Williamson Qoality Avtometve GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2015 _| Record Transactions, Adjusting Entries, Closing Entries in this journal Dec 1 [Cash $50,000 Withamsen - Capital 150,000 eg 0} betion 1 Equipm int 10, £00 Z Casin 10,800 hase of 2g ent L [Pr oe Insurance 500 Casi 4500 | Pre erence Policy i 18,060 Z as in F {¥,000 fad Cash tn wchace sar1 lo [office Lie< 2,000 Ac fol. 3,000 | Porchased Phcs sepplies on wn 14 1c ar 5 23,000} + ts cujalole 000 Porrowed rach on AJoki Payab 22 f pense 00 Cash ¥od a A adver bisa LilActouats Payable 1,000 Cash 1, 000 | a a on accovnt. Tabla S é pens 10 ilihe ble 230 Keceived (Ht: b iTCash 11,500 Service Qeilenure 17,500 ala eric, recerped Cash It Accounts Receivalle 2,100) vice, Revense 2.100] Per Brimed Seruies 2A poun F J | Salaries Expense. 3 L000. Rent Expense. “od Cash 4.300] Laid cach eipenceGENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION DEBIT_| CREDIT [Dec 31 hh Tiddo Uneacned Revenue ELT “aI ted C, tats eric 2) [Williamson = Withdrawals 2,000 Cash 000 aa Own: witherawal (a) epplies Expense (200. ice Supe \o60 | Io id. ppl wi] ly) i cietiean Evpense - Fauipment \K0 Accumulated “Deprecia tian = Equip Igo | fo record ep. ¢xp. en equip ic) LlIinsurance “Expense 500 Prepaid Incocance 500 | fy ue id) 3) linterect Eipen e 715 = Interest layaeh b_@ccrye (A fens ry? 21 [Service Reven: 10,200) Ineome Soma cy 10,100 2 To close tesa u PR? 2) income So mmary 145 Salaries Exypehse 2,060! Rent cypense. 00 | Obit Eypen 30 frovertsing Eypen ¥dO Li Expeinse. | {000 \nsv Expense Seo lntexest A 14 Depreoahon xo, — Equip ixo eRe 3) i ae $ fame 12, fies 2 ne momar AWiiliamson = cé pital 1. i Atame Summa Pe STW ithamson = Capital 3,01 Wi Niamson = withelyauial >,000] ae! tthe rawalsWilliamson Qvaliby Avto motve- GENERAL LEDGER Menth # December 31, 2015 Cash ' Accts. Ree Office Supplies Prepaid Insurance Dec 1. 50,000] 10,800 Deel. Dee S709] 10, 3000/@00(a) Decl | E14, 28,000] 4,500 Del 34 pera GY Decl A0°) «00 © Dee 11,504 !8,000 Deed - aa Dec BOO dee 22 a aw Jo} ooo Dee Le al Ypoo Y200 Dee 3h 3,000 Dec 31 ba). 54,540 Bai 2/100 2 Equipment Accum. Deprec. - Equip. Land Accounts Payable -10Boo] 5 |. 18800 130 (b) Dect IB coo) %ETe00 3008 Bec Bal 10,800} 180 84, Gal 18,000 [Z000 Bal Utilities Payable Interest Payable Unearned Revenue Notes Payable-Williamson ae 75 (a) Tquo Bee 18,000 Dec 280 Bal 18 50 Bal INYO Bal 1€\000 Po Capital-Williamson Withdrawals Service Revenue Salaries Expense “ BO00|60,000 Dec.) Ye 3,060 11,500 3 OF 2.00) 13,4us clos 2000 hes ato Bee 300 cle Teitso Bal BA! © aonarae or closi 20,200] Wo, Wes ey oe BalWilhamsen Quality Avtomehve GENERAL LEDGER Month oF Decemper 31, 301— Rent Expense Utilities Expense Advertising Expense Supplies