Here is our discussion before.

For posting - TB after adjustment-Fin Statement-closing-reversing, p

on your own. You may do it together with your friends/group before your final exam due. Please
really can do all the steps in accounting cycle for this case to get ready for your final exam. Remem
vs perpetual; Net-vs-gross (discount); FIFO-LIFO-WA; FOB shipping point vs destination, petty cas
reconciliation, allowance for doubtfull account (using % A/R or %sales - difference treatment in b
of allowance for doubtfull account for both methods, etc)

Anna Retail company had the following account balances on Dec 1, 2018
(in $)
Cash-SkyBank 8,200
Account Receivable 4,615
Allowance for doubtful account 15 (based on aging schedule method ==> change to % of A/R) policy
Inventory 12,300 (75 UNITS @ 164)
Office Supplies 1,200
Equipment 22,000
Accumulated Depreciation - Equipment 3,200
Account Payable 4,800
Salary and Wages Payable 1,000
Capital, Anna 39,300
-
Using perpetual system, NET amount for the possibility of discount. Inventory account in that trial balance consist of 75 unit @
During December, the company completed the following transactions
(rounding to nearest dollar)

December 1 Established a petty cash fund of $200 by issuing check no 468 to petty cash cashier. The company used impr
2 Buy store supplies using petty cash fund $50 (record in OFFICE SUPPLIES)
6 Paid $1600 for salaries and wages due to employees using check No 469, of which $600 is for December and
7 Buy postage stamps using petty cash fund $30. usually it will be recorded as office supplies
8 Received check No 77820 from customer for $2,100 cash in payment of account (no discount allowed)
10 Cash sales of 25 unit merchandise for $6,600, receive check No 85700 due today. The cost of merchandise s
12 Repair the office door and window for $50 funded from petty cash
13 Purchased merchandise on account from Grange Co for 70 unit with $160 per unit, terms 2/10, n/30
15 Purchased office supplies for cash $2,000 using check no 470
18 Sold 50 unit merchandise on account for $13.000, terms 3/10, n/30. Company uses weighted average inven
20 Paid salaries and wages $1,800 by issuing check no 471
23 Paid Grange Co, in full less discount using check no 472 ==> outstanding check
27 Received collection in full, less discounts, from customers billed on December 18, check no 678390

Adjustment data is as follow 1261000

1 Accrued salaries and wages payable is $800
2 Depreciation is $200 per month
3 Based on physical count, there is only $1.700 supplies on hand
4 Based on physical count, there is only 69 unit inventory on the warehouse.
5 Company received bank statement from SkyBank for the month of December, the information are as follow

Beginning balance is $8070 and ending balance for that month is $11400. Check no 472 and chek
678390 have not written on the bank statement for december. From the statement, we can see t
bank credited the interest for $280 and debited for the bank administration fee $40 and tax for t
given is $10

6 On Dec 28, the company has a new policy to apply allowance for doubtfull account to 2% of the Account Re
balance, not using aging schedule anymore (rounding to nearest $)
7 proprietorshio to partnership
ement-closing-reversing, please continue
ur final exam due. Please be sure that you
or your final exam. Remember : periodic
t vs destination, petty cash, bank
difference treatment in beginning balance

od ==> change to % of A/R) policy change in Dec 28.

t trial balance consist of 75 unit @ $164 per unit. 0

h cashier. The company used imprest system, and replenish the patty cash at the end of the months

of which $600 is for December and $1,000 is for November salaries and wages payable
s office supplies
ccount (no discount allowed)
today. The cost of merchandise sold uses the weighted average methods (rounding tobuy
nearest $) sell
unit unit
per unit, terms 2/10, n/30 beg bal 1/12 75 164 12,300
10 25
any uses weighted average inventory methods (rounding to nearest13
$) 70 160 10,976

anding check
ber 18, check no 678390 18 50
ber, the information are as follows:

is $11400. Check no 472 and chek no

From the statement, we can see that that
ministration fee $40 and tax for the interest

