Date Particulars Post Ref

Nov. 1 Cash 110

Golden Dragon, Capital 300
To record initial investment of Golden Dragon
Nov. 2 Equipment 150
Cash 110
To record purchase of equipment
Nov. 2 Merchadise Inventory 130
Accounts Payable 210
To record purchases on account, 2/10, n/30.
Nov. 3 Office Supplies 140
Cash 110
To record purchase of office supplies
Nov. 4 Account Receivable 120
Sales 410
To record sales on account, 2/10, n/30.
Cost of Good Sold 510
Merchandie Inventory 130
To record cost of merchandise sold
Nov. 5 Freight Out 610
Cash 110
To record payment of transportation cost
Nov. 6 Accounts Payable 210
Merchandie Inventory 130
To record Returns of Inventory
Nov. 11 Accounts Payable 210
Merchandie Inventory 130
Cash 110
To record payment of merchandise purchased within dsicount period
Nov. 13 Cash 110
Sales Discount 420
Accounts Receivable 120
To record collection of credit sales
Nov. 14 Merchadise Inventory 130
Cash 110
To record cash purchases
Nov. 15 Salaries Expense 650
Cash 110
To record payment of salaries
Nov. 16 Cash 110
Notes Payable 220
To record money borrowed from bank
Nov. 17 Cash 110
Merchandie Inventory 130
 To record refund from purchases made
Nov. 18 Merchadise Inventory 130
Accounts Payable 210
To record purchases on account, 2/10, n/30
Nov. 20 Merchadise Inventory 540
Cash 110
To record transportation cost
Nov. 23 Cash 110
Sales 410
To record cash sales
Cost of Good Sold 510
Merchandie Inventory 130
To record cost of merchandise sold
Nov. 26 Merchadise Inventory 130
Cash 110
To record cash purchases
Nov. 27 Accounts Payable 210
Cash 110
To record Partial payment for purchases made on Nov. 18
Nov. 28 Golden Dragon, Drawing 310
Cash 110
To record cash widrawal of Jewel Dragon
Nov. 29 Sales Returns and Allowances 415
Cash 110
To record refund for merchadise sold
Merchadise Inventory 310
Cost of Good Sold 510
To record cost of merchandise returned by customer
Nov. 30 Accounts Receivable 120
Sales 410
To record sales on account,n/30
Cost of Good Sold 510
Merchandie Inventory 310
To record cost of merchandise sold
Nov. 30 Advertising Expense 620
Utilities Expense 630
Rent Expense 640
Salaries Expense 650
Cash 110
To record payment of various expense
Debit Credit
550,000.00
550,000.00

450,000.00
450,000.00

45,000.00
45,000.00

2,000.00
2,000.00

30,500.00
30,500.00

20,300.00
20,300.00

2,000.00
2,000.00

3,000.00
3,000.00

42,000.00
840.00
41,160.00

29,890.00
610.00
30,500.00

40,500.00
40,500.00

15,500.00
15,500.00

120,000.00
120,000.00

5,500.00
5,500.00
 44,200.00
44,200.00

3,000.00
3,000.00

36,400.00
36,400.00

15,500.00
15,500.00

32,300.00
32,300.00

15,000.00
15,000.00

12,208.00
12,208.00

9,500.00
9,500.00

4,500.00
4,500.00

33,700.00
33,700.00

21,500.00
21,500.00

5,500.00
2,000.00
10,500.00
15,500.00
33,500.00

1,618,108.00 1,618,108.00
Account Name: CASH
Account Number: 110
Date Explanation Posting Ref
Nov. 1 To record initial investment of Golden Dragon GJ-1
Nov. 2 To record purchase of equipment GJ-1
Nov. 3 Purchase of Office Supplies GJ-1
Nov. 5 Payment of Freight charge on sales made GJ-1
Nov. 11 Payment of Merchadise purchased GJ-1
Nov. 13 Collection from custmers GJ-1
Nov. 14 Cash Purchase GJ-1
Nov. 15 Payment of Salaries GJ-1
Nov. 16 Borrowed money from bank GJ-1
Nov. 17 Refund from supplier for returns made GJ-1
Nov. 20 Payment of freight charge on purchases made GJ-1
Nov. 23 Cash sales GJ-1
Nov. 26 Cash Purchase GJ-1
Nov. 27 Partial paymet on purchases GJ-1
Nov. 28 Withdarawal of Golden Dragon GJ-1
Nov. 29 Refund to customers for defective merchadise GJ-1
Nov. 330 Payment of Various expenses GJ-1

