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Journal entries

journal entries adjusting entries accounts
date account debit credit equipment a/c
JANUARY DR CR
1-Jan cash $ 62,500.00 1-Jan bal b/d $ 5,000,000 12-Sep sale $ 530,000
share capital $ 62,500.00 1-Jan new equip. $ 96,000 bal c/d $ 4,566,000
To record the issuance of 250,000 shares at par value $ 5,096,000 $ 50,960,000
vehicles/Truck account (fixed assets) $ 260,000.00
cash $ 260,000.00 vehicles and trucks account
To record the purchase of a truck DR CR
office equipment account $ 96,000.00 1-Jan new truck 260000 31-Dec bal c/d 260000
cash $ 96,000.00 260000 260000
To record the purchase of office equipment
cash $ 122,000.00 land account
notes payable $ 122,000.00 DR CR
To record the notes payable transaction from a local bank 1-Jan bal b/d 1450000 6-Aug disposal 1200000
1-Mar cash 990000 31-Dec nal c/d 1240000
5-Jan bank/cash account $ 23,676.00 2440000 2440000
interest accrued account $ 23,676.00
To record receiving payment of interst accrued in 2018 prepaid rent
DR CR
22-Jan inventory $ 663,000.00 1-Jan bal b/d 29050 1-Jun rent exp. 29050
cash $ 298,350.00 1-Jun cash 145000 31-Dec rent exp. 42292
account payables $ 364,650.00 bal c/d 102708
To record the purchase of inventory for cash and on account 174050 174050
25-Jan account payables $ 229,000.00 receivables account
cash $ 229,000.00 DR CR
to record payment to a creditor 1-Jan bal b/d $ 455,000.0 1-Feb bank $ 346,000.0
21-Apr sales $ 738,000.0 26-Jun bad debts $ 43,500.0
FEBRUARY 15-Aug sales $ 468,000.0 25-Aug cash $ 182,000.0
1-Feb prepaid expense $ 52,300.00 15-Nov sales $ 651,777.5 bal c/d $ 1,741,277.5
cash $ 52,300.00 $ 2,312,777.5 $ 2,312,777.5
To record the payment of future advertisement costs
bad debt provision $ 226,366.1
13-Feb bank $ 346,000.00 last years provision 25000
account receivables $ 346,000.00 difference $ 221,366.1
to record receiving payment from customer
MARCH inventory
1-Mar land (fixed account) $ 990,000.00 DR CR
cash $ 465,000.00 1-Jan bal b/d 975000 sales 1845000
short term note payable $ 525,000.00 purchase 663000 sales 1170000
to record purchase of land on partial credit and cash basis purchase 900000 sales 1185050
19-Mar office supplies $ 23,000.00
cash $ 23,000.00
to record purchase of office supplies on cash basis
20-Mar cash $ 630,000.00
Unearned revenue $ 63,000.00
to record receiving cash for service to be performed later
APRIL
21-Apr cash $ 1,107,000.00
cost of goods sold $ 1,170,000.00
accounts receivables $ 738,000.00
sales $ 1,845,000.00
inventory $ 1,170,000.00
to record sale of inventory on cash and account basis
27-Apr inventory $ 712,250.00
cash $ 427,350.00
account payables $ 284,900.00
to record purchase of inventory on cash and account basis
29-Apr accounts payable $ 486,000.00
cash $ 486,000.00
To record the payment of creditors
MAY
1-May dividends payables $ 155,000
cash $ 155,000
To record the payment of dividends owed
JUNE
adjusting entry 1-Jun short term notes payable $ 131,250
short term interest $ 6,563
cash $ 137,813
to record payment of the short term note
1-Jun prepaid expenses $ 145,000.00
cash $ 145,000.00
To record the payment of rent for the lease agreement
30-Jun wages payables $ 35,000
wages expenses $ 508,000
cash $ 543,000
to record payment of wages expenses in cash
19-Jun insurance expense $ 132,000.00
prepaid insurance $ 132,000.00
to record recognition of insurance expense
26-Jun bad debts expense $ 43,500.00
account receivable $ 43,500.00
to write off bad debts
JULY
21 1-Jul cash $ 977,544.00
bond payables $ 977,544.00
to record issuance of bonds
