TRANSACTIONS

CHART OF ACCOUNTS
101 Cash
102 Accounts Receivable
103 Prepaid Insurance
104 Service Vehicle

201 Accounts Payable

202 Notes payable

301 Mr. Cheaps, Capital

401 Service Revenue

501
 JOURNAL

DATE ACCOUNT TITLE

2011

1 Aug 1 Cash
2 Mr. Cheaps, Capital
3 Cash Investment/To record cash investment to business
4

5 5 Cash
6 Notes Payable
7 Borrowed cash from bank evidenced by a note
8

9 7 Service Vehicle
10 Accounts payable
11 Purchased service vehicle
12

13 7 Accounts payable
14 Cash
15 Downpayment for the purchased service vehicle on account
16

17 or
18 7 Service Vehicle
19 Accounts Payable
20 Cash
21 Purchased service vehicle with cash downpayment and the rest on account
22

23 10 Prepaid Insurance
24 Cash
25 Prepaid insurance
26

27 20 Accounts payable
28 Cash
29 Paid balance on account for service vehicle purchased
30

31 30 Accounts receivable
Service Revenue
32
 PAGE 1
1 2

PR DEBIT CREDIT DATE

2020

101 100,000 1 Aug 1

301 100,000 2

101 50,000 5 3
202 50,000 6

30,000 9

30,000 10 6
11

12

10,000 13

10,000 14 10
15

16

17

104 30,000 18 13
201 20,000 19

101 10,000 20

21

22 17
103 12,000 23

101 12,000 24

25

26 19
201 20,000 27

101 20,000 28

29

30 22
102 50,000 31

401 50,000 32

33
34 28
35

36

37
38
39
40
 JOURNAL PAGE 1
1 2

ACCOUNT TITLE PR DEBIT CREDIT

Cash 101 100,000

Cliff, Capital 301 100,000
To record cash investment to business

Equipment 150 45,000

Cash 101 37,500
Accounts Payable 201 7500
To record acquisition of equipments on credit with partial payment

Supplies 103 300

Cash 101 300
To record purchased of supplies

Accounts Receivable 102 4000

Service Revenue 401 4000
To record billing of customers

Utilities Expense 502 75

Cash 101 75
To record payment for utilities

Cash 101 5200

Service Revenue 401 5200
To record income

Accounts Payable 201 2000

Cash 101 2000
To record payment for supplies on crredit

Salaries Expense 501 4600

Cash 101 4600
To record salaries of employees
Cash 101 1500
Accounts Receivable 102 1500
To record payment of customers on credit
 JOURNAL

DATE ACCOUNT TITLE PR

1 Jan 5 Purchases
2 Freight-in
3 Accounts Payable - Circle Merchants
4 Cash
5 To record purchase of merchandise on account and payment for transportarion costs;
6 terms 2/10, n/30
7

8 8 Purchases
9 Cash
10 To record cash payment for purchase of merchandise
11

12 9 Accounts Receivable - Apollo Trading

13 Sales
14 Cash
15 To record merchandise sold on credit and payment of transportation costs
16 to be shouldered by buyer; terms 2/15, n/30
17

18 12 Sales Returns and Allowances

19 Accounts Receivable - Apollo Trading
20 To record return of defective merchandise sold
21

22 15 Accounts Receivable - Neptune Trading

23 Freigh-out
24 Sales
25 Cash
26 To record merchandise sold on credit and payment of transportation costs; terms
27 1/10, n/30
28

29 15 Accounts Payable - Circle Merchants

30 Purchase Discount
31 Cash
32 To record cash payment for purchase of merchandise on account within discount period
33
34 16 Purchases
35 Freight-in
36 Accounts Payable - Nyx Merchants
37 To record purchase of merchandise on account and transportarion costs paid by seller;
38 terms 2/10, n/EOM
39

40 17 Accounts Payable - Nyx Merchants

41 Purchase Returns and Allowances
42 To record returns of defective merchandise purchased on account
43

44 18 Purchases
45 Accounts Payable - Medusa Merchants
46 Cash
47 To record merchandise purchased on account and payment of transportation costs
48 to be shouldered by seller
49

50 20 Cash
51 Sales Discount
52 Accounts Receivable - Apollo Trading
53 To record payment of Apollo Trading within discount period
54

55 23 Accounts Payable - Nyx Merchants

56 Purchase Discount
57 Cash
58 To record cash payment for purchase of merchandise on account within discount period
 PAGE 1
1 2

DEBIT CREDIT

100,000
2,000
100,000
2,000

65,000
65,000

52,500
50,000
2,500

3,000
3,000

90,000
3600
90,000
3600

100,000
2,000
98,000
32,000
4,000
36,000

2,000
2,000

60,000
52,000
8,000

48,560
940
49,500

34,000
600
33,400
 CASH ACCOUNT NO.

