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SUMMER CLASS TECH COMPANY

CHART OF ACCOUNTS

Cash
Accounts Receivable
Prepaid Expenses
Merchandise Inventory-Ah sus Laptop
Merchandise Inventory-A-ser Laptop
Merchandise Inventory-Dhell Laptop
Merchandise Inventory-Bruther Printer
Merchandise Inventory-Fzon Printer
Merchandise Inventory-Computer Accessories
Land
Property, Plant & Equip.
Accum Depr.
Income tax payable
Accounts Payable
Notes Payable
Accrued Salaries
Ordinary Shares @ 100
Share Premium
Retained Earnings
Expenses
SUMMER CLASS TECH COMPANY
PURCHASE JOURNAL

TOTALS
NO. DATE VENDOR TYPE OF INVENTORY TERMS
1 3-Jan-19 Laptop Distributor Ah-sus laptop 2/10, n/30
2 3-Jan-19 Laptop Distributor A-ser laptop 2/10, n/30
3 3-Jan-19 Laptop Distributor Dhell laptop 2/10, n/30
4 12-Jan-19 Printer Industry Corp Fzon laptop COD
5 12-Jan-19 Printer Industry Corp Bruther laptop COD
6 12-Jan-19 Computer Accessories Computer accessories COD
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15
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20
21
22
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24
25
COMPANY
NAL

DR CR
149,000.00 29,000.00 120,000.00
AMOUNT CASH ON ACCOUNT
40,000.00 40,000.00
40,000.00 40,000.00
40,000.00 40,000.00
12,000.00 12,000.00 -
14,000.00 14,000.00 -
3,000.00 3,000.00 -
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-
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-
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-
-
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-
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-
SUMMER CLASS TECH COMPANY
Statement of Financial Position
As of January 31, 2019

ASSETS
CURRENT ASSET
Cash 52,800.24
Accounts Receivable 59,265.54
Prepaid Expenses 7,500.00
Merchandise Inventory-Ah sus Laptop 62,850.00
Merchandise Inventory-A-ser Laptop 56,650.00
Merchandise Inventory-Dhell Laptop 64,600.00
Merchandise Inventory-Bruther Printer 16,655.00
Merchandise Inventory-Fzon Printer 7,845.00
Merchandise Inventory-Computer Accessories 5,234.00
TOTAL CURRENT ASSET
NONCURRENT ASSET
Land 250,000.00
Property, Plant & Equip. 220,000.00
Accum Depr. 3,667.00 216,333.00
TOTAL NONCURRENT ASSET
ASSETS

LIABILITIES LIABILITIES AND SHAREHOLDERS EQUITY


Income tax payable 2,823.54
Accounts Payable 84,000.00
Notes Payable 40,000.00
Accrued Salaries -
TOTAL LIABILITIES
SHAREHOLDERS EQUITY
Ordinary Shares @ 100 550,000.00
Share Premium 33,000.00
Retained Earnings 89,909.25
TOTAL SHAREHOLDERS EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
MPANY
osition
19

333,399.79

466,333.00
799,732.79

REHOLDERS EQUITY

126,823.54

672,909.25
799,732.79
SUMMER CLASS TECH COMPANY
Statement of Financial Position
As of January 31, 2019

Operating Activities
Collection on sales 178,910.24
Payments on purchases 151,345.00
Payments on various operating purchases 64,848.00
(37,282.76)
Financing Activities
Issuance of Notes Payable 40,000.00

Cash beginning balance 50,083.00

Total cash ending balance 52,800.24


SUMMER CLASS TECH COMPANY
SALES JOURNAL

DR

TOTALS 43,346.48 108,335.81


NO. DATE CUSTOMER CASH ACCOUNTS RECEIVABLE
1 1/8/2019 VBN 23,000.00
2 1/8/2019 VBN 4,500.00
3 1/8/2019 VBN 1,300.00
4 1/10/2019 various 36,029.41
5 20-Jan QWE 41,428.57
6 20-Jan QWE 12,105.26
7 20-Jan QWE 5,731.71
8 1/23/2019 various 7,317.07
9 1/27/2019 RTY 20,270.27
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ASS TECH COMPANY
S JOURNAL

