Cash in bank $47,000

Cash on hand $10,000

Petty Cash $7,000
Account Receivable $50,000
Finished Goods $32,500
Work in Process $26,230
Materials $50,000
Land $200,000
Factory Building $250,000
Accumulated Depreciation $10,000
Cutting Machine $45,300
Accumulated Depreciation - Cutting Machine $10,000
Sewing Machine $75,000
Accumulated Depreciation - Sewing Machine $10,000
Office Equipment $55,000
Accumulated Depreciation - Office Equipment $7,500
Account Payable $58,875
Notes Payable $105,000
Witholding Tax Payable $10,000
Preferred Stock $200,000
Common Stock $300,000
Retained Earnings ?
 Balance Sheet

ASSET LIABILITIES

Current Asset Current Liabilities

Cash in bank 124,820.00 Notes Payable
Cash on hand 10,000.00 Account Payable
Petty Cash 7,000.00 Loan Payable
Account receivable 99,882.50 Total Liabilities
Finished Good 32,500.00
Work In Process 119,600.00

Materials 128,825.00
Land 200,000.00 STOCKHOLDERS' EQUITY
Factory Building 240,000.00 Common Stock
Sewing Machine 62,000.00 Preferred Stock
Office Equipment 40,500.00 Total Equity
Cutting Machine 33,300.00
Total Asset 1,098,427.50 Total Liabilities and Equity

Retained Earnings $154,533

105,000.00
268,895.00
$70,000
$443,895

$300,000
$200,000
$500,000

$943,895
 Journalize the January Transactions

Date Journal Entries Debit Credit

2-Jan Materials $200,020
Accounts Payable $200,020

2-Jan Payroll $124,000

Accrued Payroll $124,000

5-Jan Work In Process - Job BLP01 $20,000

Work In Process - Job BLP02 $40,000
Work In Process - Job BLP03 $18,000
Work In Process - Job BLP04 $14,000
Factory Overhead Control $12,000
Marketing and Administrative Expense $20,000
Payroll $124,000

5-Jan Work In Process - Job BLP01 $51,600

Work In Process - Job BLP02 $42,000
Work In Process - Job BLP03 $14,575
Work In Process - Job BLP04 $35,000
Factory Overhead Control $7,520
Materials $150,695

5-Jan Work In Process - Job BLP01 $11,250

Work In Process - Job BLP02 $18,000
Work In Process - Job BLP03 $13,500
Work In Process - Job BLP04 $9,000
Applied Factory Overhead $51,750

6-Jan Materials $100,000

Accounts Payable - Supplier A $100,000

6-Jan Advertising Expense $2,000

Cash $2,000

7-Jan Accounts Receivable $255,000

Sales $255,000
Cost of Goods Sold $190,350
Work In Process $190,350

7-Jan Cash $247,000

Sales Discount $13,000
Accounts Receivable $260,000
 7-Jan Rent Expense $1,000
Cash $1,000

7-Jan Prepaid Insurance $2,000

Cash $2,000

8-Jan Marketing and Administrative Expense $15,000

Cash $15,000

9-Jan Factory Overhead Control $22,680

Cash $22,680

10-Jan Cash $25,000

Accounts Receivable $25,000

11-Jan Accounts Payable $10,000

Cash $10,000

12-Jan Office Supplies $5,000

Accounts Payable $5,000

13-Jan Cash $70,000

Notes Payable $70,000

15-Jan Work In Process - Job BLP03 $10,500

Work In Process - Job BLP04 $20,000
Factory Overhead Control $5,000
Materials $35,500

15-Jan Witholding Tax Payable $10,000

Cash $10,000

20-Jan Work In Process - Job BLP05 $15,000

Work In Process - Job BLP06 $20,000
Materials $35,000

25-Jan Accounts Receivable $69,657

Sales $69,657

Cost of Goods Sold $49,755

Finished Goods $49,755

26-Jan Cash $15,000

Account Receivable $15,000
 26-Jan Income Tax and Licenses Expense $1,500
Cash $1,500

27-Jan Electicity Expense $4,000

Cash $4,000

28-Jan Ulitilies Expense $2,000

Cash $2,000

30-Jan Accrued Payroll $124,000

Cash $124,000

30-Jan Depreciation Expense - Office Equipment $7,000

Accumulated Depreciation - Office Equipment $7,000

31-Jan Depreciation Expense - Machinery $5,000

Accumulated Depreciation - Machinery $5,000

31-Jan Accounts Payable $85,000

Cash $85,000

31-Jan Applied Factory Overhead $51,750

Factory Overhead Control $51,750
Cost Of Goods Sold $4,550
Factory Overhead Control $4,550

