accounting problem

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T2. JE

Drillmakers, Inc.
Journal Entries
10/3 Merchandise Inventory 2,013.00
Accounts Payable 2,013.00
10/6 Merchandise Inventory 516.00
Accounts Payable 516.00
10/10 Accounts Receivable 2,700.00
Sales - Merchandise 2,700.00
Cost of Goods Sold 1,797.00
Merchandise Inventory 1,797.00
10/15 Accounts Payable 516.00
Merchandise Inventory 10.32
Cash 505.68 10.32
(516 x 2% = 10.32)
10/12 Merchandise Inventory 2,460.00
Accounts Payable 2,460.00
10/19 Cash 2,646.00
Sales Discounts 54.00
Accounts Receivable 2,700.00 54.00
(2700 x 2% = 54)
10/18 Merchandise Inventory 1,608.00
Accounts Payable 1,608.00
10/25 Accounts Receivable 3,920.00
Sales - Merchandise 3,920.00
Cost of Goods Sold 2,264.00
Merchandise Inventory 2,264.00

T2 Taccounts

Drillmakers, Inc.
Cash Accounts Rec Prepaid Rent
bb 55840 505.68 10/11 bb 4705 2700 10/17 bb 8,000.00
10/17 2646 10/10 2700
10/25 3920
58486 505.68 11325 2700 8000 0
57980.32 8625 8000
Prepaid Insurance Supplies Inv. Merchandise Inv.
bb 2,000.00 bb 1,430.00 10/3 2013 1797 10/10
10/6 516 10.32 10/11
10/12 2460 2264 10/25
10/18 1608
2000 0 1430 0 6597 4071.32
2000 1430 2525.68
Equipment Accumulated Depreciation Unearned Revenue
bb 10200 187.5 bb 800.00 bb
10200 0 0 187.5 0 800
10200 187.5 800
Accounts Pay. Notes Payable
10/15 516 4043 bb 9000 bb
2013 10/3
516 10/6
2460 10/12
1608 10/18
516 10640 0 9000
10124 9000
Common Stock Dividends Retained Earnings
75000 bb bb 6855.5 - 0
0 75000 0 0 6855.5 0
75000 0 6855.5
Services Revenue Sales - Merchandise Sales Discounts
2700 10/10 10/17 54
3920 10/25
0 0 0 6620 54 0
0 6620 54
Cost of Goods Sold Equipment Rental Exp. Gas Expense
10/10 1797
10/25 2264
4061 0 0 0 0 0
4061 0 0
Wage Expense Payroll Tax Exp. Insurance Expense
0 0 0 0 0 0
0 0 0
Rent Expense Supplies Expense Telephone Expense
0 0 0 0 0 0
0 0 0
Depreciation Expense Repair Expense Utilities Expense
0 0 0 0 0 0
0 0 0

T2. All

Drillmakers, Inc.
Trial Balance
For the month ended October 31, 2017
Cash 57980.32
Accounts Receivable 8625.00
Prepaid Insurance 2000.00
Prepaid Rent 8000.00
Supplies Inventory 1430.00
Merchandise Inventory 2525.68
Equipment 10200.00
Accumulated Depreciation 187.50
Accounts Payable 10124.00
Unearned Revenue 800.00
Notes Payable 9000.00
Retained Earnings 6855.5 0.00
Common Stock 75000.00
Service Revenue 0.00
Merchandise Sales 6620.00
Sales Discounts 54.00
Cost of Goods Sold 4061.00
Equipment Rental Expense 0.00
Gas Expense 0.00
Labor Expense 0.00
Payroll Tax Expense 0.00
Supplies Expense 0.00
Insurance Expense 0.00
Equipment Repair Expense 0.00
Depreciation Expense 0.00
Rent Expense 0.00
Telephone Expense 0.00
Utilities Expense 0.00
101731.50 101731.50 0.00
Drillmakers, Inc.
Income Statement
For the month ended October 31, 2017
Revenue - 0
Sales Merchandise 6,620.00
Less: Sales Discounts (54.00)
Net Sales 6,566.00
Less: Cost of Goods Sold 4,061.00
Gross Profit 2,505.00
Equipment Rental Expense - 0
Gas Expense - 0
Supplies Expense - 0
Labor Expense - 0
Payroll Tax Expense - 0
Insurance Expense - 0
Equipment Repair Expense - 0
Depreciation Expense - 0
Rent Expense - 0
Telephone Expense - 0
Utilities Expense - 0
Total expenses - 0
Net income 2,505.00
Drillmakers, Inc.
Statement of Retained Earnings
October 31, 2017
Retained Earnings, Beg Bal (6,855.50)
Add: Net Income 2,505.00
(4,350.50)
Less: Dividends - 0
Retained Earnings, End Bal (4,350.50)
Drillmakers, Inc.
Balance Sheet
October 31, 2017
Assets Liabilities
Current Assets: Current Liabilities:
Cash 57,980.32 Accounts payable 10,124.00
Accounts receivable 8,625.00 Unearned Revenue 800.00
Prepaid Rent 8,000.00 Total Current 10,924.00
Prepaid Insurance 2,000.00
Supplies Inventory 1,430.00 Long Term Liabiliites:
Merchandise Inventory 2,525.68 Notes Payable 9,000.00
Total Current Assets 80,561.00 Total Liabilities 19,924.00
Equity
Plant Assets: Common stock 75,000.00
Equipment 10,200.00 Retained earnings (4,350.50)
Accumulated Depreciation (187.50) Total Equity 70,649.50
Total Plant Assets 10,012.50
Total Liabilities and
Total Assets 90,573.50 Owner’s Equity 90,573.50
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