| | SECTION | Description | Amount |
| | JE |
| 1 | Debit | Supplies | 890.00 |
| | Credit | A/P | 890.00 |
| | Explanation | Purchase supplies on credit |
| 2 | Debit | Machinery | 17,875.00 |
| | Credit | A/P | 17,875.00 |
| | Explanation | Purchase machinery, lifetime 12 years, residual value 3400$ |
| 3 | Debit | A/R | 1,280.00 |
| | Credit | Sales | 1,280.00 |
| | Explanation | Sales on credit |
| 4 | Debit | Bank | 5,000.00 |
| | Credit | Investment | 5,000.00 |
| | Explanation | Magda investment (4,000) Martin investment (1,000) |
| 5 | Debit | A/R | 330.00 |
| | Credit | Sales | 330.00 |
| | Explanation | Credit sales to M.Hebert |
| 6 | Debit | Salary | 2,500.00 |
| | Credit | Bank | 2,500.00 |
| | Explanation | April salary payment |
| 7 | Debit | Withdrawal | 500.00 |
| | Credit | Bank | 500.00 |
| | Explanation | Magda withdrawal |
| 8 | Debit | Depreciation machinery | 100.52 |
| | Credit | Accumulated depreciation machinery | 100.52 |
| | Explanation | April machinery depreciation (straight line method) |
| | Trial Balance |
| | Title | April.30, 2020 |
| | Accounts - Order |
| | | Debit | Credit |
| | Bank | 2,000.00 |
| | A/R | 1,610.00 |
| | Supplies | 890.00 |
| | Machinery | 17,875.00 |
| | Accumulated depreciation machinery | | 100.52 |
| | A/P | | 18,765.00 |
| | Investment | | 5,000.00 |
| | Withdrawal | 500.00 |
| | Sales | | 1,610.00 |
| | Salary | 2,500.00 |
| | Depreciation machinery | 100.52 |
| | | 25,475.52 | 25,475.52 |
| | Income statement |
| | Title | April.01 - April.30, 2020 |
| | | Sales | 1,610.00 |
| | | Salary | (2,500.00) |
| | | Depreciation machinery | (100.52) |
| | | Net income | (990.52) |
| | Statement change equity |
| | Title | April.01 - April.30, 2020 |
| | Capital begin | Magda | 0.00 |
| | Capital begin | Martin | 0.00 |
| | Investment | Magda | 4,000.00 |
| | Investment | Martin | 1,000.00 |
| | Withdrawal | Magda | (500.00) |
| | Withdrawal | Martin | 0.00 |
| | Loss | Magda | (841.94) |
| | Loss | Martin | (148.58) |
| | Capital ending | Magda | 2,658.06 |
| | Capital ending | Martin | 851.42 |
| | Magda | Martin | Total |
| | 85% | 15% | 100% |
| Capital begin, 1 Apr. | 0.00 | 0.00 | 0.00 |
| Plus |
| Investment | 4,000.00 | 1,000.00 | 5,000.00 |
| Profit |
| Less |
| Withdrawal | (500.00) | | (500.00) |
| Loss | (841.94) | (148.58) | (990.52) |
| Capital end, 30 Apr. | 2,658.06 | 851.42 | 3,509.48 |
| | Balance sheet |
| | Title | April.30, 2020 |
| | Bank | | 2,000.00 |
| | Supplies | | 890.00 |
| | A/R | | 1,610.00 |
| | Machinery | | 17,875.00 |
| | Acc. depreciation- Mach. | | (100.52) |
| | | | 17,774.48 |
| | Total asset | | 22,274.48 |
| | A/P | | 18,765.00 |
| | Total liablity | | 18,765.00 |
| | Capital, Magda Durocher | | 2,658.06 |
| | Capital, Martin Paquette | | 851.42 |
| | Total Equity | | 3,509.48 |
| | Total liabilities & equity | | 22,274.48 |
| | CLOSING JE |
| A | Debit | Sales | 1,610.00 |
| | Credit | Income summary | 1,610.00 |
| | Explanation | April closing revenue |
| B | Debit | Income summary | 2,600.52 |
| | Credit | Salary | 2,500.00 |
| | Credit | Depreciation machinery | 100.52 |
| | Explanation | April closing expenses |
| C | Debit | Capital, Magda Durocher | 841.94 |
| | Debit | Capital, Martin Paquette | 148.58 |
| | Credit | Income summary | 990.52 |
| | Explanation | April closing income summary |
| D | Debit | Investment | 5,000.00 |
| | Credit | Capital, Magda Durocher | 4,000.00 |
| | Credit | Capital, Martin Paquette | 1,000.00 |
| | Explanation | April closing investment |
| E | Debit | Capital, Magda Durocher | 500.00 |
| | Credit | withdrawal | 500.00 |
| | Explanation | April closing withdrawal |
| | Capital- Ending balance (T acount) = Capital Ending- Statement of change of equity |
JohnLi
worksheetexample.xlsx
