General Journal 2ND QUARTER

Date Description Ref. Dr. Cr.

1-Jun cash J1 1,850,000 ( Invested by owners)
1-Jun Usama's capital J1 925,000
1Jun haris capital 925000
1-Jun cash J1 500,000 (loan taken from accquanitance)
1-Jun notes payable J1 500,000

1-Jun equipment (buses)

J1 1,400,000 ( two buses bought on account)
1-Jun Accounts payableJ1 1,400,000

1-Jun supplies J1 200,000 (office supplies and tripe supllies were bought)
1-Jun cash J1 200,000

1-Jun prepaid rent J1 90,000

1-Jun cash J1 90,000 ( prepaid rent of office is paid)

1-Jun prepaid insuranceJ1(buses) 200,000 (prepaid insurance of buses is paid)

1-Jun cash J1 200,000

3-Jun advertising expense

J1 10,000 (advertising was done for company)
3-Jun Accounts payableJ1 10,000

30-Jun cash J1 600,000 (Total sales Revenue of 3 trips in a month were recorded)
30-Jun service revenue J1 600,000

30-Jun Salary and wages J1

expense 20,000 (salary of two drivers was paid)
30-Jun cash J1 20,000

30-Jun utilities expense J1 30,000 ( utility expense of office is paid)

30-Jun cash J1 30,000
ADJUSTING ENTRIES
30-Jun rent expense J2 30,000
30-Jun prepaid rent J2 30,000

30-Jun insurance expenseJ2 16000

30-Jun prepaid insuranceJ2 16000

30-Jun depreciation expense

J2 5000 ( depreciation of busses)
30-Jun accumulated depreciation
J2 5000

30-Jun supplies expense J2 150,000

30-Jun supplies J2 150,000

MONTH OF APRIL
1-Jul accounts payableJ1 200,000 ( first episode of accounts payable on equipment was paid)
1-Jul cash J1 200,000

3-Jul supplies J1 50,000 ( additional supplies were bought)

3-Jul cash J1 50,000

13-Jul Equipment J1 500,000 ( one moremini bus was bought)

13-Jul cash J1 500,000

15-Jul maintenance andJ1

repairs expense 15000
 15-Jul cash J1 15000

20-Jul accounts recievable

J1 150,000
20-Jul service revenue J1 150,000

22-Jul owner's drawing 100000 ( for personal use)

22-Jul cash 100,000

30-Jul cash J1 500,000 service revenue of 4 trips in tthis month was recorded)
30-Jul service revenue J1 500,000

30-Jul Salaries and wages

J1expense 20,000
30-Jul cash J1 20,000

30-Jul utilities expense J1 28,000

30-Jul cash J1 28,000
ADJUSTING ENTRIES
30-Jul depreciation expense
J2 5000
30-Jul accumulated depreciation
J2 5000

30-Jul insurance expenseJ2 16000

30-Jul prepaid insuranceJ2 16000

30-Jul rent expense J2 30,000

30-Jul prepaid rent J2 30,000

30-Jul supplies expense J2 10,000

30-Jul supplies J2 10,000
MONTH OF MAY
1-August cash J1 150,000
1-August accounts recievable
J1 150,000

3-August supplies J1 50,000

3-August cash J1 50,000

6-August owner's drawing 50000

6-August cash 50,000

31-August cash J1 900,000 ( servive revenue of 3 trips in this month was recorded)
31-August sales revenue J1 900,000

31-August salaries and wagesJ1expense 20,000

31-August cash J1 20,000

31-August utilities expense J1 35,000

31-August cash J1 35,000

ADJUSTING ENTRIES
3 1 AUG depreciation expense
J2 5000
31Aug accumulated depreciation
J2 5000

31-August insurance expenseJ2 16000

31-August prepaid insuranceJ2 16000
31 Aug
31-August rent expense J2 30,000
31-August prepaid rent J2 30,000

31-Aug supplies expense J2 30,000

31-Aug supplies J2 30,000
 Cash Accounts Receivable
Date Explanation Ref. Dr. Cr. Balance Date Explanation Ref. Dr. Cr. Balance
Date 1,850,000 1,850,000 150,000 150,000
Mar 1 J1 500,000 1,350,000 150,000 0
Mar 1 J1 200,000 1,150,000
Mar 1 J1 90,000 1,060,000
Mar 1 J1 200,000 860,000
Mar 1 J1 600,000 1,460,000
Mar 31 J1 20,000 1,440,000 0 0
Mar 31 J1 30,000 1,410,000
Mar 31 200,000 1,210,000 Supplies
Apr 1 50,000 1,360,000 Date Explanation Ref. Dr. Cr. Balance
Apr 2 50,000 1,310,000 200,000 200,000
Apr 3 500,000 810,000 150000 50,000
Apr 13 15,000 795,000 50000 100,000
Apr 15 100,000 695,000 10000
Apr 22 500000 1,195,000 50000 150,000
Apr 30 20,000 1,175,000 30000 120,000
Apr 30 28,000 1,147,000
Apr 30 150000 1,297,000 Revenue
May 1 50,000 1,247,000 Date Explanation Ref. Dr. Cr. Balance
May 3 50,000 1,197,000 600,000 -600,000
May 6 900000 2,097,000 150000 -750,000
May 31 55,000 2,042,000 500000 -1,250,000
May 31 900000 -2,150,000

