||||
| Deposit | Order of | Antwerp Supreme | $ | 3528.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 27,993.90 | Dollars | ||||||||||
| Current Check | $ 3,528.00 | |||||||||||
| Balance | $ 24,465.90 | For | ||||||||||
| No. 1009 | $ | 1009.00 | ||||||||||
| Date | ||||||||||||
| To | Oct 15 | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 24,465.90 | Pay to the | ||||||||||
| Deposit | Order of | Chocolate Delights | $ | 12956.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 24,465.00 | Dollars | ||||||||||
| Current Check | $ 12,956.00 | |||||||||||
| Balance | $ 11,509.90 | For | ||||||||||
| No. 1010 | $ | 1010.00 | ||||||||||
| Date | ||||||||||||
| To | 20 | 15.00 | ||||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 11,509.90 | Pay to the | ||||||||||
| Deposit | $ 941.93 | Order of | Reecie Cleaning service | $ | 175.00 | |||||||
| Deposit | $ 800.84 | |||||||||||
| Sub Total | $ 13,252.67 | Dollars | ||||||||||
| Current Check | $ 175.00 | |||||||||||
| Balance | $ 13,077.67 | For | ||||||||||
| ****Record 2 deposits here, then 2 on the next stub, then you will write out this check | ||||||||||||
| No. 1011 | $ | 1011.00 | ||||||||||
| Date | ||||||||||||
| To | Oct 28 | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 13,077.67 | Pay to the | ||||||||||
| Deposit | $ 19,966.20 | Order of | Chocolate Delights | $ | 9839.00 | |||||||
| Deposit | $ 14,434.30 | |||||||||||
| Sub Total | $ 47,478.17 | Dollars | ||||||||||
| Current Check | $ 9,839.00 | |||||||||||
| Balance | $ 37,639.17 | For | ||||||||||
| No. 1012 | 1012.00 | |||||||||||
| Date | ||||||||||||
| To | 28-Oct | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 37,639.17 | Pay to the | ||||||||||
| Deposit | Order of | Antwerp | Supreme | $ | 3615.28 | |||||||
| Deposit | ||||||||||||
| Sub Total | $ 37,639.17 | Dollars | ||||||||||
| Current Check | $ 3,615.28 | |||||||||||
| Balance | $ 34,023.89 | For | ||||||||||
| No. 1013 | 1013.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 28 | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 34,023.89 | Pay to the | ||||||||||
| Deposit | Order of | Boot Hill Bank | $ | 1538.73 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 34,023.89 | Dollars | ||||||||||
| Current Check | $ 1,538.73 | |||||||||||
| Balance | $ 32,485.16 | For | ||||||||||
| No. 1014 | 1014.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 28 | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 32,485.16 | Pay to the | ||||||||||
| Deposit | Order of | Pay Roll Checking Account | $ | 6922.75 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 32,485.16 | Dollars | ||||||||||
| Current Check | $ 6,922.75 | |||||||||||
| Balance | $ 25,562.41 | For | ||||||||||
| No. 1015 | 1015.00 | |||||||||||
| Date | ||||||||||||
| To | Oct 31 | 20 | 15.00 | |||||||||
| For | ||||||||||||
| Dollars | Cents | |||||||||||
| Balance Forward | $ 25,562.41 | Pay to the | ||||||||||
| Deposit | Order of | Queta Johnson | $ | 4500.00 | ||||||||
| Deposit | ||||||||||||
| Sub Total | $ 25,562.41 | Dollars | ||||||||||
| Current Check | $ 4,500.00 | |||||||||||
| Balance | $ 21,062.41 | For | ||||||||||
General Ledger