Total $2,108,207 $2,108,207

 Cash in Bank Cash on Hand
$47,000 $2,000 6-Jan 10,000
$247,000 $1,000 7-Jan
$25,000 $2,000 7-Jan
$70,000 $15,000 8-Jan
$22,680 9-Jan
$10,000 11-Jan
$10,000 15-Jan
$1,500 26-Jan
$4,000 27-Jan
$2,000 28-Jan
$124,000 30-Jan
$85,000 31-Jan
$389,000 $279,180
$109,820

Factory Building
250,000

Acc. Depreciation - Cutting Machine

-10,000
Petty Cash Account Receivable
7,000 50,000

Finished Good Acc. Depreciation

32,500

Sewing Machine
75,000
Receivable

Acc. Depreciation Cutting Machine

-10,000 -10,000
Bazillian

Trial Balance Adjustment

Account Title
DEBIT CREDIT DEBIT CREDIT
Cash in Bank 124,820.00
Cash on Hand 10,000.00
Petty Cash 7,000.00
Account Receivable 99,882.50
Finished Goods 32,500.00
Work in Process 119,600.00
Raw Materials 128,825.00
Prepaid Expense 2,000.00
Land 200,000.00
Factory Building 250,000.00
Accumulated Dep. - Factory Building 10,000.00
Cutting Machine 45,300.00
Accumulated Dep. - Cutting Machine 12,000.00
Sewing Machine 75,000.00
Accumulated Dep. - Sewing Machine 13,000.00
Office Equipment 55,000.00
Accumulated Dep. - Office Equipment 14,500.00
Account Payable 268,895.00
Notes Payable 105,000.00
Loan Payable 70,000.00
Withholding Tax Payable
Preferred Stock 200,000.00
Common Stock 300,000.00
Retained Earning 136,655.00
Sales Revenue 349,882.50
Sales Discount 13,000.00
Cost of Goods Sold 266,505.00
Marketing and Administrative Expense 35,000.00
Advertising Expense 2,000.00
Rent Expense 1,000.00
Taxes and Licenses 1,500.00
Office Supplies Expense 5,000.00
Heat & Light Expense 4,000.00
Utilities Expense 2,000.00
TOTAL 1,479,932.50 1,479,932.50
NET INCOME
TOTAL $1,479,933 1,479,932.50
Adjustment Trial Balance Income Statement Balance Sheet
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
124,820.00 - 124,820.00 -
10,000.00 - 10,000.00 -
7,000.00 - 7,000.00 -
99,882.50 - 99,882.50 -
32,500.00 - 32,500.00 -
119,600.00 - 119,600.00 -
128,825.00 - 128,825.00 -
2,000.00 - 2,000.00 -
200,000.00 - 200,000.00 -
250,000.00 - 250,000.00 -
- 10,000.00 - 10,000.00
45,300.00 - 45,300.00 -
- 12,000.00 - 12,000.00
75,000.00 - 75,000.00 -
- 13,000.00 - 13,000.00
55,000.00 - 55,000.00 -
- 14,500.00 - 14,500.00
- 268,895.00 - 268,895.00
- 105,000.00 - 105,000.00
- 70,000.00 - 70,000.00
- - - -
- 200,000.00 - 200,000.00
- 300,000.00 - 300,000.00
- 136,655.00 - 136,655.00
- 349,882.50 349,882.50 - 349,882.50
13,000.00 - 13,000.00 13,000.00 -
266,505.00 - 266,505.00 266,505.00 -
35,000.00 - 35,000.00 35,000.00 -
2,000.00 - 2,000.00 2,000.00 -
1,000.00 - 1,000.00 1,000.00 -
1,500.00 - 1,500.00 1,500.00 -
5,000.00 - 5,000.00 5,000.00 -
4,000.00 - 4,000.00 4,000.00 -
2,000.00 - 2,000.00 2,000.00 -
1,479,932.50 1,479,932.50 330,005.00 349,882.50 1,479,932.50 1,479,932.50
19,877.50
1,479,932.50 1,479,932.50 349,882.50 349,882.50
BARZILLAI LEATHER PRODUCTS, INC.
Job Order NO.
Zion Street / Rogelim 2021 DATE ORDERED
FOR ABC DATE STARTED
PRODUCT DATE WANTED
SPECIFICATION DATE COMPLETED
QUANTITY

