Course Project

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Suggested Chart of Accounts

Suggested Chart of Accounts
Account Number Account Name
1110 Cash
1120 Accounts Receivable
1130 Supplies
1140 Prepaid Rent
1150 Prepaid Insurance
1410 Office Equipment
1420 Computer
1450 Accumulated Depreciation-Office Equipment
1460 Accumulated Depreciation- Computer
2110 Accounts Payable
2120 Salaries Payable
2130 Unearned Fees
3110 Common Stock
3120 Retained Earnings
3130 Dividends
3140 Income Summary
4110 Fees Earned
5110 Salaries Expense
5120 Rent Expense
5130 Supplies Expense
5140 Advertising Expense
5150 Depreciation Expense-Office Equipment
5160 Depreciation Expense-Computer
5170 Insurance Expense
5180 Telephone Expense
5190 Electricity Expense

General Journal

General Journal Page 1
Post
Date Description Ref Debit Credit
1-Jun 1110-Cash 1 23,400
1120-Accounts Receivable 1 4,000
1130-Supplies 1 1,900
1410-Office Equipment 1 15,500
3110-Common Stock 1 44,800
1-Jun 1140-Prepaid Rent 2 6,000
1110-Cash 2 6,000
2-Jun 1150-Prepaid Insurance 3 2,400
1110-Cash 3 2,400
4-Jun 1110-Cash 4 5,000
2130-Unearned Fees 4 5,000
5-Jun 1420-Computer 5 3,000
2110-Accounts Payable 5 3,000
6-Jun 1110-Cash 6 2,200
1120-Accounts Receivable 6 2,200
9-Jun 5140-Advertising Expense 7 150
1110-Cash 7 150
12-Jun 1120-Accounts Receivable 8 4,900
4110-Fees Earned 8 4,900
13-Jun 2110-Accounts Payable 9 750
1110-Cash 9 750
14-Jun 5110-Salaries Expense 10 900
1110-Cash 10 900
17-Jun 1130-Supplies 11 900
1110-Cash 11 900
20-Jun 1410-Office Equipment 12 2,500
2110-Accounts Payable 12 2,500
20-Jun 1120-Accounts Receivable 13 3,100
4110-Fees Earned 13 3,100
24-Jun 1110-Cash 14 5,400
4110-Fees Earned 14 5,400
26-Jun 1110-Cash 15 2,000
1120-Accounts Receivable 15 2,000
27-Jun 5110-Salaries Expense 16 900
1110-Cash 16 900
29-Jun 5180-Telephone Expense 17 320
1110-Cash 17 320
29-Jun 5190-Electricity Expense 18 485
1110-Cash 18 485
30-Jun 1110-Cash 19 3,200
1120-Accounts Receivable 19 3,200
30-Jun 1120-Accounts Receivable 20 1,700
4110-Fees Earned 20 1,700
30-Jun 3130-Dividends 21 3,000
1110-Cash 21 3,000
Totals 93,605 93,605

