Sabih Rahman

Cash
Debit
Credit
BB
36,000
1
2a
2b
60,000
3a
3b
4
30,000
5 100,000
6a
6b
7 220,000
8
190,000
9
15,000
10
12,000
11
Adj entries
12
13
14
15

Tabular Summary, with Debits and Credits

ASSETS=
Accounts Receivable
Inventory
PP&E
Debit
Credit
Debit
Credit
Debit
Credit
38,000
40,000
120,000
200,000
40,000

Accumulated Dep
Accounts Payable
Debit
Credit
Debit
20,000

160,000
240,000

6,000
220,000
190,000

10,000

Sub Total (pre)

Closing Entry
Sub Total (post)

199,000

58,000

34,000

120,000

30,000

199,000

58,000

34,000

120,000

30,000

Total Assets
Total L+ E

381,000
381,000

Total Liabilities184,500
Total Equity 196,500

LIABILITIES+
Accounts Payable
Unearned Revenue Income Tax Payable Bank Loan Payable
Credit
Debit
Credit
Debit
Credit
Debit
Credit
20,000
10,000
12,000
200,000

Interest Payable
Debit
Credit

Dividend Payable
Debit
Credit

Salaries Payable
Debit
Credit

100,000
10,000

15,000
12,000
10,000

4,000
2,500
23,000
30,000

15,000

23,000

100,000

2,500

10,000

4,000

30,000

15,000

23,000

100,000

2,500

10,000

4,000

EQUITY
Contributed Capital
Retained Earnings
Revenue
Debit
Credit
Debit
Credit
Debit
Credit
150,000
22,000

Expense
Debit
Credit

I/S Account

40,000

COGS

160,000

COGS

30,000

Salary

6,000

COGS

60,000
240,000

10,000

10,000
10,000
4,000
2,500
23,000
150,000
150,000

12,000
34,500
46,500

310,000

Depreciation
Salary
Interest Expense
Income Tax

275,500

310,000

275,500
0

JSRS INC
Income Statement
For the period ended March 31, 2009
Sales Revenue
COGS
Gross Profit

310,000
-206,000
104,000

Less Expenses:
Salary
Depreciation
Interest Expense

34,000
10,000
2,500
46,500
57,500
23000
34,500

Pre-tax Income
Provision for Income Tax
Net Income

JSRS INC
Balance Sheet
As of March 31, 2009
Assets
Cash
Accounts Receivable
Inventory
Total Current Assets

199,000
58,000
34,000

PP&E
Cost
Accumulated Depreciation
Total Assets

120,000
30,000

Liabilities & Equity

Accounts Payable

291,000

30,000

90,000
381,000

Unearned Revenue
Income Tax Payable
Interest Payable
Dividend Payable
Salaries Payable
Total Current Liabilities

15,000
23,000
2,500
10,000
4,000
84,500

Bank Loan
Total Liabilities
Stockholders Equity
Contributed Capital
Retained Earnings

100,000
184,500

150,000
46,500

Total Liabilities & Equity

196,500
381,000

JSRS INC
Statement of Retained Earnings
For the period ended March 31, 2009
Retained Earnings- March 31, 2008
Plus: Net Income
Less: Dividends
Retained Earnings- March 31,2009

22,000
34,500
56,500
10,000
46,500