account to 2% of the Account Receivable

 264

sell unit cost/unit total cost total price

cost/unit total cost total price

164 4100 6600 50 164 8200

70 160 10,976
120 19176
159.8
160 8000 13000 70 160 11200 inventory akhir

260
 PERPETUAL - NET AMOUNT J-PN1
DATE ACCOUNT REF DEBET CREDIT
1-Dec Petty cash 109 200
Cash-SkyBank 110 200
6-Dec Salaries& wages payable 216 1,000
Salaries& wages expense 620 600
Cash-SkyBank 110 1,600
8-Dec Cash-SkyBank 110 2,100
Account Receivable 112 2,100
10-Dec Cash-SkyBank 110 6,600
Sales 410 6,600
Cost of Merchandise Sold 510 4,100
Inventory 115 4,100
13-Dec Inventory 115 10,976
Account Payable - Grange 210 10,976
15-Dec Office Supplies 116 2,000
Cash-SkyBank 110 2,000
18-Dec Account Receivable 112 12,610
Sales 410 12,610
Cost of Merchandise Sold 510 8,000
Inventory 115 8,000
20-Dec Salaries & Wages Expense 620 1,800
Cash-SkyBank 110 1,800
23-Dec Account Payable - Grange 210 10,976
Cash-SkyBank 110 10,976
27-Dec Cash-SkyBank 110 12,610
Account Receivable 112 12,610
31-Dec Office supplies 116 80
Repair expense 631 50
Cash-SkyBank 110 130
 PERIODIC - GROSS AMOUNT J-PG1

10976
15-Dec Supplies 116 2000

18-Dec Account Receivable 112 12000

12610
20-Dec Salaries & Wages Expense 620 1800
Cash 110 1800

Purchase Discount 480 #REF!

Cash 110 #REF!
27-Dec Cash 110 #REF!
Sales Discount 415 #REF!

#REF! #REF!
Journal for transaction using Petty Cash

###
11200 98% 10976
 PERPETUAL - NET AMOUNT

ADJUSTMENT JOURNAL J-PN2 A

DATE ACCOUNT NAME REF DEBET CREDIT Name A
31-Dec Salaries & Wages Expense 620 800 28-Dec Salaries & Wages Exp
Saalries & Wages Payable 216 800

(Accrues salaries & wages payable) (Accrues salaries & w

Depreciation Expense 625 200 Depreciation Expense
Accumulated Depreciation 124 200
(Depreciation is $200 per month) (Depreciation is $200
Supplies Expense 630 1,580 3,280 1700 Supplies Expense
Supplies 116 1,580 1,580
(Supplies on hand $1,700) (Supplies on hand $1,
Cost of Goods Sold 160 70 - 1
Inventory 160
(inventory loss of 1 unit)
Cash-SkyBank 110 230
Tax expense 633 10
Bank Administratif Expense 632 40
Interest Revenue 280
(adjustment for bank reconcilliation)
Bad debt expense 35 2,515
Allowance for doubtfull account 35 50.3 15
(allowance of A/R) 35

adjustment A/R
 PERIODIC - GROSS AMOUNT
1 Accrued salaries and wages payable is $80
ADJUSTMENT JOURNAL J-PG2 2 Depreciation is $200 per month
Name Account Ref Debit Credit 3 Based on physical count, there is only $1.7
Salaries & Wages Expense 620 800 4 Based on physical count, there is only 69 u
Saalries & Wages Payable 216 800 5 Company received bank statement from S

Beginning balance is $8070 and

678390 have not written on the
bank credited the interest for $
(Accrues salaries & wages payable) interest given is $10
Depreciation Expense 625 200 6 On Dec 28, the company has a new policy
Accumulated Depreciation 124 200 balance, not using aging schedule anymor
(Depreciation is $200 per month) 7 proprietorshio to partnership
Supplies Expense 630 1500
Supplies 116 1500 adjustment cash petty cash
(Supplies on hand $1,700) reconciliation
supplies
2500 2500 inventory
account receivable
fixed asset

