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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. In addition, she will also sell direct to two local businesses, on account, with terms 1/10,n/30. 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, whether on account or for cash, you must also figure out the cost of the goods while recording the sale in the inventory subsidiary.
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. Record the transactions for Chocolate Nirvana found on the enclosed forms in one of the journals provided:
Cash Payments – any time you spend money
Cash Receipts – any time you receive money
Purchase – any time you purchase something on account
Sales – any time you sell something on account
General – only transactions that do NOT fit into one of the previous journals
Chocolate Nirvana uses Accounts Receivable, Accounts Payable, and Merchandise Inventory Subsidiary Ledgers as well as a check book
Remember to post to the subsidiary ledgers any time those accounts are used
The first work you will be doing will be do determine which journal each form belongs in. Each form will only go into one journal. If we can post it into one of the special journals, we will. If it does not belong in a special journal - that is the only time we will use the general journal for our transactions. This will be fairly rare. Pay attention to the words used on the forms. If it indicates that we have received money - FOR ANY REASON - we will record that in the Cash Receipts Journal. If it indicates that we need to write out a check - FOR ANY REASON - it must go into the Cash Payments Journal. If we sell something on account then it would go into the Sales Journal. And if we buy something on account or we receive a service on account, then it would go into the Purchases Journal. If it is a sales return, a purchase return, or the payroll entries it must go into the General Journal.
As we record the information from the forms into the journals we need to watch the columns where we record the information. If we record something in the Cash Receipts or the Cash Payments Journals, then we will have to affect cash. Any number we put in the Cash debit column from Cash Receipts we will also put into the check book as a deposit. Any number we put in the Cash credit column from Cash Payments we will also put into the check book as a check we write out. If we affect Accounts Receivable, Accounts Payable, or Merchandise Inventory in any of the special journals OR in the general journal, we must ALSO take that amount into that subsidiary ledger. If we debited it in the journal we will debit it in the subsidiary; if we credited it in the journal we will credit it in the subsidiary. If we purchased the merchandise inventory we will show it as a purchase in the inventory sheets, if we sold it we will show it under the cost of goods sold section - we will determine our cost for the sale by applying the FIFO rules and determining our cost in the goods we sold.
Payroll – record the payroll as instructed first into their employee earnings records, then transfer the information into the payroll register and after totaling the payroll register use that information to prepare a general journal entry. Specific data for each individual regarding their pay rate, status and number of allowances can be found on their earnings record sheets. Specific rates to be used for social security, medicare, and the unemployment amounts can be found down in the next section. Prepare the journal entries based off what we were taught in the textbook. You will need to debit the salary expense account for total gross wages and credit each of the things we withheld (as summarized on the payroll register). However you must credit Payroll Checking Account for the net pay because this business uses a separate checking account for normal checks and payroll checks.
When you are asked to transfer enough funds to cover payroll, you will debit the Payroll Checking account for the same amount you credited in the first payroll entry in the general journal (net pay) but now it will be in the Cash Payments Journal. This will give you a debit and a credit and will result in a zero balance (and nothing recorded in the Wages Payable account yet).
Keep in mind that after recording the general journal entry to record the actual payroll you must also prepare a journal entry to record the payroll tax expense for the business. Chocolate Nirvana is responsible for matching the Social Security and Medicare amounts withheld from its employees and also must pay in for Federal and State Unemployment. This means that when it comes time to post into the ledger you will have two identical amounts in the Social Security account and two identical amounts in the Medicare account. This entry was shown in the textbook so please follow the format we saw there. The following rates apply:
Social Security 6.2%, on the first $110,000 earned each year by each employee
Medicare 1.45%
FUTA .8%, on the first $7,000 earned each year by each employee
SUTA 9%, on the first $12,000 earned each year by each employee
We will NOT actually write out the individual payroll checks
Hint: If you are asked to write out a check to cover more than one thing you must take more than one line so that you properly record the affect to each account.
To this point you should NOT have anything recorded in the General Ledger. Wait until you have your journals completed, TOTALED, and corrected, before putting anything into the general ledger.
2. After completing all journals, TOTAL THEM and write the totals below the last number in the column, compare to the check figures, and post to the general ledger. For any journal column with the name of a specific account in the column heading you will post only the total from that column into that account in the general ledger. Journal columns shown as "Other" in the heading need to be posted individually into the general ledger. As you post remember that you have to use the post reference numbers. In the ledger you fill in the journal abbreviation and page number where you get your data and in the journal you put the ledger account number where you posted it. Cash Receipts is CR; Cash Payments is CP; Purchases is P; Sales is S; and General Journal is J. In the journal to show that you posted it into a subsidiary ledger you put a check mark.
3. Prepare an unadjusted trial balance. After getting your numbers to match the check figure transfer the information into the first columns of the worksheet.
4. Prepare month end adjusting entries based on the following data:
a) Record accrued interest on the long term note for 3 days - $16.77
b) Depreciation - calculate depreciation for JUST the month of October based on the following information:
Store Equipment - 5 year life, $2000 salvage value, purchased October 10, use straight line depreciation 14000 12000 2400 200
Office Equipment - 5 year life, $200 salvage value, purchased October 10, use straight line depreciation 5000 4800 960 80
c) Record entry for expired insurance 250
d) Currently there are $75 worth of office supplies on hand 445 370
e) Currently there are $125 worth of store supplies on hand 435 310
f) Record entry amount of advertising expired for the period just ended
200
g) Record wages earned, but unpaid, on Oct 31 of $275
Adjusting entries need to be recorded in the general journal, posted into the general ledger (remember to indicate Adjusting Entry in the Item column), and added to the worksheet.
5. Complete the worksheet, schedule of accounts receivable/payable, Income Statement, Statement of Owners' Equity, and Balance Sheet. Add any accounts not already found on the worksheet as needed to complete your adjusting entries.
The schedule of accounts receivable and schedule of accounts payable are prepared by listing every business owing us money at the end of the month and totaling them and listing every business we owe money to at the end of the month and totalling them. We use the two subsidiary ledgers to get this information.
Prepare the Income Statement using the Multiple step format and the Balance Sheet using the classified format. The Notes Payable - current balance on the Balance Sheet should be $15,000 and the Notest Payable - noncurrent balance on the Balance Sheet should be $13,750.
6. Prepare closing entries, post to the ledger, and prepare a post-closing trial balance
The easiest way to prepare your closing entries would be to use your completed worksheet. Close the credit amounts in the Income Statement column into income summary for the first entry. Close the debit amounts from the Income Statement columns into Income Summary for the second entry. Close the difference between the two income summary amounts (should equal net income) in to the Capital account in the third entry. Finally, close the drawing account into the capital account in the fourth entry. These entries are done in the General Journal and then posted into the General Ledger. Be sure to indicate Closing entry in the Item column. You will then prepare the post-closing trial balance by going through the ledger and listing every account that still has a balance and listing the balance (as either a debit or a credit - based on what it is in the ledger).
(Have you made sure that your balances in your subsidiary ledgers match their controlling accounts in the general ledger? Does the net income from your work sheet match the net income you reported on your Income Statement?)
In the Exhibit section you will find:
Chart of Account
Tax Withholding Chart
Check Figures
In the Forms section you will find:
The transactions forms you need to record in the various journals
In the Journals section you will find:
Sales Journal - begin with invoice 1001
Purchases Journal
Cash Receipts Journal - begin with invoice 101
Cash Payments Journal - begin with check 1001
General Journal (ONLY transactions that CANNOT go into one of the special journals)
In the Ledgers section you will find:
Accounts Receivable Subsidiary Ledger
Accounts Payable Subsidiary Ledger
Merchandise Inventory Subsidiary Ledger
General Ledger
In the Checkbook section you will find:
Checkbook - begin with check 1001
In the Payroll section you will find:
Individual Earnings Records
Payroll Register - Begin with check 101 (assign to employees in order - do not actually write out checks to the employees)
In the Financial Statement section you will find:
Unadjusted Trial Balance
Work Sheet
Schedule of Accounts Receivable
Schedule of Accounts Payable
Income Statement (Multiple Step format)
Statement of Owners’ Equity
Balance Sheet (Classified format)
Post Closing Trial Balance