| Account | Cash | Account No. | 100 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | CR1 | $ 107,588.76 | ||||||||
| 31 | CP1 | $ 73,144.17 | $ 34,444.59 | ||||||||
| Account | Payroll Checking Account | Account No. | 101 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 28 | CP1 | $ 6,252.16 | ||||||||
| 31 | Closing | $ 6,252.16 | |||||||||
| Account | Accounts Receivable | Account No. | 110 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 22 | J1 | $ 143.96 | $ 143.00 | |||||||
| 27 | S1 | $ 2,083.93 | $ 1,939.97 | ||||||||
| 31 | closing | $ 1,939.97 | |||||||||
| Account | Office Supplies | Account No. | 112 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| CP1 | $ 370.00 | $ 370.00 | |||||||||
| Oct | 31 | $ 295.00 | $ 75.00 | ||||||||
| Account | Store Supplies | Account No. | 113 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| $ 570.00 | $ 570.00 | ||||||||||
| Oct | 31 | $ 455.00 | $ 115.00 | ||||||||
| Account | Prepaid Insurance | Account No. | 114 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| $ 1,200.00 | $ 1,200.00 | $ 1,200.00 | |||||||||
| Oct | 31 | $ 200.00 | $ 1,000.00 | ||||||||
| Account | Prepaid Advertising | Account No. | 115 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| $ 600.00 | $ 600.00 | ||||||||||
| Oct | 31 | $ 150.00 | $ 450.00 | ||||||||
| Account | Merchandise Inventory | Account No. | 120 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| $ 2,827.18 | |||||||||||
| $ 37,477.00 | |||||||||||
| $ 32,494.14 | |||||||||||
| Oct | 31 | Closing | $ 2,155.68 | ||||||||
| Account | Office Equipment | Account No. | 150 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 4,500.00 | ||||||||
| Account | Accumulated Depreciation - Office Equipment | Account No. | 151 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ (70.00) | ||||||||
| Account | Store Equipment | Account No. | 160 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 18,000.00 | ||||||||
| Account | Accumulated Depreciation - Store Equipment | Account No. | 161 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ (250.00) | ||||||||
| Account | Accounts Payable | Account No. | 210 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| CP1 | $ 30,308.28 | $ 30,308.00 | |||||||||
| P1 | $ 38,507.00 | $ 8,198.72 | |||||||||
| Oct | 31 | Closing | J1 | $ 108.72 | $ 8,090.00 | ||||||
| Account | Interest Payable | Account No. | 211 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | CP1 | $ 163.73 | |||||||
| Account | Notes Payable - Current | Account No. | 212 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 28 | Closing | $ 1,375.00 | $ 1,375.00 | |||||||
| Account | Sales Tax Payable | Account No. | 213 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | CR1 | $ 4,046.00 | $ 4,046.00 | |||||||
| Oct | 31 | S1 | $ 251.49 | $ 4,297.49 | |||||||
| Oct | 31 | Closing | $ 4,297.49 | ||||||||
| Account | Employee's Federal Income Tax Payable | Account No. | 214 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 141.00 | |||||||
| Account | Social Security Tax Payable | Account No. | 215 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 429.21 | |||||||
| Account | Medicare Tax Payable | Account No. | 216 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 100.38 | |||||||
