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    Problem 18-7

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    Problem 18-7

    Uploaded by

    api-254635136
    134 views4 pages

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    copy of problem 18-7

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    134 views4 pages

    Problem 18-7

    Uploaded by

    api-254635136

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
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    DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

    101 Cash in Bank 22,323 22,323 22,323


    115 Accts. Receivable 1,737 1,737 1,737
    125 Merchandise Inventory 23,654 534 24,188 24,188
    130 Supplies 3,971 2,922 1,049 1,049
    135 Prepaid Insurance 1,800 675 1,125 1,125
    140 Store Equipment 25,395 25,395 25,395
    145 Office Equipment 15,239 15,239 15,239
    201 Accounts Payable 11,051 11,051 11,051
    207 Federal Corporate Income Tax Payable 177 177 177
    210 Employees' Federal Income Tax Payable 519 519 519
    211 Employees' State Income Tax Payable 142 142 142
    212 Social Security Tax Payable 408 408 408
    213 Medicare Tax Payable 137 137 137
    215 Sales Tax Payable 1,871 1,871 1,871
    216 Federal Unemployment Tax Payable 51 51 51
    217 State Unemployement Tax Payable 263 263 263
    301 Capital Stock 40,000 40,000 40,000
    305 Retained Earnings 14,908 14,908 14,908
    310 Income Summary 534 534 534
    401 Sales 128,231 128,231 128,231
    405 Sales Discounts 214 214 214
    410 Sales Returns and Allowances 1,289 1,289 1,289
    501 Purchases 67,118 67,118 67,118
    505 Transportation In 1,172 1,172 1,172
    510 Purchases Discounts 810 810 810
    515 Purchases Returns and Allowances 322 322 322
    601 Advertising Expense 2,938 2,938 2,938
    605 Bankcard Fees Expense 185 185 185
    620 Federal Corporate Inocme Tax Expense 3,650 177 3,827 3,827
    630 Insurance Expense 675 675 675
    640 Maintenance Expense 2,450 2,450 2,450
    645 Miscellaneous Expense 3,929 3,929 3,929
    647 Payroll Tax Expense 834 834 834
    650 Rent Expense 10,750 10,750 10,750
    655 Salaries Expense 4,670 4,670 4,670
    660 Supplies Expense 2,922 2,922 2,922
    670 Utilities Expense 5,395 5,395 5,395
    198,713 198,713 4,308 4,308 199,424 199,424 108,368 129,897 91,056 69,527
    Net Income 21,529 21,529
    129,897 129,897 91,056 91,056
    INCOME STATEMENT BALANCE SHEET
    Shutterbug Cameras
    Worksheet
    For the Year Ended August 31, 2010
    ACCOUNT NAME
    ACCT
    NO.
    TRIAL BALANCE ADJUSTMENTS
    ADJUSTED TRIAL
    BALANCE
    PAGE 6
    DESCRIPTION
    POST
    REF DEBIT CREDIT
    GENERAL JOURNAL
    DATE
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Sales Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Account Account No.
    Debit Credit
    Balance
    Date Description Post. Ref. Debit Credit
    Balance
    Date Description Post. Ref. Debit Credit
    Balance
    Date Description Post. Ref. Debit Credit
    Balance
    Date Description Post. Ref. Debit Credit
    Balance
    Date Description Post. Ref. Debit Credit
    Date
    Balance
    Date Description Post. Ref. Debit Credit
    Date Description Post. Ref. Debit Credit
    Balance
    Credit
    Balance
    Description Post. Ref. Debit Credit
    Balance
    Balance
    Date Description Post. Ref. Debit
    General Ledger (Partial)
    Date Description Post. Ref. Debit Credit
    Date Description Post. Ref. Debit Credit
    Balance
    Date Description Post. Ref. Debit Credit
    Balance
    Date Transaction
    1-May Jack Hines invested $50,000 in the business, Memo 1.
    2-May
    The owner, Jack Hines, invested a desktop computer and printer
    (Office Equipment) worth $3,500, Memo 2.
    2-May Issued Check 101 for $125 for the purchase of office supplies.
    Bought office furniture for $2,700 on account from Office Systems,
    Invoice 457.
    Bought a Web Server from Computer Specialists Inc. on account for
    $35,000, Invoice WS 972.
    Received $1,500 from James Mason for Web site services

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