Account Opening

Account Title
Number Balance
101 Cas $ 33,750
112 Accounts Receivable $ 13,000
115 Notes Receivable $ 39,000
120 Merchandise Inventory $ 20,000
125 Office Supplies $ 1,000
130 Prepaid Insurance $ 2,000
157 Equipment $ 6,450
158 Accum. Depreciation $ 1,500
201 Account Payable $ 35,000
301 I. Packard, Capital $ 78,700
 Packard Company
Sales Journal
January 31, 2010
SJ
Accounts Receivable Dr. Cost of Goods Sold Dr.
Date Account Debited Invoice No.
Sales Cr. Inventory Dr.
Jan 3 B. Remy 510 $ 3,100 $ 3,100
3 J. Fine 511 $ 1,800 $ 1,800
11 R. Draves 512 $ 1,900 $ 1,900
11 S. Ingles 513 $ 900 $ 900
22 B. Remy 514 $ 3,700 $ 3,700
22 R. Draves 515 $ 800 $ 800
25 B. Hachinski 516 $ 3,500 $ 3,500
25 J. Fine 517 $ 6,100 $ 6,100

$ 21,800 $ 21,800
112
401
 Packard Company
Purchase Journal
January 31, 2010
PJ
Debet Credit
Date Account Creditor Terms.
Purchase Account Payable
Jan 5 S. Yost $ 3,000 $ 3,000
5 D. Laux $ 2,700 $ 2,700
16 D. Moreno $ 15,000 $ 15,000
16 S. Kosko $ 13,900 $ 13,900
16 S. Yost $ 1,500 $ 1,500
27 D. Moreno $ 12,500 $ 12,500
27 D. Laux $ 1,200 $ 1,200
27 S. Yost $ 2,800 $ 2,800

$ 52,600 $ 52,600
510 201
 Packard Company
Cash Received Journal
January 31, 2010

Date Account Credited Debet

Other Accounts
Cash
Account Title Ref Amount
Jan 7 S. Ingles $ 4,000
7 B. Hachinski $ 2,000
10 $ 15,500
13 B. Remy $ 3,100
13 J. Fine $ 1,500
20 $ 17,500
21 S. Ingles $ 900
31 $ 22,920

$ 67,420
101
 CRJ

Credit
Account Other Account
Receivable Sales Ref Amount
$ 4,000
$ 2,000
$ 15,500
$ 3,100
$ 1,500
$ 17,500
$ 900
$ 22,920

$ 11,500 $ 55,920
112 401
 Packard Company
Cash Payment Journal
January 31, 2010

Debet
Account
Date Account Debited Account Payable Purchase
No.
Discount

Jan 8 Pay Freight on Merchan 516

9 S. Sosko P $ 9,000
9 D. Moreno P $ 11,000
12 Pay Rent 729
15 I. Packard Drawing 306
17 Pay Office Supplies
23 D. Moreno P $ 15,000
23 S. Sosko P $ 13,700
28 Pay Office Supplies
31 Sales Salaries Expense 627
31 Office Salaries Expense 727

$ 48,700
$ 201
 Packard Company
Cash Payment Journal
January 31, 2010
CPJ
Debet Credit
Other Accounts
Office Supplies Cash
Account Title Ref Amount
Freight In $ 180 $ 180
$ 9,000
$ 11,000
Rent Expense ` $ 1,000 $ 1,000
Packard, Drawing $ 800 $ 800
$ 400 $ 400
$ 15,000
$ 13,700
$ 200 $ 200
Sales Salaries Expense Adj $ 4,300 $ 4,300
Office Salaries Expense Adj $ 3,600 $ 3,600

$ 9,880 $ 600 $ 59,180

125 $ 101
 Packard Company
Subsidiary Ledger - Account Receivable
January 31, 2010

R. Draves
Amount
Date Description Invoive No. Ref Debet Credit
Debet
Jan 1 Balance P 1500
11 SJ 1900 3400
SJ 800 4200

J. Fine
Amount
Date Description Invoive No. Ref Debet Credit
Debet
Jan 3 SJ 1800 1800
9 GJ 300 1500
13 CRJ 1500 0
25 SJ 6100 6100