AUGUST
1-Aug intangible assets(patents) $ 87,000.00
cash $ 87,000.00
To record the purchase of patent for cash
6-Aug cash $ 2,000,000.00
income statement(incomes) $ 800,000.00
land (fixed assets) $ 1,200,000.00
To record the sale of land on cash basis on profit
15-Aug cash $ 702,000.00
cost of goods sold $ 702,000.00
accounts receivables $ 468,000.00
sales $ 1,170,000.00
inventory $ 702,000.00
to record sale of inventory on cash and account basis
25-Aug cash $ 182,000.00
account receivables $ 182,000.00
to record sale of receiving cash from debtors
SEPTEMBER
adjusting entry 1-Sep short term notes payable $ 131,250
short term interest $ 6,563
cash $ 137,813
to record payment of the short term note
3-Sep market securities(short term assets) $ 42,000
cash $ 42,000
to record payment for investment in securities market
12-Sep cash $ 750,000.00
depreciation(equip) $ 90,000.00
equipment(fixed assets) $ 530,000.00
income statement(income) $ 310,000.00
to record sale of equipment on profit
18-Sep expenses(income statement) $ 9,900.00
cash $ 9,900.00
To record the payment of fuel
OCTOBER
1-Oct inventory $ 900,000.00
accounts payables $ 900,000.00
To record the purchase of inventory on account
31-Oct accounts payables $ 215,000.00
cash $ 215,000.00
To record the payment of creditors
NOVEMBER
1-Nov capital account $ 42,500.00
cash/bank $ 42,500.00
To record the repurchase of common stock
1-Nov prepaid insurance expense $ 364,000.00
cash $ 364,000.00
To record the payment of prepaid expense
17-Nov cash $ 478,000.00
unearned revenue $ 478,000.00
To record the receiving of unearned cash receipt
35 19-Nov cash $ 533,272.50
cost of goods sold $ 692,000.00
accounts receivables $ 651,777.50
sales revenue $ 1,185,050.00
inventory $ 692,000.00
to record sale of inventory on cash and account basis
DECEMBER
adjusting entry 1-Dec short term notes payable $ 131,250
short term interest $ 6,563
cash $ 137,813
to record payment of the short term note
wages expenses(income statement) $ 546,000.00
cash $ 510,000.00
accrued wages $ 36,000.00
to record accrual and payment of wages
interest expense $ 13,000.00
notes payable $ 46,000.00
cash $ 59,000.00
to record payment of cash on notes payables
Equip. depreciation(income statement) $ 494,900.00
accumulated depreciation $ 494,900.00
to reognize depreciation of equipment
dividend 979200
dividend payable 979200
to reognize depreciation of equipment
utility bill $ 61,000.00
cash $ 61,000.00
to record payment of utility bills on cash
accrued interest expense $ 56,250.00
cash $ 56,250.00
to record payment of 2017 interest expenses
accrued interest revenue $ 23,675.78
interest revenue $ 23,675.78
to record earned interest revenue
unearned revenue $ 40,005.00
service expenses (income statement) $ 40,005.00
to record recognition of service fees incured
office expenses $ 21,800.00
office supplies(assets) $ 21,800.00
to record usage of office supplies
bad debt expense 221366.1
allowance for bad debt 221366.1
to record an increase in allowance for bad debt provision
YEAR END ADJUSTMENTS
31-Dec truck depreciation Expense (income statemt) $ 474,000
accumulated depreciation $ 474,000
to record depreciation expense for the truck
advertisement expense(P&l accnt) $ 47,942
prepaid advertisement expense $ 47,942
to recognize advertisement cost incured
rent expense $ 42,292.00
prepaid rent expense $ 42,292.00
to recognize rent expense incured
amortization account $ 3,625
intangible assets $ 3,625
to recognize amortization of the patent
insurance exoense $ 30,333
prepaid insurance expense $ 30,333
to recognize insurance cost incurred

