Cost Accounting

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BS

Name: MUHAMMAD IMTIAZ ALI KHAN
Mailing Address: UNIT NO 80, 3144 LAURIER DR, SASKATOON WEST, SASKATCHEWAN, CANADA
Student Number: 89910014
Course Title & Number: Acc210 Graded Project II - Ice Cream Systems
Project Number: 06146600
ICE CREAM SYSTEMS
Balance Sheet
As of January 31, 20—
ASSETS $ $ $
Current Assets
Cash 145,876.61
Accounts Receivable - 0
Direct Materials 58,465.00
Indirect Materials and Factory Supplies 26,258.21
Work In Process 157,295.00
Finished Goods 28,708.50
Prepaid Advertising 3,850.00
Prepaid Insurance 4,000.00
Office Supplies 276.21
Total Current Assets 424,729.53
Property, Plant & Equipment
Factory Equipment 246,857.00
Less: Accumulated Depreciation—Factory Equipment 102,640.47
Office Equipment 38,567.00
Less Accumulated Depreciation—Office Equipment 19,112.65
Total Property, Plant & Equipment 163,670.88
TOTAL ASSETS 588,400.41
LIABILITIES
Accounts Payable 9,284.93
Salaries Payable 712.18
FWT Payable 4,747.88
FICA Tax Payable 2,421.42
FUTA Tax Payable 253.22
SUTA Tax Payable 458.96
Unearned Revenue 5,000.00
TOTAL LIABILITIES 22,878.58
STOCKHOLDERS’ EQUITY
Common Stock ($10 Par) 350,000.00
Paid-In Capital in Excess of Par—Common Stock 32,500.00
Retained Earnings 183,021.83
TOTAL STOCKHOLDERS’ EQUITY 565,521.83
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 588,400.41
-0.00

IS

Name: MUHAMMAD IMTIAZ ALI KHAN
Mailing Address: UNIT NO 80, 3144 LAURIER DR, SASKATOON WEST, SASKATCHEWAN, CANADA
Student Number: 89910014
Course Title & Number: Acc210 Graded Project II - Ice Cream Systems
Project Number: 06146600
ICE CREAM SYSTEMS
Income Statement
For the Period Ending January 31, 20XX
Operating Revenue $ $
Sales 30,400.00
Less: Sales Discounts - 0
Total Operating Revenue 30,400.00
Cost
COGS—Cost of Goods Sold 17,927.74
Total Cost (17,927.74)
Gross Profit 12,472.26
Operating Expenses
Sales Salaries Expense 5,132.50
Officers’ Salaries Expense 5,000.00
Office Salaries Expense 1,920.00
Rent Expense 687.50
Advertising Expense 350.00
Utilities Expense 1,649.35
Office Supplies Expense 493.54
Postage Expense 300.00
Telephone Expense 1,402.22
Insurance Expense 2,000.00
Depreciation Expense 3,254.11
Payroll Tax Expense 712.18
Bad Debt Expense - 0
Miscellaneous Expense - 0
Total Operating Expenses (22,901.40)
Net Profit/(Loss) (10,429.14)