DIRECT MATERIAL
DATE REQ.NO AMOUNT
1 January 2020 -
5 January 2020 51600

DIRECT LABOR
DATE HOURS COST
1 January 2020
5 January 2020 2500 8 20000

FACTORY OVERHEAD APPLIED

DATE MACHINE HOURS COST
1 January 2020
5 January 2020 2500 4.5 11250

Direct Materials : 54600 Selling Price : $120000

Direct Labor: 22000 Factory Cost
Factory Overhead …..........
Marketing expense
Applied: 12250 …
Admin.Expense
….....
Cost to Make
TOTAL 88850
and Sell
Profit 31150
 BLP01
ORDERED

COMPLETED

TOTAL
3000
54600

TOTAL
2000
22000

TOTAL
1000
12250
BARZILLAI LEATHER PRODUCTS, INC.
Job Order NO.
Zion Street / Rogelim 2021 DATE ORDERED
FOR ABC DATE STARTED
PRODUCT DATE WANTED
SPECIFICATION DATE COMPLETED
QUANTITY

DIRECT MATERIAL
DATE REQ.NO AMOUNT
1 January 2020 -
5 January 2020 42000

DIRECT LABOR
DATE HOURS COST
1 January 2020
5 January 2020 4000 10 40000

FACTORY OVERHEAD APPLIED

DATE MACHINE HOURS COST
1 January 2020
5 January 2020 4000 4.5 18000

Direct Materials : 45750 Selling Price: $135000

Direct Labor: 42400 Factory Cost
Factory Overhead …..........
Marketing expense
Applied: 18800 …
Admin.Expense
….....
Cost to Make
TOTAL 106950
and Sell ….............................
Profit 28050
 BLP02

OMPLETED

TOTAL
3750
45750

TOTAL
2400
42400

TOTAL
800
18800
BARZILLAI LEATHER PRODUCTS, INC.
Job Order NO.
Zion Street / Rogelim 2021 DATE ORDERED
FOR ABC DATE STARTED
PRODUCT DATE WANTED
SPECIFICATION DATE COMPLETED
QUANTITY

DIRECT MATERIAL
DATE REQ.NO AMOUNT
1 January 2020 -
5 January 2020 14575
10 January 2020 10500
DIRECT LABOR
DATE HOURS COST
1 January 2020
5 January 2020 3000 6 18000

FACTORY OVERHEAD APPLIED

DATE MACHINE HOURS COST
1 January 2020
5 January 2020 3000 4.5 13500

Direct Materials : 264355 Selling Price: $ 94882.5

Direct Labor: 22500 Factory Cost
Factory Overhead …..........
Marketing expense
Applied: 14400 …
Admin.Expense
….....
Cost to Make
TOTAL 63255
and Sell ….............................
Profit 31627.5
 BLP03

OMPLETED

TOTAL
1280
15855
26355

TOTAL
4500
22500

TOTAL
900
14400
BARZILLAI LEATHER PRODUCTS, INC.
Job Order NO.
Zion Street / Rogelim 2021 DATE ORDERED
FOR ABC DATE STARTED
PRODUCT DATE WANTED
SPECIFICATION DATE COMPLETED
QUANTITY

DIRECT MATERIAL
DATE REQ.NO AMOUNT
1 January 2020 -
5 January 2020 35000
15 January 2020 20000
DIRECT LABOR
DATE HOURS COST
1 January 2020
5 January 2020 2000 7 14000

FACTORY OVERHEAD APPLIED

DATE MACHINE HOURS COST
1 January 2020
5 January 2020 2000 4.5 9000

Direct Materials : 56800 Selling Price …..........................

Direct Labor: 17840 Factory Cost
Factory Overhead …..........
Marketing expense
Applied: 9960 …
Admin.Expense
….....
Cost to Make
TOTAL 84600
and Sell ….............................
Profit
….....................................
 BLP04

OMPLETED

TOTAL
1800
36800
56800

TOTAL
3840
17840

TOTAL
960
9960
BARZILLAI LEATHER PRODUCTS, INC.
Job Order NO.
Zion Street / Rogelim 2021 DATE ORDERED
FOR DATE STARTED
PRODUCT DATE WANTED
SPECIFICATION DATE COMPLETED
QUANTITY

DIRECT MATERIAL
DATE REQ.NO AMOUNT
20 January 2020 -

DIRECT LABOR
DATE HOURS COST

FACTORY OVERHEAD APPLIED

DATE MACHINE HOURS COST

Direct Materials : 15000 Selling Price …..........................