T-accounts

equipment a/c cash/bank account
DR CR DR CR
1-Jan bal b/d $ 5,000,000 12-Sep sale $ 530,000 date item amount date item amount
1-Jan new equip. $ 96,000 bal c/d $ 4,566,000 1-Jan bal b/d $ 525,710.0 1-Jan truck accnt $ 260,000.0
$ 5,096,000 $ 50,960,000 1-Jan share capital $ 62,500.0 equipment $ 96,000.0
bal b/d $ 4,566,000 notes payable $ 122,000.0 22-Jan inventory $ 298,350.0
5-Jan interest accrued $ 23,676.0 25-Jan account payable $ 229,000.0
vehicles and trucks account 13-Feb accn. Receivable $ 346,000.0 1-Feb prepaid expense $ 52,300.0
DR CR 20-Mar unearned revenue $ 630,000.0 1-Mar land $ 465,000.0
date item amount date item amount 21-Apr inventory $ 1,107,000.0 19-Mar office supplies $ 23,000.0
1-Jan new truck 260000 31-Dec bal c/d 260000 6-Aug land $ 2,000,000.0 27-Apr invetory $ 427,350.0
260000 260000 15-Aug inventory $ 702,000.0 29-Apr account payable $ 486,000.0
bal b/d 260000 25-Aug accnt receivables $ 182,000.0 1-May dvdnds payables $ 155,000.0
12-Sep equipment $ 750,000.0 1-Jun notes payables $ 137,812.5
land account 14-Nov unearned revenue $ 478,000.0 prepaid expense $ 145,000.0
DR CR 19-Nov inventory $ 533,272.5 30-Jun wages $ 543,000.0
1-Jan bal b/d 1450000 6-Aug disposal 1200000 assets $ 87,000.0
1-Mar cash 990000 31-Dec nal c/d 1240000 1-Sep short term loans $ 137,813.0
2440000 2440000 3-Sep market securities $ 42,000.0
bal b/d 1240000 18-Sep fuel $ 9,900.0
31-Oct acct payables $ 215,000.0
prepaid rent 1-Nov capital $ 42,500.0
DR CR insurance $ 364,000.0
1-Jan bal b/d 29050 1-Jun rent exp. 29050 1-Dec short term loans $ 137,813.0
1-Jun cash 145000 31-Dec rent exp. 42292 wages expense $ 510,000.0
bal c/d 102708 interest $ 59,000.0
174050 174050 utility $ 61,000.0
bal b/d 102708 interest $ 56,250.0
bal c/d $ 2,422,070.0
receivables account total $ 7,462,158.5 $ 5,040,088.5
DR CR bal b/d $ 2,422,070.00
1-Jan bal b/d $ 455,000.0 1-Feb bank $ 346,000.0
21-Apr sales $ 738,000.0 26-Jun bad debts $ 43,500.0 share capital account
15-Aug sales $ 468,000.0 25-Aug cash $ 182,000.0 DR CR
15-Nov sales $ 651,777.5 bal c/d $ 1,741,277.5 date item amount date item amount
$ 2,312,777.5 $ 2,312,777.5 1-Nov cash $ 42,500 1-Jan bal b/d $ 1,824,406
bal b/d $ 1,741,277.5 31-Dec bal c/d $ 1,844,406 cash $ 62,500
87%*1741277.5 $ 1,514,911.4 bal 226366.075 $ 1,886,906 $ 1,886,906
bal b/d $ 1,886,906
inventory account
DR CR long term notes payables account
1-Jan bal b/d 975000 sales 1845000 DR CR
purchase 663000 sales 1170000 date item amount date item amount
purchase 900000 sales 1185050 1-Jan bal b/d 1250000
bal c/d 1662050 bal c/d 1372000 bank 122000
4200050 4200050 1372000 1372000
sales revenue bal b/d 1372000
date item amount date item amount
inventory 1845000 short term notes payables account
inventory 1170000 DR CR
inventory 1185050 bal c/d 4200050 date item amount date item amount
4200050 1-Jun cash $ 131,250 1-Jan land 525000
bal b/d 4200050 1-Sep cash 131250
1-Dec cash 131250
interest receivable account bal c/d $ 131,250
DR CR 525000 525000
date item amount date item amount bal b/d 131250
1-Jan bal b/d 23676 5-Jan cash 23676
31-Dec interest $ 23,676 bal c/d 23676 accounts payable account
47352 47352 DR CR
date item amount date item amount
interest expense account 25-Jan cash 229000 1-Jan bal b/d 450000
DR CR 29-Apr cash 486000 22-Jan inventory 364650
date item amount date item amount 1-Oct inventory 215000 bal c/d 115350
31-Dec accrued $ 17,500.0 930000 930000
recurring $ 23,676.0 bal b/d 115350
1-Jun short term $ 6,563
1-Sep short term $ 6,563 prepaid advertisement expenses account
1-Dec short term $ 6,563 DR CR
cash $ 13,000 bal c/d 73863.5 date item amount date item amount
$ 73,863.5 73863.5 1-Jan bal b/d _
1-Feb cash 52300 31-Dec advert exp. 47942
insurance expenses account bal c/d 4358
DR CR 52300 52300
date item amount date item amount bal b/d 4358
advertisement expenses account
19-Jun prepaid 132000 DR CR
31-Dec prepaid 30333 bal c/d 162333 date item amount date item amount
162333 162333
bal b/d 162333 31-Dec prepaid 47942 1-Dec bal c/d 47942
bal b/d 47942
prepaid insurance expenses account wages expenses account
DR CR DR CR
date item amount date item amount date item amount date item amount
1-Jan bal b/d 139836 19-Jun insurance expense 132000 30-Jun cash 508000
1-Nov cash 364000 31-Dec insurance expense 30333 1-Dec cash 546000 bal c/d 1054000
bal c/d 341503 1054000 1054000
503836 503836 bal b/d 1054000
bal b/d 341503
Rent expenses account wages payable account
DR CR DR CR
date item amount date item amount date item amount date item amount
1-Jun prepaid rent exp. 29050 30-Jun cash 35000 1-Jan bal c/d 35000
31-Dec prepaid rent exp. 42292 bal c/d 71342 bal c/d 36000 wages 36000
71342 71342 71000 71000
bal b/d 71342 bal b/d 36000
office supplies account service expenses account account
DR CR DR CR
date item amount date item amount date item amount date item amount
1-Jan bal b/d 3520 31-Dec office expenses 21800 31-Dec bal c/d 40005 31-Dec unearned reven. 40005
19-Mar cash 23000 bal c/d 4720 bal b/d 40005
26520 26520
bal b/d 4720 unearned revenue account
DR CR
allowance for baad debt account date item amount date item amount
DR CR 31-Dec service revenue. 40005 20-Mar cash 63000
date item amount date item amount bal c/d 22995
bal b/d 25000 63000 63000
bal c/d 246366 closing 221366.1 bal b/d 22995
246366 246366.1
bal c/d 246366
sales account
equipment accumulated depreciation DR CR
DR CR date item amount date item amount
date item amount date item amount 21-Apr cash 1845000
disposal 90000 1-Jan bal b/d 2000000 15-Aug cash 1170000
bal c/d 2404900 31-Dec depre 494900 bal c/d 4200050 19-Nov cash 1185050
2494900 2494900 4200050 4200050
bal b/d 2404900
cost of goods sold account interest revenue account
DR CR DR CR
date item amount date item amount date item amount date item amount
21-Apr inventory 1170000 bal c/d 23675.78 31-Dec interest receivable 23675.78
15-Aug inventory 702000
19-Nov inventory 692000 bal c/d 2564000
2564000 2564000
dividends payable account
DR CR
date item amount date item amount
1-May cash 155000 1-Jan bal b/d 155000
bal c/d 244800 dec dividends 244800
399800 399800