exhibit sheet

Exhibits

chart of accts

Chocolate Nirvana
Chart of Accounts
ASSETS REVENUE
100 Cash 410 Sales - Store Sales
101 Payroll Checking Account 411 Sales - Retail
110 Accounts Receivable 420 Sales Returns & Allowances
112 Office Supplies 421 Sales Discounts
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 Equipment EXPENSES
160 Store Equipment 610 Advertising Expense
161 Accumulated Depreciation - Store Equipment 611 Rent Expense
625 Cleaning Expense
630 Depreciation Expense - Office Eq
LIABILITIES 631 Depreciation Expense - Store Eq
210 Accounts Payable 635 Insurance Expense
211 Interest Payable 640 Wages Expense
212 Notes Payable - Current 645 Payroll Tax Expense
213 Sales Tax Payable 655 Office Supplies Expense
214 Employee's Federal Income Tax Payable 656 Store Supplies Expense
215 Social Security Tax Payable 660 Telephone Expense
216 Medicare Tax Payable 665 Utilities Expense
217 FUTA Tax Payable 670 Miscellaneous Expense
218 SUTA Tax Payable
219 Wages Payable
250 Notes Payable - Non Current
OWNERS' EQUITY
310 Queta Johnson, Capital OTHER EXPENSE
311 Queta Johnson, Drawing 810 Interest Expense
312 Income Summary

Fed Inc Tax Withholding Chart

Single Persons
If the wages are And the number of withholding allowances claimed is
But less
At least than 0 1 2 3 4 5
The amount of income tax to be withheld is
0 200 0 0 0 0 0 0
200 500 15 12 8 4 0 0
500 800 30 22 17 11 5 2
800 1200 38 31 24 17 13 9
1200 1800 46 39 33 25 19 11
1800 2500 58 47 42 31 24 16
Married Persons
If the wages are And the number of withholding allowances claimed is
But less
At least than 0 1 2 3 4 5
The amount of income tax to be withheld is
0 200 0 0 0 0 0 0
200 500 9 5 2 0 0 0
500 800 17 12 7 5 3 0
800 1200 40 34 27 19 14 5
1200 1800 52 46 37 25 19 11
1800 2500 61 52 41 34 24 20
The numbers used in these charts do not reflect actual numbers

&N

Check Figures

Check Figures – Chocolate Nirvana
Sales Journal
                Accounts Receivable                                      762.69
                Sales – Retail Sales              712.80
                Sales Tax Payable               49.89
                COGS / Merchandise Inventory        561.60
Purchase Journal
                Accounts Payable                28,650.00
                Merchandise Inventory            27,595.00
                Other                    1,055.00
Cash Receipts Journal
                Other               45,000.00
                Merchandise Inventory / COGS            22,357.72
                Sales – Store Sales        38,800.00
                Sales Tax Payable             2,716.00
                Sales Discounts              5.08
                Accounts Receivable         508.46
                Cash           87,019.38
Cash Payments Journal
                Other              37,386.16
                Accounts Payable             19,806.32
                Cash              57,192.48
After posting your journals here are some selected balances:
                Cash           29,826.90
                Accounts Receivable         116.95
                Merchandise Inventory         4,675.68
                Accounts Payable          8,740.00
After computing payroll total net pay for all employees 5,062.83
End of month activities:
                Work Sheet:
                                Trial Balance                  96,304.83
                                Adjustments        1,701.77
                                Adjusted Trial Balance       96,876.60
                                Income Statement (very bottom)      39,512.80
                                Balance Sheet (very bottom )      60,669.53
                Income Statement:
                                Net Sales        39,379.51
                                Gross Profit         16,563.87
                                Total Operating Expenses         13,078.04
                                Net Income       3,305.73
                Statement of Owner’s Equity:
                                Queta Johnson, October 31, 2011    13,305.73
                Balance Sheet:
                                Total Current Assets      36,669.53
                                Total Property, Plant, & Equipment       18,720.00
                                Total Assets     55,389.53
                                Total Current Liabilities        28,333.80
                                Total Non-Current Liabilities     13,750.00
                                Total Liabilities                42,083.80
                                Total Liabilities plus Owner’s Equity        55,389.53
                Post-Closing Trial Balance:
                                Debits and credit            55,669.53
13,305.73
13,305.73

