Jurasic Retail company had the following account balances on Dec 1, 2018

(in $) Beginning balance 47,000

Cash 7,200
Account Receivable 4,600
Inventory 12,000 47,000
Supplies 1,200
Equipment 22,000
Accumulated Depreciation - Equipment 2,200
Account Payable 4,500
Salary and Wages Payable 1,000
Share Capital - Ordinary 30,000
Retained Earning 9,300

During December, the company completed the following transactions

December 6 Paid $1600 for salaries and wages due to employees, of which $600 is for December and $1,000 is for No
8 Received $2,100 cash from customers in payment of account (no discount allowed)
10 Sold merchandise for cash $6,600. The cost of the merchandise sold was $4,100
13 Purchased merchandise on account from Grange Co $9,000 terms 2/10, n/30
15 Purchased supplies for cash $2,000
18 Sold merchandise on account $12,000 terms 3/10, n/30. The cost of merchandise sold was $8,400
20 Paid salaries and wages $1,800
23 Paid Grange Co, in full less discount
27 Received collection in full, less discounts, from customers billed on December 18,
Adjustment data is as follow
1 Accrued salaries and wages payable is $800
2 Depreciation is $200 per month
3 Supplies on hand $1,700
Do all the accounting steps using
A Perpetual inventory system, net
B Periodic inventory systems, gross
cember and $1,000 is for November salaries and wages payable

ndise sold was $8,400

 Prepetual Inventory System
GENERAL JOURNAL J P-1
Date Description Ref Debit Credit
6-Dec Salaries & Wages Expense 23 1,600
Cash 11 1,600

8-Dec Cash 11 2,100

Account Receivable 12 2,100

10-Dec Cash 11 6,600

Sales 21 6,600

Cost Of Good Sold 16 4,100

Inventory 13 4,100

13-Dec Inventory 13 9,000

Account Payable 22 9,000

15-Dec Supplies 14 2,000

Cash 11 2,000

18-Dec Account Receivable 22 12,000

Sales 21 12,000

Cost Of good Sold 16 8,400

Inventory 13 8,400

20-Dec Salaries & Wages Payable 18 1,800

Cash 11 1,800

23-Dec Account Payable 22 9,000

Cash 11 8,820
Inventory 13 180

27-Dec Cash 11 11,640

Sales Discount 17 360
Account Receivable 12 12,000
68,600 68,600
 Periodic Inventory System
GENERAL JOURNAL J P-1
Date Description Ref Debit Credit
6-Dec Salaries & Wages Expense 23 1,600
Cash 11 1,600

8-Dec Cash 11 2,100

Account Receivable 12 2,100

10-Dec Cash 11 6,600

Sales 21 6,600

13-Dec Purchase 13 9,000

Account Payable 22 9,000

15-Dec Purchase 13 2,000

Cash 11 2,000

18-Dec Account Receivable 22 12,000

Sales 21 12,000

20-Dec Salaries & Wages Payable 18 1,800

Cash 11 1,800

23-Dec Account Payable 22 9,000

Cash 11 8,820
Purchase Discount 25 180

27-Dec Cash 11 11,640

Sales Discount 17 360
Account Receivable 12 12,000
 Prepetual Inventory System
11
Cash BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance Beginning 7,200 7,200
1,600 5,600
2,100 7,700
6,600 14,300
2,000 12,300
1,800 10,500
8,820 1,680
11,640 13,320

12
Account Receivable BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance Beginning 4,600 4,600
2,100 2,500
12,000 14,500
12,000 2,500

13
Inventory BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance Beginning 12,000 12,000
4,100 7,900
9,000 16,900
8,400 8,500
180 8,320

14
Supplies BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance Beginning 1200 1200
2000 3200
1500 1700

15
Equipment BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
 Beginning Balance Beginning 22000 22000

16
Cost Of Good Sold BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
4100 4100
8400 12500

17
Sales Discount BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
360 360

18
Salaries & Wages Payable BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance Beginning balance 1000 1000
1800 800
800 0

19
Share Capital - Ordinary BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance Beginning balance 30000 30000

20
Retained Earnings BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance Beginning balance 9300 9300

21
Sales BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
6600 6600
12000 18600

22
 Account Payable BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance 4,500 4,500
9000 13,500
9000 4,500

23
Salaries & Wages Expense BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
1600 1600
800 2400

24
Accumulated Depreciation - Equipment BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
Beginning Balance 2200 2200
200 2400

25
Supplies Expense BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
1500 1500

26
Depreciation Expense BALANCE
DATE EXPLANATION REF DEBIT CREDIT DEBIT CREDIT
200 200
 Periodic Inventory System

Cash
DATE EXPLANATION REF
Beginning Balance Beginning bala

Account Receivable
DATE EXPLANATION REF
Beginning Balance Beginning bala

Purchase
DATE EXPLANATION REF

Salaries & Wages Payable

DATE EXPLANATION REF
Beginning Balance Beginning balance

Share Capital - Ordinary

DATE EXPLANATION REF
Beginning Balance Beginning balance
 Equipment
DATE EXPLANATION REF
Beginning Balance Beginning bala

