JOURNAL

DATE ACCOUNT TITLE AND EXPLANATION F DEBIT CREDIT

1-Mar Cash 120,000
Office Equipment 80,000 200,000
M. Lang Capital
Initial Investment
4-Mar Business And License Expense 1,500
Cash 1,500
Payment Of Business Permit
6-Mar Prepaid Rent 35,000
Cash 20,000
Payment For 3 Months Rental 15,000
8-Mar Office Furniture 35,000
Cash 20,000
Accounts Payable 15,000
Partial Payment For Acme
10-Mar Office Supplies 4,500
Accounts Payable 4,500
Purchased O/S Good Office Co.
12-Mar Cash 20,000
Service Income 20,000
For Services Rendered
14-Mar Insurance Expense 2,500
Cash 2,500
Payment For Monthly Income
18-Mar Accounts Receivable 16,500
Service Income 16,500
For Services Rendered
19-Mar Utilities Expense 4,300
Utility Payable 4,300
Received Monthly Bills
20-Mar Accounts Payable 2,250
Cash 2,250
Partial Payment To Good Office Co.
22-Mar Accounts Receivable 14,000
Service Income 14,000
For Services Rendered
24-Mar Accounts Payable 3,750
Cash 3,750
Partial Payment To Acme
26-Mar Representational Expense 2,500
Cash 2,500
Paid For Entertainment
28-Mar Repair And Maintenance Expense 1,800
Cash 1,800
 Payment For Repair And Maintenance
29-Mar M. Lang Withdrawal 10,000
Cash 10,000
Withdrawal Of The Owner
30-Mar Cash 1,500
Notes Receivable 15,000
Accounts Receivable 15,000
Partial Collection From N. Enterprise
31-Mar Salary Expense 25,000
Cash 25,000
Payment For Employees' Salary
INCOME STATEMENT
EASY LANG SERVICES
March 1-31
Service Income 50,500
less: Operating Expense
Salary Expense 25,000
Rent Expense 5,000
Utilities Expense 4,300
Insurance Expense 2,500
Representational Expense 2,500
Repair And Maintenance Expense 1,800
Business And License Expense 1,500
Depreciation Expense Of O/E 667
Depreciation Expense Of O/F 292

Net Income 6,941

OWNER'S EQUITY STATEMENT

EASY LANG SERVICES
March 1-31
M. Lang Capital 200,000
Net Income 6,941
Total 206,941
M. Lang Withdrawal 10,000
M.Lang Capital (Final) 196,941

BALANCE SHEET
EASY LANG SERVICES
Assets
Current Assets
Cash 57,200
Accounts Receivable 14,000
Notes Receivable 15,000
Prepaid Rent 10,000
Office Supplies 4,500
Total Current Assets 100,700
Non-Current Assets
Office Furnitures 35,000
less. Account Depreciation Of O/F 292
Office Equipment 80,000
less. Account Depreciation Of O/E 667

LIABILITIES
EASY LANG SERVICES
Current Liability
Accounts Payable 13,500
Utilities Payable 4,300
Total Current Liabilities 17,800
Non-Current Liabilities
Mortgage Payable 17,800
Total Liabilities 17,800