sales journal

SALES JOURNAL Page 1
DATE 2014 INV NO ACCOUNT DEBITED POSTREF Accounts Receivable DR. Sales - Retail Sales CR. Sales Tax Payable CR COGS DR. Merchandise Inventory CR.
1 Oct 10 1001 Edwin Pharmacy X 277.34 259.20 18.14 207.36 1
2 10 1002 SRM Gifts X 231.12 216.00 15.12 172.80 2
3 27 1003 Edwin Pharmacy X 254.23 237.60 16.63 181.44 3
4 31 Totals 762.69 712.80 49.89 561.60 4
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purchase journal

PURCHASES JOURNAL Page 1
DATE 2014 ACCOUNT CREDITED POST REF Accounts Payable CR. Merchandise Inventory DR. ACCOUNT DR. POST REF Amount
1 Oct 5 Fire Place Supplies X 445.00 Office Supplies 112 445.00 1
2 5 Antwerp Supreme X 2088.00 2088.00 2
3 5 Chocolate Delights X 9006.00 9006.00 3
4 18 Chocolate Delights X 5697.00 5697.00 4
5 20 Antwerp Supreme X 2674.00 2674.00 5
6 27 Antwerp Supreme X 1050.00 1050.00 6
7 27 Chocolate Delights X 7080.00 7080.00 7
8 28 TA&A Bell X 140.00 Telephone Expense 660 140.00 8
9 28 XY Energy X 470.00 Utilities Expense 665 470.00 9
10 31 TOTALS 28650.00 27595.00 1055.00 10
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cash receipts journal

CASH RECEIPTS JOURNAL Page 1
DATE 2014 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 30,000.00 15,000.00 1
2 1 102 Notes Payable, Noncurrent 250 15,000.00 30,000.00 2
3 13 103 Sales, Store Sales 410 4266.00 7570.00 529.90 8099.90 3
4 20 104 Edwin Pharmacy X 207.36 2.77 277.34 274.57 4
5 20 105 SRM Gifts X 172.80 2.31 231.12 228.81 5
6 20 106 Sales, Store Sales 410 8024.62 14560.00 1019.20 15579.20 6
7 27 107 Sales, Store Sales 410 5567.66 9590.00 671.30 10261.30 7
8 31 108 Sales, Store Sales 410 4119.24 7080.00 495.60 757.60 8
9 31 TOTALS 45000.00 22357.72 38800.00 2716.00 5.08 508.46 87019.38 9
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cash payments journal

CASH PAYMENTS JOURNAL Page 1
DATE 2014 Check No. ACCOUNT DEBITED POST REF Other Accounts DR. Accounts Payable DR. Cash CR.
1 Oct 1 1001 Rent Expense 611 4,000.00 4,000.00 1
2 1 1002 Store Equipment 160 14,000.00 14,000.00 2
3 1 1003 PrePaid Insurance 114 1500.00 1500.00 3
4 5 1004 Store Equipment 160 5000.00 5000.00 4
5 5 1005 Store Supplies 656 435.00 435.00 5
6 5 1006 PrePaid Advertising 115 800.00 800.00 6
7 15 1007 Fire Place Supplies X 445.00 445.00 7
8 15 1008 Antwerp Supreme X 2088.00 2088.00 8
9 15 1009 Chocolate Delights X 9006.00 9006.00 9
10 28 1010 Cleaning Expense 625 175.00 175.00 10
11 28 1011 Chocolate Delights X 5697.00 5697.00 11
12 28 1012 Antwerp Supreme X 2570.32 2570.32 12
13 28 1013 Notes Payable- Current 212 1250.00 1250.00 13
14 Interest Expense 211 163.33 163.33 14
15 28 1014 Payroll Checking Account 101 5062.83 5062.83 15
16 31 1015 Queta Johnson, Drawing 311 5000.00 5000.00 16
17 31 TOTALS 37386.16 19806.32 57192.48 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26

