K2102 - BASIC ACCOUNTING FOR ENTREPENEUR

WEEK.3. ACCOUNTING FOR MERCHANDISING OPERATION_SS-2020 Name : ..............................

REVIEW AND EXERCISE – WORK SHEET
JUNE, 10 2020 NIM : .............................

No. 1- Vree Distributing Company

GENERAL JOURNAL J1
Date Account Titles and Explanation Ref. Debit Credit
Apr.

Total

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 GENERAL LEDGER
Account : Cash No. 101 Account : Account Payable No. 210
Date Explanation Ref. Debit Credit Balance Date Explanation Ref. Debit Credit Balance
2014 2014
Apr. Apr.

Account : Account Receivable No. 112 Account : Share Capital Ordinary No. 311
Date Explanation Ref. Debit Credit Balance Date Explanation Ref. Debit Credit Balance
2014 2014
Apr. Apr.

Account : Merchandise Inventory No. 120 Account : Sales Revenue No. 401
Date Explanation Ref. Debit Credit Balance Date Explanation Ref. Debit Credit Balance
2014 2014
Apr. Apr.

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Account : Sales Return and Allowances No. 412 Account : Sales Discount No. 414
Date Explanation Ref. Debit Credit Balance Date Explanation Ref. Debit Credit Balance
2014 2014
Apr. Apr.

Account : Cost of Goods Sold No. 505 Account : Freight-Out No. 644
Date Explanation Ref. Debit Credit Balance Date Explanation Ref. Debit Credit Balance
2014 2014
Apr. Apr.

VREE DISTRIBUTING COMPANY

Trial Balance
For April 30, 2014 VREE DISTRIBUTING COMPANY
Income Statement (Partial)
No Account Debit Credit For the Month Ended April 30, 2014
101 Cash ………………. ………………. Sales revenues:
112 Account Receivable ………………. ………………. - Sales ........................ ........................
120 Merchandise Inventory ………………. ………………. - Less: Sales returns and allowances ........................
210 Account Payable ………………. ………………. Sales discounts ........................
311 Share Capital Ordinary ………………. ………………. ........................
401 Sales Revenue ………………. ………………. Net sales ........................
412 Sales Return and Allowances ………………. ………………. Cost of goods sold ........................
414 Sales Discount ………………. ………………. Gross profit ........................
505 Cost of Goods Sold ………………. ……………….
644 Freight-Out ………………. ……………….
Total ………………. ……………….

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No. 2- Mr. Rosiak Fashion Center, Ltd.

GENERAL JOURNAL J4
Date Account Titles and Explanation Ref. Debit Credit
ADJUSTING ENTRIES
Nov. 30

30

30

30

Total - -

GENERAL JOURNAL J5
Date Account Titles and Explanation Ref. Debit Credit
CLOSING ENTRIES
Nov. 30

30

30

30

Total - -

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 Mr. Rosiak Fashion Center
Worksheet
For the Year Ended November 30, 2017
Adjusted Income Statement of Financial
Trial Balance Adjustments
Account Titles Trial Balance Statement Position
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash
Accounts Receivable
Inventory
Supplies
Equipment
Accum. Depreciation- Equipment
Notes Payable
Accounts Payable
Share Capital—Ordinary
Retained Earnings
Dividends
Sales Revenue
Sales Returns and Allowances
Cost of Goods Sold
Salaries and Wages Expense
Advertising Expense
Utilities Expense
Maintenance and Repair Expense
Fright-Out
Rent Expense
    Totals
Supplies Expense
Depreciation Expense-Equipment
Interest Expense
Interest Payable
    Totals
Net Income
Totals

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 Mr. Rosiak Fashion Center Mr. Rosiak Fashion Center
Income Statement Retained Earnings Statement
For the Year Ended November 30, 2017 For the Year Ended November 30, 2017

Sales revenues Retained earnings, November 1, 2017 ........................

- ........................ - Add: ........................
Less: ........................ ........................
Net sales ........................ Less: ........................
Cost of goods sold ........................ Retained earnings, November 30, 2017 ........................
- ........................
Operating expenses:
- ........................
- ........................
- ........................
- ........................
- ........................
- ........................
- ........................
- ........................
........................
Income from operations ........................
- ........................
Net Income ........................