TB

Name: MUHAMMAD IMTIAZ ALI KHAN
Mailing Address: UNIT NO 80, 3144 LAURIER DR, SASKATOON WEST, SASKATCHEWAN, CANADA
Student Number: 89910014
Course Title & Number: Acc210 Graded Project II - Ice Cream Systems
Project Number: 06146600
ACCOUNT NUMBER DESCRIPTION Opening Trial During the year Closing Unadjusted Trial Adjustments Adjusted Closing Trial
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1100 Cash 117,964.23 86,884.00 58,971.62 145,876.61 - 0 145,876.61
1200 Accounts Receivable 51,484.00 12,900.00 64,384.00 - 0 - 0 - 0 - 0
1300 Direct Materials 64,350.00 2,965.00 8,850.00 58,465.00 - 0 58,465.00
1350 Indirect Materials & Factory Supplies 18,772.00 8,931.21 1,445.00 26,258.21 - 0 26,258.21
1400 Work in Process 142,695.00 14,600.00 - 0 157,295.00 - 0 157,295.00
1500 Finished Goods 27,696.00 6,012.50 5,000.00 28,708.50 - 0 28,708.50
1600 Prepaid Advertising - 0 4,200.00 - 0 4,200.00 - 0 350.00 3,850.00
1650 Prepaid Insurance - 0 6,000.00 - 0 6,000.00 - 0 2,000.00 4,000.00
1700 Office Supplies 342.25 427.50 - 0 769.75 - 0 493.54 276.21
1800 Factory Equipment 246,857.00 - 0 - 0 246,857.00 - 0 246,857.00
1800.1 Accumulated Depreciation— Factory Equipment 99,653.35 - 0 - 0 - 0 99,653.35 2,987.12 102,640.47
1850 Office Equipment 38,567.00 - 0 - 0 38,567.00 - 0 38,567.00
1850.1 Accumulated Depreciation— Office Equipment 18,845.66 - 0 - 0 - 0 18,845.66 266.99 19,112.65
2100 Accounts Payable 9,814.00 9,814.00 9,284.93 - 0 9,284.93 9,284.93
2200 Salaries Payable - 0 23,771.03 24,483.21 - 0 712.18 712.18
2300 FWT Payable 1,613.11 1,613.11 4,747.88 - 0 4,747.88 4,747.88
2325 FICA Tax Payable 822.68 822.68 2,421.42 - 0 2,421.42 2,421.42
2350 FUTA Tax Payable 1,032.39 1,032.39 253.22 - 0 253.22 253.22
2375 SUTA Tax Payable 1,871.20 1,871.20 458.96 - 0 458.96 458.96
2500 Unearned Revenue - 0 10,000.00 15,000.00 - 0 5,000.00 5,000.00
3100 Common Stock ($10 Par) 350,000.00 - 0 - 0 - 0 350,000.00 350,000.00
3150 Paid-In Capital in Excess of Par — Common 32,500.00 - 0 - 0 - 0 32,500.00 32,500.00
3700 Retained Earnings 192,575.09 - 0 - 0 - 0 192,575.09 9,553.26 183,021.83
3900 Income Summary - 0 - 0 - 0 - 0 40,829.14 40,829.14 0.00
4100 Sales - 0 30,400.00 - 0 30,400.00 30,400.00 - 0 - 0
4200 Sales Discounts - 0 - 0 - 0 - 0 - 0 - 0
5100 Cost of Goods Sold 17,737.50 - 0 17,737.50 - 0 190.24 17,927.74 - 0 0.00
5150 Factory Overhead 4,214.36 4,900.00 - 0 685.64 875.88 190.24 0.00
5200 Sales Salaries Expense 5,132.50 - 0 5,132.50 - 0 5,132.50 - 0 - 0
5225 Officers' Salaries Expense 5,000.00 - 0 5,000.00 - 0 5,000.00 - 0 - 0
5250 Office Salaries Expense 1,920.00 - 0 1,920.00 - 0 1,920.00 - 0 - 0
5300 Rent Expense 687.50 - 0 687.50 - 0 687.50 - 0 - 0
5350 Advertising Expense - 0 - 0 - 0 - 0 350.00 350.00 - 0 - 0
5400 Utilities Expense 1,649.35 - 0 1,649.35 - 0 1,649.35 - 0 - 0
5450 Office Supplies Expense - 0 - 0 - 0 - 0 493.54 493.54 - 0 - 0
5500 Postage Expense 300.00 - 0 300.00 - 0 300.00 - 0 - 0
5550 Telephone Expense 1,402.22 - 0 1,402.22 - 0 1,402.22 - 0 - 0
5575 Insurance Expense - 0 - 0 - 0 - 0 2,000.00 2,000.00 - 0 - 0
5600 Depreciation Expense - 0 - 0 - 0 - 0 3,254.11 3,254.11 - 0 - 0
5700 Payroll Tax Expense 712.18 - 0 712.18 - 0 712.18 - 0 - 0
5800 Bad Debt Expense - 0 - 0 - 0 - 0 - 0 - 0
5900 Miscellaneous Expense - 0 - 0 - 0 - 0 - 0 - 0
$708,727.48 $708,727.48 $230,600.23 $230,600.23 $747,538.32 $747,538.32 $87,946.17 $87,946.17 $710,153.53 $710,153.53
$0.00 $0.00 $0.00 $0.00 $0.00