general journals

GENERAL JOURNAL Page 1
DATE 2014 DESCRIPTION POST REF. DEBIT CREDIT
1 Oct 22 Sales Returns & Allowances 420 128.21 1
2 Sales Tax Payable 213 9.07 2
3 Sales Discounts 421 3
4 Accounts Reciveable- Edwin Pharmacy X 137.28 4
5 Merchandise Inventory 120 129.60 5
6 Cost of Merchandise Sold 510 129.60 6
7 22 Accounts Payable- Antwerp Supreme 210 103.68 7
8 Merchandise Inventory 120 103.68 8
9 28 Wages Expense 219 6,177.62 9
10 215 348.83 10
11 216 81.59 11
12 214 133.00 12
13 101 5,062.83 13
14 28 FUTA Tax Payable 217 45.01 14
15 SUTA Tax Payable 218 506.36 15
16 16
17 17
18 18
13 Closing Entries 13
14 14
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GENERAL JOURNAL Page 2
DATE 2014 DESCRIPTION POST. REF. Debit Credit
1 Adjusting Entries 1
2 Oct 31 Office Supplies Expense 655 370.00 2
3 Office Supplies 112 370.00 3
4 Office Supplies Used ($445-$75) 4
5 31 Store Supplies Expense 656 310.00 5
6 Store Supplies 113 310.00 6
7 Store Supplies Used ($435-$125) 7
8 31 Insurance Expense 635 250.00 8
9 PrePaid Insurance 114 250.00 9
10 Insurance Expires ($1500/6 Months) 10
11 31 Advertising Expense 610 200.00 11
12 PrePaid advertising 115 200.00 12
13 Advertising Expires ($800/4 Months) 13
14 31 Interest Expense 810 16.77 14
15 Interest Payable 211 16.77 15
16 31 Depreciation Expense- Office Eq 630 80.00 16
17 Accumulated Depreciation- Office Eq 151 80.00 17
18 31 Depreciation Expense- Store Eq 631 200.00 18
19 Accumulated Depreciation- Store Eq 161 200.00 19
20 31 Miscellaneous Expense 670 275.00 20
21 Wages Payable 219 275.00 21
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GENERAL JOURNAL Page 3
DATE 2014 DESCRIPTION POST. REF. Debit Credit
1 Closing Entries 1
2 Oct 31 Sales Store 38,800.00 2
3 Sales Retail 712.80 3
4 Income Summary 39,512.80 4
5 5
6 31 Income Summary 36,207.07 6
7 Sales Returns 128.21 7
8 Sales Discount 5.08 8
9 Cost of goods sold 22,815.64 9
10 Rent Expense 4,000.00 10
11 Wages Expense 6,331.67 11
12 Payroll taxes 551.37 12
13 Cleaning expense 175.00 13
14 Telephone Expense 140.00 14
15 Utilities 470.00 15
16 Depreciation Expense 280.00 16
17 Office Supplies Expense 370.00 17
18 Store Supplies Expense 310.00 18
19 Advertising Expense 200.00 19
20 Insurance Expense 250.00 20
23 less Interest Expense 180.10 23
25 - 0 - 0 25
26 Income Summary 3,305.73 26
27 Capital account 3,305.73 27
28 28
29 Drawing account 5,000.00 29
30 Capital account 5,000.00 30
31 31
32 32
33 33

Subsidiary ledger sheets

Ledgers

accts rec sub

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Name Edwin Pharmacy
Address 1028 Main Street, Westminster, SD 58307
Date 2014 Item Post. Ref. Debit Credit Balance
Oct 10 CR1 277.34 277.34
CR1 2.77 274.52
27 S1 254.23
S1 137.28 391.47
Name SRM Gifts
Address 739 Riverside Lane, Westminster, SD 58307
Date 2014 Item Post. Ref. Debit Credit Balance
Oct 27 CR1 231.12 231.12
CR1 2.31 228.81

accts pay sub

ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Name Antwerp Supreme
Address 337 Prumer Str., Antwerp, Belgium
Date 2014 Item Post. Ref. Debit Credit Balance
Oct 5 P1 2,088.00 2,088.00
15 CP1 2,088.00 - 0
20 P1 2,674.00 2,674.00
22 J1 103.68 2,570.32
27 P1 1,050.00 3,620.32
28 CP1 2,570.32 1,050.00
Name Chocolate Delights
Address 48956 257th Ave NE, Minneapolis, MN 55444
Date 2014 Item Post. Ref. Debit Credit Balance
Oct 5 P1 9,006.00 9,006.00
15 CP1 9,006.00 - 0
18 P1 5,697.00 5,697.00
27 P1 7,080.00 12,777.00
28 CP1 5,697.00 7,080.00
Name Fireplace Supplies
Address 368 Express Place, Westminster, SD 58307
Date 2014 Item Post. Ref. Debit Credit Balance
Oct 5 P1 445.00
31 Closing 370.00 75.00
Name TA & A Bell
Address 251 381st St, Westminster, SD 58307
Date 2014 Item Post. Ref. Debit Credit Balance
Oct 28 P1 140.00 140.00
Name XY Energy
Address 461 2nd St, Westminster, SD 58307
Date 2014 Item Post. Ref. Debit Credit Balance
Oct 28 P1 470.00 470.00