Equipment
Date Explanation Ref. Dr. Cr. Balance
Mar 1 1400000 1,400,000 Acounts Payable
Apr 13 500000 1,900,000 Date Explanation Ref. Dr. Cr. Balance
1,400,000 -1,400,000
10000 -1,410,000
200000 -1,210,000

Notes Payable
Explanation Ref. Dr. Cr. Balance
Mar 1 500,000 -500,000 Prepaid Rent
Date Explanation Ref. Dr. Cr. Balance
90000 90,000
30000 60,000
30000 30,000
30000 0

Rent Expense
Date Explanation Ref. Dr. Cr. Balance
Mar 31 30000 30,000 Sallaries And Wages
Apr 30 30000 60,000 Date Explanation Ref. Dr. Cr. Balance
May 31 30000 90,000 20000 20,000
20000 40,000
20000 60,000

Utility expense
Date Explanation Ref. Dr. Cr. Balance
Mar 31 30000 30,000 Advertising expense
ape 30 28000 58,000 Date Explanation Ref. Dr. Cr. Balance
May 31 35000 93,000 10000 10,000

insurance Expense
Date Explanation Ref. Dr. Cr. Balance
Mar 31 16000 16,000 prepaid insurance
Apr 30 16000 32,000 Date Explanation Ref. Dr. Cr. Balance
May 31 16000 48,000 200000 200,000

depreciation EXpense
Date Explanation Ref. Dr. Cr. Balance accumulated depreciation equipment
Mar 31 5000 5,000 Date Explanation Ref. Dr. Cr. Balance
Apr 30 5000 10,000 5,000 -5,000
 May 31 5000 15,000 5000 -10,000
5000 -15,000

supplies Expense
Date Explanation Ref. Dr. Cr. Balance owner capital
Mar 31 150000 150,000 Date Explanation Ref. Dr. Cr. Balance
Apr 30 10000 160,000 1,000,000 -1,000,000
May 31 30000 190,000

owners drawing menatinance and repairs

Date Explanation Ref. Dr. Cr. Balance Date Explanation Ref. Dr. Cr. Balance
Apr 22 100000 100,000 15000 15,000
May 6 50000 150,000
 Trial balance
Trial balance
JUNE-JULY-AUGUST
Unadjusted Adjusted
Dr. Cr. Dr. Cr.
Cash 2,042,000 2,042,000
Accounts Receivable 0 0
Supplies 300,000 110000
Equipment 1,900,000 1,900,000
Accounts Payable 1210000 1,210,000
Owner's Capital 1,000,000 1000000
OWNERS DRAWING 150,000 150000
Accumulated Depriciation-Equipment 15000
Prepaid Rent 90,000 0
Prepaid Insurance 200,000 152000
Revenue 2150000 2150000
Notespayble 500000 500000
60,000
Salaries and Wages Expense 60000
Supplies Expense 190000
Rent Expense 90000
Depreciation Expense- Equipment 15000
insurance expense 48000
Maintenance & repairs 15000 15000
utilities expense 93,000 93000
Advertising Expense 10,000 10,000
. 4,860,000 4860000 4,875,000 4875000
 JUNE-JULY-AUGUST
Unadjusted Trial Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 2,042,000 2,042,000 2,042,000
Accounts Receivable 0 0 0
Supplies 300,000 190,000 110000 110,000
Equipment 1,900,000 1,900,000 1,900,000
Accounts Payable 1210000 1,210,000 1,210,000
Owner's Capital 1,000,000 1000000 1,000,000
OWNERS DRAWING 150,000 150000 150,000
Accumulated Depriciation-Equipment 15,000 15000 15,000
Prepaid Rent 90,000 90,000 0
Prepaid Insurance 200,000 48,000 152000 152000
Revenue 2150000 2150000 2,150,000
Notespayble 500000 500000 500,000
60,000
Salaries and Wages Expense 60000 60,000
Supplies Expense 190,000 190000 190,000
Rent Expense 90,000 90000 90,000
Depreciation Expense- Equipment 15,000 15000 15,000
insurance expense 48,000 48000 48,000
Maintenance & repairs 15000 15000 15,000
utilities expense 93,000 93000 93,000
Advertising Expense 10,000 10,000 10,000
Net profit 1,629,000 1,629,000

4,860,000 4,860,000 343,000 343,000 4,875,000 4,875,000 2,150,000 2,150,000 4,354,000 4,354,000
For the month ending August 31,2019