Mr. Rosiak Fashion Center Mr. Rosiak Fashion Center

Statement of Financial Position Post-Closing Trial Balance
November 30, 2017
November 30, 2017

Debet Credit
Assets
Cash ....................... .......................
Property, plant, and equipment
Accounts receivable ....................... .......................
- ........................
Inventory ....................... .......................
- ........................
Supplies ....................... .......................
#VALUE!
Equipment ....................... .......................
Current assets
Accumulated depreciation-Equipment ....................... .......................
- ........................
Notes payable ....................... .......................
- ........................
Accounts payable ....................... .......................
- ........................
Interest payable ....................... .......................
- ........................
Share capital—ordinary ....................... .......................
........................
Retained earnings ....................... .......................
Total assets ........................
Total ....................... .......................
Equity and Liabilities
Equity
- ........................
- ........................
-
Non-current liabilities
- ........................
Current liabilities
- ........................
- ........................
Total equity and liabilities ........................
Total equity and liabilities ........................

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No. 3- ABC STORE
GENERAL JOURNAL
J1
Date Account Title and Explanation Ref Debit Credit
Adjusting Entries
2019
Des-31

Des-31

Des-31

Des-31

Des-31

Des-31

Des-31

Des-31

Total

GENERAL JOURNAL
J2
Date Account Title and Explanation Ref Debit Credit
Closing Entries
2019
Des-31

Des-31

Des-31

Des-31

Total

Page 7 of 10
 ABC STORE
Work Sheet
For the Year Ended, December, 31 2019

Adjusted Income Balance

Trial Balance Adjustment
Account Title Trial Balance Statement Sheet
Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr
Cash 12,850 -
Account Receivable 24,000 -
Notes Receivable 10,000 -
Interest Receivable - -
Merchandise Inventory 40,500 -
Supplies 650 -
Prepaid Insurance 1,200 -
Store Equipment 50,000 -
Accumulated Depreciation-Store Equipment - 2,400
Account Payable - 47,000
Unearned Sales Revenue - 2,000
Wages Payable - -
Interest Payable - -
Notes Payable - 12,600
Share Capital-Ordinary - 35,000
Dividens 15,000 -
Sales Revenue - 168,000
Sales Discount 1,400 -
Sales Returns and Allowance 2,000 -
Interest Income - 600
Cost of Goods Sold 90,500 -
Wages Expense 9,800 -
Rent Expense 8,400 -
Depreciation Expense-Store Equipment - -
Insurance Expense - -
Supplies Expense - -
Interest Expense 1,300 -
Totals 267,600 267,600
Net Income
Totals
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 ABC STORE
Income Statement
For the Year Ended December 31, 2019

Revenues:
................................................................................. ......................
Less : - .................................................................... ......................
- .................................................................... ......................
......................
Net Sales ......................
................................................................................. ......................
................................................................................. ......................

Operating Expenses:
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
Total Operating Expenses ......................
Operating Income ......................

Other Income and Other Expenses:

................................................................................. ......................
................................................................................. ......................
Total expenses ......................
Net Income ......................

ABC STORE
Retained Earning Statement
For the Year Ended December 31, 2019

Retained Earnings January, 1 2018 ......................

Add: Net Income ......................
......................
Less: Dividens ......................
Retained Earnings December, 31 2018 ......................

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 ABC STORE
Statement of Financial Position
December 31, 2019

Assets
Property, Plant, and Equipment:
................................................................................. ......................
................................................................................. ......................
Total Property, Plant, and Equipment ......................

Current Assets:
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
Total Current Assets ......................
Total Assets ......................

Owner’s Equity and Liabilities

Owner’s Equity:
................................................................................. ......................
................................................................................. ......................
-
Liabilities:
Long Term Liabilities:
................................................................................. ......................

Current Liabilities:
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
................................................................................. ......................
Total Current Liabilities: ......................
Total Equity and Liabilities ......................

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