| Account | FUTA Tax Payable | Account No. | 217 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 55.38 | |||||||
| Account | SUTA Tax Payable | Account No. | 218 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 1,004.67 | |||||||
| Account | Wages Payable | Account No. | 219 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | J1 | $ 250.00 | ||||||||
| Account | Notes Payable - Non Current | Account No. | 250 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 1 | CR1 | $ 33,000.00 | $ 33,000.00 | |||||||
| 28 | CP1 | $ 1,375.00 | $ 31,625.00 | ||||||||
| Oct | 31 | Closing | $ 31,625.00 | ||||||||
| Account | Queta Johnson, Capital | Account No. | 310 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 1 | CR1 | $ 11,000.00 | $ 11,000.00 | |||||||
| 31 | CP1 | $ 4,500.00 | $ 6,500.00 | ||||||||
| Oct | 31 | Closing | $ 6,500.00 | ||||||||
| Account | Queta Johnson, Drawing | Account No. | 311 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| 31 | CP1 | $ 4,500.00 | |||||||||
| Oct | 31 | Closing | $ 4,500.00 | ||||||||
| Account | Income Summary | Account No. | 312 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 9,853.55 | ||||||||
| Account | Sales - Store Sales | Account No. | 410 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| 13 | $ 7,628.04 | ||||||||||
| Oct | 31 | Closing | $ 57,800.00 | ||||||||
| Account | Sales - Retail | Account No. | 411 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 20 | J1 | $ 800.84 | $ 800.84 | |||||||
| Oct | 31 | Closing | S1 | $ 3,592.80 | $ 4,393.64 | ||||||
| Account | Sales Returns & Allowances | Account No. | 420 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 22 | J1 | $ 143.96 | ||||||||
| Oct | 31 | Closing | $ 143.96 | ||||||||
| Account | Sales Discounts | Account No. | 421 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 179.16 | ||||||||
| Account | Cost of Goods Sold | Account No. | 510 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| S1 | $ 2,827.18 | ||||||||||
| CR1 | $ 32,494.14 | ||||||||||
| Oct | 31 | $ 35,212.60 | |||||||||
| Account | Advertising Expense | Account No. | 610 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | $ 150.00 | |||||||||
| Account | Depreciation Expense - Store Equipment | Account No. | 615 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | $ 250.00 | |||||||||
| Account | Wages Expense | Account No. | 620 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | $ 6,922.75 | |||||||||
| Account | Store Supplies Expense | Account No. | 625 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | $ 455.00 | |||||||||
| Account | Rent Expense | Account No. | 650 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | $ 5,500.00 | |||||||||
| Account | Cleaning Expense | Account No. | 655 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 175.00 | ||||||||
| Account | Depreciation Expense - Office Equipment | Account No. | 660 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 70.00 | ||||||||
| Account | Insurance Expense | Account No. | 665 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 200.00 | |||||||