CR

108,666.00 151,682.30
TYPE OF INVENTORY TERMS AMOUNT GROSS PROFIT TOTAL SALES
Dhell laptop 2/10,n/30 15,870.00 0.31 23,000.00
Fzon laptop 2/10,n/30 3,330.00 0.26 4,500.00
Computer accessories 2/10,n/30 1,066.00 0.18 1,300.00
Ah-sus laptop COD 24,500.00 0.32 36,029.41
A-ser laptop N/30 29,000.00 0.3 41,428.57
Bruther laptop N/30 9,200.00 0.24 12,105.26
Computer accessories N/30 4,700.00 0.18 5,731.71
Computer accessories COD 6,000.00 0.18 7,317.07
Fzon laptop 2/10,n/30 15,000.00 0.26 20,270.27
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SUMMER CLASS TECH COMPANY
CASH RECEIPTS JOURNAL

DR CR
TOTALS 178,910.24 1,506.51 43,346.48 137,070.27
NO. FROM CASH SALES DISCOUNT CASH SALES ACCOUNTS RECEIVABLE
1 ASD 22,250.00 22,250.00
2 FGH 21,532.50 217.50 21,750.00
3 various 36,029.41 36,029.41
4 JKL 15,072.40 307.60 15,380.00
5 ZXC 28,620.00 28,620.00
6 VBN 28,224.00 576.00 28,800.00
7 various 7,317.07 7,317.07
8 RTY 19,864.86 405.41 20,270.27
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19 -
20 -
21 -
22 -
23 -
24 -
25 -
SUNDRIES
- 0
ACCOUNT TITLE DR CR
SUMMER CLASS TECH COMPANY
CASH DISBURSEMENT JOURNAL

DR CR
TOTALS 29,000.00 122,345.00 -
NO. PAYEE CASH PURCHASES ACCOUNTS PAYABLE PURCHASE DISCOUNT
1 Laptop Distributor 50,675.00
2 employees
3 Various
4 Laptop Distributor 36,000.00
5 Printer Industry Co 12,000.00
6 Printer Industry Co 14,000.00
7 Computer Accessso 3,000.00
8 employees
9 Printer Industry Corp 25,225.00
10 Computer Accessories Inc. 10,445.00
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MPANY
URNAL

CR SUNDRIES
216,193.00 64,848.00 0
CASH ACCOUNT TITLE DR CR
50,675.00
34,000.00 Accrued Salaries 34,000.00
8,273.00 Expenses 8,273.00
36,000.00
12,000.00
14,000.00
3,000.00
22,575.00 Expenses 22,575.00
25,225.00
10,445.00

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SUMMER CLASS TECH COMPANY
GENERAL JOURNAL

ACCOUNT TITLE DR CR
Expenses 1,250.00
Prepaid Expenses 1,250.00
Cash 40,000.00
Notes Payable 40,000.00
SUMMER CLASS TECH COMPANY
INVENTORY RECORD SHEET

TOTALS 173,500.00 149,000.00 108,666.00 213,834.00


TYPE OF INVENTORY GP RATE INVESTMENT INCOMING OUTGOING BALANCE
Ah-sus laptop 32% 47,350.00 40,000.00 24,500.00 62,850.00
A-ser laptop 30% 45,650.00 40,000.00 29,000.00 56,650.00
Dhell laptop 31% 40,470.00 40,000.00 15,870.00 64,600.00
Bruther laptop 24% 11,855.00 14,000.00 9,200.00 16,655.00
Fzon laptop 26% 14,175.00 12,000.00 18,330.00 7,845.00
Computer accessories 18% 14,000.00 3,000.00 11,766.00 5,234.00
SUMMER CLASS TECH COMPANY
TRIAL BALANCE
AS OF DECEMBER 31, 2018
DR CR
Cash 50,083.00
Accounts Receivable 88,000.00
Prepaid Expenses 8,750.00
Merchandise Inventory-Ah sus Laptop 47,350.00
Merchandise Inventory-A-ser Laptop 45,650.00
Merchandise Inventory-Dhell Laptop 40,470.00
Merchandise Inventory-Bruther Printer 11,855.00
Merchandise Inventory-Fzon Printer 14,175.00
Merchandise Inventory-Computer Accessories 14,000.00
Land 250,000.00
Property, Plant & Equip. 220,000.00
Accum Depr. 3,667.00
Accounts Payable 86,345.00
Accrued Salaries 34,000.00
Ordinary Shares @ 100 550,000.00
Share Premium 33,000.00
Retained Earnings 83,321.00
Expenses
790,333.00 790,333.00
SUMMER CLASS TECH COMPANY
TRIAL BALANCE
AS OF JANUARY 31, 2019
DR CR
Cash 52,800.24
Accounts Receivable 59,265.54
Prepaid Expenses 7,500.00
Merchandise Inventory-Ah sus Laptop 47,350.00
Merchandise Inventory-A-ser Laptop 45,650.00
Merchandise Inventory-Dhell Laptop 40,470.00
Merchandise Inventory-Bruther Printer 11,855.00
Merchandise Inventory-Fzon Printer 14,175.00
Merchandise Inventory-Computer Accessories 14,000.00
Land 250,000.00
Property, Plant & Equip. 220,000.00
Accum Depr. 3,667.00
Notes Payable 40,000.00
Accounts Payable 84,000.00
Accrued Salaries -
Ordinary Shares @ 100 550,000.00
Share Premium 33,000.00
Retained Earnings 83,321.00
Purchases 149,000.00
Purchase Discount -
Sales 151,682.30
Sales Discount 1,506.51
Expenses 32,098.00