Merchandise Inventory sub

Item ID C - 101 Cash Sales Price 3.00
Item 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 1000 1.58 1,580.00 1000 1.58 1,580.00
Oct 13 57 1.58 90.06 943 1.58 1,489.94
Oct 18 275 1.52 418.00 943 1.58 1,489.94
275 1.52 418.00
Oct 20 162 1.58 255.96 781 1.58 1,233.98
275 1.52 418.00
Oct 31 481 1.58 759.98 300 1.58 474.00
275 1.52 418.00
Item ID D - 101 Cash Sales Price 1.00
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 1200 0.72 864.00 1200 0.72 864.00
Oct 10 108 0.72 77.76 1092 0.72 786.24
Oct 10 84 0.72 60.48 1008 0.72 725.76
Oct 13 707 0.72 509.04 301 0.72 216.72
Oct 20 1440 0.70 1,008.00 301 0.72 216.72
1440 0.70 1,008.00
Oct 20 301 0.72 216.72
493 0.70 345.10 947 0.70 662.90
Oct 22 (82) 0.72 (59.04) 82 0.72 59.04
947 0.70 662.90
Oct 22 (82) 0.72 (59.04) 947 0.70 662.90
Oct 27 96 0.70 67.20 851 0.70 595.70
Oct 27 461 0.70 322.70 390 0.70 273.00
Oct 31 94 0.70 65.80 296 0.70 207.20
Item ID H - 101 Cash Sales Price 3.00
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 2500 1.58 3,950.00 2500 1.58 3,950.00
Oct 13 1322 1.58 2,088.76 1178 1.58 1,861.24
Oct 18 2750 1.46 4,015.00 1178 1.58 1,861.24
2750 1.46 4,015.00
Oct 20 1178 1.58 1,861.24
1360 1.46 1,985.60 1390 1.46 2,029.40
Oct 27 3000 2.10 6,300.00 1390 1.46 2,029.40
3000 2.10 6,300.00
Oct 27 1390 1.46 2,029.40
1040 2.10 2,184.00 1960 2.10 4,116.00
Oct 31 1213 2.10 2,547.30 747 2.10 1,568.70
Item ID M - 101 Cash Sales Price 1.00
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 1700 0.72 1,224.00 1700 0.72 1,244.00
Oct 10 180 0.72 129.60 1520 0.72 1,094.40
Oct 10 156 0.72 112.32 1364 0.72 982.08
Oct 13 737 0.72 530.64 627 0.72 451.44
Oct 20 2450 0.68 1,666.00 627 0.72 451.44
2450 0.68 1,666.00
Oct 20 627 0.72 451.44
1661 0.68 1,129.48 789 0.68 536.52
Oct 22 (62) 0.72 (44.64) 62 0.72 44.64
789 0.68 536.52
Oct 22 (62) 0.72 (44.64) 789 0.68 536.52
Oct 27 1500 0.70 1,050.00 789 0.68 536.52
1500 0.70 1,050.00
Oct 27 168 0.68 114.24 621 0.68 422.28
1500 0.70 1,050.00
Oct 27 411 0.68 279.48 210 0.68 142.80
1500 0.70 1,050.00
Oct 31 210 0.68 142.80
527 0.70 368.90 973 0.70 681.10
Item ID T - 101 Cash Sales Price 3.00
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 2200 1.58 3,476.00 2200 1.58 3,476.00
Oct 13 663 1.58 1,047.54 1537 1.58 2,428.46
Oct 18 800 1.58 1,264.00 2337 1.58 3,692.46
Oct 20 1126 1.58 1,779.08 1211 1.58 1,913.38
Oct 27 500 1.56 780.00 1211 1.58 1,913.38
500 1.56 780.00
Oct 27 476 1.58 752.08 735 1.58 1,161.30
500 1.56 780.00
Oct 31 389 1.58 614.62 346 1.58 546.68
500 1.56 780.00

Check book

No. 1001 1001
Date 1-Oct-14
To Thunderbird 1-Oct 20 14
For Rent
Dollars Cents
Balance Forward 0 00 Pay to the
Deposit 15,000 00 1 Order of Thunder Bird Mall $ 4,000.00
Deposit 30,000 00 2
Sub Total 45,000 00 Dollars
Current Check 4,000 00 3
Balance 41,000 00 For
No. 1002 1002
Date 1-Oct
To D&D 1-Oct 20 14
For Office Eq
Dollars Cents
Balance Forward 41,000 00 Pay to the
Deposit Order of D&D Shelving $ 14,000.00
Deposit
Sub Total 41,000 00 Dollars
Current Check 14,000 00
Balance 27,000 00 For
No. 1003 1003
Date 1-Oct
To NOC Insurance 1-Oct 20 14
For insurance
Dollars Cents
Balance Forward 27,000 00 Pay to the
Deposit Order of NOC Overage Insurance $ 1,500.00
Deposit
Sub Total 27,000 00 Dollars
Current Check 1,500 00
Balance 25,500 00 For
No. 1004 1004
Date 5-Oct
To Machines LTD 5-Oct 20 14
For Office Eq
Dollars Cents
Balance Forward 25,500 00 Pay to the
Deposit Order of Machines LTD $ 5000
Deposit
Sub Total 25,500 00 Dollars
Current Check 5,000 00
Balance 20,500 00 For
No. 1005 1005
Date 5-Oct
To PDQ Supplies 5-Oct 20 14
For Office Supplies
Dollars Cents
Balance Forward 20,500 00 Pay to the
Deposit Order of PDQ Supplies $ 435
Deposit
Sub Total 20,500 00 Dollars
Current Check 435 00
Balance 20,065 00 For
No. 1006 1006
Date 5-Oct
To Image Counts 5-Oct 20 14
For Advertising
Dollars Cents
Balance Forward 20,065 00 Pay to the
Deposit Order of Image Counts Advertising $ 800.00
Deposit
Sub Total 20,065 00 Dollars
Current Check 800 00
Balance 19,625 00 For
No. 1007 1007
Date 15-Oct
To FirePlace 15-Oct 20 14
For Office Supplies
Dollars Cents
Balance Forward 19,625 00 Pay to the
Deposit Order of FirePlace Supplies $ 445.00
Deposit
Sub Total 19,625 00 Dollars
Current Check 445 00
Balance 18,820 00 For
No. 1008 $ 1008
Date 15-Oct
To Antwerp 15-Oct 20 14
For
Dollars Cents
Balance Forward 18,820 00 Pay to the
Deposit Order of Antwerp Supreme $ 2088.00
Deposit
Sub Total 18,820 00 Dollars
Current Check 2,088 00
Balance 16,732 00 For
No. 1009 $ 1009
Date 15-Oct
To Chocolate D. 15-Oct 20 14
For
Dollars Cents
Balance Forward 16,732 00 Pay to the
Deposit Order of Chocolate Delights $ 9006.00
Deposit
Sub Total 16,732 00 Dollars
Current Check 9,006 00
Balance 7,726 00 For
No. 1010 $ 1010
Date 28-Oct
To Reecie 28-Oct 20 14
For Cleaning Service
Dollars Cents
Balance Forward 7,726 00 Pay to the
Deposit 8099 90 Order of Reecie Cleaning $ 175.00
Deposit 15579 20
Sub Total 31,405 10 Dollars
Current Check 175 00
Balance 31,230 10 For
****Record 2 deposits here, then 2 on the next stub, then you will write out this check
No. 1011 $ 1011
Date 28-Oct
To Chocolate D. 28-Oct 20 14
For
Dollars Cents
Balance Forward 31,230 10 Pay to the
Deposit 10261 30 Order of Chocolate Delights $ 5697.00
Deposit 7575 60
Sub Total 49,067 00 Dollars
Current Check 5,697 00
Balance 43,370 00 For
No. 1012 1012
Date 28-Oct
To Antwerp 28-Oct 20 14
For
Dollars Cents
Balance Forward 43,370 00 Pay to the
Deposit Order of Antwerp Supreme $ 2,570.32
Deposit
Sub Total 43,370 00 Dollars
Current Check 2,570 32
Balance 40,799 68 For
No. 1013 1013
Date 28-Oct
To Boot Hill Bank 28-Oct 20 14
For
Dollars Cents
Balance Forward 40,799 68 Pay to the
Deposit Order of Boot Hill Bank $ 1,413.33
Deposit
Sub Total 40,799 68 Dollars
Current Check 1,413 33
Balance 39,386 35 For
No. 1014 1014
Date 28-Oct
To Pay Roll 28-Oct 20 14
For
Dollars Cents
Balance Forward 39,386 35 Pay to the
Deposit Order of Pay Roll Checking Account $ 6,608.04
Deposit
Sub Total 39,386 35 Dollars
Current Check 6,608 04
Balance 32,778 31 For
No. 1015 1015
Date 31-Oct
To Queta Johnson 31-Oct 20 14
For
Dollars Cents
Balance Forward 32,778 31 Pay to the
Deposit Order of Queta Johnson $ 5000
Deposit
Sub Total 32,778 31 Dollars
Current Check 5000 00
Balance 27,778 31 For