| Account | Payroll Tax Expense | Account No. | 670 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 1,060.05 | |||||||
| Account | Office Supplies Expense | Account No. | 675 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | ||||||||||
| Oct | 31 | Closing | ✓ | $ 295.00 | |||||||
| Account | Telephone Expense | Account No. | 680 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | ✓ | $ 340.00 | |||||||
| Account | Utilities Expense | Account No. | 685 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 320.00 | ||||||||
| Account | Miscellaneous Expense | Account No. | 690 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ - 0 | ||||||||
| Account | Interest Expense | Account No. | 810 | ||||||||
| Date 2015 | Item | Post. Ref. | Debit | Credit | Balance Debit Credit | ||||||
| Oct | 31 | Closing | $ 163.73 | ||||||||
Employee Earnings Records
| EMPLOYEE EARNINGS RECORD | |||||||||
| Employee Name: | Sue A. Doll | Social Security | 501-08-1111 | ||||||
| Address: | 231 Crescent Street | Status: | Single | ||||||
| Westminster, SD 58307 | Allowances: | 3 | |||||||
| Pay Rate per hour: | $14.00 | ||||||||
| Pay Period Ending | Gross Earnings | Cumulative Earnings | Federal Income Tax | Social Security Tax | Medicare Tax | Total Deductions | Net Pay | ||
| 1 | Oct 28, 2015 | 2380.00 | 2380.00 | 31.00 | 147.56 | 34.51 | 213.07 | 2166.93 | 1 |
| 2 | 2 | ||||||||
| 3 | 3 | ||||||||
| 4 | 4 | ||||||||
| EMPLOYEE EARNINGS RECORD | |||||||||
| Employee Name: | Angie Faust | Social Security #: | 501-08-2222 | ||||||
| Address: | 2216 Ave D East | Status: | Single | ||||||
| Westminster, SD 58307 | Allowances: | 0 | |||||||
| Pay Rate per hour: | $10.75 | ||||||||
| Pay Period Ending | Gross Earnings | Cumulative Earnings | Federal Income Tax | Social Security Tax | Medicare Tax | Total Deductions | Net Pay | ||
| 1 | Oct 28, 2015 | 1687.75 | 1687.75 | 46.00 | 104.64 | 24.47 | 175.11 | 1512.64 | 1 |
| 2 | 2 | ||||||||
| 3 | 3 | ||||||||
| 4 | 4 | ||||||||
| EMPLOYEE EARNINGS RECORD | |||||||||
| Employee Name: | Marge Hoffman | Social Security #: | 501-08-3333 | ||||||
| Address: | 152 Columbia Blvd | Status: | Married | ||||||
| Westminster, SD 58307 | Allowances: | 2 | |||||||
| Pay Rate per hour: | $13.25 | ||||||||
| Pay Period Ending | Gross Earnings | Cumulative Earnings | Federal Income Tax | Social Security Tax | Medicare Tax | Total Deductions | Net Pay | ||
| 1 | Oct 28, 2015 | 1590.00 | 1590.00 | 37.00 | 98.58 | 23.06 | 158.64 | 1431.36 | 1 |
| 2 | 2 | ||||||||
| 3 | 3 | ||||||||
| 4 | 4 | ||||||||
| EMPLOYEE EARNINGS RECORD | |||||||||
| Employee Name: | Thomas Kapp | Social Security #: | 501-08-4444 | ||||||
| Address: | 3248 Manitoba Ave | Status: | Married | ||||||
| Westminster, SD 58307 | Allowances: | 2 | |||||||
| Pay Rate per hour: | $11.50 | ||||||||
| Pay Period Ending | Gross Earnings | Cumulative Earnings | Federal Income Tax | Social Security Tax | Medicare Tax | Total Deductions | Net Pay | ||
| 1 | Oct 28, 2015 | 1265.00 | 1265.00 | 27.00 | 78.43 | 18.34 | 123.77 | 1141.23 | 1 |
| 2 | 2 | ||||||||
| 3 | 3 | ||||||||
| 4 | 4 | ||||||||
Payroll Register
| Chocolate Nirvana | ||||||||||
| Payroll Register | ||||||||||
| For the Pay Period Ending: October 28, 2015 | ||||||||||
