Statement

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2014 PCTB

Big Ed's Motorcycle Shop
Post Closing Trial Balance
For the period ended December 31, 20x7
DR CR
Cash 81,900
Accounts Receivable 179,200
Merchandise Inventory, Parts 115,000
Merchandise Inventory, Motorcycles 71,980
Office Supplies 4,220
Prepaid Insurance 1,880
Office Equipment 50,000
Accumulated Depreciation-Office Equipment 7,500
Store Equipment 52,000
Accumulated Depreciation-Store Equipment 7,860
Shop Equipment 168,600
Accumulated Depreciation-Shop Equipment 41,040
Accounts Payable 65,000
Salaries Payable 7,500
Interest Payable 4,500
Note Payable (due 2010) 57,200
Ed Silver, Capital 534,180
724,780 724,780

Solution

Big Ed's Motorcycle Shop
End of Period Worksheet
For the period ending 12/31/2015
Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet
DR CR DR CR DR CR DR CR DR CR
Cash 184,500 184,500 184,500
Accounts Receivable 145,200 145,200 145,200
Merchandise Inventory, Parts 100,000 3,000 97,000 97,000
Merchandise Inventory, Motorcycles 110,000 110,000 110,000
Office Supplies 6,720 1,500 5,220 5,220
Prepaid Insurance 4,080 1,200 2,880 2,880
Office Equipment 50,000 50,000 50,000
Accumulated Depreciation-Office Equipment 7,500 10,000 17,500 17,500
Store Equipment 52,000 52,000 52,000
Accumulated Depreciation-Store Equipment 7,860 10,400 18,260 18,260
Shop Equipment 183,600 183,600 183,600
Accumulated Depreciation-Shop Equipment 41,040 18,360 59,400 59,400
Accounts Payable 66,720 66,720 66,720
Salaries Payable 9,500 9,500 9,500
Interest Payable 5,376 5,376 5,376
Note Payable (due 2010) 67,200 67,200 67,200
Ed Silver, Capital 534,180 534,180 534,180
Ed Silver, Drawing 42,000 42,000 42,000
Sales 1,488,000 1,488,000 1,488,000
Cost of Merchandise Sold 930,000 3,000 933,000 933,000
Sales Salaries Expense 207,840 3,000 210,840 210,840
Service Salaries Expense 100,980 5,000 105,980 105,980
Office Salaries Expense 1,500 1,500 1,500
Advertising Expense 52,560 52,560 52,560
Depreciation Expense-Office Equipment 10,000 10,000 10,000
Depreciation Expense-Store Equipment 10,400 10,400 10,400
Depreciation Expense-Shop Equipment 18,360 18,360 18,360
Miscellaneous Selling Expense 1,920 1,920 1,920
Rent Expense 37,620 37,620 37,620
Insurance Expense - 0 1,200 1,200 1,200
Interest Expense 5,376 5,376 5,376
Office Supplies Expense 1,560 1,500 3,060 3,060
Miscellaneous Administrative Expense 1,920 1,920 1,920
2,212,500 2,212,500 59,336 59,336 2,266,136 2,266,136 1,393,736 1,488,000 872,400 778,136
94,264 0 0 94,264
Journal 1,488,000 1,488,000 872,400 872,400
Adjusting Entries Debit Credit
Depreciation Expense-Office Equipment 10,000 50,000/5
Accumulated Depreciation-Office Equipment 10,000
Depreciation Expense-Store Equipment 10,400 52,000/5
Accumulated Depreciation-Store Equipment 10,400
Depreciation Expense-Shop Equipment 18,360 183,600/10
Accumulated Depreciation-Shop Equipment 18,360
Cost of Merchandise Sold 3,000 100,000-97,000
Merchandise Inventory-Parts 3,000
Office Supplies Expense 1,500
Office Supplies 1,500
Sales Salaries Expense 3,000
Service Salaries Expense 5,000
Office Salaries Expense 1,500
Salaries Payable 9,500 3,000+5,000+1,500
Insurance Expense 1,200
Prepaid Insurance 1,200
Interest Expense 5,376 67,200X.08
Interest Payable 5,376
Journal
Closing Entries Debit Credit
Sales 1,488,000
Cost of Merchandise Sold 933,000
Sales Salaries Expense 210,840
Service Salaries Expense 105,980
Office Salaries Expense 1,500
Advertising Expense 52,560
Depreciation Expense-Office Equipment 10,000
Depreciation Expense-Store Equipment 10,400
Depreciation Expense-Shop Equipment 18,360
Miscellaneous Selling Expense 1,920
Rent Expense 37,620
Insurance Expense 1,200
Interest Expense 5,376
Office Supplies Expense 3,060
Miscellaneous Administrative Expense 1,920
Income Summary 94,264
Ed Silver, Capital 42,000
Ed Silver, Drawing 42,000
Income Summary 94,264
Ed Silver, Capital 94,264