Account Name: ACCOUNTS RECEIVABLE

Account Number: 120
Date Explanation Posting Ref
Nov. 4 Sales on account 2/10,n/30 GJ-1
Nov. 13 Collection of receviable within discout period GJ-1
Nov. 30 Sales on Account, n/30 GJ-1

Account Name: MERCHADISE INVENTORY

Account Number: 130
Date Explanation Posting Ref
Nov. 2 Acquired Merchandise inventory, 2/10, n/30 GJ-1
Nov. 4 Cost of merchandise sold on account GJ-1
Nov. 6 Cost of merchadise returned GJ-1
Nov. 11 Payment of Merchandise inv. With in discount period GJ-1
Nov. 14 Cash Purchased GJ-1
Nov. 17 Return of merchandise inventory GJ-1
Nov. 18 Purchased inventory on account ,2/10,n/30 GJ-1
Nov. 20 Transportation Cost on Purchased made GJ-1
Nov. 23 Cost of merchandise sold GJ-1
Nov. 26 Purchased of inventory GJ-1
Nov. 29 Cost of Merchandise returned by costumer GJ-1
Nov. 30 Cost of merchandise sold on account GJ-1

Account Name: OFFICE SUPPLIES

Account Number: 140
 Date Explanation Posting Ref
Nov. 3 Purchase of Office Supplies GJ-1

Account Name: EQUIPMENT

Account Number: 150
Date Explanation Posting Ref
Nov. 2 Purchase of Equipment GJ-1

Account Name: ACCOUNTS PAYABLE

Account Number: 210
Date Explanation Posting Ref
Nov. 2 Purchases on Account, 2/10, n/30 GJ-1
Nov. 6 Return of merchandise GJ-1
Nov. 11 Payment of merchadise purchased GJ-1
Nov. 18 Purchases on Account, 2/10, n/30 GJ-1
Nov. 27 Partial payment on purchases GJ-1

Account Name: NOTES PAYABLE

Account Number: 220
Date Explanation Posting Ref
Nov. 16 Borrowed money from bank GJ-1

Account Name: GOLDEN DRAGON, CAPITAL

Account Number: 300
Date Explanation Posting Ref
Nov. 1 To record initial investment of Golden Dragon GJ-1
Nov. 30 Closed income summary account GJ-2
Nov. 30 Closed the drawing Accounts GJ-2

Account Name: JEWEL DRAGON, DRAWING

Account Number: 310
Date Explanation Posting Ref
Nov. 28 Withdarawal of Golden Dragon GJ-1
Nov. 30 Closed the drawing accounts GJ-2

Account Name: SALES

Account Number: 410
Date Explanation Posting Ref
Nov. 4 Sales on account 2/10,n/30 GJ-1
Nov. 23 Cash sales GJ-1
Nov. 30 Sales on Account, n/30 GJ-1
Nov. 30 Closed the accounts with credit balance GJ-2

Account Name: SALES RETURNS AND ALLOWANCE

Account Number: 415
Date Explanation Posting Ref
Nov. 29 Returns of defective merchadise GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2
Account Name: SALES DISCOUNTS
Account Number: 420
Date Explanation Posting Ref
Nov. 13 Collection of Recevables within doscount period GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2

Account Name: COST OF GODS SOLD

Account Number: 510
Date Explanation Posting Ref
Nov. 4 Cost of merchandise sold on account GJ-1
Nov. 23 Cost of merchandise sold GJ-1
Nov. 29 Cost of merchandise returned by customer GJ-1
Nov. 26 Cost of merchandise sold on account GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2

Account Name: ADVERTISING EXPENSE

Account Number: 620
Date Explanation Posting Ref
Nov. 30 Payment of Advertising Expense GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2

Account Name: UTILITIES EXPENSE

Account Number: 630
Date Explanation Posting Ref
Nov. 30 Payment of utilities Expense GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2