B. Hachinski
Amount
Date Description Invoive No. Ref Debet Credit
Debet
Jan 1 Balance P 7500
7 CRJ 2000 5500
25 SJ 3500 9000

S. Ingles
Amount
Date Description Invoive No. Ref Debet Credit
Debet
Jan 1 Balance P 4000
7 CRJ 4000 0
11 SJ 900 900
21 CRJ 900 0
B. Remy
Amount
Date Description Invoive No. Ref Debet Credit
Debet
Jan 3 SJ 3100 3100
13 CRJ 3100 0
22 SJ 3700 3700

Account Receivable - Subsidiary

Custo Jan 31, 2010

mer
R. Draves$ 4,200
J. Fine $ 6,100
B. Hachinski
$ 9,000
S. Ingles $ -
B. Remy $ 3,700

Total $ 23,000
 Packard Company
Subsidiary Ledger - Account Payable
January 31, 2010

D. Laux
Amount Amount
Date Description Invoive No. Ref Debet Credit
Credit Debet Credit
Jan 5 PJ 2700 2700
27 PJ 1200 3900

S. Kosko
Amount Amount
Date Description Invoive No. Ref Debet Credit
Credit Debet Credit
Jan 1 Balance P 9000
9 CPJ 9000 0
16 PJ 13900 13900
18 GJ 200 13700
23 CPJ 13700 0

R. Mikush
Amount Amount
Date Description Invoive No. Ref Debet Credit
Credit Debet Credit
Jan 1 Balance P 15000
21 GJ 15000 0

D. Moreno
Amount Amount
Date Description Invoive No. Ref Debet Credit
Credit Debet Credit
Jan 1 Balance P 11000
9 CPJ 11000 0
16 PJ 15000 15000
23 CPJ 15000 0
27 PJ 12500 12500
 S. Yost
Amount Amount
Date Description Invoive No. Ref Debet Credit
Credit Debet Credit
Jan 5 PJ 3000 3000
16 PJ 1500 4500
27 PJ 2800 7300

Account Receivable - Subsidiary

Custo Jan 31, 2010

mer
D. Laux $ 3,900
S. Kosko $ -
R. Mikush$ -
D. Moreno$ 12,500
S. Yost $ 7,300

Total $ 23,700
 Packard Company
General Journal
January 31, 2010
GJ
Date Description Ref Debet Credit
Jan 9 Sales Return & Allowance 412 $ 300
Account Receivable 112 $ 300

18 Accounts Payable - S. Kosko 201 $ 200

Purchase Return & Allowance 512 $ 200

21 Accounts Payable - R. Mikush 201 $ 15,000

Notes Payable 200 $ 15,000
 Packard Company
Adjusting Entries
January 31, 2010
ADJ
Date Description Ref Debet Credit
Jan 31 Office Supplies Expense 728 900
Office Supplies 125 900

31 Insurance Expense 722 200

Prepaid Insurance 130 200

31 Depreciation Expense 711 125

Accum. Depreciation - Equipment 158 125

31 Interest Expense 718 30

Interest Payable 230 30
 CE

Date Description Ref Debet Credit

Jan 31 Merchandise Inventory $ 15,000
Sales $ 77,720
Purchase Return & Allowance $ 200
Income Summary $ 92,920

Income Summary $ 83,235

Merchandise Inventory $ 20,000
Sales Return & Allowance 300
Purchase $ 52,600
Freight In $ 180
Rent Expense $ 1,000
Sales Salaries Expense $ 4,300
Office Salaries Expense $ 3,600
Office Supplies Expense $ 900
Insurance Expense $ 200
Depreciation Expense $ 125
Interest Expense $ 30

Income Summary $ 9,685

I. Packard, Capital $ 9,685

I. Packard, Capital $ 800

I. Packard, Drawing $ 800
 Packard Company
General Journal
January 31, 2010
Assets
Cash 101
Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 33,750
31 CRJ $ 67,420 $ 101,170
31 CP $ 59,180 $ 41,990

