Financial Accounting

P2.3

Journal
Item Date Accounts and Explanation
1 1-May Cash (A+)
Paul Taylor, Capital (C+)
Owner Investment
2
3 Prepaid Rent Expense (A+)
Cash (A-)
Prepaid expenses for rent

4 Furniture and Equiptment (A+)

Cash (A-)
Accounts Payable (L+)
Paid 10000 Cash and 25000 on account for Furniture and Equiptment

5 Prepaid Insurance Expense (A+)

Cash (A-)
Prepaid expenses for Insurance

6 Basic Office Supplies (A+)

Cash (A-)
Paid Cash for Basic Office Supplies

7 More Office Supplies (A+)

Accounts Payable (L+)
More Office Supplies on account

8 Cash (A+)
Accounts Receivable (A+)
Service Revenue (R+)
Revenue Earned by cash and account

9 Accounts Payable (L-)

Cash (A-)
Paid cash for accounts payable due

10 Cash (A+)
Accounts Receivable (A-)
Receive cash for accounts receivable
11 Utility Expense (E+)
Accounts Payable (L+)
Billed utility expense to be payed next month

12 Salaries Expense (E+)

Cash (A-)
Paid Salaries with cash

Rent Expense
Prepaid Rent Expense
Prepaid Rent expense consumed for the first month

Insurance Expense
Prepaid Insurance Expense
Prepaid Insurance expense consumed for the first month
Total:
 Ledger (T Accounts)
Debit Credit
60000 ASSETS
60000 Cash
1-May 60000 1-May 18000
1-May 5000 1-May 1500
18000 1-May 2500 1-May 500
18000 1-May 400
1-May 2000
10000
35000 Bal: 35100
10000 Accounts Receivable
25000 10000 2500
nd Equiptment Bal: 7500

1500 Furniture, Equipment, and Supplies

1500 35000
500
1500
500 Bal: 37000
500
Prepaid Expenses
18000 1500
1500 1500 125
1500 Bal: 17875

LIABILITIES
5000 Accounts Payable
10000 400 25000
15000 1500
200
Bal: 26300
400
400 EQUITY
Paul Taylor, Capital
60000
2500 Bal: 60000
2500
Service REVENUE
 15000
200 Bal: 15000
200
Utility, Salary, Rent, and Insurance EXPENSES
200
2000 2000
2000 1500
125
Bal: 3825
1500
1500

125
125

138225 138225
Trial Balance
Secure Storage Services
Trial Balance
May 31 2013
Balance
Account Title Debit Credit
Cash 35100
Accounts Receivable 7500
Furniture, Equip, Supplies 37000
Prepaid Expenses 17875
Accounts Payable 26300
Paul Taylor, Capital 60000
Service Revenue 15000
Utility, Rent, Insurance, and Salary Expense 3825
Total: 101300 101300
Secure Storage Services
Income Statement
for the month ended May 31 2013
Income
Service Revenue 15000
Expense
Utility 200
Salary 2000
Rent 1500
Insurance 125 3825
Profit 11175
Secure Storage Services
Statement of Owner's Equity
for the month ended May 31 2013
Paul Taylor, Capital, May 1 0
Add: Investment 60000
Profit 11175 71175
Less: Drawings 0
Paul Taylor, Capital, May 30 71175

Secure Storage Services

Statement of Financial Position
as at May 31 2013
Asset
Cash 35100
Accounts Receivable 7500
Furniture, Equip, Supplies 37000
Prepaid Insurance 19500
Total Assets: 99100

Liabilities and Equity

Liabilities 26300
Accounts Payable
Equity 71175
Paul Taylor, Capital, may 31
Total Liabilities and Equity 97475
 Financial Accounting
P2.5
Journal
Chart of Reference Date Accounts and Explanation
Cash 101 2 Film Rent Expense
Land 140 Cash
Buildings 145 Accounts Payable
Equipt 157 Paid Film rent with cash and on account
Acc Payable 201 3 No Transaction
Capital 301 9 Cash
Acc Receiva 112 Admissions Revenue
Admiss Rev 405 Received Cash for Admissions revenue
Conces Rev 406 10 Accounts Payable (SW M)
Ad Expense 610 Accounts Payable (Mar1)
Firm Ren Ex 632 Cash
Sal Expense 726 Paid cash for balance payable
11 No Transaction
12 Advertising Expense
Cash
Paid Advertising expense with cash
20 Cash
Admissions Revenue
Received Cash for Admissions revenue
20 Film Rent Expense
Cash
Paid Film rent expense on cash
31 Salaries Expense
Cash
Paid salaries on cash
31 Cash
Accounts Receivable
Concession Revenue
Received Concession Revenue on cash and account
31 Cash
Admissions Revenue
Received Cash for Admissions revenue
 Beginning balance =
Ledger
Post Ref. Debit Credit ASSETS
632 9000 Cash
101 3000 1-Mar 16000 2-Mar
201 6000 9-Mar 6500 12-Mar
20-Mar 7200 20-Mar
31-Mar 12000 31-Mar
101 6500 31-Mar 400 10-Mar
405 6500
Bal: 21500
201 6000 Land
201 3000 1-Mar 42000
101 9000 Bal: 42000