Account Name: RENT EXPENSE

Account Number: 640
Date Explanation Posting Ref
Nov. 30 Payment of Rent Expense GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2

Account Name: SALARIES EXPENSE

Account Number: 650
Date Explanation Posting Ref
Nov. 15 Payment of Salaries GJ-1
Nov. 30 Payment of Salaries GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2

Account Name: FREIGHT OUT

Account Number: 610
Date Explanation Posting Ref
Nov. 5 Payment of Freight charge on sales made GJ-1
Nov. 30 Closed the accounts with debit balance GJ-2

Account Name: INCOME SUMMARY

Account Number: 660
Date Explanation Posting Ref
Nov. 30 Closed the accounts with debit balances GJ-2
Nov. 30 Closed the account with credit balance GJ-2
Nov. 31 Closed to Owners equity GJ-3
Debit Credit Balance
550,000.00 550,000.00
450,000.00 100,000.00
2,000.00 98,000.00
2,000.00 96,000.00
41,160.00 54,840.00
29,890.00 84,730.00
40,500.00 44,230.00
15,500.00 28,730.00
120,000.00 148,730.00
5,500.00 154,230.00
3,000.00 151,230.00
36,400.00 187,630.00
32,300.00 155,330.00
15,000.00 140,330.00
12,208.00 128,122.00
9,500.00 118,622.00
33,500.00 85,122.00

Debit Credit Balance

30,500.00 30,500.00
30,500.00 -
33,700.00 33,700.00

Debit Credit Balance

45,000.00 45,000.00
20,300.00 24,700.00
3,000.00 21,700.00
840.00 20,860.00
40,500.00 61,360.00
5,500.00 55,860.00
44,200.00 100,060.00
3,000.00 103,060.00
15,500.00 87,560.00
32,300.00 119,860.00
4,500.00 124,360.00
21,500.00 102,860.00
102,860.00
Debit Credit Balance
2,000.00 2,000.00

Debit Credit Balance

450,000.00 450,000.00

Debit Credit Balance

45,000.00 45,000.00
3,000.00 42,000.00
42,000.00 -
44,200.00 44,200.00
15,000.00 29,200.00

Debit Credit Balance

120,000.00 120,000.00

Debit Credit Balance

550,000.00 550,000.00
13,310.00 536,690.00
12,208.00 524,482.00

Debit Credit Balance

12,208.00 12,208.00
12,208.00 -

Debit Credit Balance

30,500.00 30,500.00
36,400.00 66,900.00
33,700.00 100,600.00
100,600.00 -

Debit Credit Balance

9,500.00 9,500.00
9,500.00 -
Debit Credit Balance
610.00 610.00
610.00 -

Debit Credit Balance

20,300.00 20,300.00
15,500.00 35,800.00
4,500.00 31,300.00
21,500.00 52,800.00
52,800.00 -

Debit Credit Balance

5,500.00 5,500.00
5,500.00 -

Debit Credit Balance

2,000.00 2,000.00
2,000.00 -

Debit Credit Balance

10,500.00 10,500.00
10,500.00 -

Debit Credit Balance

15,500.00 15,500.00
15,500.00 31,000.00
31,000.00 -

Debit Credit Balance

2,000.00 2,000.00
2,000.00 -
Debit Credit Balance
113,910.00 113,910.00
100,600.00 13,310.00
13,310.00 -
 GOLDEN DRAGON
TRIAL BALANCE
For the motnh ended November 30, 20X9

Account Titles Ref Debit Credit

Cash 110 85,122.00
Accounts Receivable 120 33,700.00
Merchadise Inventory 130 102,860.00
Office Supplies 140 2,000.00
Equipmet 150 450,000.00
Accounts Payable 210 29,200.00
Notes Payable 220 120,000.00
Golden Dragon, Capital 300 550,000.00
Golden Dragon, Drawings 310 12,208.00
Sales 410 100,600.00
Sales Return and Allowances 415 9,500.00
Sales Discounts 420 610.00
Cost of Goods Sold 510 52,800.00
Freight Out 610 2,000.00
Advertising Expense 620 5,500.00
Utilitties Expense 630 2,000.00
Rent Expense 640 10,500.00
Salaries Expense 650 31,000.00
Income Summary 660