General Ledger

Account Cash Account No. 100
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 CR1 87,019.38 87,019.38
57,192.48 29,826.90
Account Payroll Checking Account Account No. 101
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 5,062.83 5,062.83
31 Closing 5,062.83 - 0 0.00
Account Accounts Receivable Account No. 110
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 10 S1 762.69 762.69
10 CR1 508.46 254.23
27 J1 137.28 116.95
Account Office Supplies Account No. 112
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 P1 445.00 445.00
31 Adjusting J2 370.00 75.00
Account Store Supplies Account No. 113
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 CP1 435.00 435.00
31 Adjusting J2 310.00 125.00
Account Prepaid Insurance Account No. 114
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 CP1 1,500.00 1,500.00
31 Adjusting J2 250.00 1,250.00
Account Prepaid Advertising Account No. 115
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 5 CP1 800.00 800.00
31 Adjusting J2 200.00 600.00
Account Merchandise Inventory Account No. 120
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 J3 892.00 892.00
J3 207.20 1,099.20
J3 1,568.70 2,667.90
J3 681.10 3,349.00
J3 1,326.68 4,675.68
Account Office Equipment Account No. 150
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 5 CP1 5,000.00 5,000.00
Account Accumulated Depreciation - Office Equipment Account No. 151
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 J1 80.00 80.00
Account Store Equipment Account No. 160
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 CP1 14,000.00 14,000.00
Account Accumulated Depreciation - Store Equipment Account No. 161
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 J1 200.00 200.00
Account Accounts Payable Account No. 210
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 P1 28,650.00 28650.00
27 CP1 19,806.32 8,843.68
27 J1 103.68 8,740.00
Account Interest Payable Account No. 211
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 CP1
Account Notes Payable - Current Account No. 212
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 CP1 15,000.00 15,000.00
Account Sales Tax Payable Account No. 213
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 10 S1 18.14 18.14
10 S1 15.12 33.26
27 S1 16.63 49.89
Account Employee's Federal Income Tax Payable Account No. 214
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 133.00 133.00
Account Social Security Tax Payable Account No. 215
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 348.83 348.83
31 closing J3 - 0 0.00
Account Medicare Tax Payable Account No. 216
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 81.59 81.59
31 closing J3 - 0 0.00
Account FUTA Tax Payable Account No. 217
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 45.01 45.01
Account SUTA Tax Payable Account No. 218
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 506.36 506.36
Account Wages Payable Account No. 219
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 CP1 5,062.83 5,062.83
Account Notes Payable - Non Current Account No. 250
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 CR1 15,000.00 15,000.00
1 CR1 30,000.00 15,000.00
28 CP1 1,250.00 13,750.00
Account Queta Johnson, Capital Account No. 310
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 CR1 15,000.00 15,000.00
1 CR1
31 CP1
Account Queta Johnson, Drawing Account No. 311
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 CP1 5,000.00 5,000.00
Closing J3 5,000.00 - 0 0.00
Account Income Summary Account No. 312
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 CR1 16,442.28 16,442.28
CP1 13,136.55 3,305.73
Net Income 3,305.73
Account Sales - Store Sales Account No. 410
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 CR1 38,800.00 38,800.00
Closing J3 38,800.00 - 0 0.00
Account Sales - Retail Account No. 411
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 27 S1 712.80 712.80
31 Closing J3 712.80 - 0 0.00
Account Sales Returns & Allowances Account No. 420
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 20 J1 137.28 137.28
31 Closing J1 137.28 - 0 0.00
Account Sales Discounts Account No. 421
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 20 CR1 2.77 2.77
CR1 2.31 5.08
22 J1 1.39 3.69
Account Cost of Goods Sold Account No. 510
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 S1 561.60 561.60
CR1 22,357.72 22,919.32
J1 129.60 22,789.72
Account Advertising Expense Account No. 610
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 J2
31 Adjusting J2 200.00 600.00
Account Rent Expense Account No. 611
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 CP1 4,000.00 4,000.00
31 Closing J3 4,000.00 - 0 0.00
Account Cleaning Expense Account No. 625
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 CP1 175.00 175.00
31 Closing J3 175.00 - 0 0.00
Account Depreciation Expense - Office Equipment Account No. 630
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 Adjusting J2 80.00 80.00
Closing J3 80.00 - 0 0.00
Account Depreciation Expense - Store Equipment Account No. 631
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 Adjusting J2 200.00 200.00
Closing J3 200.00 - 0 0.00
Account Insurance Expense Account No. 635
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 1 CP1 1500.00
31 Adjusting J2 250.00 1250.00
Account Wages Expense Account No. 640
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 6,177.62 6,177.62
31 J3
31 J3
Account Payroll Tax Expense Account No. 645
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 J1 45.01 45.01
J1 506.36 551.37
Account Office Supplies Expense Account No. 655
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 5 P1 445.00 445.00
31 Adjusting J2 370.00 75.00
Account Store Supplies Expense Account No. 656
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 5 CP1 435.00 435.00
31 Adjusting J2 310.00 125.00
Account Telephone Expense Account No. 660
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 P1 140.00 140.00
31 Closing J3 140.00 - 0 0.00
Account Utilities Expense Account No. 665
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 P1 470.00 470.00
31 Closing J3 470.00 - 0 0.00
Account Miscellaneous Expense Account No. 670
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 31 J2 275.00 275.00
31 Adjusting J2 275.00 - 0 0.00
Account Interest Expense Account No. 810
Date 2014 Item Post. Ref. Debit Credit Balance Debit Credit
Oct 28 CP1 163.33 163.33
31 J2 16.77 180.10
31 Closing J3 180.10 - 0 0.00