GL

General Ledger Accounts, Accounts Receivable & Payble - 1,3,4,8 & 12
CASH 1100
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance 117,964.23
2-Jan Prepaid Advertising 1600 4,200.00 113,764.23
2-Jan Rent Expense 5300 687.50 113,076.73
2-Jan Factory Overhead 5150 2,062.50 111,014.23
2-Jan Prepaid Insurance 1650 6,000.00 105,014.23
3-Jan Accounts Receivable - Horsfield Happy Ice Cream 1200 5,000.00 110,014.23
3-Jan Accounts Payable - Rockaway Metal 2100 2,873.00 107,141.23
4-Jan Unearned Revenue - Day Dreamer’s Ice Cream 1204 5,000.00 112,141.23
5-Jan Sale 4100 7,500.00 119,641.23
10-Jan Accounts Receivable - Horsfield Happy Ice Cream 1200 5,000.00 124,641.23
15-Jan FWT Payable 2300 1,613.11 123,028.12
15-Jan FICA Tax Payable 2325 822.68 122,205.44
15-Jan Unearned Revenue - Cold Refrigeration 2500 10,000.00 132,205.44
16-Jan Factory Supplies 1350 4,441.00 127,764.44
19-Jan Utilities expense 5400 1,649.35 126,115.09
19-Jan FOH account 5150 706.86 125,408.23
20-Jan FUTA Taxes payable 2350 1,032.39 124,375.84
20-Jan Suta Taxes Payable 2375 1,871.20 122,504.64
23-Jan Accounts Receivable - Ashman alcove 1200 24,681.00 147,185.64
27-Jan Accounts Payable - O Ring Enterprise 2100 6,941.00 140,244.64
27-Jan Postage expense 5500 300.00 139,944.64 Debits Credits
29-Jan Accounts Receivable - Cold Refrigerators 1200 12,900.00 152,844.64 223,929 230,600
31-Jan Account Receivables - Messina Missions 1200 9,458.00 162,302.64 Diff (6,671)
31-Jan Accounts Receivable - Horsfield Happy Ice Cream 1200 7,345.00 169,647.64 (5,959.07)
31-Jan Salaries payable 2200 23,771.03 145,876.61
Accounts Receivable - Horsfield Happy Ice Cream 1201 Accounts Receivable - Messina Missions 1202 Accounts Receivable - Ashman Alcove Designs 1203 Accounts Receivable - Day Dreamer’s Ice Cream 1204 Accounts Receivable - Cold Refrigeration 1205
DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1-Jan Opening Balance 17,345.00 1-Jan Opening Balance 9,458.00 1-Jan Opening Balance 24,681.00 1-Jan Opening Balance - 0 1-Jan Opening Balance - 0
3-Jan Cash 1100 5,000.00 12,345.00 31-Jan Cash 1100 9,458.00 - 0 20-Jan Cash 1100 24,681.00 - 0 28-Jan Sales 4100 12,900.00 12,900.00
10-Jan Cash 1100 5,000.00 7,345.00 - 0 29-Jan Cash 1100 12,900.00 - 0
31-Jan Cash 1100 7,345.00 - 0 - 0
Direct Materials 1300
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $64,350.00
9-Jan Finished Goods 1500 1,450.00 $62,900.00
16-Jan Accounts Payable - Smith Synthetics 2100 2,965.00 $65,865.00
19-Jan Cost of Goods Sold 5100 2,800.00 $63,065.00
28-Jan Work in Process 1400 4,600.00 $58,465.00
Indirect Materials & Factory Supplies 1350
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $18,772.00
6-Jan Accounts Payable - Electrical Systems Corp. 2105 3,643.00 $22,415.00
6-Jan Accounts Payable - Grommet Supplies 2106 847.21 $23,262.21
9-Jan FOH account 5150 170.00 $23,092.21
16-Jan Cash 1100 4,441.00 $27,533.21
19-Jan Factory Overheads 1350 325.00 $27,208.21
28-Jan Factory Overheads 1350 950.00 $26,258.21
Work in Process 1400
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $142,695.00
28-Jan Direct material inventory 1300 4,600.00 $147,295.00
FWT payable 2300 1,200.00 $148,495.00
FICA taxes payable 2325 612.00 $149,107.00
FOH account 5150 2,000.00 $151,107.00
Salaries payable 2200 6,188.00 $157,295.00