A/R 2,515
Afda 2% 50.3 dibulatkan
51
 alaries and wages payable is $800
tion is $200 per month
physical count, there is only $1.700 supplies on hand
physical count, there is only 69 unit inventory on the warehouse.
received bank statement from SkyBank for the month of December, the information are as follows:

Beginning balance is $8070 and ending balance for that month is $11400. Check no 472 and chek no
678390 have not written on the bank statement for december. From the statement, we can see that that
bank credited the interest for $280 and debited for the bank administration fee $40 and tax for the
interest given is $10
8, the company has a new policy to apply allowance for doubtfull account to 2% of the Account Receivable
not using aging schedule anymore (rounding to nearest $)
rshio to partnership

reconciliation
 ANNA COMPANY
BANK RECONCILIATION
DEC 31, 20XX
Cash per bank - Skybank Dec 31 11,400
Add deposit in transit 12,610

Less Out standing Check -10,976

13,034

Cash per book - Anna Company 12,804

Add interest revenue 280

Less bank administration fee -40

tax expense -10
13,034
 5 Company received bank statement from SkyBank for the month of December,

Beginning balance is $8070 and ending balance for that month is $11400. Check no
472 and chek no 678390 have not written on the bank statement for december.
From the statement, we can see that that bank credited the interest for $280 and
debited for the bank administration fee $40 and tax for the interest given is $10

Check No 472 10,976

Check No 678390 12610

Check No 472 is issued by anna company and anna give it to grange. Whenever grange bring the check to
the skybank. Skybank has to pay to grange. Meaning that the bank will reduce the balance of anna
 PERPETUAL - NET AMOUNT

General Ledger
Petty Cash
Balance
Date Item Ref Debit Credit
Debit
Dec-01 Establishment J-PN1 200 200

General Ledger
CASH-SkyBank
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 8,200 8,200
1-Dec J-PN1 200 8,000
6-Dec J-PN1 1,600 6,400
8-Dec J-PN1 2,100 8,500
10-Dec J-PN1 6,600 15,100
15-Dec J-PN1 2,000 13,100
20-Dec J-PN1 1,800 11,300
23-Dec J-PN1 10,976 324
27-Dec J-PN1 12,610 12,934
31-Dec J-PN1 130 12,804
31-Dec adjust -bank rekon J-PN2 230 13,034

General Ledger
Account Receivable
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 4,615 4,615
8-Dec J-PN1 2,100 2,515
18-Dec J-PN1 12,610 15,125
27-Dec J-PN1 12,610 2,515

General Ledger
Inventory
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 12,300 12,300
10-Dec J-PN1 4,100 8,200
13-Dec J-PN1 10,976 19,176
 18-Dec J-PN1 8,000 11,176
31-Dec adjust-inv loss J-PN2 160 11,016

General Ledger
Office Supplies
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 1,200 1,200
15-Dec J-PN1 2,000 3,200
31-Dec J-PN1 80 3,280
31-Dec Adjustment J-PN2 1,580 1,700

General Ledger
Equipment
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 22,000 22,000

General Ledger
Accumulated Depreciation - Equipment
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 3,200
31-Dec Adjustment J-PN2 200

General Ledger
Allowance for Doubtfull Account
Balance
Date Item Ref Debit Credit
Debit
Dec-01 Beginning balance
Allowance- adjust J-PN2
Dec-31
 109
Balance
Credit

PERIODIC - GROSS AMOUNT

110 General Ledger
Balance CASH
Credit
Date Item Ref Debit Credit

Beginning Balance 8200

30-Dec J-PG1 0
30-Dec J-PG1 0
30-Dec J-PG1 0
15-Dec J-PG1 #NAME?
20-Dec J-PG1 1800
#NAME? J-PG1 #REF!
27-Dec J-PG1 #REF!