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011 2011

Aug 1 Investment Gj-1 100,000 Aug 7 Purchased service vehicle Gj-1

5 Borrowed from bank Gj-1 50,000 10 Prepaid Insurance Gj-1
20 Paid balance on account Gj-1
150,000
Bal. 108,000

ACCOUNTS RECEIVABLE ACCOUNT NO. 1

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011

Aug 30 Billed client Gj-1 50,000

Bal. 50,000

PREPAID INSURANCE ACCOUNT NO. 1

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011

Aug 10 Prepaid Insurance Gj-1 12,000

Bal 12,000

SERVICE VEHICLE ACCOUNT NO. 1

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011

Aug 7 Purchased service revenue Gj-1 30,000

Bal 30,000

ACCOUNTS PAYABLE ACCOUNT NO.

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011 2011
Aug 20 Paid balance on account Gj-1 20,000 Aug 7 Purchased service vehicle Gj-1
20,000
Bal. -

NOTES PAYABLE ACCOUNT NO. 2

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011

Aug 5 Borrowed from bank Gj-1

Bal

MR. CHEAPS, CAPITAL ACCOUNT NO. 3

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011

Aug 1 Investment Gj-1

Bal.

SERVICE REVENUE ACCOUNT NO. 4

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
2011

Aug 30 Billed client Gj-1

Bal

CASH ACCOUNT NO. 1

POST. POST.
DATE ITEM REF. DEBIT DATE ITEM REF.
 ACCOUNT NO. 101 CASH

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

10,000 Aug 1 Investment Gj-1 100,000 Aug 3

12,000 17 Income Gj-1 5,200 6
20,000 28 Payment of client on credit Gj-1 1500 13
42,000 19
22
106700
Bal. 62225

ACCOUNT NO. 102 ACCOUNTS RECEIVABLE

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

Aug 10 Billed customers Gj-1 4,000 Aug 28

4,000
Bal. 2500

ACCOUNT NO. 103 SUPPLIES

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

Aug 6 Purchased supplies Gj-1 300 Aug

Bal. 300

ACCOUNT NO. 104 EQUIPMENT

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

Aug 3 Purchased equipment Gj-1 45,000 Aug

Bal. 45,000

ACCOUNT NO. 201 ACCOUNTS PAYABLE

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020
 20,000 Aug 19 Paid supplies on credit Gj-1 2,000 Aug 3
20,000 2,000

ACCOUNT NO. 202 CLIFF, CAPITAL

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

50,000 Aug Aug 1

50,000

ACCOUNT NO. 301 SERVICE REVENUE

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

100,000 Aug Aug 10

100,000 17

ACCOUNT NO. 401 SALARIES EXPENSE

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

50,000 Aug 22 Paid salalries of employees Gj-1 4,600 Aug

50,000 Bal. 4,600

ACCOUNT NO. 101 UTILITIES EXPENSE

POST.
CREDIT DATE ITEM REF. DEBIT DATE
2020 2020

Aug 13 Paid utilities Gj-1 75 Aug

Bal. 75
 ACCOUNT NO. 101

POST.
ITEM REF. CREDIT

Partial payment for equipment Gj-1 37,500

Purchased supplies Gj-1 300
Paid utilities Gj-1 75
Paid supplies Gj-1 2,000
Paid salaries of employees Gj-1 4600
44475

ACCOUNT NO. 102

POST.
ITEM REF. CREDIT

Client's paiyment Gj-1 1,500

1,500

ACCOUNT NO. 103

POST.
ITEM REF. CREDIT

ACCOUNT NO. 150

POST.
ITEM REF. CREDIT

ACCOUNT NO. 201

POST.
ITEM REF. CREDIT
Purchased equipment Gj-1 7,500
7,500
Bal. 5,500

ACCOUNT NO. 301

POST.
ITEM REF. CREDIT

Investment Gj-1 100,000

Bal. 100,000

ACCOUNT NO. 401

POST.
ITEM REF. CREDIT

Billed customers Gj-1 4,000

Income Gj-1 5,200
Bal. 9,200

ACCOUNT NO. 501

POST.
ITEM REF. CREDIT

ACCOUNT NO. 502

POST.
ITEM REF. CREDIT
 Thrifty Company
Unadjusted Trial Balance
August 30, 2011

Account Debit Credit

Cash 108,000
Accounts Receivable 50,000
Prepaid Insurance 12,000
Service Vehicle 30,000
Notes payable 50,000
Mr. Cheaps, Capital 100,000
Service Revenue 50,000
Totals 200,000 200,000
 Cliffside Company
Unadjusted Trial Balance
30-Aug-20