Expense BE Teo, 28 EE B00 BF woo a (280 cles 800 cles (woo S85 Joo els = ———} a eee ese ee Alpes at aes eee Insurance Expense Interest Expense Depreciation Exp. Equip. Income Summary © 500 (@) 45 (160 ZO \L00 cle: cles Was 500 Clee 35 Ces Igo C¥S 12 des Bal Bal Bal o clos (2,4us] los (3, Oo BalWilliamson Quality Avtome hu Unadjusted Trial Balance December BI, DOI Debits | Credits Cash $54.54] Actounts Receivalol 2,00 OFF ce pales % 000 Prepaid Insurance 4.500] Equipment 10,£00 land 1%,000 Accounts le $2,000 Odi P. Le 230 5 zy ote auable 200 Wolamson -“Capital 50,000 Wihamson = Withdrawal 200 Servi Revenue 7 10,200 alaries Cupense a0) Rent Expense 100 MH Whi Execnse. L30 pert * Evpen 0 ‘Teta Floi.azo lf 101,220Williamson @ alg Avtomebe Adjusted Trial Balance! December 31, Lor Debits Credits Cash 54 540) pee Recoivabl. 2 100) f Supplies 2,400! paid In'surance 44,000 ment 10, 800 Q a fe — Equip meat T1300 eae D 18,00° Count be 2,000 Ohithes Paaie iO Lintere st AY able. 1 Unearned Bien Lado ies Payable Capital 0,000 aes amson = Withdrawals 200 Lo. Z20Q Jaries Expense 3 lec ent Exeen Joo Dhilties "ex cen 30 A Hsing Expense. 300. iF Ey pense (000) nsora. Expen: 500 latece ems eneos I ecialhen &: = Equipment \g otal “ Foz tis |FO2Wilhamson Quality Avtomotive. Income Statement Month Ended December 31, 201 Revenves? g enue $20,200 Eupen i Salaries Eypense. F000 Rent Eyoense. 1p0 ye liies Expen 290 verhsmng Eypen D0 Supplies 7 Expen (200 |nspicance Ey pen. 200. Interest Expense 1 Depreciahon " Expense, - Equip ment {g0 | Total Expense 43 Net Income Bos Wilhamson Quality Avtomotve Statement of Changes in Owner’s Equity Month ended December 31, Dols _Willamson = Capital Dec. 1, 2o1s= vo 2 4 ral 40,006 Net Income fpr the month 13d) 10%, Utos™ Peper otha wal (2000) Walliamson = Capital Deo Al 201 TOTWilhamsen Qvalihy Avhomohve. Balance Sheet December 31, LOIS Assets Liabilities Corrent Assets Corccent Liabi'h Cash Fed suo| Accounts Payabl $2,000 Acct, Rec. 2300] hires Patable 230 | OfGce Sup 400 lnterest Pauable a Prepaid “Ins. YOoO| Vnearned ReXienue dO Talal, 0. - rae asses $l0> 1040 | “Total Current (i Sims Plant Assets: Long-Term ( iaboilities « E ment 410,400 Notes Paualblo. 18 000. ipiee aoe eg Cigo) 10,020 Frotal Liahili fie: $3174 —Land 0. Total Plant Asset 2,020 Owner's Equity Witlamsen -C tal (00, Yos™ Total Asset $97,200 Hotal Lin and be €47,200 | = 10Wi lhamson Post-Closing Trial Balanée Deeember 31, 2o1s~ Quality Avtomehve Debits | Credits Cash $54, 5d0] conn Receivable | 2400} Othe Svoelies 72,400 Prepaid \nsvran 00d Equipment [0,500 A-covmulatrd Depreciation = Equipment Ji Land \ Arcoamts Dauable 2,000 hte yale 25D. nterest Pantable . i] Unearned Revdenve. L440 Nates 00% Whilliamsen © Capital (00, L 392. d40l342.,d40 un