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: $12.75 per hour
Pay Period Ending Gross Earnings Cumulative Earnings Federal Income Tax Social Security Tax Medicare Tax Total Deductions Net Pay
1 28-Oct 2,231.25 2,231.25 31.00 138.34 32.35 201.69 2,029.56 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: $8.25 per hour
Pay Period Ending Gross Earnings Cumulative Earnings Federal Income Tax Social Security Tax Medicare Tax Total Deductions Net Pay
1 28-Oct 1,155.00 1,155.00 38.00 71.61 16.75 126.36 1,028.64 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: $12.50 per hour
Pay Period Ending Gross Earnings Cumulative Earnings Federal Income Tax Social Security Tax Medicare Tax Total Deductions Net Pay
1 28-Oct 1,250.00 1,250.00 37.00 77.50 18.13 132.63 1,117.37 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: $11.00 per hour
Pay Period Ending Gross Earnings Cumulative Earnings Federal Income Tax Social Security Tax Medicare Tax Total Deductions Net Pay
1 28-Oct 990 990 27 61.38 14.36 102.74 887.26 1
2 2
3 3
4 4

Payroll Register

Chocolate Nirvana
Payroll Register
For the Pay Period Ending:
Gross Earnings Deductions Account Debited
Employee Name Federal Income Tax Social Security Tax Medicare Tax Total Deductions Net Pay Check No. Wages Expense
1 Sue A Doll 2,231.25 31.00 138.34 32.35 201.69 2,029.56 101 2,620.60 1
2 Angie Faust 1,155.00 38.00 71.61 16.75 126.36 1,028.64 102 1,356.55 2
3 Marge Hoffman 1,250.00 37.00 77.50 18.13 132.63 1,117.37 103 1,468.13 3
4 Thomas Kapp 990.00 27.00 61.38 14.36 102.74 887.26 104 1,162.76 4
5 5
6 TOTALS 5,626.25 133.00 348.83 81.59 563.42 5,062.83 6,608.04 6
7 7
8 (981.79) 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18

Financial stmt sheet

Financial
Statements

Unadjusted Trial Balance

Chocolate Nirvana
Unadjusted Trial Balance
ACCOUNT DEBIT CREDIT
Cash 29,826.90
Accounts Receivable 116.95
Office Supplies 445.00
Store Supplies 435.00
Prepaid Insurance 1,500.00
Prepaid Advertising 800.00
Merchandise Inventory 4,675.68
Office Equipment 5,000.00
Store Equipment 14,000.00
Accounts Payable 8,740.00
Sales Taxes Payable 2,756.82
Federal income taxes payable 133.00
Social Security taxes payable 348.83
Medicare Taxes Payable 81.59
FUTA Taxes Payable 45.01
SUTA Taxes Payble 506.36
Wages Payable 430.42
Notes Payable Current 15,000.00
Notes Payable- Noncurrent 13,750.00
Queta Johnson Capital 15,000.00
Queta Johnson Drawing 5,000.00
Sales Stores 38,800.00
Sales Retail 712.80
Sales Returns 128.21
Sales Discount 5.08
Cost Of Goods Sold 22,815.64
Rent Expense 4,000.00
Wages Expense 6,056.67
Payroll taxes 551.37
Cleaning expense 175.00
Telephone Expense 140.00
Utilities 470.00
Interest Expense 163.33
TOTAL 96304.83 96304.83
96304.83 96304.83