Account Debit Credit

Cash 62,225
Accounts Receivable 2,500
Supplies 300
Equipment 45,000
Accounts payable 5,500
Cliff, Capital 100,000
Service Revenue 9,200
Salaries Expense 4,600
Utilities Expense 75
Totals 114700 114700
 Thrifty Company
Worksheet
For the Month Ended August 30, 2011

UNADJUSTED INCOME BALANCE

TRIAL BALANCE STATEMENT SHEET
Account Dr. Cr. Dr. Cr. Dr.
Cash 108,000 108,000
Accounts Receivable 50,000 50,000
Prepaid Insurance 12,000 12,000
Service Vehicle 30,000 30,000
Notes payable 50,000
Mr. Cheaps, Capital 100,000
Service Revenue 50,000 50,000
Totals 200,000 200,000 - 50,000 200,000
Net Income 50,000
Totals 200,000
 Cliffside Company
Worksheet
For the Month Ended August 30, 2020

BALANCE UNADJUSTED INCOME BALANCE

SHEET TRIAL BALANCE STATEMENT SHEET
Cr. Account Dr. Cr. Dr. Cr. Dr.
Cash 62,225 62225
Accounts Receivable 2,500 2500
Supplies 300 300
Equipment 45,000 45000
50,000 Accounts payable 5,500
100,000 Cliff, Capital 100,000
Service Revenue 9,200 9200
150,000 Salaries Expense 4,600 4600
50,000 Utilities Expense 75 75
200,000 Totals 114700 114700 4675 9200 110025
Net Income 4525
Totals 9200 9200 110025
 For the Ye

BALANCE UNADJUSTED
SHEET TRIAL BALANCE
Cr. Account Dr.
Cash P 237,000
Accounts Receivable 59,400
Notes Receivable 39,600
Merchandise Inventory 247,500
5500 Prepaid Insurance 12,000
100000 Office Supplies 30,000
Delivery Equipment 225,000
Accumulated Depreciation - Delivery equipment
Furniture and Fixtures 180,000
105500 Accumulated depreciation - Furniture and Fixtures
4525 Accounts Payable
110025 Notes Payable
G, Capital
G, Drawing 50,000
Sales
Sales Returns and Allowances 195,000
Purchases 1,125,000
Purchases Reurns and Allowances
Freight-in 12,000
Rent Expense 170,000
Commissions Expense 300,000
Utilities Expense 37,500
Office Supplies Expense 25,000
Delivery Expense 18,000
Totals 2,963,000

Adjustments
Depreciation Expense - Delivery equipment
Depreciation Expense - Furniture and Fixtures
Insurance Expense
Commissions Payable
Salaries Payable
Salaries Expense
Allowance for Uncollectible Accounts
uncollectible Accounts Expense
Totals
Net Income
Totals
 Gino Company
Worksheet
For the Year Ended December 31, 2020

UNADJUSTED ADJUSTMENTS ADJUSTED INCOME BALANCE

TRIAL BALANCE TRIAL BALANCE STATEMENT SHEET
Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr.
P 237,000 P 237,000
59,400 59,400
39,600 39,600
247,500 P 247,500 P 450,000 450,000
(b) 6,000 6,000 6,000
30,000 30,000
225,000 225,000
P 54,000 (a) 18,000 P 72,000
180,000 180,000
45,000 (a) 22,500 67,500
45,000 45,000
105,000 105,000
324,000 324,000
50,000 50,000
2,300,000 2,300,000 2,300,000
195,000 195,000
1,125,000 1,125,000
90,000 90,000 90,000
12,000 12,000
170,000 170,000
(c) 66,000 366,000 366,000
37,500 37,500
25,000 25,000
18,000 18,000
2,963,000

(a) 18,000 18,000 18,000

(a) 22,500 22,500 22,500
(b) 6,000 6,000 6,000
(c) 66,000 66,000
(e) 54,000 54,000
(e) 54,000 54,000 54,000
(f) 13,500 13,500
(f) 13,500 13,500 13,500
180,000 180,000 3,137,000 3,137,000 2,310,000 2,840,000 1,277,000
 530,000
2,840,000 2,840,000 1,277,000
BALANCE
SHEET
Cr.