Direct Labor: Factory Cost
Factory Overhead …..........
Marketing expense
Applied: …
Admin.Expense
….....
Cost to Make
TOTAL 15000
and Sell ….............................
Profit
….....................................
 BLP05

OMPLETED

TOTAL
15000

TOTAL

TOTAL
BARZILLAI LEATHER PRODUCTS, INC.
Job Order NO.
Zion Street / Rogelim 2021 DATE ORDERED
FOR ABC DATE STARTED
PRODUCT DATE WANTED
SPECIFICATION DATE COMPLETED
QUANTITY

DIRECT MATERIAL
DATE REQ.NO AMOUNT
20 January 2020 -

DIRECT LABOR
DATE HOURS COST

FACTORY OVERHEAD APPLIED

DATE MACHINE HOURS COST

Direct Materials : 20000 Selling Price …..........................

Direct Labor: Factory Cost
Factory Overhead …..........
Marketing expense
Applied: …
Admin.Expense
….....
Cost to Make
TOTAL 20000
and Sell ….............................
Profit
….....................................
 BLP06

OMPLETED

TOTAL
20000

TOTAL

TOTAL
Barzillai Lether Products, Inc
COST OF GOODS SOLD
For Period Ended January 31, 2020

Direct Material used $ 216,125

Direct Labor $ 92,000
Applied factory overhead $ 51,750
total manufacturing cost $ 364,945
add : wip beg $ 26,230
goods in process $ 391,175
less : wip ending $ 119,600
cost of goods manufactured $ 271,575
add : finished goods beg $ 32,500
goods available for sale $ 304,075
less : finished goods ending $ 32,500
Cost Of Good Sold $ 271,575
 BARZILLAI LEATHER PRODUCTS, INC.
INCOME STATEMENT
For Perioded Ended January 31, 2020
Sales Revenue $ 349,882.50
Less: Sales Discount $ 13,000.00
Net Sales $ 336,882.50
Less: Cost of good sold $ 266,505.00 271575
Gross Profit $ 70,377.50
Less: Operating Expenses
Marketing and Administrative Expense $ 35,000.00
Advertising Expense $ 2,000.00
Rent expense $ 1,000.00
Taxes and license $ 1,500.00
Office supplies expense $ 5,000.00
Heat & Light expense $ 4,000.00
Utilities expense $ 2,000.00 $ 50,500.00
Net Income $ 19,877.50
 BARZILLAI LEATHER PRDODUCTS, INC.
BALANCE SHEET
As of January 31,2020
ASSETS LIABILITIES
Current Assets
Cash in bank 124,820.00 Account Payable
Cash on hand 10,000.00 Notes Payable
Petty Cash 7,000.00 Loan Payable
Account Receivable 99,882.50 Total Liabilities
Finished Goods 32,500.00
Work in Process 119,600.00
Raw Materials 128,825.00
Prepaid Expense 2,000.00
Total Current Assets 524,627.50

Fixes Assets TOTAL STOCKHOLDERS EQUITY

Land 200,000.00 Preferred Stock
Factory Building 250,000.00 Common Stock
Less: Accumulated Dep. Factory Building 10,000.00 240,000.00 Retained Earnings
Cutting Machine 45,300.00 STOCKHOLDERS EQUITY
Less: Accumulated Dep. Cutting Machine 12,000.00 33,300.00
Sewing Machine 75,000.00
Less: Accumulated Dep. Sewing Machine 13,000.00 62,000.00
Office Equipment 55,000.00
Less: Accumulated Dep. Office Equipment 14,500.00 40,500.00
Total Fixed Assets 575,800.00 TOTAL LIABILITIES &

TOTAL ASSETS 1,100,427.50 STOCKHOLDERS EQUITY

 268,895.00
105,000.00
70,000.00
443,895.00

TOCKHOLDERS EQUITY
200,000.00
300,000.00
156,532.50
OLDERS EQUITY 656,532.50

IABILITIES &

OLDERS EQUITY 1,100,427.50