Finished Goods 1500
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $27,696.00
5-Jan COGS 5100 5,000.00 $22,696.00
9-Jan Direct material inventory 1300 1,450.00 $24,146.00
9-Jan FWT payable 2300 547.50 $24,693.50
9-Jan FICA taxes payable 2325 279.23 $24,972.73
9-Jan FOH account 5150 912.50 $25,885.23
9-Jan Salaries payable 2200 2,823.28 $28,708.50
Prepaid Advertising 1600
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
2-Jan Cash 1100 4,200.00 $4,200.00
Prepaid Insurance 1650
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
2-Jan Cash 1100 6,000.00 6,000.00
Office Supplies 1700
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $342.25
16-Jan Accounts Payable - Office max 2100 427.50
Factory Equipment 1800
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $246,857.00
Accumulated Depreciation— Factory Equipment 1800.1
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $99,653.35
Office Equipment 1850
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $38,567.00
Accumulated Depreciation— Office Equipment 1850.1
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $18,845.66
Accounts Payable - O-Ring Enterprises 2101 Accounts Payable - Smith Synthetics 2102 Accounts Payable - Rockaway Metal 2103 Accounts Payable - OfficeMax 2104 Accounts Payable - Electrical Systems Corp. 2105 Accounts Payable - Grommet Supplies 2106 Accounts Payable - Unique Telephone System 2107
DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1-Jan Opening Balance 6,941.00 1-Jan Opening Balance - 0 1-Jan Opening Balance 2,873.00 1-Jan Opening Balance - 0 1-Jan Opening Balance - 0 1-Jan Opening Balance - 0 1-Jan Opening Balance - 0
27-Jan Cash 1100 6,941.00 - 0 16-Jan Direct Material Inventory 1300 2,965.00 2,965.00 3-Jan Cash 1100 2,873.00 - 0 16-Jan Office Supplies 1700 427.50 427.50 6-Jan Indirect materials and factory supplies 1350 3,643.00 3,643.00 6-Jan Indirect materials and factory supplies 1350 847.21 847.21 10-Jan Telephone expense 5550 1,402.22 1,402.22
Salaries Payable 2200
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
9-Jan Finished Goods 1500 2,823.28 $2,823.28
19-Jan Cost of goods sold 5100 6,149.33 $8,972.60
28-Jan Work in Process 1400 6,188.00 $15,160.60
31-Jan Sales, Officer's & Office salary expenses 2200,2300,2325 9,322.61 $24,483.21 22900 $1,583.21
31-Jan Cash 1100 23,771.03 $712.18
FWT Payable 2300
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $1,613.11
9-Jan Finished Goods 1500 547.50 $2,160.61
15-Jan Cash 1100 1,613.11 $547.50
19-Jan Cost of Goods Sold 5100 1,192.50 $1,740.00
28-Jan Work in Process 1400 1,200.00 $2,940.00
31-Jan Sales, Officer's & Office salary expenses 2200,2300,2325 1,807.88 $4,747.88
FICA Tax Payable 2325
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $822.68
9-Jan Finished Goods 1500 279.23 $1,101.91
15-Jan Cash 1100 822.68 $279.23
19-Jan Cost of Goods Sold 5100 608.18 $887.40
28-Jan Work in Process 1400 612.00 $1,499.40
31-Jan Sales, Officer's & Office salary expenses 2200,2300,2325 922.02 $2,421.42
FUTA Tax Payable 2350
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $1,032.39
20-Jan Cash 1100 1,032.39 $0.00
31-Jan Payroll tax expense 5700 253.22 $253.22
SUTA Tax Payable 2375
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $1,871.20