945,670.30 945,670.30
SUMMER CLASS TECH COMPANY
INCOME STATEMENT

SALES 151,682.30
LESS: SALES DISCOUNT 1,506.51 150,175.79
COST OF GOODS SOLD
ADD: BEG. INVENTORY 173,500.00
PURCHASES 149,000.00
LESS: PURCHASE DISCOUNT - 322,500.00
TGAS 322,500.00
LESS: END. INVENTORY 213,834.00 108,666.00
GROSS PROFIT 41,509.79
LESS:
EXPENSES 32,098.00
INCOME BEFORE TAX 9,411.79
TAX 2,823.54
NET INCOME 6,588.25
SUMMER CLASS TECH COMPANY
AP SUBSIDIARY LEDGER

TOTALS 122,345.00 206,345.00 84,000.00


NO. PAYEE DATE TRANSACTED DEBIT CREDIT BALANCE
1 Laptop Distributor 20-Dec-18 50,675.00 50,675.00 -
2 Printer Industry Corp 24-Dec-18 25,225.00 25,225.00 -
3 Computer Accessories Inc. 28-Dec-18 10,445.00 10,445.00 -
4 Laptop Distributor 3-Jan-19 36,000.00 40,000.00 4,000.00
5 Laptop Distributor 3-Jan-19 - 40,000.00 40,000.00
6 Laptop Distributor 3-Jan-19 - 40,000.00 40,000.00
7 Printer Industry Corp 12-Jan-19 - - -
8 Printer Industry Corp 12-Jan-19 - - -
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TERMS SUMMARY
2/10,n/30
2/10,n/30
2/10,n/30
2/10, n/30
2/10, n/30
2/10, n/30
COD
COD
SUMMER CLASS TECH COMPANY
AR SUBSIDIARY LEDGER

TOTALS 79,535.81
NO. CUSTOMER DATE TRANSACTED DEBIT CREDIT BALANCE
1 ASD 12/23/18 22,250.00 22,250.00 -
2 FGH 12/25/18 21,750.00 21,750.00 -
3 JKL 12/28/18 15,380.00 15,380.00 -
4 ZXC 12/29/18 28,620.00 28,620.00 -
5 VBN 1/8/2019 23,000.00 23,000.00 -
6 VBN 1/8/2019 4,500.00 4,500.00 -
7 VBN 1/8/2019 1,300.00 1,300.00 -
8 various 1/10/2019 - -
9 QWE 1/20/2018 41,428.57 41,428.57
10 QWE 1/20/2018 12,105.26 12,105.26
11 QWE 1/20/2019 5,731.71 5,731.71
12 various 1/23/2019 - -
13 RTY 1/27/2019 20,270.27 20,270.27
14 0 -
15 0 -
16 -
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TERMS SUMMARY
2/10,N/30
1/10,N/30
2/15,N/30
3/5,N/30
2/10,n/30
2/10,n/30
2/10,n/30
COD
N/30
N/30
N/30
COD
2/10,n/30