General Ledger

General Ledger
Cash Acct 1110
Balance
Date Item Post Ref Debit Credit Debit Credit Common Stock Acct 3110
1-Jun In exchange for CS 1 23,400 23,400 Balance
1-Jun Prepaid rent 2 6,000 17,400 Date Item Post Ref Debit Credit Debit Credit
2-Jun Prepaid insurance 3 2,400 15,000 1-Jun To incorporate 1 44,800 44,800
4-Jun Unearned Fees 4 5,000 20,000
6-Jun Received AR payments 6 2,200 22,200
9-Jun Advertising 7 150 22,050
13-Jun Paid on A/P balance 9 750 21,300
14-Jun Paid salary for 2 weeks 10 900 20,400 Retained Earnings Acct 3120
17-Jun 11 900 19,500 Balance
24-Jun 14 5,400 24,900 Date Item Post Ref Debit Credit Debit Credit
26-Jun 15 2,000 26,900 30-Jun Net Income CL1 11,095 11,095
27-Jun 16 900 26,000
29-Jun 17 320 25,680
29-Jun 18 485 25,195
30-Jun 19 3200 28,395
30-Jun 21 3000 25,395 Dividends Acct 3130
Balance
Date Item Post Ref Debit Credit Debit Credit
30-Jun 21 3,000 3,000 - 0
Accts Rec Acct 1120
Balance
Date Item Post Ref Debit Credit Debit Credit Income Summary Acct 3140
1-Jun In exchange for CS 1 4,000 4,000 Balance
6-Jun Received AR payments 6 2,200 1,800 Date Item Post Ref Debit Credit Debit Credit
12-Jun to reord fees earned 8 4,900 6,700
20-Jun 13 3,100 9,800
26-Jun 15 2,000 7,800
30-Jun 20 1,700 9,500
Fees Earned Acct 4110
Balance
Date Item Post Ref Debit Credit Debit Credit
12-Jun 8 4,900 4,900
Supplies Acct 1130 20-Jun 13 3,100 8,000
Balance 24-Jun 14 5,400 13,400
Date Item Post Ref Debit Credit Debit Credit 30-Jun 19 3,200 16,600
1-Jun In exchange for CS 1 1,900 1,900 30-Jun 20 1,700 18,300
17-Jun 11 900 2,800 30-Jun AJE7 1000 19,300
30-Jun Supplies used in June AJE2 550 2,250
Salaries Expense Acct 5110
Prepaid Rent Acct 1140 Balance
Balance Date Item Post Ref Debit Credit Debit Credit
Date Item Post Ref Debit Credit Debit Credit 14-Jun 10 900 900
1-Jun Prepaid Rent 2 6,000 6,000 27-Jun 16 900 1,800
30-Jun June rent used AJE5 1,000 5,000 30-Jun To record accrued salaries AJE6 150 1,950
Rent Expense Acct 5120
Balance
Date Item Post Ref Debit Credit Debit Credit
Prepaid Insurance Acct 1150 30-Jun June rent AJE5 1000 1,000
Balance
Date Item Post Ref Debit Credit Debit Credit
2-Jun 3 2,400 2,400
30-Jun June insurance expired AJE1 400 2,000
Supplies Expense Acct 5130
Balance
Date Item Post Ref Debit Credit Debit Credit
30-Jun Supplies used in June AJE2 550 550
Office Equipment Acct 1410
Balance
Date Item Post Ref Debit Credit Debit Credit Advertising Expense Acct 5140
1-Jun In exchange for CS 1 15,500 15,500 Balance
20-Jun 12 2,500 18,000 Date Item Post Ref Debit Credit Debit Credit
9-Jun Purchased Advertising 7 150 150
Computer Acct 1420 Depr Exp-Office Equip Acct 5150
Balance Balance
Date Item Post Ref Debit Credit Debit Credit Date Item Post Ref Debit Credit Debit Credit
5-Jun Purchased new computer 5 3,000 3,000 30-Jun June depreciation AJE3 300 300
Depr Exp-Computer Acct 5160
Balance
Acc Depr-Office Equip Acct 1450 Date Item Post Ref Debit Credit Debit Credit
Balance 30-Jun June depreciation AJE4 50 50
Date Item Post Ref Debit Credit Debit Credit
30-Jun June depreciation AJE3 300 300
Insurance Expense Acct 5170
Acc Depr-Computer Acct 1460 Balance
Balance Date Item Post Ref Debit Credit Debit Credit
Date Item Post Ref Debit Credit Debit Credit 30-Jun June ins. expired AJE1 400 400
30-Jun June depreciation AJE4 50 50
Telephone Expense Acct 5180
Accounts Payable Acct 2110 Balance
Balance Date Item Post Ref Debit Credit Debit Credit
Date Item Post Ref Debit Credit Debit Credit 29-Jun 17 320 320
5-Jun Computer purchase 5 3,000 3,000
13-Jun Payment on computer 9 750 2,250
20-Jun 12 2,500 4,750
Electricity Expense Acct 5190
Balance
Date Item Post Ref Debit Credit Debit Credit
29-Jun 18 485 485
Salaries Payable Acct 2120
Balance
Date Item Post Ref Debit Credit Debit Credit
30-Jun accrued salaries AJE6 150 150
Unearned Fees Acct 2130
Balance
Date Item Post Ref Debit Credit Debit Credit
4-Jun 4 5,000 5,000
30-Jun to record fees earned AJE7 1,000 4,000

Unadjusted Trial Balance

Miller Architects, Inc
Unadjusted Trial Balance
June 30, 20XX
Account Title Debit Credit
Cash 25,395
Accounts Receivable 9,500
Supplies 2,800
Prepaid Rent 6,000
Prepaid Insurance 2,400
Office Equipment 18,000
Computer 3,000
Accounts Payable 4,750
Unearned Fees 5,000
Common Stock 44,800
Dividends 3,000
Fees Earned 18,300
Salaries Expense 1,800
Advertising Expense 150
Telephone Expense 320
Electricity Expense 485
Totals 72,850 72,850 - 0
- 0