20-Jan Cash 1100 1,871.20 $0.00
31-Jan Payroll tax expense 5700 458.96 $458.96
Unearned Revenue 2500
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
4-Jan Cash 1100 5,000.00 $5,000.00
15-Jan Cash 1100 10,000.00 $15,000.00
28-Jan Sales 4100 10,000.00 $5,000.00
Common Stock ($10 Par) 3100
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $350,000.00
Paid-In Capital in Excess of Par — Common 3150
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $32,500.00
Retained Earnings 3700
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $192,575.09
Income Summary 3900
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
Sales 4100
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
5-Jan Cash 1100 7,500.00 $7,500.00
28-Jan Unearned Revenue 2500 10,000.00 $17,500.00
28-Jan Accounts Receivable - Cold Refrigerators 1200 12,900.00 $30,400.00
Sales Discounts 4200
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
Cost of Goods Sold 5100
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
5-Jan Finished Goods 1500 5,000.00 5,000.00
19-Jan Direct Material Inventory 1300 2,800.00 7,800.00
19-Jan FWT Payable 2300 1,192.50 8,992.50
19-Jan FICA Taxes Payable 2350 608.18 9,600.68
19-Jan FOH account 5150 1,987.50 11,588.18
19-Jan Salaries Payable 2200 6,149.33 17,737.50
Factory Overheads 5150
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
2-Jan Cash 1100 2,062.50 2,062.50
9-Jan Indirect material inventory 1350 170.00 2,232.50
9-Jan Finished Goods 1500 912.50 1,320.00
19-Jan Indirect Material Inventory 1350 325.00 1,645.00
19-Jan Cost of goods sold 5100 1,987.50 (342.50)
19-Jan Cash 1100 706.86 364.36
28-Jan Indirect material inventory 1350 950.00 1,314.36
28-Jan Work in Process 1400 2,000.00 (685.64)
(685.64) 201.86
Sales Salaries Expense 5200
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
31-Jan Salaries, FWT & FICA Payable 5,132.50 5,132.50
Officers' Salaries Expense 5225
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
31-Jan Salaries, FWT & FICA Payable 5,000.00 5,000.00
Office Salaries Expense 5250
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
31-Jan Salaries, FWT & FICA Payable 1,920.00 1,920.00
Rent Expense 5300
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
2-Jan Cash 1100 687.50 687.50
Advertising Expense 5350
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
Utilities Expense 5400
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
19-Jan Cash 1100 1,649.35 1,649.35
Office Supplies Expense 5450
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
Postage Expense 5500
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
27-Jan Cash 1100 300.00 300.00
Telephone Expense 5550
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
10-Jan Accounts Payable - Unique telephone system 2100 1,402.22 1402.22
Insurance Expense 5575
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
Depreciation Expense 5600
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
Payroll Tax Expense 5700
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance
31-Jan FUTA payable 2325 253.22 253.22
31-Jan SUTA Payable 2375 458.96 712.18
Bad Debt Expense 5800
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00
Miscellaneous Expense 5900
DATE ITEM POST REF DEBIT CREDIT BALANCE
DEBIT CREDIT
1-Jan Opening Balance $0.00

