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  • Bablad Brokerage Services General Journal Date: Account Titles and Explanation Ref: Debits Credits 2003

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    The document contains the general journal, T accounts, trial balance, statement of income and owner's equity, and balance sheet for Bablad Brokerage Services for the month ended May 31, 2003. The general journal shows various transactions including the initial investment, purchases of supplies, equipment and insurance, revenue received, and salaries paid. The trial balance balances the debit and credit accounts. The statement of income shows net income of $24,350 for the month. The balance sheet lists total assets of $195,950 including cash, prepaid expenses, accounts receivable, and equipment, and total liabilities and owner's equity of $195,950.

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    The document contains the general journal, T accounts, trial balance, statement of income and owner's equity, and balance sheet for Bablad Brokerage Services for the month ended May 31, 2003. The general journal shows various transactions including the initial investment, purchases of supplies, equipment and insurance, revenue received, and salaries paid. The trial balance balances the debit and credit accounts. The statement of income shows net income of $24,350 for the month. The balance sheet lists total assets of $195,950 including cash, prepaid expenses, accounts receivable, and equipment, and total liabilities and owner's equity of $195,950.

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    9 views9 pages

    Bablad Brokerage Services General Journal Date: Account Titles and Explanation Ref: Debits Credits 2003

    Uploaded by

    babe447
    The document contains the general journal, T accounts, trial balance, statement of income and owner's equity, and balance sheet for Bablad Brokerage Services for the month ended May 31, 2003. The general journal shows various transactions including the initial investment, purchases of supplies, equipment and insurance, revenue received, and salaries paid. The trial balance balances the debit and credit accounts. The statement of income shows net income of $24,350 for the month. The balance sheet lists total assets of $195,950 including cash, prepaid expenses, accounts receivable, and equipment, and total liabilities and owner's equity of $195,950.

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    Attribution Non-Commercial (BY-NC)
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    of 9

    a)

    BABLAD BROKERAGE SERVICES


    GENERAL JOURNAL
    Date:
    Account Titles and Explanation
    2003
    May-01 Cash
    L. Bablad, Capital
    initial investment in business

    REF:

    Debits
    101 $120,000.00
    400

    May-05 Rent Expense


    Prepaid Expenses
    Cash
    Prepaid 1 year's rent

    253
    289
    101

    $3,000.00
    $33,000.00

    May-08 Furniture & Equipment


    Cash
    Accounts Payable
    purchased on account/paid some

    178
    101
    200

    $70,000.00

    May-09 Insurance Expense


    Prepaid Expenses
    Cash
    purchased 1 years insurance

    250
    289
    101

    $250.00
    $2,750.00

    May-12 Office Supplies


    Cash
    purchased supplies in cash

    135
    101

    $1,000.00

    May-15 Office Supplies


    Accounts Payable
    purchased supplies on account

    235
    200

    $2,000.00

    May-20 Cash
    Accounts Receivable
    Brokerage Revenue
    revenue receivded

    101
    150
    300

    $10,000.00
    $20,000.00

    Accounts Payable
    Cash
    paid off some supplies

    200
    235

    $800.00

    May-26 Cash
    Accounts Recevable
    receivded payment on account

    150
    300

    $5,000.00

    May-30 Utility Expense


    Accounts Payable
    received bill to be paid next month

    350
    200

    $400.00

    May-30 Salary Expense


    Cash

    290
    101

    $2,000.00

    May 22,

    Credits

    $120,000.00

    $36,000.00

    $20,000.00
    $50,000.00

    $3,000.00

    $1,000.00

    $2,000.00

    $30,000.00

    $800.00

    $5,000.00

    $400.00

    $2,000.00

    paid employees
    270,200.00

    270,200.00

    b)
    BABLAD BROKERAGE SERVICES
    T ACCOUNTS
    MAY 31, 2003
    Cash
    120,000.00
    36,000.00
    20,000.00
    3,000.00
    1,000.00
    10,000.00
    5,000.00
    72,200.00

    2,000.00
    800.00

    Accounts receivable
    20,000.00
    5,000.00
    20,000.00

    Accounts payable
    50,000.00
    2,000.00
    800.00
    400.00
    51,600.00

    Note payable

    Rent expense
    3,000.00
    3,000.00

    Utilities expenses
    400.00
    400.00

    Prepaid expenses
    33,000.00
    2,750.00
    35,750.00

    Furniture & equipment


    70,000.00
    70,000.00

    Bablad, Capital
    120,000.00
    120,000.00

    Brokerage revenue
    30,000.00
    30,000.00

    Insurance expense
    250.00
    250.00

    Salaries expenses
    2,000.00

    Supplies
    2,000.00
    1,000.00
    3,000.00

    c)

    BABLAD BROKERAGE SERVICES


    TRIAL BALANCE
    MAY 31, 2003
    Debit
    72,200
    35,750
    15,000
    3,000
    70,000

    Cash
    Prepaid expenses
    Accounts receivable
    Supplies
    Furniture & equipment
    Accounts payable
    Bablad, Capital
    Note payable
    Brokerage revenue
    Insurance expense
    Rent expense
    Salaries expense
    Utilities expense

    Credit

    51,600
    120,000
    30,000
    250
    3,000
    2,000
    400
    $

    201,600

    201,600

    d)
    BABLAD BROKERAGE SERVICES
    STATEMENT OF INCOME AND OWNER'S EQUITY
    FOR THE MONTH ENDED MAY 31, 2003
    Brokerage revenue

    30,000.00

    Expenses
    Insurance expense
    Rent expense
    Salaries expense
    Utilities expense
    Net income/(loss)

    250.00
    3,000.00
    2,000.00
    400.00

    5,650.00
    24,350.00

    Opening capital

    120,000.00

    Add net income

    24,350.00

    Closing capital

    144,350.00

    d)

    BABLAD BROKERAGE SERVICES


    BALANCE SHEET
    MAY 31, 2003

    Current assets
    Cash
    Prepaid expenses
    Accounts receivable
    Office Supplies
    Fixed Assests
    Furniture & equipment
    Total Assets

    72,200.00
    35,750.00
    15,000.00
    3,000.00
    125,950.00
    70,000.00
    195,950.00

    Liabilities and Owner's Equity

    Accounts payable
    Note payable
    Total Liabilites

    51,600.00
    51,600.00

    Bablad, Capital

    144,350.00

    Total Liabilites and Owners Equity

    195,950.00

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