Minda Trader

General Journal

1-Jul
Cash 5,000,000
Capital 5,000,000

1-Jul
Equipment 500,000
Depreciation expense 41666.65 Annual Depreciation 8333.33333333333
Cash 500,000 Monthly Depreciation 41666.65
Accumulated Depreciation 41666.65

31-Aug
Cash 200,000
Interest Expense 4666.66666666667

Loan Payable 200,000

Interest Payable 4666.66666666667

1-Sep
Accounts Receivable 1,500,000
Service Revenue 1,500,000

1-Oct
Service Revenue 200,000
Accounts Receivable 200,000

1-Nov
Cash 600,000
Service Revenue 200,000
Unearned revenue 400,000

1-Oct
Insurance Expense 240,000
 Cash 240,000
Prepaid Insurance 210000
Insurance Expense 210000

8-Oct
Utilities Expense 65,000
Cash 65,000

9-Oct
Salary expense 250,000
Cash 250,000

1-Dec
Service Revenue 300,000
Accounts Receivable 300,000
 Minda Trader
General Ledger

Cash Capital
5,000,000 500,000 5,000,000

200,000 240,000
600,000 65,000
250,000
5,800,000 1,055,000
4,745,000 5,000,000

Equipment Depreciation Expense

500,000 41,666.65

500,000 41,666.65

Interest Expense Loan Payable

4666.67 200,000

4666.67 200,000

Accounts Receivable Service Revenue

1,500,000 200,000 200,000 1,500,000

300,000 300,000 200,000

500,000 500,000 1,700,000

1,000,000 1,200,000

Insurance Expense Prepeid Insurance

240,000 210,000 210,000

30,000 210,000

Salary Expense
250,000

250,000
 Unadjusted TB
Account DR
Cash 4,745,000
Capital
Equipment 500,000
Depreciation Expense 41,666.65
Acccumulated D.

Interest Expense 4,666.67

Loan Payable
Interest Payable
Accounts Receivable 1,000,000

Accumulated Deprecitaion Service Revenue

41,666.65 Unearned Revenue

Insurance expense 30,000

41,666.65 Prepaid Insurance 210,000

Utilities Expense 65,000

Interest Payable Salary Expense 250,000

4,666.67 Bad debts

Salary Payable

4,666.67 6,846,333
Adjustments:

Unearned Revenue Salary Expense 50,000

400,000 Salary Payable

Bad debts 50000

Accounts Receivable

400,000

Utilities Expense
65,000

65,000
ed TB Adjustments Adjusted TB
CR DR CR DR CR
4,745,000
5,000,000 5,000,000
500,000
41,666.65
41,666.65 41,666.65

4,666.67
200,000 200,000
4,666.67 4,666.67
50,000 950,000
1,200,000 1,200,000
400,000 400,000
30,000

210,000
65,000
50,000 300,000
50,000 50,000
50,000 50,000
6,846,333 100,000 100,000 6,896,333 6,896,333

50,000

50000
 Income Statement
Revenue 1,200,000
Depreciation Expense 41,666.65
Interest Expense 4,666.67
Insurance expense 30,000
Utilities Expense 65,000
Salary Expense 300,000

$441,333.32
Bad debt 50,000 491,333.32
Net Income 708,666.68

Statement of Financial Position

Cash 4,745,000

Equipment 500,000
Accounts Receivable 950,000
Acccumulated D. -41,666.65
Prepaid Insurance 210,000.00
Total Assets $ 6,363,333.35

Loan Payable 200,000

Interest Payable 4,666.67

Unearned Revenue 400,000

Salary Payable 50000
Total liabilities 654,667

OE, Beg 5,000,000

Net Income 708,666.68
Total Equity $ 5,708,666.68