Ifsa Chapter2 Ial

ASSETS
Description
Opening balance
1 Capitalize
Cash
0
3 Pay landlord
(3,000)
4 Buy equipment
(6,000)
Income
Statement
Amount
0
1,000
6,000
1,200
10,000
10,000
(600)
(600) Ad. expense
12,000
12,000
125
125 Sales revenue

(100)
9b
(100) Cost of goods sold
250
250 Sales revenue

(200)
10b
(200) Cost of goods sold
11 Accrue wages
90
12 Earn subscrip. Fees
100 Investment income
2,000
2,000 Investment income
(1,000)
(1,000) Rent expense

Depreciation
(250) expense
(250)
8A Accrue interest
50
(50) Interest expense
53,850
102,100
125
9,700
6,000
(250) 2,000
10,000
140
1,100 12,000
150,000
53,850
102,100
125
9,700
6,000
(250) 2,000
10,000
140
1,100 12,000
150,000
Total of All Assets

173,525
Totals - Subtotals
Totals -Ending balance
100 Fee revenue
100
Depreciate
4A equipment
Check
(90) Wage expense

(100)
Investment income
13 interest
Investment income
13 unrealized gain
Subtotal
Closing entry
Ending balance
0
285
285
Total of Liabilities Plus Owners' Equity

173,525
155,950
2,000
1,200
3A Rent expense
Dividends
Amount
100,000
Sell books on
9a account
Sell books at
10a conference
Account
150,000
6 Buy books
8 Borrow
Contributed Retained
Capital
Earnings
Amount
Amount
150,000
(100,000)
7 Advertise
OWNERS' EQUITY
Accumulated
Accrued
Prepaid
Accounts
depreciation Rent
Accounts expenses Unearned Bank
rent
Investments receivable Inventory Equipment (equipment) deposit payable
payable
fees
debt
2 Investments
5 Sell subscription
= LIABILITIES +
160,285
285
(285)
0
0
0
0
ASSETS
Description
Debit
Opening balance
1 Capitalize
Cash
Credit
Prepaid rent
Debit
Credit
Accounts receivable
Debit
Credit
Debit
Equipment
Credit
Accumulated depreciation
(equipment)
Rent deposit
Debit
Credit
Debit
Credit
OWNERS' EQUITY
Accounts payable
Debit
Credit
Accrued expenses
payable
Debit
Credit
Unearned fees
Debit
Credit
Bank debt
Debit
Credit
150,000
Income, Revenue
Debit
Credit
Income, Expense
Debit
Credit
3,000
4 Buy equipment
6,000
1,000
2,000
1,200
1,200
10,000
10,000
600
600
12,000
Ad. expense
12,000
125
125
100
9b
Sales revenue
100
250
250
200
10b
90
90
100
13 Investment income interest
Investment income
13 unrealized gain
3A Rent expense
Cost of goods sold

Sales revenue
200
11 Accrue wages
Cost of goods sold

Wage expense
100
Fee revenue
100
100
Investment income
2,000
2,000
1,000
Investment income
1,000
4A Depreciate equipment
250
250
8A Accrue interest
50
50
Rent expense
Depreciation expense
Interest expense
53,850
102,100
125
9,700
6,000
250
2,000
10,000
140
1,100
12,000
150,000
2,575
2,290
53,850
102,100
125
9,700
6,000
250
2,000
10,000
140
1,100
12,000
150,000
2,575
2,290
Total of All Assets

173,525
Totals - Subtotals
Check
Dividends Amount
Credit
6,000
9a Sell books on account
Subtotal
Closing entry
Ending balance
Debit
100,000
6 Buy books
10a Sell books at conference
Account
150,000
3 Pay landlord
7 Advertise
Contributed Capital Amount

Retained Earnings Amount
Debit
Credit
Debit
Credit
0
100,000
8 Borrow
= LIABILITIES +
Inventory
Debit
Credit
2 Investments
5 Sell subscription
Debit
Investments
Credit

173,525
0
0
ASSETS
Description
Debit
Opening balance
Cash
Credit
Prepaid rent
Debit
Credit
53,850
14 Pay the payable
Debit
Investments
Credit
102,100
= LIABILITIES +
Accounts receivable
Debit
Credit
Inventory
Debit
Credit
125
9,700
Debit
Equipment
Credit
6,000
Accumulated depreciation
(equipment)
Rent deposit
Debit
Credit
Debit
Credit
250
2,000
10,000
15 Pay rent
OWNERS' EQUITY
Accrued expenses
payable
Debit
Credit
Accounts payable
Debit
Credit
10,000
140
12,000
Contributed Capital Amount

Retained Earnings Amount
Debit
Credit
Debit
Credit
150,000
Income, Revenue
Debit
Credit
0
Income, Expense
Debit
Credit
2,575
10,000
Account
Debit
Dividends Amount
Credit
2,290
1,000
20,000
17 Pay wages
20,000
690
90
Rent expense
100
Investment income
19 unrealized loss
Consulting income
600
100
1,000
250
8aF Accrue interest
100
Wage expense
Fee revenue
1,000
4aF Depreciate equipment
Investment loss
250
Depreciation expense
100
Interest expnse
42,160
101,100
20,125
9,700
6,000
500
2,000
150
1,000
12,000
150,000
22,675
5,240
42,160
101,100
20,125
9,700
6,000
500
2,000
150
1,000
12,000
150,000
22,675
5,240
Total of All Assets

180,585
Totals - Subtotals
Check
1,100
Bank debt
Debit
Credit
1,000
16 Consulting revenues
Subtotal
Closing entry
Ending balance
Unearned fees
Debit
Credit

180,585
0
0

Ifsa Chapter2 Ial

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Ifsa Chapter2 Ial

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ASSETS

(600) Ad. expense

125 Sales revenue

(100) Cost of goods sold

250 Sales revenue

(200) Cost of goods sold

12 Earn subscrip. Fees

100 Investment income

2,000 Investment income

(1,000) Rent expense

(50) Interest expense

Total of All Assets

Totals -Ending balance

100 Fee revenue

(90) Wage expense

Total of Liabilities Plus Owners' Equity

12 Earn subscrip. Fees

13 Investment income interest

Cost of goods sold

Cost of goods sold

Total of All Assets

9a Sell books on account

10a Sell books at conference

Contributed Capital Amount

Total of Liabilities Plus Owners' Equity

14 Pay the payable

Contributed Capital Amount

18 Earn subscrip. Fees

8aF Accrue interest

4aF Depreciate equipment

Total of All Assets

Total of Liabilities Plus Owners' Equity

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