LEPTOWS MERCHANDISING LEPTOWS MERCHANDISING

WORKSHEET WORKSHEET
FOR THE YEAR ENDED DECEMBER 31,2016 FOR THE YEAR ENDED DECEMBER 31,2017
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Sales 451,530.00
Cash 56,030.00 56,030.00 56,030.00 Sales Returns and Allowances 4,063.00
Accounts Receivable 110,400.00 110,400.00 110,400.00 Sales Discount 8,540.00 12,603.00
Allowance for Bad Debts 9,384.00 1,656.00 11,040.00 11,040.00 Net Sales 438,927.00
Office Supplies 9,300.00 3,450.00 5,850.00 5,850.00
Store Supplies 8,231.00 2,231.00 6,000.00 6,000.00 Less: Cost of Goods Sold
Merchandise Inventory, Beg 98,500.00 84,400.00 98,500.00 84,400.00 84,400.00 Merchandise Inventory, Beg 98,500.00
Prepaid Insurance 6,083.00 3,041.50 3,041.50 3,041.50 Add: Purchases 155,240.00
Prepaid Rent 25,200.00 6,300.00 18,900.00 18,900.00 Add: Freight-In 23,286.00
Office Equipments 142,300.00 142,300.00 142,300.00 Total 178,526.00
Accumulated Depreciation - Office Equipment 13,730.00 14,230.00 27,960.00 27,960.00 Less: Purchases Returns & Allowances 2,300.00
Store Equipment 204,100.00 204,100.00 204,100.00 Purchase Discount 5,434.00 7,734.00
Accumulated Depreciation - Store Equipment 40,820.00 40,820.00 81,640.00 81,640.00 Net Purchases 170,792.00
Accounts Payable 32,100.00 32,100.00 32,100.00 Merchandise (Goods) Available for Sale 269,292.00
Notes Payable 250,000.00 250,000.00 250,000.00 Less: Merchandise Inventory, End 84,400.00
Salaries Payable 3,500.00 3,500.00 3,500.00 Cost of Goods Sold 184,892.00
Utilities Payable 4,320.00 4,320.00 4,320.00 Gross Profit 254,035.00
Interest Payable 16,250.00 16,250.00 16,250.00 Less: Operating Expenses
Baha, Capital 167,475.00 167,475.00 167,475.00 Selling Expenses
Baha, Drawing 7,500.00 7,500.00 7,500.00 Store Supplies Expense 2,231.00
Purchases 155,240.00 155240 155,240.00 Store Salaries Expense 56,500.00
Freight- In 23,286.00 23,286.00 23,286.00 Rent Expense - Store 6,300.00
Purchases Returns & Allowances 2,300.00 2,300.00 2,300.00 Depreciation Expense- Store Equipment 40,820.00 105,851.00
Purchase Discount 5,434.00 5,434.00 5,434.00 Office Supplies Expense 3,450.00
Sales 451,530.00 451,530.00 451,530.00 Office Salaries Expense 61,000.00
Sales Returns and Allowances 4,063.00 4,063.00 4,063.00 Depreciation Expense - Office Equipment 14,230.00
Sales Discount 8,540.00 8,540.00 8,540.00 Utilities Expense - Office 4,320.00
Store Supplies Expense 2,231.00 2,231.00 2,231.00 Bad debts Expense 1,656.00
Office Supplies Expense 3,450.00 3,450.00 3,450.00 Insurance Expense 3,041.50 87,697.50
Store Salaries Expense 53,000.00 3,500.00 56,500.00 56,500.00 Other Expenses
Office Salaries Expense 61,000.00 61,000.00 61,000.00 Interest Expense 16,250.00
Rent Expense- Store 6,300.00 6,300.00 6,300.00 Total Expenses 209,798.50
Depreciation Expense - Office 14,230.00 14,230.00 14,230.00 Net Income 44,236.50
Depreciation Expense - Store 40,820.00 40,820.00 40,820.00
Utilities Expense - Office 4,320.00 4,320.00 4,320.00
Bad Debts Expense 1,656.00 1,656.00 1,656.00
Insurance Expense 3,041.50 3,041.50 3,041.50
Interest Expense 16,250.00 16,250.00 16,250.00
Income Summary 98,500.00 84,400.00 14,100.00 98,500.00 84,400.00
972,773.00 972,773.00 278,698.50 278,698.50 1,053,549.00 1,053,549.00 499,427.50 543,664.00 638,521.50 594,285.00
44,236.50 44,236.50
543,664.00 543,664.00 638,521.50 638,521.50
Date Description Pr Debit Credit
1 Income Summary 84,400.00
Merchandising Inventory, End 84,400.00

Income Summary 98,500.00

Merchandising Inventory, Beg 98,500.00

2 Office Supplies Expense 3,450.00

Office Supplies 3,450.00

Store Supplies Expense 2,231.00

Store Supplies 2,231.00

3 Rent Expense 6,300.00

Prepaid Rent 6,300.00

Insurance Expense 3,041.50

Prepaid Insurance 3,041.50

4 Depreciation Expense - Office 14,230.00

Accumulated Depreciation - Office Equipment 14,230.00

Depreciation Expense - Store 40,820.00

Accumulated Depreciation - Store Equipments 40,820.00

5 Utilities Expense - Office 4,320.00

Utilities Payable 4,320.00

Store Salaries Expense 3,500.00

Salaries Payable 3,500.00

Interest Expense 16,250.00

Interest Payable 16,250.00

6 Bad Debts Expense 1,656.00

Allowance for Bad Debts 1,656.00