Using T accounts, post each transaction to the general ledger

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Sheet1

CASH OFFICE FURNITURE PRE-PAID RENT
1 500,000 2 20,000 3 36,000
2 4,000 16 3,000
3 36,000 TOT 33,000
4 3,000
7 31,000 PRE-PAID INS. COMPUTER EQUIP.
8 25,500 4 3,000 5 25,000
10 500 17 250
11 18,000 TOT 2,750
12 125
13 220 ACCOUNTS REC.
14 1,000 8 500
15 25,070
TOT 468,585
**********************************************************************************************************
NOTES PAYABLE C/C PAYABLE ACCOUNTS PAY.
2 16,000 5 25,000 6 1,200
9 70 10 500
15 25,070 TOT 700
TOT -
DEFERRED REV.
7 31,000
**********************************************************************************************************
COMMON STOCK ADD'L P.I.C. RETAINED EARNINGS
1 100,000 1 400,000
TOT
**********************************************************************************************************
REVENUE SUPPLIES EXP. M/E EXPENSE
8 26,000 6 1,200 9 70
WAGE EXPENSE UTILITY EXPENSE RENT EXPENSE
11 18,000 12 125 16 3,000
13 220
TOT 345 STATEMENT OF S/H E.
INS. EXPENSE DIVIDENDS
17 250 14 1,000
* * * * TRIAL BALANCE * * * *
Debits Credits
CASH 468,585
A/R 500
P-P RENT 33,000
P-P INS. 2,750
FURNITURE 20,000
COMPUTER 25,000
A/P 700
C/C PAYABLE -
DEF. REV. 31,000
FURN. LOAN 16,000
COMM.STOCK 100,000
ADD'L P.I.C. 400,000
DIVIDENDS 1,000
REVENUE 26,000
SUPPLY EXP. 1,200
M/E EXPENSE 70
WAGE EXP. 18,000
UTILITY EXP. 345
RENT. EXP. 3,000
INS. EXP. 250
TOTALS 573,700 573,700
* * INCOME STATEMENT * *
REVENUE 26,000
SUPPLY EXP. 1,200
M/E EXPENSE 70
WAGE EXP. 18,000
UTILITY EXP. 345
RENT. EXP. 3,000
INS. EXP. 250
NET INCOME 3,135
* * * BALANCE SHEET * * *
ASSETS
Current Assets
Cash 468,585
A/R 500
P-P Rent 33,000
P-P Ins. 2,750
Total Current Assets 504,835
Plant, Property & Equip.
Furniture 20,000
Computer 25,000
Total P,P & E 45,000
TOTAL ASSETS 549,835
LIABILITIES
Current Liabilities
A/P 700
C/C Pay. -
Wages P. -
Un. Rev. 31,000
Total Current Liab. 31,700
LT Liabilities
Furniture L 16,000
Total LT Liab. 16,000
STOCKHOLDER'S EQUITY
Common Stock 100,000
Additioanl P.I.C. 400,000
Retained Earnings 2,135
TOTAL LIAB. & S/H EQTY 549,835
Assets Expenses Dividends = Liab Equity Revenue
549,835 22,865 1,000 47,700 500,000 26,000
573,700 573,700
Closing Entries
Debit Credit
SUPPLY EXP. 1,200
M/E EXPENSE 70
WAGE EXP. 18,000
UTILITY EXP. 345
RENT. EXP. 3,000
INS. EXP. 250
Inc, Summary 22,865
Revenue 26,000
Inc, Summary 26,000
Inc. Summary 3,135
Retained Earnings 3,135
Retain.Earnings 1,000
Dividends 1,000

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