General Ledger
112 Account Receivable
Balance
Date Item Ref Debit Credit
Credit
Beginning Balance 4615
30-Dec J-PG1 0
18-Dec J-PG1 12000
27-Dec J-PG1 #NAME?

General Ledger
115 Supplies
Balance
Date Item Ref Debit Credit
Credit
Beginning Balance 1200
15-Dec J-PG1 2000
28-Dec Adjustment J-PG2 1500
 General Ledger
116 Equipment
Balance
Date Item Ref Debit Credit
Credit
Beginning Balance 22000

1580

General Ledger
123 Accumulated Depreciation - Equipment
Balance
Date Item Ref Debit Credit
Credit
Beginning Balance 3200
28-Dec Adjustment J-PG2 200

General Ledger
124 Inventory
Balance
Date Item Ref Debit Credit
Credit
3,200 Beginning Balance 12300
3,400 #REF! Closing #REF! #REF!
Closing #REF! #REF!

114
Balance
Credit
15
35
50
NT

110
Balance
Debit Credit
8200
8200
8200
8200
#NAME?
#NAME?
#NAME?
#NAME?

112
Balance
Debit Credit
4615
4615
16615
#NAME?

116
Balance
Debit Credit
1200
3200
1700
 123
Balance
Debit Credit
22000

ent 124
Balance
Debit Credit
3200
3400

115
Balance
Debit Credit
12300
#REF!
#REF!
 PERPETUAL - NET AMOUNT
General Ledger
Account Payable
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 4,800
13-Dec J-PN1 10,976
23-Dec J-PN1 10,976

General Ledger
Salaries & Wages Payable
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 1,000
6-Dec J-PN1 1,000
31-Dec Adjustment J-PN2 800
31-Dec Reversing J-PN4 800

General Ledger
Capital, Anna
Balance
Date Item Ref Debit Credit
Debit
Beginning Balance 39,300

Retained Earnings
Balance
Date Item Ref Debit Credit
Debit
31-Dec Closing J-PN3 2,115

General Ledger
Income Summary
Balance
Date Item Ref Debit Credit
Debit
31-Dec Closing J-PN3 19,210
Closing J-PN3 280
Closing J-PN3 17,375
Closing J-PN3 2,115
 210
Balance
Credit
4,800
15,776
4,800

216
Balance
Credit
1,000
0
800
0

310
Balance
Credit
39,300

311
Balance
Credit
2,115

350
Balance
Credit
19,210
19,490
2,115
0
 PERPETUAL - NET AMOUNT
General Ledger
Sales 410
Credit Balance
Date Item Ref Debit
Debit Credit
10-Dec J-PN1 6600 6600
18-Dec J-PN1 12610 19210
31-Dec Closing J-PN3 19,210 0

interest revenue 411

Credit Balance
Date Item Ref Debit
Debit Credit
31-Dec J-PN2 280 280

General Ledger
Cost of Merchandise Sold 510
Balance
Date Item Ref Debit Credit
Debit Credit
10-Dec J-PN1 4100 4100
18-Dec J-PN1 8000 12100
31-Dec Adjst-inv loss J-PN2 160 12260
31-Dec Closing J-PN3 12,260 0

General Ledger
Salaries & Wages Expense 620
Date Item Ref Debit Credit Balance
Debit Credit
6-Dec J-PN1 600 600
20-Dec J-PN1 1800 2400
31-Dec Adjustment J-PN2 800 3200
31-Dec Closing J-PN3 3,200 0
31-Dec Reversing J-PN4 800 -800

General Ledger
Depreciation Expense 625
Date Item Ref Debit Credit Balance
Debit Credit
 31-Dec Adjustment J-PN2 200 200
31-Dec Closing J-PN3 200 0

General Ledger
Supplies Expense 630
Date Item Ref Debit Credit Balance
Debit Credit
31-Dec Adjustment J-PN2 1580 1580
31-Dec Closing J-PN3 1,580 0

