furniture

account office prepaid office account

cash automobile and
receivables supplies rent equipment payable
fixtures

1 6,000,000
2 -250,000
2 100,000
4 3,200,000 3,200,000
6 -300,000 300,000
7 -200,000 50,000 150,000
8 -200,000 600,000 400,000
9 73,160
11 -1,600,000 -1,600,000
15 -95,000
18 194,440
19 -7,000
23 689,632
25 116,664 -116,664
29 -30,000
30 -117,000
Total 4,180,456 77,776 50,000 150,000 3,200,000 300,000 600,000 2,000,000
 repairs
gas and and
notes LTF unearned salaries utilities Organization
oil maintena drawing
payable earned LTF expense expenses Expense
expenses nce
expenses

250,000
100,000

73,160

95,000

7,000
51,632

95,000 12,000 10,000 30,000

100,000 73160 51,632 190,000 12,000 10,000 7,000 250,000 30,000
 unearned Capital
ITF Earned Capital
ITF notations

6,000,000

194,440

638,000

194,440 638,000 6,000,000

Date Description PR
1 Cash
Yoon, Capital
investment by Yoon.

2 Organization Expense
cash
paid pre-organization expense for permit and licenses

2 Cash
Notes payable
Borrowed money from the banks.

4 Automobile
Accounts payable
purchased automobiles on account

6 Equipment
cash
Purchased computer equipment

7 office supplies
prepaid rent
cash
Purchased office supplies and advanced rental payments

8 Furniture and fixtures

cash
accounts payable
Purchased furniture and fixtures

9 Cash
Local travel fees earned
travel fee for 10 persons

11 Accounts payable
Cash
Paid one of the two automobiles purchased on April 4

15 Salaries expense
cash
#

18 Accounts receivables
International Travel fees earned
 render travel service s

19 Repairs and maintenance expenses

cash
minor repairs for automobile

23 Cash
unearned local travel fees
unearned international travel fees
received advanced payments

25 cash
accounts receivables
received 3 payments

29 Yoon, drawings
cash
cash withdrawal for personal use

30 salaries expense
utilities expenses
gas and oil expenses
cash
paid expenses
 Debit Credit
6,000,000
6,000,000

250,000
250,000

100,000
100,000

3,200,000
3,200,000

300,000
300,000

50,000
150,000
200,000

600,000
200,000
400,000

73,160
73,160

1,600,000
1,600,000

95,000
95,000

194, 440
194,440
 7,000
7,000

689,632
51,632
638,000

116,664
116,664

30,000
30,000

95,000
12,000
10,000
117,000
 101 Cash 102 Account receivables 104 prepaid rent

6,000,000 194,440 150,000

250,000 116,664 25,000
100,000 77,776 125,000
300,000
200,000
200,000
73,160
1,600,000
95,000
7,000
689,632
116,664 103 Office supplies 105A Automobile
30,000 50,000 3,200,000
117,000 35,000
6,979,456 2799000 15,000
4,180,456

201 Accounts payable 201 Notes payable

3,200,000 100,000
1,600,000 100,000
400,000
2,000,000

301 Yoo, Capital 302 Yoon, Drawings

6,000,000 30,000
401 Local travel fees earned 402 Int. travel fees earned
73,160 194,440

501 Salaries expense 503 rent expenses

95,000 25,000

502 utility expenses 504 Repair and maintenance expenses

12,000 7,000
 105B Acc. Depn-Automobile 106B Acc. depn Office equipment

25,000 4,500

3,200,000-200,000/10yrs=300,000 300,000*10%=30,000
300,000/12mos=25,000 300,000-30,000=270,000
270,000/5yrs=54,000
54,000/12mos=4,500

106A Office equipment 107A Furniture and fixtures

300,000 600,000

203 unearned LTF 204 Unearned ITF

51,632 638,000

303 Profit or loss summary

905,600
569,500
336,100
 403 Travel assist. fees earned
194,440
638,000
832,440

505 Organizations expense 507 interest expense

250,000 1,000

506 office supplies expenses 508 Depn exp. automobile

35,000 25,000
 107B Acc. depn Furniture and fixtures

10,000

600,000/5yrs=120,000
120,000/12mos. =10,000
509 depn-Office Equipment 511 Gas and Oil expenses
4,500 10,000

510 Dep ex. F&F

10,000
 Landing on you Travel service company
Trial balance (Initial and unadjusted)
Apr-20

Account title Debit Credit

cash 4,180,456
account receivables 77,776
office supplies 50,000
prepaid rent 150,000
automobile 3,200,000
office equipment 300,000
furniture and fixtures 600,000
accounts payable 2,000,000
notes payable 100,000
unearned local travel fees 51,632
unearned international travel fees 638,000
Yoon, Capital 6,000,000
Yoon, drawings 30,000
local travel fees earned 73,160
International travel fees earned 194,440
salaries expense 190,000
utilities expenses 12,000
repairs and maintenance expense 7,000
organization Expense 250,000
gas and oil expense 10,000
Total 9,057,232.00 9,057,232.00
A. interest expenses 1000
interest payable
100,000*12%=12,000/12mos.=1,000