Buildings
610 800 1-Mar 18000
101 800 Bal: 18000

101 7200 Equiptment

405 7200 1-Mar 16000
Bal: 16000
632 3000
101 3000 Accounts Receivable
31-Mar 400
726 4800 Bal: 400
101 4800
LIABILITIES
101 400 Accounts Payable
112 400 10-Mar 6000 1-Mar
406 800 10-Mar 3000 2-Mar
Bal:
101 12000
405 12000

Total: 53100 53100

eginning balance =
Trial Balance
TS EQUITY Sir Guy Theatre
No. 101 Capital No. 301 Trial Balance
3000 1-Mar 80000 Mar 31 2013
800 Bal: 80000
3000 Account Title
4800 Admissions Revenue No. 405 Cash
9000 9-Mar 6500 Land
20-Mar 7200 Buildings
31-Mar 12000 Equipment
No. 140 Bal: 25700 Accounts Receivable
Accounts Payable
Concessions Revenue No. 406 Admission Revenue
31-Mar 800 Concession Revenue
No. 145 Bal: 800 Advertising Expense
Film Rent Expense
Advertising Expense No. 610 Salaries Expense
12-Mar 800 Capital
No. 157 Bal: 800 TOTAL:

Film Rent Expense No. 632

2-Mar 9000
No. 112 20-Mar 3000
Bal: 12000

Salaries Expense No. 726

TIES 31-Mar 4800
No. 201 Bal: 4800
12000
6000
9000
rial Balance
Sir Guy Theatre
Trial Balance
Mar 31 2013
Balance
ccount Title Debit Credit
21500
42000
18000
16000
ccounts Receivable 400
ccounts Payable 9000
dmission Revenue 25700
oncession Revenue 800
dvertising Expense 800
lm Rent Expense 12000
alaries Expense 4800
80000
115500 115500
Financial Accounting
E2.7
Journal
Date Account Title and Explanations Post Ref. Debit
1-Oct Cash 101 5000
Peters, Capital 301
Owner Investment in Cash

3 Furniture 149 2000

Accounts Payable 201
Purchased Furniture on account

4 Supplies 126 400

Cash 101
Purchased Supplies on Cash

6 Accounts Receivable 112 800

Service Revenue 407
Service rendered on account

10 Cash 101 650

Service Revenue 407
Received Cash for Service Rendered

10 Cash 101 3000

Notes Payable 200
Received cash on notes payable

12 Accounts Payable 201 1500

Cash 101
Paid expense on account with cash

15 Rent Expense 729 250

Cash 101
Paid Rent Expense with Cash

20 Cash 101 500

Accounts Receivable 112
Received Cash from account

20 Accounts Receivable 112 940

 Service Revenue 407
Rendered service on account

25 Cash 101 2000

Peters, Capital 301
Cash investment of Peters

30 Peters, Drawing 306 300

Cash 101
Peter drawing cash

31 Store Wages Expense 628 500

Cash 101
Paid Wage expense on cash

Total: 17840
 Ledger
Credit Cash No. 101 Peters, Capital
1/10 5000 4/10 400
5000 10/10 650 12/10 1500
10/10 3000 15/10 250
20/10 500 30/10 300
25/10 2000 31/10 500 Peters, Drawings
2000 Bal: 8200 30/10
Bal:
Accounts Receivable No. 112
6/10 800 20/10 500 Service Revenue
400 20/10 940
Bal: 1240

Supplies No. 126

800 4/10 400
Bal: 400 Store Wages Expenses
31/10
Furniture No. 149 Bal:
650 3/10 2000
Bal: 2000 Rent Expenses
15/10
Notes Payable No. 200 Bal:
3000 10/10 3000
Bal: 3000

Accounts Payable No. 201

1500 12/10 1500 3/10 2000
Bal: 500

250

500
 940

2000

300

500

17840
 Trial Balance:
Peters, Capital No. 301
1/10 5000 Peter Consulting
25/10 2000 Trial Balance
Bal: 7000 October 31 2013
Balance
Peters, Drawings No. 306 Account Debit
300 Cash 8200
300 Accounts Receivable 1240
Supplies 400
Service Revenue No. 407 Funiture 2000
6/10 800 Notes Payable
10/10 650 Accounts Payable
20/10 940 Peters, Capital
Bal: 2390 Peters, Drawings 300
Service Revenue
Store Wages Expenses No. 628 Store Wages Expense 500
500 Rent Expenses 250
500 Total: 12890

Rent Expenses No. 729

250
250
sulting
ance

Balance
Credit

3000
500
7000

2390

12890
Financial Accounting
E2.10
Trial Balance

Speedy Delivery Service

Trial Balance
July 31 2013
Balances
Accounts Debit Credit
Cash 21567
Accounts Receivable 10642
Delivery Equipment 49360
Prepaid Insurance 1968
Insurance Expense 523
Notes Payable 26450
Accounts Payable 8396
Salaries Payable 815
I.M. Speedy, Capital 44636
I.M. Speedy, Drawings 700
Service Revenue 10610
Repair Expense 961
Salaries Expense 4428
Petrol Expense 758
Total: 69340 90907
Cash= 21567
New Total: 90907 90907