| Gross Earnings | Deductions | Account Debited | ||||||||
| Employee Name | Federal Income Tax | Social Security Tax | Medicare Tax | Total Deductions | Net Pay | Check No. | Wages Expense (Gross Wages) | |||
| 1 | Sue Doll | 2,380.00 | 31.00 | 147.56 | 34.51 | 213.07 | 2,166.93 | 101 | 2,565.64 | 1 |
| 2 | Angie Faust | 1,687.75 | 46.00 | 104.64 | 24.47 | 175.11 | 1,512.64 | 102 | 1,819.39 | 2 |
| 3 | Marge Hoffman | 1,590.00 | 37.00 | 98.58 | 23.06 | 158.64 | 1,431.36 | 103 | 1,714.02 | 3 |
| 4 | Thomas Kapp | 1,265.00 | 27.00 | 78.43 | 18.34 | 123.77 | 1,141.23 | 104 | 1,363.67 | 4 |
| 5 | 5 | |||||||||
| 6 | TOTALS | 6,922.75 | 141.00 | 429.21 | 100.38 | 670.59 | 6,252.16 | 7,462.72 | 6 | |
| 7 | 7 | |||||||||
| 8 | 8 | |||||||||
| 9 | 9 | |||||||||
| 10 | 10 | |||||||||
| 11 | 11 | |||||||||
| 12 | 12 | |||||||||
| 13 | 13 | |||||||||
| 14 | 14 | |||||||||
| 15 | 15 | |||||||||
| 16 | 16 | |||||||||
| 17 | 17 | |||||||||
| 18 | 18 |
Unadjusted Trial Balance
| Chocolate Nirvana | ||
| Unadjusted Trial Balance | ||
| DEBIT | CREDIT | |
| Cash | 34444.59 | |
| Accounts Receivable | 1939.97 | |
| Office Supplies | 370.00 | |
| Store Supplies | 570.00 | |
| Prepaid Insurance | 1200.00 | |
| Prepaid Advertising | 600.00 | |
| Merchandise Inventory | 2155.68 | |
| Office Equipment | 4500.00 | |
| Store Equipment | 18000.00 | |
| Accounts Payable | 8090.00 | |
| Sales tax Payable | 4297.49 | |
| Employee's Federal Income Tax Payable | 141.00 | |
| Social Security Tax Payable | 429.21 | |
| Medicare Tax Payable | 100.38 | |
| FUTA Tax Payable | 55.38 | |
| SUTA Tax Payable | 1004.67 | |
| Notes Payable - Noncurrent | 31625.00 | |
| Queta Johnson, Capital | 11000.00 | |
| Queta Johnson, Drawing | 4500.00 | |
| Sales - Store Sales | 57800.00 | |
| Sales - Retail | 3592.80 | |
| Sales Returns & Allowances | 143.96 | |
| Sales Discounts | 17.60 | |
| Cost of Merchandise (Goods) Sold | 35212.60 | |
| Wages Expense | 6922.75 | |
| Rent Expense | 5500.00 | |
| Cleaning Expense | 175.00 | |
| Payroll Tax Expense | 1060.05 | |
| Telephone Expense | 340.00 | |
| Utilities Expense | 320.00 | |
| Interest Expense | 163.73 | |
| 118135.93 | 118135.93 | |
Work Sheet
| Chocolate Nirvana | ||||||||||||||
| Work Sheet | ||||||||||||||
| Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||||||
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | ||||
| 1 | Cash | 0.00 | 0.00 | 1 | ||||||||||
| 2 | Accounts Receivable | 1939.97 | 1939.97 | 1939.97 | 2 | |||||||||
| 3 | Office Supplies | 370.00 | 295.00 | 75.00 | 75.00 | 3 | ||||||||
| 4 | Store Supplies | 570.00 | 455.00 | 115.00 | 115.00 | 4 | ||||||||
| 5 | Prepaid Insurance | 1200.00 | 200.00 | 1000.00 | 1000.00 | 5 | ||||||||
| 6 | Prepaid Advertising | 600.00 | 150.00 | 450.00 | 450.00 | 6 | ||||||||
| 7 | Merchandise Inventory | 2155.68 | 2155.68 | 2155.68 | 7 | |||||||||
| 8 | Office Equipment | 4500.00 | 4500.00 | 4500.00 | 8 | |||||||||
| 9 | Acc Depr - Off Equip | 70.00 | 70.00 | 70.00 | 9 | |||||||||
| 10 | Store Equipment | 18000.00 | 18000.00 | 18000.00 | 10 | |||||||||
| 11 | Acc Depr - Store Equip | 250.00 | 250.00 | 250.00 | 11 | |||||||||
| 12 | Accounts Payable | 8090.00 | 8090.00 | 8090.00 | 12 | |||||||||