Adjusting Entries

General Journal Page 2
Post
Date Description Ref Debit Credit
30-Jun Insurance Expense AJE1 400
Prepaid Insurance AJE1 400
30-Jun Supplies Expense AJE2 550
Supplies AJE2 550
30-Jun Depreciation Expense-Office Equipment AJE3 300
Accumulated Depreciation-Office Equipment AJE3 300
30-Jun Depreciation Expense-Computer AJE4 50
Accumulated Depreciation-Computer AJE4 50
30-Jun Rent Expense AJE5 1,000
Prepaid Rent AJE5 1,000
30-Jun Salaries Expense AJE6 150
Salaries Payable AJE6 150
30-Jun Unearned Fees AJE7 1,000
Fees Earned AJE7 1,000
3,450 3,450

Adjusted Trial Balance

Miller Architects, Inc
Adjusted Trial Balance
June 30, 20XX
Account Title Debit Credit
Cash 25,395
Accounts Receivable 9,500
Supplies 2,250
Prepaid Rent 5,000
Prepaid Insurance 2,000
Office Equipment 18,000
Computer 3,000
Accumulated Depreciation-Office Equip 300
Accumulated Depreciation-Computer 50
Accounts Payable 4,750
Salaries Payable 150
Unearned Fees 4,000
Common Stock 44,800
Dividends 3,000
Fees Earned 19,300
Salaries Expense 1,950
Rent Expense 1,000
Supplies Expense 550
Advertising Expense 150
Depreciation Expense-Office Equipment 300
Depreciation Expense-Computer 50
Insurance Expense 400
Telephone Expense 320
Electricity Expense 485
Totals 73,350 73,350

Financial Statements

Miller Architects, Inc.
Income Statement
For the Month Ended June 30, 20XX
Fees Earned 19,300
Expenses:
Salaries Expense 1,950
Rent Expense 1,000
Supplies Expense 550
Advertising Expense 150
Depreciation Exp-Office Equipment 300
Depreciation Exp-Computer 50
Insurance Expense 400
Telephone Expense 320
Electricity Expense 485
Total Expenses 5,205
Net Income 14,095
Miller Architects, Inc.
Retained Earnings Statement
For the Month Ended June 30, 20XX
Retained Earnings, June 1, 20XX - 0
Net Income for June 14,095
14,095
Less: Dividends 3,000
Retained Earnings, June 30, 20XX 11,095
Miller Architects, Inc.
Balance Sheet
For the Month Ended June 30, 20XX
Assets Liabilities:
Current Assets: Current Liabilities:
Cash 25,395 Accounts Payable 4,750
Accounts Receivable 9,500 Salaries Payable 150
Supplies 2,250 Unearned Fees 4,000
Prepaid Rent 5,000 Total Liabilities 8,900
Prepaid Insurance 2,000
Total Current Assets 44,145
Property, Plant and Equipment Stockholders' Equity
Office Equipment 18,000 Common Stock 44,800
Less: Accum Depr-Office Equip 300 17,700 Retained Earnings 11,095
Computer 3,000 Total Stockholders' Equity 55,895
Less: Accum Depr-Computer 50 2,950 Total Liabilities and
Total Assets 64,795 Stockholders' Equity 64,795

Closing Entries

General Journal Page 3
Post
Date Description Ref Debit Credit
30-Jun Fees Earned CL1 19,300
Salaries Expense CL1 1950
Rent CL1 1,000
Supplies CL1 550
Advertising CL1 150
Depreciation CL1 300
Depreciation CL1 50
Insurance CL1 400
Telephone CL1 320
Electricity CL1 485
Dividends CL1 3,000
Retained Earnings CL1 11,095

Post-Closing Trial Balance

Miller Architects, Inc
Post-Closing Trial Balance
June 30, 20XX
Account Title Debit Credit
Cash 25,395
Accounts Receivable 9,500
Supplies 2,250
Prepaid Rent 5,000
Prepaid Insurance 2,000
Office Equipment 18,000
Computer 3,000
Accumulated Depreciation-Office Equip 300
Accumulated Depreciation-Computer 50
Accounts Payable 4,750
Salaries Payable 150
Unearned Fees 4,000
Common Stock 44,800
Retained Earnings 11,095
Totals 65,145 65,145
- 0

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