Sunflower Designs
Journal Entries
for the Month of February 2016
Date
Account
Debit
Credit
03/01/16
Cash
5000
Accounts Receivable
5000
To record customer payment on account
a.
3/1/2016
Furnitures & Fixtures
2750
Accounts Payable
2750
Office desk purchased on credit
b.
3/1/2016
Prepaid Expense
1500
Cash
1500
10 months payment paid in advance
c.
3/4/2016
Office Supplies Expense
75
Accounts Payable
75
paper purchased with the terms 2/10, n/30
d.
3/4/2016
Cash
65
Inventory
65
Received Refund for Inventory purchased
e.
3/18/2016
Cash
13500
Accounts Receivable
13500
Received payment for interior designing
f.
3/22/2016
Accounts Payable
2750
Cash
2750
Paid for desk after discount period
g.
3/23/2016
Accounts Payable
75
Cash
75
Paid for paper purchased on 3/4/16
h.
3/25/2016
Cash
250
Inventory
250
Sold side table
Sunflower Designs
Journal Entries
for the Month of February 2016
Date
Account
Debit
Credit
i.
3/25/2006
Cash
200
Inventory
200
Returned inventory and received compensation
j.
3/28/2016
Accounts Receivable
22500
Designing Revenue
22500
Completed design job on terms 2/10, n/30
k.
3/29/2016
Cash
11250
Accounts Receivable
11250
Reveived check for 1/2 of invoice
l.
3/31/2016
Wages Expense
1750
Cash
1750
Paid temporary worker
m.
3/31/2016
Depreciation Expense
25
Accumulated Depreciation M&E
25
Laptop has depreciated
n.
3/31/2016
Depreciation Expense
30
Accumulated Depreciation F&F
30
Office furniture has depreciated
o.
3/31/2016
Depreciation Expense
33
Accumulated Depreciation F&F
33
Desk has depreciated
p.
3/31/2016
Office Rent Expense
300
Prepaid Expenses
300
One month of prepaid rent has expired
q.
3/31/2016
Insurance Expense
100
Prepaid Expenses
100
One month of Auto Insurance has expired
Sunflower Designs
Journal Entries
for the Month of February 2016
Date
Account
Debit
Credit
r.
3/31/2016
Insurance Expense
73
Prepaid Expenses
73
One month of Liability Insurance has expired
s.
3/31/2016
Insurance Expense
150
Prepaid Expenses
150
One month of renter's insurance has expired
Sunflower Designs
T-Accounts
for the Month of February 2016
03/01/16
42,100
$
TB
03/01/16
13,500
TB
03/01/16
3,250
TB
03/01/16
1,500
$
03/18/16
13,500
03/04/16
65
03/04/16
65
$
03/28/16
22,500
03/25/16
250
03/18/16
13,500
$
03/29/16
11,250
03/25/16
200
03/22/16
2,750
$
03/23/16
75
$
03/25/16
250
$
03/25/16
200
$
03/29/16
11,250
$
11,250
2,735
03/31/06
1,750
$
61,290
$
03/01/16
2,750
03/01/16
1,500
03/31/16
300
03/01/16
2,750
03/31/16
100
03/04/16
75
03/31/16
73
03/22/16
2,750
150
03/23/16
75
2,750
$
877
-
$
03/28/16
22,500
03/31/16
1,750
a.
03/04/16
75
22,500
1,750
Designing Revenue
Cash
Accounts Receivable
Inventory
Accounts Payable
Furniture & Fixtures Prepaid Expenses
Wages Expense
Office Supplies Expenses
Sunflower Designs
T-Accounts
for the Month of February 2016
75
03/31/16
25
3/31/2016
30
33
03/31/16
25
03/31/16
30
03/31/16
33
25
63
87.74
03/31/16
100
03/31/16
73
03/31/16
300
03/31/16
150
323
300
Accumulated Depreciation F&F
Depreciation Expense
Office Rent Expense
Accumulated Depreciation M&E
Insurance Expense
Sunflower Designs
T-Accounts
for the Month of February 2016
81,438
22,525
58,913
81,438
81,438
Sunflower Designs
Trial Balance
February 29, 2016
Acct #
Description
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
1000
Cash
42,100
$
61,290
$
61,290
$
61,290
$
1010
Accounts Receivable
13,500
11,250
11,250
11,250
1020
Inventory
3,250
2,735
2,735
2,735
1030
Prepaid Expenses
3,941
5,441
623
$
4,818
4,818
1100
Building
-
-
-
-
1110
Computers & Software
1,500
1,500
1,500
1,500
1115
Accumulated Dep Comp
50
$
50
$
50
$
50
$
1120
Furniture & Fixtures
2,500
5,250
5,250
5,250
1125
Accumulated Dep F&F
30
30
63
$
93
93
1130
Land
-
-
-
-
1140
Machinery & Equipment
-
-
-
-
1150
Accumulated Dep M&E
-
-
25
$
25
25
2000
Accounts Payable
200
200
200
200
2010
Payroll Tax Payable
-
-
-
-
2020
Sales Tax Payable
-
-
-
-
2030
Unearned Revenue
-
-
-
-
2040
Line of Credit
-
-
-
-
2050
Notes Payable
-
-
-
-
2060
Wages Payable
3,500
3,500
3,500
3,500
3000
Peters, J., Capital
250
250
250
250
3010
Peters, M., Capital
250
250
250
250
3050
Retained Earnings
62,511
62,511
62,511
62,511
5000
Designing Revenue
22,500
22,500
22,500
5010
Furnishing Sales
5020
Cost of Goods Sold
6000
Vendor Compensation
6010
Contract Labor Expense
-
-
-
-
6020
Materials Expense
6030
Supplies Expense
6040
Wages Expense
1,750
1,750
1,750
6050
Depreciation Expense
88
$
88
88
6060
Insurance Expense
323
323
323
6070
Office Rent Expense
300
300
300
6080
Office Supplies Expense
75
75
75
6090
Payroll Tax Expense
6100
Postage Expense
6110
Small Tools Expense
66,791
$
66,791
$
89,291
$
89,291
$
711
$
711
$
89,379
$
89,379
$
89,379
$
89,379
$
March 31, 2016
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
March 1, 2016
Beginning Balances Ending Account Balances
Revenues
Designing Revenue
22,500
$
Total Revenues
22,500
$
Expenses
Wages Expense
1,750
Depreciation Expense
88
Insurance Expense
323
Office Rent Expense
300
Office Supplies Expense
75
2,536
Net Income
19,964
$
SUNFLOWER DESIGNS
Income Statement
For Month Ended March 31, 2016
Assets
Cash
61,290
$
Accounts Receivable
11,250
Inventory
2,735
Prepaid Expenses
4,818
Computers & Software
1,500
$
Less Accumulated Depreciation Comp.
50
1,450
Furnitures & Fixtures
5,250
Less Accumulated Dep F&F
93
5,157
Machinery & Equipment
-
Less Accumulated Dep M&E
25
(25)
Total Assets
86,675
$
Liabilities
Accounts Payable
200
$
Wages Payable
3,500
Total Liabilities
3,700
Equity
Peters, J., Capital
250
Peters, M., Capital
250
Retained Earnings
62,511
Net Income
19,964
Total Equity
82,975
Total Liabilities and Equity
86,675
$
SUNFLOWER DESIGNS
Balance Sheet
For Month Ended March 31, 2016