income statement

apix commercial printers,
income statement
for the year ended 31 dec 2019
2019 2018 2017
sales $ 4,200,050 $ 2,280,000 $ 2,500,000
_ cost of goods sold $ 2,564,000 $ 850,000 $ 780,000
operating profit $ 1,636,050 $ 1,430,000 $ 1,720,000
add: other incomes
interest income $ 23,676 $ 23,676 $ 21,574
gain on sale $ 800,000 _ $ 34,900
gross profit $ 2,459,726 $ 1,406,324 $ 1,663,526
less: operating expenses
wages expenses $ 1,054,000 $ 565,000 $ 785,000
utility expenses $ 61,000 $ 37,050 $ 37,500
insurance expenses $ 162,333 $ 23,905 $ 21,097
rent expenses $ 71,342 $ 18,009 $ 17,080
fuel expenses $ 9,900 $ 2,900 $ 1,400
office supplies expenses $ 21,800 $ 6,000 $ 5,000
advertisements expens $ 47,942 $ 23,000 $ 25,000
bad debt expenses $ 43,500 $ 60,750 $ 45,000
depreciation $ 498,625 $ 500,000 $ 500,000
expense interest $ 73,864 $ 56,250 $ 56,250
loss on sale _ _ $ 120,000
net profit/income $ 415,420 $ 113,460 $ 50,199