| 13 | Interest Payable | 13.56 | 13.56 | 13.56 | 13 | |||||||||
| 14 | Sales Tax Payable | 4297.49 | 4297.49 | 4297.49 | 14 | |||||||||
| 15 | Emp Fed Inc Tax Pay | 141.00 | 141.00 | 141.00 | 15 | |||||||||
| 16 | Soc Security Tax Pay | 429.21 | 429.21 | 429.21 | 16 | |||||||||
| 17 | Medicare Tax Payable | 100.38 | 100.38 | 100.38 | 17 | |||||||||
| 18 | FUTA Tax Payable | 55.38 | 55.38 | 55.38 | 18 | |||||||||
| 19 | SUTA Tax Payable | 1004.67 | 1004.67 | 1004.67 | 19 | |||||||||
| 20 | Wages Payable | 250.00 | 250.00 | 250.00 | 20 | |||||||||
| 21 | Notes Payable - noncurrent | 31625.00 | 31625.00 | 31625.00 | 21 | |||||||||
| 22 | Queta Johnson, Capital | 11000.00 | 11000.00 | 11000.00 | 22 | |||||||||
| 23 | Queta Johnson, Drawing | 4500.00 | 4500.00 | 4500.00 | 23 | |||||||||
| 24 | Totals | 33835.65 | 52488.13 | 1683.56 | 32735.65 | 57897.18 | 24 | |||||||
| Chocolate Nirvana | ||||||||||||||
| Work Sheet | ||||||||||||||
| Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||||||
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | ||||
| 1 | Sales - Store Sales | 57800.00 | 57800.00 | 57800.00 | 1 | |||||||||
| 2 | Sales - Retail | 3592.80 | 3592.80 | 3592.80 | 2 | |||||||||
| 3 | Sales Returns & Allow | 143.96 | 143.96 | 143.96 | 3 | |||||||||
| 4 | Sales Discounts | 17.60 | 17.60 | 17.60 | 4 | |||||||||
| 5 | Cost of Merchandise Sold | 35212.60 | 35212.60 | 35212.60 | 5 | |||||||||
| 6 | Advertising Expense | 150.00 | 150.00 | 150.00 | 6 | |||||||||
| 7 | Depreciation Exp - St Eq | 250.00 | 250.00 | 250.00 | 7 | |||||||||
| 8 | Wages Expense | 6922.77 | 250.00 | 7172.75 | 7172.75 | 8 | ||||||||
| 9 | Store Supplies Expense | 455.00 | 455.00 | 455.00 | 9 | |||||||||
| 10 | Rent Expense | 5500.00 | 5500.00 | 5500.00 | 10 | |||||||||
| 11 | Cleaning Expense | 175.00 | 175.00 | 175.00 | 11 | |||||||||
| 12 | Depreciation Exp - Office Eq | 70.00 | 70.00 | 70.00 | 12 | |||||||||
| 13 | Insurance Expense | 200.00 | 200.00 | 200.00 | 13 | |||||||||
| 14 | Payroll Tax Expense | 1060.05 | 1060.05 | 1060.05 | 14 | |||||||||
| 15 | Office Supplies Expense | 295.00 | 295.00 | 295.00 | 15 | |||||||||
| 16 | Telephone Expense | 340.00 | 340.00 | 340.00 | 16 | |||||||||
| 17 | Utilities Expense | 320.00 | 320.00 | 320.00 | 17 | |||||||||
| 18 | Interest Expense | 163.73 | 13.56 | 177.29 | 177.29 | 18 | ||||||||
| 19 | 83691.36 | 118135.93 | 1683.56 | 1683.56 | 84274.90 | 118719.49 | 51539.25 | 61392.80 | 32735.65 | 57326.69 | 19 | |||
| 20 | Net Income | 9853.55 | 9853.55 | 20 | ||||||||||
| 21 | 61392.80 | 61392.80 | 32735.65 | 67180.25 | 21 | |||||||||
| 22 | 22 | |||||||||||||
| 23 | 23 | |||||||||||||
| 24 | 24 |
Sch of Acc Rec - Pay
| Chocolate Nirvana | ||
| Schedule of Accounts Receivable (Accounts Receivable Customer Balances) | ||
| ACCOUNT | ||
| Edwin Pharmacy | $ 1,939.97 | |
| Total | $ 1,939.97 | |
| Chocolate Nirvana | ||
| Schedule of Accounts Payable (Accounts Payable Creditor Balances) | ||
| ACCOUNT | ||
| Antwerp Supreme | 2,450.00 | |
| Chocolate Delights | 4,980.00 | |
| TA & A Bell | $ 340.00 | |
| XY Energy | $ 320.00 | |
| Total | $ 8,090.00 | |
Income Statement
| Chocolate Nirvana | ||
| Income Statement | ||
