1

Date Title of account Debit Credit

6-Dec Salaries and wages payable 1140

Salaries expense 700
Cash 1840

8-Dec Cash 1950

Account receivable 1950

10-Dec Cash 6970

Sales 6970

Cost of good sold 3820

Inventory 3820

13-Dec Inventory 9500

Accounts payable 9500

15-Dec Supplies 1790

Cash 1790

18-Dec Account receivable 12700

Sales 12700

Cost of good sold 8280

Inventory 8280

20-Dec Salaries expense 1550

Cash 1550

23-Dec Account payable 9500

Inventory 190
Cash 9310

27-Dec Cash 12319

Sales discount 381
Account receivable 12700

2 Adjusting entries,on dec 31

1 Salaries expense 590
Salaries wages payable 590

2 Depreciation expense 219

 Accumulated Depreciation—Equipment 219

3 Supplies expenses 1540

Supplies 1540

4 Income tax expense 180

income tax payable 180

4 Boline Distributing Company

Adjusted trial balance
as on dec 31,2014

Title of account Debit Credit

Cash 14329
Accounts Receivable 3410
Inventory 9250
Supplies 1550
Equipment 24090
Accumulated Depreciation—Equipment 2628
Accounts Payable 4980
Salaries and Wages Payable 590
Income tax payable 180
Common Stock 15150
Retained Earnings 26691
Salaries expense 2840
Sales 19670
Cost of good sold 12100
Sales discount 381
Dep expense 219
Supplies expense 1540
Income tax expense 180
Total 69889 69889

5 Boline Distributing Company

income statement
For the month ended dec 31,2014

Sales 19670
Less sales discount -381
Net sales 19289
Less COGs -12100
 Gross profit 7189
Less operating expenses
Salaries expense -2840
Dep expense -219
Supplies expense -1540
Earning before taxes 2590
Less income tax -180
Net income 2410

6 Boline Distributing Company

Retained earning statement
For the month ended dec 31,2014

Beginning balance 26691

Add net income 2410
Ending balance 29101

7 Boline Distributing Company

Balance sheet
as on dec 31,2014

Assets
Cash 14329
Accounts Receivable 3410
Inventory 9250
Supplies 1550
Total current assets 28539

Equipment 24090
Less accumulated depreciation -2628 21462
Total assets 50001

Liabilities and share holder equity

Liabilities
Accounts Payable 4980
Salaries and Wages Payable 590
Income tax payable 180
Total current liabilities 5750

Share holder's equity

common stock 15150
Retained earning 29101
Total share holder equity 44251

Total liabilities and SHE 50001

 3

Cash A/Rec.
7580 1840 5360 1950
1950 1790 12700 12700
6970 1550 3410
12319 9310 18060 18060
14329 C/D
28819 28819

Supplies Equipment
1300 1540 24090 24090
1790
1550 C/D 24090 24090
3090 3090

Account payable Salaries and Wages Payable

4,980 1140 1140
9500 590
9500 C/D 590
C/D 4,980 1730 1730
14,480 14,480

Retained Earnings Salaries expense

C/D 26691 26,691 700
1550
26691 26,691 590
2840
2840 2840

COGS Sales discount

3820 381
8280 381
12100 C/d 381 381
12100 12100

Income tax expense

Supplies expense 180 180
1540
1540 C/d 180 180
1540 1540
 Inventory
12040 3820
9500 8280
C/d 190
9250 C/D
21540 21540

Accumulated Depreciation—Equipment
C/D 2409
219
C/D 2628
2628 2628

Common Stock
C/D 15150 15150

15150 15150

Sales
6970
12700
C/d 19670
C/d 19670 19670

Dep expense
219
C/D 219 C/d
219 219

income taxc payable

C/d C/d 180 180
180 180