B. depreciation expense - Automobile 25,000

Acc. depn - Automobile
3,200,000-200,000/10yrs=300,000 /12mos=25,000

C. depreciation expense - office equipment 4,500

Acc. depn - office equipment
300,000-30000 =270,000/5yrs=54,000/12mos=4,500

D. depreciation expense - f&f 10,000

Acc. depn F&f
600,000/5yrs=120,000 /12mos=10,000

E. supplies expenses
35,000
office supplies unused

F. rent expenses 25,000

prepaid rent
150,000/6mos=25,000

G. unearned travel fees 638,000

travel service fees earned
 1000

25,000
0

4,500
00

10,000

35,000

25,000

638,000
 unadjusted TB Adjustments
Account title
Debit Credit Debit Credit
cash 4,180,456
accounts receivables 77,776
office supplies 50,000 35,000
prepaid rent 150,000 25,000
automobile 3,200,000
Acc. depn - Automobile 25,000
office equipment 300,000
Acc. depn - office equipment 4,500
furniture and fixtures 600,000
Acc. depn - furniture and fixtures 10,000
accounts payable 2,000,000
notes payable 100,000
unearned local travel fees 51,632
unearned international travel fees 638,000 638000
Yoon, Capital 6,000,000
Yoon, drawings 30,000
local travel fees earned 73,160
International travel fees earned 194,440
salaries expense 190,000
utilities expenses 12,000
repairs and maintenance expense 7,000
organization Expense 250,000
gas and oil expense 10,000
9,057,232.00 9,057,232.00
rent expenses 25,000
interest expenses 1000
travel service fees earned 638,000
Interest payable 1,000.00
Depreciation expense - Automobile 25,000
depreciation expense - Office equipment 4,500
depreciation expense - furniture and fixtures 10,000
Supplies expenses 35,000
Total 738,500.00 738,500.00
NET INCOME
 Adjusted TB Profit and loss Financial position

Debit Credit Debit Credit Debit Credit

4,180,456 4,180,456
77,776 77,776
15,000 15,000
125,000 125,000
3,200,000 3,200,000
25,000.00 25,000
300,000 300,000
4500 4,500
600,000 600,000
10,000.00 10,000
2,000,000.00 2,000,000
100,000.00 100,000
51632 51,632
638,000.00 6,000,000
6,000,000.00 30,000
30000
73,160.00 73,160
194,440.00 194,440
190000 190,000
12000 12,000
7000 7000
250000 250,000
10000 10,000

25000 25,000
1000
638,000
1000 1,000
25000 25,000
4500 4500
10000 10,000
35000 35,000
9,097,732.00 9,096,732.00 569,500.00 905,600.00 8,528,232.00 8,192,132.00
336,100.00 336,100.00
905,600.00 905,600.00 8,528,232.00 8,528,232.00
 Landing on You Travel Service company
statement of comprehensive income
for the month ended April 30, 2020

REVENUE
Local Travel fees earned 73,160
International travel fees earned 832,440
Total revenue 905,600
EXPENSES
Salaries expense 190,000
utilities expenses 12,000
repairs and maintenance 7,000
organization Expense 250,000
gas and oil expenses 10,000
interest expenses 1,000
depreciation expense - Automobile 25,000
depreciation expense - office equipment 4,500
depreciation expense - furniture and fixtures 10,000
office supplies expense 35,000
rent expenses 25,000
total expenses 569,500

NET INCOME 336,100

 landing on you travel service company
statement of changes in Equity
for the month ended April 30 2020

Capital, 4/1/2020 0
Add. investment by the owner 6,000,000
add: net income 336,100
less: withdrawal 30,000
Capital, 4/30/2020 6,306,100
 Landing on you travel service company
statement of financial position
30-Apr-20
ASSET
Current assetassets
Cash
Accounts receivables
office supplies
prepaid rent
Non-current assets
Automobile 3,200,000
less. Acc. depn 25,000
office equipment 300,000
less. Acc. depn 4,500
furniture and fixtures 600,000
less. Acc. depn 10,000

LIABILITIES AND CAPITAL

Accounts payable
Notes payable
unearned local travel fees
interest payable
Yoon, Capital
4,180,456
77,776
15,000
125,000

3,175,000

295,500

590,000
8,458,732

2,000,000
100,000
51,632
1,000
6,306,100
8,458,732
 landing on you travel service company
Post-Closing trial balance
30-Apr-20

cash 4,180,456
accounts receivables 77,776
office supplies 15,000
prepaid rent 125,000
automobile 3,200,000
Acc. depn 25,000
office equipment 300,000
Acc. depn 4,500
furniture and fixtures 600,000
Acc. depn 10,000
accounts payable 2,000,000
notes payable 100,000
unearned local travel fees 51,632
interest payable 1,000
Yoon, Capital 6,306,100
8,498,232.00 8,498,232.00