balance sheet

apix commercial printers,
balance sheet
for the year ended 31 dec 2019
assets 2019 2018 2017
cash $ 2,422,070 $ 525,710 $ 658,079
marketable securities $ 117,000 $ 75,000 $ 15,000
account receivables $ 226,366 $ 455,000 $ 525,000
allowance for bad debts $ (12,428) $ (25,000) $ (105,000)
interest receivables $ 23,676 $ 23,676 $ 21,574
prepaid advertisement $ 4,358 _ _
prepaid insurance $ 341,503 $ 139,836 $ 148,945
prepaid rent $ 102,708 $ 29,050 $ 34,982
office supplies $ 4,720 $ 3,520 $ 5,400
inventory $ 1,662,050 $ 975,000 $ 775,000
current assets $ 4,892,024 $ 2,201,792 $ 2,078,980
office furniture _ _
equipment $ 4,566,000 $ 5,000,000 $ 5,000,000
accumulated depre. $ (2,404,900) $ (2,000,000) $ (1,500,000)
long tern notes receivables $ 285,000 $ 285,000 _
land $ 1,240,000 $ 1,450,000 $ 1,450,000
truck $ 260,000 _ _
less: accumulated depreciation $ (474,000)
patent $ 87,000 _ _
less: amortization $ (3,625)
non current assets $ 3,555,475 $ 4,735,000 $ 4,950,000
total assets $ 8,447,499 $ 6,936,792 $ 7,028,980
liabilities
accounts payables $ 115,350 $ 450,000 $ 570,000
wages payable $ 36,000 $ 35,000 $ 33,000
interest payable $ 6,563 _ _
short term notes payable $ 131,250 _ _
deferred revenue $ 22,995 _ _
dividends payables $ 244,800 $ 155,000 $ 135,000
bond payable $ 1,000,000 _ _
current liabilities $ 1,556,958 $ 640,000 $ 738,000
long term notes $ 1,372,000 $ 1,250,000 $ 1,250,000
bond interest payable $ 40,000 _ _
total liabilities $ 2,968,958 $ 1,890,000 $ 1,988,000
stockholder's equity
common stock $ 1,000,000 $ 1,000,000 $ 1,000,000
additional caital $ 1,886,906 $ 1,824,406 $ 1,824,406
contributed capital $ 500,000 $ 500,000 $ 500,000
retained earnings $ 2,137,806 $ 1,722,386 $ 1,716,574
total equity $ 5,524,712 $ 5,046,792 $ 5,040,980
total equity and liabilities $ 8,493,670 $ 6,936,792 $ 7,028,980

cashflow

apix commercial printers,
cash flow statement
for the year ended 31 dec 2018 and 2019
details
cashflow from operating activities 2019 2018
net income $ 415,420 $ 113,460
add back: depreciation $ 498,625 $ 500,000
gain on sale of equipment $ (800,000) _
provision for losses $ 43,500 $ 60,750
(increase)decrease in current assets
marketable securities -42000 -60000
account receivables 228634 70000
interest receivables 0 -2102
prepaid advertisement -4358 0
prepaid insurance -201667 9109
prepaid rent -73658 5932
office supplies -1200 1880
inventory -687050 -200000
cash flow from operating activities $ (623,754) $ 499,029
cash flow from investing activities
proceeds from sale of equipment 2000000 0
increased patent rights 87000
purchase of market securities -42000 -60000
equipmnent sale 434000 0
sale of land 210000 0
purchase land -260,000 0
net cash flow from investment activities $ 2,429,000 $ (60,000)
cash flow from financing activities
long term debt received 122000 0
additional capital 62500 0
bond interest payable 40000
dividends paid -155000
cash flow from financing activities 69500 0
net cashflow for the year $ 1,874,746 $ 439,029
beginning cash balance 525710 658079
ending cash balance $ 2,400,456 $ 1,097,108
2422070 525710