| Sales - Store Sales | $ 57,800.00 | |
| Sales 0 Retail | $ 3,592.80 | |
| Gross Sales | 61392.80 | |
| Sales Returns | $ (143.96) | |
| Sales Discounts | $ (17.60) | $ (161.56) |
| Net sales | $ 61,231.24 | |
| less cost of goods sold | $ 35,212.60 | |
| Gross Profit | $ 26,018.64 | |
| less Operating Expense | ||
| Advertising Expenses | $ 150.00 | |
| Depreciation Expense | $ 250.00 | |
| Wages Expense | $ 7,172.75 | |
| Supplies Expense | $ 455.00 | |
| Rent expense | $ 5,500.00 | |
| cleaning expense | $ 175.00 | |
| Depreciation expense-office equip | $ 70.00 | |
| insurance expense | $ 200.00 | |
| Payroll expense | $ 1,060.05 | |
| Office Supplies expense | $ 295.00 | |
| Phone Expense | $ 340.00 | |
| Utilites Expense | $ 320.00 | |
| Internet Expense | $ 177.29 | |
| Total Operating cost | $ 16,165.09 | |
| Net Income | $ 9,853.55 | |
Stmt of Owners' Equity
| Chocolate Nirvana | ||
| Statement of Owners' Equity | ||
| Beginning Balance | $ - | |
| Add investment by owner | $ 11,000.00 | |
| Add net income | $ 9,853.55 | |
| Less drawings | $ 4,500.00 | |
| Ending Balance | $ 16,353.55 | |
Balance Sheet
| Chocolate Nirvana | ||
| Balance Sheet | ||
| Assets | ||
| Cash | $ 34,444.59 | |
| Accounts Receivable | $ 1,939.97 | |
| Office Supplies | $ 75.00 | |
| Store Supplies | $ 115.00 | |
| Prepaid Insurance | $ 1,000.00 | |
| Prepaid Advertising | $ 450.00 | |
| Merchandise Inventory | $ 2,155.68 | |
| Total Current Assets | $ 40,180.24 | |
| Office Equipment | $ 4,500.00 | |
| Acc Depr - Off Equip | $ (70.00) | |
| Store Equipment | $ 18,000.00 | |
| Acc Depr - Store Equip | $ (250.00) | |
| Net Fixed Assets | $ 22,180.00 | |
| Total Assets | $ 62,360.24 | |
| Liabilities and Capital | ||
| Accounts Payable | $ 8,090.00 | |
| Interest Payable | $ 13.56 | |
| Sales Tax Payable | $ 4,297.49 | |
| Emp Fed Inc Tax Pay | $ 141.00 | |
| Soc Security Tax Pay | $ 429.21 | |
| Medicare Tax Payable | $ 100.38 | |
| FUTA Tax Payable | $ 55.38 | |
| SUTA Tax Payable | $ 1,004.67 | |
| Wages Payable | $ 250.00 | |
| Total Current Liabilties | $ 14,381.00 | |
| Notes Payable - noncurrent | $ 31,625.00 | |
| Total Liabilities | $ 46,006.69 | |
| Queta Johnson, Capital | $ 16,353.55 | |
| Total Liabilities and Capital | $ 62,360.24 | |
Post Closing TB
| Chocolate Nirvana | ||
| Post Closing Trial Balance | ||
| ACCOUNT | DEBIT | CREDIT |
| Cash | $ 34,444.59 | |
| Accounts Recievable | $ 1,939.97 | |
| Office Supplies | $ 75.00 | |
| Store Supplies | $ 115.00 | |
| Prepaid Equipment | $ 1,000.00 | |
| Prepaid Advertising | $ 450.00 | |
| Merchandise Inventory | $ 2,155.68 | |
| Office Equipment | $ 4,500.00 | |
| Acc Depr - Store Equip | $ 70.00 | |
| Store Supplies | $ 18,000.00 | |
| Acc Depr - Store Equip | $ 250.00 | |
| Accounts Payable | $ 8,090.00 | |
| Interest payable | $ 13.56 | |
| Sales Tax payable | $ 4,297.49 | |
| EFIT Payable | $ 141.00 | |
| Soc Sec Tax Payable | $ 429.21 | |
| Medicare Tax Payable | $ 100.38 | |
| Futa Tax Payable | $ 55.38 | |
| Suta Tax Payable | $ 1,004.67 | |
| Wages Payable | $ 250.00 | |
| Notes Payable, noncurrent | $ 31,625.00 | |
| Queta Johnson, Capital | $ 16,353.00 | |
| $ 62,680.24 | $ 62,680.24 | |