Journal Entries

Date Accounts Post Ref Debit Credit
General Journal Entries - 2
2-Jan Prepaid Advertising 1600 4,200.00
Cash 1100 4,200.00
2-Jan Rent Expense 5300 687.50
Factory Overhead 5150 2,062.50
Cash 1100 2,750.00
2-Jan Prepaid Insurance 1650 6,000.00
Cash 1100 6,000.00
3-Jan Cash 1100 5,000.00
Accounts Receivable - Horsfield Happy Ice Cream 1200 5,000.00
3-Jan Accounts Payable - Rockaway Metal 2100 2,873.00
Cash 1100 2,873.00
4-Jan Cash 1100 5,000.00
Unearned Revenue - Day Dreamer’s Ice Cream 1204 5,000.00
5-Jan Cash 1100 7,500.00
Sale 4100 7,500.00
COGS 5100 5,000.00
Finished Goods 1500 5,000.00
6-Jan Indirect materials and factory supplies 1350 3,643.00
Accounts Payable - Electrical Systems Corp. 2105 3,643.00
6-Jan Indirect materials and factory supplies 1350 847.21
Accounts Payable - Grommet Supplies 2106 847.21
9-Jan Finished Goods 1500 6,012.50
FOH account 5150 170.00
Direct material inventory 1300 1,450.00
Indirect material inventory 1350 170.00
FWT payable 2300 547.50
FICA taxes payable 2325 279.23
FOH account 5150 912.50
Salaries payable 2200 2,823.28
10-Jan Cash 1100 5,000.00
Accounts Receivable - Horsfield Happy Ice Cream 1200 5,000.00
10-Jan Telephone expense 5550 1,402.22
Accounts Payable - Unique telephone system 2100 1,402.22
15-Jan FWT Payable 2300 1,613.11
FICA Tax Payable 2325 822.68
Cash 1100 2,435.79
15-Jan Cash 1100 10,000.00
Unearned Revenue - Cold Refrigeration 2500 10,000.00
16-Jan Factory Supplies 1350 4,441.00
Cash 1100 4,441.00
16-Jan Direct Material Inventory 1300 2,965.00
Accounts Payable - Smith Synthetics 2100 2,965.00
16-Jan Office Supplies 1700 427.50
Accounts Payable - Office max 2100 427.50
19-Jan COGS 5100 12,737.50
FOH account 5150 325.00
Direct Material Inventory 1300 2,800.00
Indirect Material Inventory 1350 325.00
FWT Payable 2300 1,192.50
FICA Taxes Payable 2350 608.18
FOH account 5150 1,987.50
Salaries Payable 2200 6,149.33
19-Jan Utilities expense 5400 1,649.35
FOH account 5150 706.86
Cash 1100 2,356.21
20-Jan FUTA Taxes payable 2350 1,032.39
Suta Taxes Payable 2375 1,871.20
Cash 1100 2,903.59
23-Jan Cash 1100 24,681.00
23-Jan Accounts Receivable - Ashman alcove 1200 24,681.00
27-Jan Accounts Payable - O Ring Enterprise 2100 6,941.00
Cash 1100 6,941.00
27-Jan Postage expense 5500 300.00
Cash 1100 300.00
28-Jan WIP 1400 14,600.00
FOH account 5150 950.00
Direct material inventory 1300 4,600.00
Indirect material inventory 1350 950.00
FWT payable 2300 1,200.00
FICA taxes payable 2325 612.00
FOH account 5150 2,000.00
Salaries payable 2200 6,188.00
28-Jan Unearned Revenue 2500 10,000.00
Accounts Receivable - Cold Refrigerators 1200 12,900.00
Sales 4100 22,900.00
29-Jan Cash 1100 12,900.00
Accounts Receivable - Cold Refrigerators 1200 12,900.00
31-Jan Sales salaries expense 5200 5,132.50
Officers' salaries expense 5225 5,000.00
Office salaries expense 5250 1,920.00
FWT Payable 2300 1,807.88
FICA taxes payable 2325 922.02
Salaries playable 2200 9,322.61
31-Jan Payroll tax expense 5700 712.18
FUTA payable 2325 253.22
SUTA Payable 2375 458.96
31-Jan Cash 1100 9,458.00
Account Receivables - Messina Missions 1200 9,458.00
31-Jan Cash 1100 7,345.00
Accounts Receivable - Horsfield Happy Ice Cream 1200 7,345.00
31-Jan Salaries payable 2200 23,771.03
Cash 1100 23,771.03
ADJUSTING ENTRIES - 7
31-Jan Advertising expense 5350 350.00
Prepaid advertising 1600 350.00
31-Jan Insurance expense 5575 2,000.00
Prepaid insurance 1650 2,000.00
31-Jan Office supplies expense 5450 493.54
Office supplies 1700 493.54
31-Jan Depreciation expense 5600 3,254.11
Accumulated depreciation - Factory equipment 1800 2,987.12
Accumulated depreciation - Office equipment 1850 266.99
31-Jan COGS 5100 190.24
FOH account 5150 190.24
ADJUSTING ENTRIES - 12
31-Jan Sales 4100 30,400.00
Income summary 3900 30,400.00
31-Jan Income summary 3900 40,829.14
COGS - Cost of Goods 5100 17,927.74
Sales salaries expense 5200 5,132.50
Officers' salaries expense 5225 5,000.00
Office salary expense 5250 1,920.00
Rent expense 5350 687.50
Advertising expense 5350 350.00
Utilities expense 5400 1,649.35
Office supplies expense 5450 493.54
Postage expense 5500 300.00
Telephone expense 5550 1,402.22
Insurance expense 5575 2,000.00
Depreciation expense 5600 3,254.11
Payroll tax expense 5700 712.18
FOH
31-Jan Retained earnings 3700 10,429.14
Income summary 3900 10,429.14
318,546.40 318,546.40
- 0