Account Receivable 112

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 13,000
31 SJ $ 21,800 $ 34,800
31 CRJ $ 11,500 $ 23,300
9 GJ $ 300 $ 23,000

Notes Receivable 115

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 39,000

Merchandise Inventory 120

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 20,000
31 CE
31 CE

Office Supplies 125

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 1,000
31 CPJ 600 $ 1,600
31 ADJ 900

Prepaid Insurance 130

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 2,000
31 ADJ $ 200
Equipment 157
Date Description Ref Debet Credit Balance
Jan 1 Balance P 6450

Accum. Depreciation - Equipment 158

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 1,500
31 ADJ $ 125

Liabilities

Notes Payable 200

Date Description Ref Debet Credit Balance
Jan 21 Balance GJ $ 15,000 $ 15,000

Account Payable 201

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 35,000
31 PJ $ 52,600 $ 87,600
31 CPJ $ 48,700 $ 38,900
18 GJ $ 200 $ 38,700
21 GJ $ 15,000 $ 23,700

Interest Payable 230

Date Description Ref Debet Credit Balance
Jan 1 Balance ADJ $ 30

Equity

I. Packard, Capital 301

Date Description Ref Debet Credit Balance
Jan 1 Balance P $ 78,700
 31 CE
31 CE

I. Packard, Drawing 306

Date Description Ref Debet Credit Balance
Jan 15 Balance $ 800 $ 800
31 CE

Income Summary 350

Date Description Ref Debet Credit Balance
Jan 1 Balance CE
CE
CE
Revenue
Sales 401
Date Description Ref Debet Credit Balance
Jan 31 SJ $ 21,800 $ 21,800
31 CRJ $ 55,920 $ 77,720
31 CE $ 77,720

Sales Return & Allowance 412

Date Description Ref Debet Credit Balance
Jan 9 SJ $ 300 $ 300
CE $ 300

Purchase 510
Date Description Ref Debet Credit Balance
Jan 31 PJ $ 52,600 $ 52,600
31 CE $ 52,600

Purchase Return & Allowance 512

Date Description Ref Debet Credit Balance
Jan 18 GJ 200 200
200

Freight - In 516
Date Description Ref Debet Credit Balance
Jan 8 Balance CPJ 180 180
31 180

Expense

Sales Salaries Expense 627

Date Description Ref Debet Credit Balance
Jan 31 CPJ 4300 4300
CE 4300
Depreciation Expense 711
Date Description Ref Debet Credit Balance
Jan 1 Balance ADJ 125 125
31 CE 125

Insurance Expense 722

Date Description Ref Debet Credit Balance
Jan 31 ADJ 200 200
31 CE 200

Office Salaries Expense 727

Date Description Ref Debet Credit Balance
Jan 31 Balance CPJ 3600 3600
31 CE 3600

Office Supplies Expense 728

Date Description Ref Debet Credit Balance
Jan 31 ADJ 900 900
31 CE 900

Rent Expense 729

Date Description Ref Debet Credit Balance
Jan 12 CPJ 1000 1000
31 CE 1000

Interest Expense 729

Date Description Ref Debet Credit Balance
Jan 31 ADJ 30 30
31 CE 30
 Packard Compan
WorkSheet
January 31, 2010

Account Trial Balance Adjustment Entries

Number Account
Debet Credit Debet
101 Cash $ 41,990
112 Account Receivable $ 23,000
115 Notes Receivable $ 39,000
120 Merchandise Inventory $ 20,000
125 Office Supplies $ 1,600
130 Prepaid Insurance $ 2,000
157 Equipment $ 6,450
158 Accum. Depreciation - Equipment $ 1,500
200 Notes Payable $ 15,000
201 Account Payable $ 23,700
230 Interest Payable
301 I. Packard, Capital $ 78,700
306 I. Packard, Drawing $ 800
401 Sales $ 77,720
412 Sales Return & Allowance $ 300
510 Purchase $ 52,600
512 Purchase Return & Allowance $ 200
516 Freight - In $ 180
627 Sales Salaries Expense $ 4,300
711 Depreciation Expense $ 125
722 Insurance Expense $ 200
727 Office Salaries Expense $ 3,600
728 Office Supplies Expense $ 900
729 Rent Expense $ 1,000
730 Interest Expense $ 30