Total 799,800.00 799,800.00

 GOLDEN DRAGON
INCOME STATEMENT
For the month of November 30, 20X9

Ref
Sales 410 100,600.00
Less: Sales Returns 415 9,500.00
Less: Sales Discounts 420 610.00 10,110.00
Net Sales 90,490.00
Less: Cost of Sales 52,800.00
Gross Profit 37,690.00
Less Expenses:
Freight Out 610 2,000.00
Advertising Expense 620 5,500.00
Utilities Expense 630 2,000.00
Rent Expense 640 10,500.00
Salaries Expense 650 31,000.00 51,000.00
Net Income - 13,310.00
 GOLDEN DRAGON
STATEMENT OF CHANGES IN EQUITY
for the month of November 30, 20X9

Golden Dragon Capital, Nov 1, 20X9 550,000.00

Less: Loss - 13,310.00
Total 536,690.00
Less: Withdrawals 12,208.00
Golden Dragon Capital, Nov 30, 20X9 524,482.00
 GOLDEN DRAGON
STATEMENT OF CASH FLOW
for the month of November 20x9

Cash Flows from Operating Activties

Collection from Cutomers 66,290.00
Payment of office Supplies - 2,000.00
Payment of Freight Charges - 5,000.00
Payment to Suppliers - 128,960.00
Payment of Operating Expenses - 49,000.00
Refund from Suppliers 5,500.00
Refund to Costumers - 9,500.00

Net Cash Provided/ (used) in Operating Activities - 122,670.00

Cash Flows from Investing Activities

Purchase of Equipment - 450,000.00

Net Cash Provided/ (used) in Investing Activities - 450,000.00

Cash Flows from Financing Activities

Initial Investment 550,000.00
Borrowings from bank 120,000.00
Widrawals of owner - 12,208.00

Net Cash Provided/ (used) in Financing Activities 657,792.00

Increse/ (Decrease) in Cash 85,122.00

Beginning Cash -
Ending Cash 85,122.00
 GOLDEN DRAGON
STATEMENT OF FINANCIAL POSITION
as of November 30, 20x9

ASSETS
Current Assets
Cash 110 85,122.00
Accounts Receivable 120 33,700.00
Merchadise Inventory 130 102,860.00
Office Supplies 140 2,000.00
Total Current Assets 223,682.00
Non- Current Assets
Equipmet 150 450,000.00
TOTAL ASSETS 673,682.00

LIABILITIES AND OWNERS EQUITY

LIABILITIES
Accounts Payable 210 29,200.00
Notes Payable 220 120,000.00
Total Liabilities 149,200.00

OWNERS'S EQUITY
Golden Dragon, Capital 300 524,482.00

TOTAL LIABILITIES AND OWNER'S EQUITY 673,682.00

-
Nov. 30 Sales 410 100,600.00
Income Summary 660 100,600.00
To close temporary accounts with credit balance
Nov. 30 Income Summary 660 113,910.00
Cost of Goods Sold 510 52,800.00
Sales Return and Allowances 415 9,500.00
Sales Discounts 420 610.00
Advertising Expense 620 5,500.00
Utilities Expense 630 2,000.00
Rent Expense 640 10,500.00
Salaries Expense 650 31,000.00
Freight Out 610 2,000.00
To close temporary accounts with debit balance
Nov. 30 Golden Dragon Capital 660 13,310.00
Income Summary 300 13,310.00
To close income summary account
Nov. 30 Golden Dragon Capital 300 12,208.00
Jewel Dragon, drawing 310 12,208.00
- 13,310.00
 GOLDEN DRAGON
POST CLOSING TRIAL BALANCE
For the month ended November 30, 20X9

Account Titles Ref Debit Credit

Cash 110 85,122.00
Accounts Receivable 120 33,700.00
Merchadise Inventory 130 102,860.00
Office Supplies 140 2,000.00
Equipmet 150 450,000.00
Accounts Payable 210 29,200.00
Notes Payable 220 120,000.00
Jewel Dragon, Capital 300 524,482.00

Total 673,682.00 673,682.00