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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
5 5
6 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
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30

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
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20 ✓
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30

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
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30

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
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26

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
9 9
10 10
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18 18
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14 14
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22 22
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29 29
30 30
31 31
32 32
33 33
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
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24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
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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

Sheet1

Sheet2