Retained Earnings
DATE EXPLANATION REF
Beginning Balance Beginning balance

Account Payable
DATE EXPLANATION REF

Salaries & Wages Expense

DATE EXPLANATION REF

Accumulated Depreciation - Equipment

DATE EXPLANATION REF
Beginning Balance Beginning balance

Sales
DATE EXPLANATION REF

Purchase Discount
DATE EXPLANATION REF
 Sales Discount
DATE EXPLANATION REF
 11
BALANCE
DEBIT CREDIT DEBIT CREDIT
7,200 7,200
1,600 5,600
2,100 7,700
6,600 14,300
2,000 12,300
1,800 10,500
8,820 1,680
11,640 13,320

12
ivable BALANCE
DEBIT CREDIT DEBIT CREDIT
4,600 4,600
2,100 2,500
12000 14,500
12,000 2,500

13
e BALANCE
DEBIT CREDIT DEBIT CREDIT
9,000 9,000
2,000 11,000

18
s Payable BALANCE
DEBIT CREDIT DEBIT CREDIT
ginning balance 1000 1000
1800 800

19
Ordinary BALANCE
DEBIT CREDIT DEBIT CREDIT
ginning balance 30000 30000

15
nt BALANCE
DEBIT CREDIT DEBIT CREDIT
22000 22000

20
nings BALANCE
DEBIT CREDIT DEBIT CREDIT
ginning balance 9300 9300

22
yable BALANCE
DEBIT CREDIT DEBIT CREDIT
4,500 4,500
9000 13,500
9000 4,500

23
s Expense BALANCE
DEBIT CREDIT DEBIT CREDIT
1600 1600

24
tion - Equipment BALANCE
DEBIT CREDIT DEBIT CREDIT
ginning balance 2200 2200

21
BALANCE
DEBIT CREDIT DEBIT CREDIT
6600 6600
12000 18600

25
count BALANCE
DEBIT CREDIT DEBIT CREDIT
180 180
 17
unt BALANCE
DEBIT CREDIT DEBIT CREDIT
360 360
 Prepetual Inventory System
GENERAL JOURNAL J P-3
Date Description Ref Debit Credit
Salaries & Wages Expense 23 800
Salaries & Wages Payable 18 800

Depreciation Expense 200

Accumulated Depreciation 24 200

Supplies Expense 25 1500

Supplies 14 1500
 Periodic Inventory System
GENERAL JOURNAL J P-3
Date Description Ref Debit Credit
Salaries & Wages Expense 800
Salaries & Wages Payable 800

Depreciation Expense 200

Accumulated Depreciation 200

Supplies Expense 1500

Supplies 1500
 Trial Balance Adjustment Adjusted Trial Balance
Ref Accounts
Debit Credit Debit Credit Debit
Cash 13,320 13,320
Account Receivable 2,500 2,500
Inventory 8,320 8,320
Suppliess 3,200 1,500 1,700
Equipment 22,000 22,000
Accumulated Depreciation 2,200 200
Account Payable 4,500
Salaries & Wages Payable 800 800
Shareholder Capital 30,000
Retained Earnings 9,300
Sales 18,240
Cost Of Good Sold 12,500 12,500
Salaries & Wages Expense 1,600 800 2,400
Depreciation Expense 200 200
Supplies Expense 1,500 1,500

TOTAL 64,240 64,240 2,500 2,500 64,440

NET INCOME
Adjusted Trial Balance Income Statement Balancesheet
Credit Debit Credit Debit Credit
13,320
2,500
8,320
1,700
22,000
2,400 2,400
4,500 4,500
- -
30,000 30,000
9,300 9,300
18,240 18,240
12,500
2,400
200
1,500

64,440 16,600 18,240 47,840 46,200

1,640 1,640
18,240 18,240 47,840 47,840
 Income Statement

Sales 18,240 AS
Cost Of Good Sold 12,500 Current Assets:
Gross Profit 5,740 Cash
Operating Expense Account Receivable
Salaries & Wages Expense 2,400 Inventory
Supplies Expense 200 Supplies
Depreciation Expense 1,500

Fixed Assets:

Total Expense 4,100

Net Income 1,640 Equipment
Accumulated Depreciation -

Total Asset

Capital
Net Income
 Statement of Financial Position

ASSETS LIABILITIES
Current Assets: Account Payable 4,500
13,320 Salaries & Wages Payable -
Account Receivable 2,500
Inventory 8,320 Total Liiabilities 4,500
1,700

Total Current Assets 25,840

Owners Equity
Fixed Assets: Shareholder Capital 31,640
Retained Earnings 9,300
Net
Equipment 22,000 Total Owners Equity 40,940
Accumulated Depreciation - Equipment 2,400
Total Fixed Assets 19,600

Total Assets 45,440 Total Liabilities & Owner's Equity 45,440

Statement Of Owner Equity

30,000
Net Income 1,640
31,640
 Closing Journal J-P4
Date Description Ref Debit Credit
August Sales 18,240
Income Summary 18,240
Income Summary 4,100
Supplies Expense 2,400
Driver Salaries Expense 200
Maintenance Supplies Exp 1,500
Income Summary 30,000
Share Capital - Ordinary 30,000
Total 52,340 52,340
 Reversing Entry
Date Account Name Debit Credit
Supplies 3,200
Supplies Expense 3,200
Salaries & Wages Payable 1,600
Salaries & Wages Expensse 1,600
4,800 4800