P 72,000

67,500
45,000
105,000
324,000

66,000
54,000

13,500

747,000
 530,000
1,277,000
 Thrifty Company
Statement of Comprehensive In
For the Month Ended August 30

Service Revenue
Less: Expenses
Net Income

Cliffside Company
Statement of Comprehensive In
For the Month Ended August 30

Service Revenue
Less: Expenses
Salaries Expense
Utilities Expense
Net Income
 Thrifty Company
Statement of Comprehensive Income
For the Month Ended August 30, 2011

P 50,000
(-)
P 50, 000

Cliffside Company
Statement of Comprehensive Income
For the Month Ended August 30, 2020

$9,200

4600
75 -4675
4525
 Gino Company
Income Statement
For the year ended December 31, 2020

Note
Net Sales 1 2,105,000
Cost of Sales 2 844,500
Gross Profit 1,260,500
Operating Expenses
Distribution Expense 3 572,000
Administrative Expense 4 158,500 730, 500
Net Income 530,000
 note 1 - Net Sales
Gross Sales 2,300,000
Less: Sales Returns and Allowances 195,000
Sales Discount 0 195,000
Net Sales 2,105,000

note 2 - Cost of Sales

Merchandise Inventory, Beginning 247,500
Add: Net Cost of Purchases
Purchases 1,125,000
Less:Purchase Returns and Allowances 90,000
Purchase Discounts 0 90,000
Net Purchases 1,035,000
Add: Freight-in 12,000 1,047,000
Total Goods Available for Sale 1,294,500
Less: Merchandise Inventory, Ending 450,000
Cost of sales 844,500

note 3 - Distribution Expense

Rent Expense 170,000
Commissions Expense 366,000
Delivery Expense 18,000
Depreciation Expense - Delivery equipment 18,000
572000

note 4 - Distribution Expense

Utilities Expense 37,500
Office Supplies Expense 25,000
Depreciation Expense - Furniture and Fixtures 22,500
Insurance Expense 6,000
Salaries Expense 54,000
uncollectible Accounts Expense 13,500
158500
 Thrifty Company
Statement of Changes in Owner
For the Month Ended August 3

Mr. Cheaps, Capital - Beg.

Add: Net Income
Mr. Cheaps, Capital - End

Cliffside Company
Statement of Changes in Owner
For the Month Ended August 3

Cliff, Capital - Beg.

Add: Net Income
Cliff, Capital - End
 Thrifty Company Gino Company
Statement of Changes in Owner's Equity Statement of Changes in Owner's Equity
For the Month Ended August 30, 2011 For the Year Ended December 31, 2020

P0 G, Capital, Beginning
50,000 Add: Additional Investment
P 50,000 Net Income
Total
Less: Drawings
Cliffside Company G, Capital, Ending
Statement of Changes in Owner's Equity
For the Month Ended August 30, 2020

100000
4,525
104,525
pany
n Owner's Equity
cember 31, 2020

214,000
110,000
530,000
854000
50,000
804000
 Thrifty Company
Statement of Financial Po
As of August 30, 201

REPORT Current Assets:

ACCOUNT Cash
Accounts Receivable
Prepaid Insurance
Noncurrent Assets:
Service Vehicle
Total Assets

LIABILITIES AND OWNE

Current Liabilities:
Notes payable
Mr. Cheaps, Capital
Total Liabilites and Capital

Cliffside Company
Statement of Financial Po
As of August 30, 202

Current Assets:
Cash
Accounts Receivable
Supplies
Noncurrent Assets:
Equipment
Total Assets

LIABILITIES AND OWNE

Current Liabilities:
Accounts payable
Cliff, Capital
Total Liabilites and Capital
 Thrifty Company
tatement of Financial Position
As of August 30, 2011

ASSETS

P 108,000
50,000
12,000 P 170,000

30,000
P 200,000

LIABILITIES AND OWNER'S EQUITY

P 50,000
150,000
P 200,000

Cliffside Company
tatement of Financial Position
As of August 30, 2020

ASSETS

62,225
2,500
300 65,025

45,000
110025

LIABILITIES AND OWNER'S EQUITY

5500
104,525
110025
 Gino Company
Statement of Financial Position
As of December 31, 2020

Assets Note
Current Assets
Cash 237,000
Accounts Receivable 59,400
Less: Allowance for Uncollectible Accounts 13,500 45,900
Notes Receivable 39,600
Merchandise Inventory 450,000
Prepaid Insurance 6,000
Office Supplies 30,000
Total Current Assets 808500

Non-Current Assets
Delivery Equipment 225,000
Less: Accumulated Depreciation - Delivery equipment 72,000 153,000
Furniture and Fixtures 180,000
Less: Accumulated depreciation - Furniture and Fixtures 67,500 112,500
265,500
Total Assets 1,074,000

Liabilities and Owner's Equity

Current Liabilities
Accounts Payable 45,000
Salaries Payable 54,000
Notes Payable 105,000
Commissions Payable 66,000
Total Current Liabilities 270000

Owner's Equity
G, Capital 804,000

Total Liabilities and Owner's Equity 1074000