Repair Expense 631

Date Item Ref Debit Credit Balance
Debit Credit
31-Dec J-PN1 50 50
31-Dec Closing J-PN3 50

Bank Administration Expense 632

Date Item Ref Debit Credit Balance
Debit Credit
30-Dec J-PN2 40 40
31-Dec Closing J-PN3

Tax Expense 633

Date Item Ref Debit Credit Balance
Debit Credit
31-Dec J-PN2 10 10
31-Dec Closing J-PN3 10 0
Bad debt expenses 634
Date Item Ref Debit Credit Balance
Debit Credit
31-Dec J-PN2 35 35
31-Dec Closing J-PN3 35
 PERIODIC - GROSS AMOUNT
General Ledger
Sales
Balance
Date Item Ref Debit Credit
Debit
30-Dec J-PG1 0
18-Dec J-PG1 #NAME?
#REF! Closing #REF! #REF!

General Ledger
Sales Discount
Balance
Date Item Ref Debit Credit
Debit
27-Dec J-PG1 #REF! #REF!
#REF! Closing #REF! #REF! #REF!

General Ledger
Purchases Discount
Balance
Date Item Ref Debit Credit
Debit
#NAME? J-PG1 #REF!
#REF! Closing #REF! #REF!

General Ledger
Salaries & Wages Expense
Balance
Date Item Ref Debit Credit
Debit
30-Dec J-PG1 0 0
20-Dec J-PG1 1800 1800
28-Dec Adjustment J-PG2 800 2600
#REF! Closing #REF! #REF! #REF!
 #REF! Reversing #REF! #REF! #REF!

General Ledger
Purchase
Balance
Date Item Ref Debit Credit
Debit
30-Dec J-PG1 0 0
#REF! Closing #REF! #REF! #REF!

General Ledger
Depreciation Expense
Balance
Date Item Ref Debit Credit
Debit
28-Dec Adjustment J-PG2 200 200
#REF! Closing #REF! #REF! #REF!

General Ledger
Supplies Expense
Balance
Date Item Ref Debit Credit
Debit
28-Dec Adjustment J-PG2 1500 1500
#REF! Closing #REF! #REF! #REF!
 410

Credit
0
#NAME?
#NAME?

415
Balance
Credit

480 (Revenue)
Balance
Credit
#REF!
#REF!

620
Balance
Credit
 510 (expense)
Balance
Credit

625
Balance
Credit

630
Balance
Credit
 ANNA COMPANY
Trial Balance Before Adjustment Adjustment
Dec 31, 20xx

No.Acct Name Account Debit Credit Debit

109 Petty Cash 200
110 Cash 12,804 230
112 Account Receivable 2,515
114 Allowance for doubtful account 15
115 Inventory 11,176
116 Supplies 3,280
123 Equipment 22,000
124 Accumulated Depreciation - Equipment 3,200
210 Account Payable 4,800
216 Salary and Wages Payable 0
310 Capital, Anna Share capital 39,300
311 Retained Earnings
410 Sales 19210
411 interest revenue
510 Cost of Merchandise Sold 12100 160
620 Salaries & Wages Expense 2400 800
625 Depreciation Expense 200
630 Supplies Expense 1580
631 Repair Expense 50
632 Bank Administration Expense 40
633 Tax Expense 10
634 bad dept expenses 35
66,525 66,525 3,055
Adjustment TB after Adjustment Income statement Balance Sheet Closing Entry

Credit Debit Credit Debit Credit Debit Credit Debit

200 200 200
13,034 13,034 13,034
2,515 2,515 2,515
35 50 50
160 11,016 11,016 11,016
1,580 1,700 1,700 1,700
22,000 22,000 22,000
200 3,400 3,400
4,800 4,800
800 800 800
39,300 39,300

19,210 19,210
280 280 280
12,260 12,260
3,200 3,200
200 200
1,580 1,580
50 50
40 40
10 10
35 35
3,055 67,840 67,840 17,375 19,490 50,465 48,350 50,465
2,115 2,115

PERIODIC - GROSS AMOUNT

Trial 28-Dec-18
Balance Before
Adjustment
No.Acct Name Account Debit Credit
110 Cash #NAME?
112 Account Receivable #NAME?