Rec & Payable

ICE CREAM SYSTEMS ICE CREAM SYSTEMS
Schedule of Accounts Receivable Schedule of Accounts Receivable
January 1,20-- January 31,20--
Name Balance Name Balance
Horsfield Happy Ice Cream 17,345.00 1201 Horsfield Happy Ice Cream - 0
Messina Missions 9,458.00 1202 Messina Missions - 0
Ashman Alcove Designs 24,681.00 1203 Ashman Alcove Designs - 0
Day Dreamer’s Ice Cream - 0 1204 Day Dreamer’s Ice Cream - 0
1205 Cold Refrigeration - 0
Total Accounts Receivable 51,484.00 Total Accounts Receivable - 0
ICE CREAM SYSTEMS ICE CREAM SYSTEMS
Schedule of Accounts Payable Schedule of Accounts Payable
January 1,20-- January 31,20--
Name Balance Name Balance
O-Ring Enterprises 6,941.00 2101 O-Ring Enterprises - 0
Smith Synthetics - 0 2102 Smith Synthetics 2,965.00
Rockaway Metal 2,873.00 2103 Rockaway Metal - 0
OfficeMax - 0 2104 OfficeMax 427.50
2105 Electrical Systems Corp. 3,643.00
2106 Grommet Supplies 847.21
2107 Unique Telephone System 1,402.22
Total Accounts Receivable 9,814.00 Total Accounts Receivable 9,284.93

Payroll Tax

ICE CREAM SYSTEMS
Schedule of Employer Payroll Tax Allocation
January 31, 20
Employer Payroll Taxes
Job Wages FWT (15%) FICA (7.65%) FUTA (0.8%) SUTA (1.45%) Total Employer Taxes Net Pay
74 7,950.00 1,192.50 608.18 63.60 115.27 1,979.55 5,970.45
75 3,650.00 547.50 279.23 29.20 52.93 908.85 2,741.15
76 8,000.00 1,200.00 612.00 64.00 116.00 1,992.00 6,008.00
Direct Labor Totals 19,600.00 2,940.00 1,499.40 156.80 284.20 4,880.40 14,719.60
Sales Commission 5,132.50 769.88 392.64 41.06 74.42 1,277.99 3,854.51
Officers’ Salaries 5,000.00 750.00 382.50 40.00 72.50 1,245.00 3,755.00
Office Salaries 1,920.00 288.00 146.88 15.36 27.84 478.08 1,441.92
Totals 31,652.50 4,747.88 2,421.42 253.22 458.96 7,881.47 23,771.03

Job Cost Record

JOB COST RECORD JOB COST RECORD JOB COST RECORD
JOB NUMBER 74 DATE PROMISED 23-Jan JOB NUMBER 75 DATE PROMISED JOB NUMBER 76 DATE PROMISED 28-Feb
CUSTOMER NAME Day Dreamer’s Ice Cream DATE STARTED 4-Jan CUSTOMER NAME DATE STARTED CUSTOMER NAME Cold Refrigeration DATE STARTED 16-Jan
JOB DESCRIPTION 2 Ice Cream Systems DATE COMPLETED 19-Jan JOB DESCRIPTION 1 Ice Cream Machine DATE COMPLETED JOB DESCRIPTION Refrigeration system DATE COMPLETED Work in process
DATE Materials (Direct & Indirect) Labor Factory Overhead DATE Materials (Direct & Indirect) Labor Factory Overhead DATE Materials (Direct & Indirect) Labor Factory Overhead
Estimate Actual Estimate Actual Date Estimate Actual Estimate Actual Estimate Actual Date Estimate Actual Estimate Actual Estimate Actual Date Estimate Actual
19-Jan 3350 2800 8200 7950 19-Jan 2050 1987.5 9-Jan 1450 1450 3650 3650 9-Jan 912.5 912.5 15-Jan 9175 4600 15600 8000 15-Jan 3900 2000
19-Jan 350 325 9-Jan 170 170 15-Jan 1860 950
Cost Summary Cost Summary Cost Summary
Estimate Actual Estimate Actual Estimate Actual
Materials 3700 3125 Materials 1620 1620 Materials 11035 5550
Labor 8200 7950 Labor 3650 3650 Labor 15600 8000
Factory Overhead 2050 1987.5 Factory Overhead 912.5 912.5 Factory Overhead 3900 2000
Total Job Cost 13950 13062.5 Total Job Cost 6182.5 6182.5 Total Job Cost 30535 15550