Net income = 1629000

Usama Haris
sallary 50000 50000
interest on partners capital
Usama ( 2% x 925000) 18500
Harris (2% x 925000) 18500

Total Interest Allowane

Total sallaries and Interests 68500 68500

Remaining Income ( 1629000-137000=1492000)

Usama ( 50% x 1492000) 746000
Harris ( 50% x 1492000) 746000

Total Division of income 814500 814500

 General Journal
Date Description Ref. Dr. Cr.
1-Sep cash 100,000
Usama Capital 500000
Share capital 600000

1-Sep cash 100000

haris capital 500000
share capital 600000

2-Sep Cash dividends 500000

dividends payable 500000

5-Sep cash 2000000

share capital 1500000
paid in excess of par common stock 500000

10-Sep Inventory 200000

purchase discount 50000
cash 150000

15-Sep R and D 100000

Cash 100000

20-Sep cash 700000

sales rev 700000

25-Sep cash 200000

common stock 110000
paid in excess of par common stock 90000

30-Sep treasury stock 30000

cash 30000

30-Sep land 65000

common stock 30000
paid in excess of par common stock 35000

30-Sep cash 455000

preffered stock 420000
 paid in excess of par preffered stock 35000

30-Sep cash 8000

treasury stock 6000
paid in capital from trasury stock 2000

30-Sep sallaries and wages expense 90000

federal tax payables 1000
state income tax payable 1000
unions due payable 1000
sallaries and wages payable 87000

30-Sep cash 100000

bonds payable 10000

30-Sep cash 55000

discounts on bonds payable 2000
bonds payable 53000

30-Sep cash 65000

premium on bonds payable 2000
bonds payable 63000

30-Sep salaries and wages payable 85000

cash 85000

30-Sep dividends payable 500000

cash dividends 500000
 Cash
Date Explanation Ref. Dr. Cr. Balance
Date 0
Sep 1 100,000 100,000
Sep 1 100000 200,000
Sep 5 200000 400,000
Sep 10 150,000 250,000
Sep 15 100,000 150,000
Sep 20 700,000 850,000
Sep 25 200000 1,050,000
Sep 30 30000 1,080,000
Sep 30 455000 1,505,000
Sep 30 8000 1,513,000
Sep 30 100000 1,613,000
Sep 30 55000 1,668,000
Sep 30 65000 1,733,000
Sep 30 85,000 1,648,000

Usama Capital
Date Explanation Ref. Dr. Cr. Balance
Sep 1 100,000 100,000

0 0

harris capital
Date Explanation Ref. Dr. Cr. Balance
Sep 1 100,000 100,000
 Bonds payable
Date Explanation Ref. Dr. Cr. Balance
Sep 30 10,000 -10,000
Sep 30 53000 -63,000
Sep 30 63000 -126,000

Premium on bonds
Date Explanation Ref. Dr. Cr. Balance
2,000 -2,000

dividends payable
Date Explanation Ref. Dr. Cr. Balance
Sep 2 500,000 -500,000
Sep 30 500000 0

cash dividends
Date Explanation Ref. Dr. Cr. Balance
Sep 2 500000 500,000
500000 0
 Discounts on bonds payable
Date Explanation Ref. Dr. Cr. Balance
Sep 30 2000 2,000

land
Date Explanation Ref. Dr. Cr. Balance
30 Sep 65000 65,000

Treasury stock
Date Explanation Ref. Dr. Cr. Balance
Sep 30 6,000 -6,000
Sep 30 30000 5000 19,000

preffered stock
Date Explanation Ref. Dr. Cr. Balance
Sep 30 420,000 -420,000

common stock
Date Explanation Ref. Dr. Cr. Balance
Sep 30 30000 30,000
25 Sep 110000 -80,000

sales revenue
Date Explanation Ref. Dr. Cr. Balance
Sep 20 700,000 -700,000

R and D
Date Explanation Ref. Dr. Cr. Balance
Sep 15 100000 100,000

sallaries and wages

Date Explanation Ref. Dr. Cr. Balance
Sep 30 9000 9,000
30 Sep 85000 94,000

state and income tax

Date Explanation Ref. Dr. Cr. Balance
1,000 -1,000
 unions due pyble
Date Explanation Ref. Dr. Cr. Balance
Mar 1 1,000 -1,000

paid in excess of common stock

Date Explanation Ref. Dr. Cr. Balance
Sep 5 50,000 -50,000
25 Sep 90000 40,000
Sep 30 35000 75,000
 Travelholics
Trial balance
June-July-August
Unadjusted Adjusted
Dr. Cr. Dr. Cr.
cash 1648000
Usama Capital 100000
Harris capital 100000
bonds payable 126000
premium on bond payable 2000
dividends payable
cash dividends
discounts on bonds payable 2000
land 65000
treasury stock 19000
preffered stock 420000
common stock 88000
sales revenue 700000
R and D 100000
Sallaries and Wagses payable 94000
State and Income tax 1000
Unions due Payable 1000
Paid in exess of common stock 75000