Total $ 196,820 $ 196,820

Additional Account
 Packard Company
WorkSheet
January 31, 2010

Trial Balance After Adjustment

Adjustment Entries Income Statement Balance Sheet
Entries
Credit Debet Credit Debet Credit Debet
$ 41,990 $ 41,990
$ 23,000 $ 23,000
$ 39,000 $ 39,000
$ 20,000 $ 20,000 $ 15,000 $ 15,000
$ 900 $ 700 $ 700
$ 200 $ 1,800 $ 1,800
$ 6,450 $ 6,450
$ 125 $ 1,625
$ 15,000
$ 23,700
$ 30 $ 30
$ 78,700
$ 800 $ 800
$ 77,720 $ 77,720
$ 300 $ 300
$ 52,600 $ 52,600
$ 200 $ 200
$ 180 $ 180
$ 4,300 $ 4,300
$ 125 $ 125
$ 200 $ 200
$ 3,600 $ 3,600
$ 900 $ 900
$ 1,000 $ 1,000
$ 30 $ 30

$ 196,975 $ 196,975 $ 83,235 $ 92,920 $ 128,740

$ 9,685 - -
$ 92,920 $ 92,920 $ 128,740
Balance Sheet
Credit

$ 1,625
$ 15,000
$ 23,700
$ 30
$ 78,700

$ 119,055
$ 9,685
$ 128,740
 Packard Company
Income Statement
January 31, 2010
Revenue :
Sales $ 77,720
- Sales Return & Allowance $ -300

Net Sales $ 77,420

Cost Of Goods Sold

Merchandise Inventory, Beginning $ 20,000
Purchase $ 52,600
- Purchase return & Allowance $ -200
Net Purchase $ 52,400
Freight In $ 180 $ 52,580
Total Merchandise Available for Sale $ 72,580

- Merchandise Inventory, Ending $ 15,000

Cost Of Goods Sold $ 57,580
Groos Profit On Revenue $ 19,840

Operating Expense :
Sales Salaries Expense $ 4,300
Depreciation Expense $ 125
Insurance Expense $ 200
Office Salaries Expense $ 3,600
Office Supplies Expense $ 900
Rent Expense $ 1,000

Total Operating Expense $ 10,125

Other Expense and Losses :

Interest Expense $ 30
$ 30
Total Other Expense and Losses $ 10,155

Net Income $ 9,685

Packard Company
Statement Of Owner's Equity
January 31, 2010

I. Packard, Capital Beginning $ 78,700

+ Net Income $ 9,685

- I. Packard, Drawing $ -800

I. Packard, Capital Ending $ 87,585

 Packard Company
Balance Sheet
Januayr 31, 2010

Assets Liabilities and Equities

Current Asset : Current Liabilities :
Cash $ 41,990 Notes Payable $ 15,000
Account Receivable $ 23,000 Account Payable $ 23,700
Notes Receivable $ 39,000 Interest Payable $ 30
Merchandise Inventory $ 15,000
Office Supplies $ 700
Prepaid Insurance $ 1,800

Total Current Assets $ 121,490 Total Current Liabilities $ 38,730

Fixed Asset : Equities
Equipment $ 6,450 Owners Capital $ 87,585
Accum. Depreciation - Equipmen $ -1,625

Total Fixed Assets $ 4,825

Total Asset $ 126,315 Total Liabilities and Equities $ 126,315

 Packard Company
Post-Closing Journal
January 31, 2010

Account Debet Credit

Cash $ 41,990
Account Receivable $ 23,000
Notes Receivable $ 39,000
Merchandise Inventory $ 15,000
Office Supplies $ 700
Prepaid Insurance $ 1,800
Equipment $ 6,450
Accum. Depreciation - Equipment $ 1,625
Notes Payable $ 15,000
Account Payable $ 23,700
Interest Payable $ 30
Owners Capital $ 87,585

Total $ 127,940 $ 127,940