Work Sheet

Chocolate Nirvana
Work Sheet
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
1 Cash 29,826.90 29,826.90 29,826.90 1
2 Accounts Receivable 116.95 116.95 116.95 2
3 Office Supplies 445.00 370.00 75.00 75.00 3
4 Store Supplies 435.00 310.00 125.00 125.00 4
5 Prepaid Insurance 1,500.00 250.00 1,250.00 1,250.00 5
6 Prepaid Advertising 800.00 200.00 600.00 600.00 6
7 Merchandise Inventory 4,675.68 4,675.68 4,675.68 7
8 Office Equipment 5,000.00 5,000.00 5,000.00 8
9 Store Equipment 14,000.00 14,000.00 14,000.00 9
10 Accounts Payable 8,740.00 - 0 8,740.00 8,740.00 10
11 Sales Taxes Payable 2,756.82 - 0 2,756.82 2,756.82 11
12 Federal income taxes payable 133.00 - 0 133.00 133.00 12
13 Social Security taxes payable 348.83 - 0 348.83 348.83 13
14 Medicare Taxes Payable 81.59 - 0 81.59 81.59 14
15 FUTA Taxes Payable 45.01 - 0 45.01 45.01 15
16 SUTA Taxes Payble 506.36 - 0 506.36 506.36 16
17 Wages Payable 430.42 275.00 705.42 705.42 17
18 Notes Payable Current 15,000.00 - 0 15,000.00 15,000.00 18
19 Notes Payable- Noncurrent 13,750.00 - 0 13,750.00 13,750.00 19
20 Queta Johnson Capital 15,000.00 - 0 15,000.00 15,000.00 20
21 Queta Johnson Drawing 5,000.00 5,000.00 - 0 5,000.00 21
22 Sales Stores 38,800.00 - 0 38,800.00 38,800.00 22
23 Sales Retail 712.80 - 0 712.80 712.80 23
24 Sales Returns 128.21 128.21 - 0 128.21 24
Sales Discount 5.08 5.08 - 0 5.08 24
Cost Of Goods Sold 22,815.64 22,815.64 - 0 22,815.64 24
Rent Expense 4,000.00 4,000.00 - 0 4,000.00 24
Wages Expense 6,056.67 275.00 6,331.67 6,331.67 24
Payroll taxes 551.37 551.37 - 0 551.37 24
Cleaning expense 175.00 175.00 - 0 175.00 24
Telephone Expense 140.00 140.00 - 0 140.00 24
Utilities 470.00 470.00 - 0 470.00 24
Interest Expense 163.33 16.77 180.10 180.10 24
TOTAL 96304.83 96304.83 - 0 24
Interest Payable 16.77 16.77 - 0 16.77 24
Depreciation Expense 280.00 280.00 280.00 24
Acc. Depr Off Equp 80.00 80.00 - 0 80.00 24
Acc Depr Store Equip 200.00 200.00 - 0 200.00 24
Office Supplies Expense 370.00 370.00 370.00 24
Store Supplies Expense 310.00 310.00 310.00 24
Advertising Expense 200.00 200.00 200.00 24
Insurance Expense 250.00 250.00 250.00
1,701.77 1,701.77 96,876.60 96,876.60 36,207.07 39,512.80 60,669.53 57,363.80 24
Net Income 3,305.73 3,305.73 24
Total 39,512.80 39,512.80 60,669.53 60,669.53 24
24
24
24
24

Sch of Acc Rec - Pay

Chocolate Nirvana
Schedule of Accounts Receivable
ACCOUNT
Chocolate Nirvana
Schedule of Accounts Payable
ACCOUNT

Income Statement

Chocolate Nirvana
Income Statement
For the Month Ending _____October 2014__________
Sales Stores 38,800.00
Sales Retail 712.80
Gross Sales 39,512.80
less Sales Returns 128.21
less Sales Discount 5.08
Net Sales $ 39,379.51
less Cost of goods sold 22,815.64
Gross Profit 16,563.87
less Operating Expense
Rent Expense 4,000.00
Wages Expense 6,331.67
Payroll taxes 551.37
Cleaning expense 175.00
Telephone Expense 140.00
Utilities 470.00
Depreciation Expense 280.00
Office Supplies Expense 370.00
Store Supplies Expense 310.00
Advertising Expense 200.00
Insurance Expense 250.00
Total 13,078.04 13,078.04
Operating Income 3,485.83
less Interest Expense 180.10
Net Income 3,305.73

Stmt of Owners' Equity

Chocolate Nirvana
Statement of Owners' Equity
For the Month Ending __October_________
Beginning Balance $ - 0
add investment by owner $ 15,000.00
add net income $ 3,305.73
less drawings $ 5,000.00
Ending Balance $ 13,305.73

Balance Sheet

Chocolate Nirvana
Balance Sheet
Assets
Current Assets
Cash 29,826.90
Accounts Receivable 116.95
Office Supplies 75.00
Store Supplies 125.00
Prepaid Insurance 1,250.00
Prepaid Advertising 600.00
Merchandise Inventory 4,675.68
Total Current Assets 36,669.53
Property, Plant & Equipment
Office Equipment 5,000.00
Acc. Depr Off Equp (80.00) 4,920.00
Store Equipment 14,000.00
Acc Depr Store Equip (200.00) 13,800.00
Total Property Plant and Equipment 18,720.00
Total Assets 55,389.53
Liabiliteis and Owner's Equity
Accounts Payable 8,740.00
Notes Payable Current 15,000.00
Sales Taxes Payable 2,756.82
Federal income taxes payable 133.00
Social Security taxes payable 348.83
Medicare Taxes Payable 81.59
FUTA Taxes Payable 45.01
SUTA Taxes Payble 506.36
Wages Payable 705.42
Interet Payable 16.77
Total Current Liabiliteis 28,333.80 28,333.80
Notes Payable Non Current $ 13,750.00
Total Liabilities 42,083.80
Owner's Equity 13,305.73
Total Liabitities and Owner's Equity 55,389.53

Post Closing TB

Chocolate Nirvana
Post Closing Trial Balance
ACCOUNT DEBIT CREDIT
Cash 29,826.90
Accounts Receivable 116.95
Office Supplies 75.00
Store Supplies 125.00
Prepaid Insurance 1,250.00
Prepaid Advertising 600.00
Merchandise Inventory 4,675.68
Office Equipment 5,000.00
Acc. Depr Off Equp 80.00
Store Equipment 14,000.00
Acc Depr Store Equip 200.00
Accounts Payable 8,740.00
Notes Payable Current 15,000.00
Sales Taxes Payable 2,756.82
Federal income taxes payable 133.00
Social Security taxes payable 348.83
Medicare Taxes Payable 81.59
FUTA Taxes Payable 45.01
SUTA Taxes Payble 506.36
Wages Payable 705.42
Interet Payable 16.77
Notes Payable Non Current 13750
Owner's Equity $ 13,305.73
Total 55,669.53 55,669.53