115 Inventory 12300

116 Supplies 3200
123 Equipment 22000
124 Accumulated Depreciation - Equipment 3200
210 Account Payable #NAME?
216 Salary and Wages Payable 1000
310 Share Capital - Ordinary 39300
Err:509 Retained Earning Err:509
410 Sales #NAME?
415 Sales Discount #REF!
480 Purchase Discount #REF!
620 Salaries & Wages Expense 1800
510 Purchase 0
#REF! #REF!
Closing Entry

Credit Debit Credit Debit Credit

50

3,400
4,800
800
39,300
2,115

50,465
 PERPETUAL - NET AMOUNT

Jurasic Retail Company

Income Statement
for the month ended December 31, 2018
Revenue
Sales 19,210
interest revenue 280
Expense
Cost of Merchandise Sold 12,260
Salaries & Wages Expense 3,200
Depreciation Expense 200
Supplies Expense 1,580
Repair Expense 50
Bank Administration Expense 40
Tax Expense 10
bad dept expenses 35
17,375

Net Income 2,115

Jurasic Retail Company

Retained Earning Statement
for the month ended December 31, 2018
Retained Earning December 1 2018

ADD
Net Income 2115
2115
MIN
Dividend 0

Retained Earning 2115

Jurasic Retail Company

Statement Of Financial Position
for the month ended December 31, 2018

ASSET
Current Asset
 Petty Cash 200
Cash 13,034
Inventory 11,016
Supplies 1,700
Equipment 22,000
Accumulated Depreciation - Equipment 3,400
Account Receivable 2,515
Allowance for doubtful account 50

TOTAL ASSETS 47,015

LIABILITY
Account Payable 4,800
Salary and Wages Payable 800
5,600

EQUITY
Capital 39,300
Retained Earning 2115
41,415
47,015

Jurasic Retail Company

STATEMENT OF CHANGES IN EQUITY
for the month ended December 31, 2018
Equity 1 Dec 2018 39,300

ADD
Net Income 2115
41415

LESS
Dividend 0

41415

Jurasic Retail Company

CASH FLOW
for the month ended December 31, 2018
Cash flow from operating activities
Cash received from revenue 21,540
 Cash payment for expenses 5,730
Cash payment of account payable 10,976
Cash payment for prepaid insurance

Net Cash flow from operating activies 4,834

Cash flow from financing activities
Cash received from investment
Cash Dividend
Net Cash flow from financing activies
Cash flow from investing activities
Cash payment for purchasing equipment

Cash flow, beginning balance December,1 2018 8,200

Cash flow, ending balance December 31, 2018 13,034

8200 cash from beginning balance

1600 paid salaries
2100 received cash from customer
6600 sold merchandise
2000 purcahse supplies
1800 paid salaries
10,976 paid account payable
12,610 received cash from customer
 Closing Entry J-PN3
DATE ACCOUNT NAME REF DEBET CREDIT
31-Dec Sales 410 19,210
Income summary 350 19,210
31-Dec interest revenue 411 280
Income summary 350 280
31-Dec Income summary 350 17,375
Cost of Merchandise Sold 510 12,260
Salaries & Wages Expense 620 3,200
Depreciation Expense 625 200
Supplies Expense 630 1,580
Repair Expense 631 50
Bank Administration Expense 632 40
Tax Expense 633 10
bad dept expenses 634 35
31-Dec Income summary 350 2,115
retained Earings 311 2,115
38,980 38,980
 31-Dec
Reversing Journal J-PN4
DATE ACCOUNT NAME REF DEBET CREDIT
31-Dec Salaries & Wages Payable 216 800
Salaries & Wages Expense 620 800