General Journal 1

Date Account Title and Explanation PR Debit Credit

APR O1 CASH 101 39000

LOPEZ, CAPITAL 301 39000

*TO RECORD OWNER’S CAPITAL

02 EQUIPMENT 150 10000

CASH 101 10000

*TO RECORD EQUIPMENT

/ PURCHASES 501 15900

ACCOUNTS PAYABLE 201 15900

03 SUPPLIES 120 700

CASH 101 700

*TO RECORD OFFICE SUPPLIES

04 ACCOUNTS RECEIVABLE 201 15,200

SALES 401 15200

*TO RECORD SOLD MERCHANDISE

05 FREIGHT OUT 506 200

CASH 101 200

*TO RECORD FREIGHT ON SALE

06 ACCOUNTS PAYABLE 201 300

PURCHASE RETURN AND ALLOWANCES 502 300

*TO RECORD MERCHANDISE RETURN

11 ACCOUNTS PAYABLE 201 15600

PURCHASE DISCOUNTS 503 312

CASH 101 15288

*TO RECORD PAYMENT FOR

MERCHADISE PURCHASED ON ACC
13 CASH 101 14896

SALES DISCOUNT 410 304

ACCOUNTS RECEIVABLE 105 15200

*TO RECORD CASH RECEIVED FROM

CUSTOMERS
14 PURCHASES 501 14400

CASH 101 14400

*TO RECORD MERCHANDISE

PURCHASED
 General Journal 2
DATE Account Title and Explanation PR Debit Credit

APR 15 SALARIES 530 1500

CASH 101 1500

*TO RECORD SALARIES

16 CASH 101 12,200

NOTES PAYABLE 202 12200

*TO RECORD LOAD FROM BANK

17 CASH 101 500

PURCHASE RETURNS AND 502 500

ALLOWANCES
*TO RECORD CASH REFUND FROM
SUPPLIER
18 PURCHASES 501 14200

ACCOUNTS PAYABLE 201 14200

*TO RECORD MERCHANDISE

PURCHASED
20 FRIGHT IN 504 700

CASH 101 700

*TO RECORD FREIGHT PURCHASED

23 CASH 101 16400

SALES 401 16400

*TO RECORD SOLD MECHANDISE

26 PURCHASES 501 12300

CASH 101 12300

*TO RECORD MERCHANDISE

PURCHASED
27 ACCOUNTS PAYABLE 201 9000

CASH 101 9000

*TO RECORD PAYMENT FOR CREDITORS

28 LOPEZ, DRAWINGS 302 2008

CASH 101 2008

*TO RECORD OWNER’S WITHDRAWAL

29 SALES RETURNS AND ALLOWANCES 405 900

CASH 101 900

*to record cash refund to customer

DATE Account Title and Explanation PR Debit Credit

Apr 30 Accounts receivable 105 13700

Sales 401 13700

*to record sold merchandise

/ Advertising expense 505 1000

Utilities 540 400

Rent expense 510 3500

Salaries 530 1500

Cash 101 6400

 Date Description Ref CLOSING JOURNAL ENTRIES

Debit Credit

Apr 30 Sales

Sales returns and allowances

Sales discount

Income summary

*to close sales

30 Merchandise inventory

Purchase returns and allowances

Purchase discount

Income summary

purchase

Freight in

*to record merchandise inventory

30 Income summary

Advertising expense

Utilities

Rent

Salaries

Freight out

*to record various expense

30 Income summary

Lopez, capital

*to close income summaty and owner’s

capital

30 Lopez, capital

Lopez, drawings

*to close equity

General Journal 4
GENERAL LEDGER
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

APR O1 CASH 101 39000 39000

02 CASH 101 10000

03 CASH 101 700

05 CASH 101 200

11 CASH 101 15288

13 CASH 101 14896 13

14 CASH 101 14400

15 CASH 101 1500

16 CASH 101 12,200 16

17 CASH 101 500 17

20 CASH 101 700

23 CASH 101 16400

26 CASH 101 12300

27 CASH 101 9000

28 CASH 101 2008

29 CASH 101 900

30 Cash 101 6400

CASH
DATE EXPLANATION PR DEBIT CREDIT BALANCE

04 ACCOUNTS RECEIVABLE 201 15,200 DEBIT CREDIT

13 ACCOUNTS RECEIVABLE 105 15200

Apr 30 Accounts receivable 105 13700

ACCOUNTS RECEIVABLE
SUPPLIES
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

03 SUPPLIES 120 700

EQUIPMENT
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

02 EQUIPMENT 150 10000

ACCOUNTS PAYABLE
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

02 ACCOUNTS PAYABLE 201 15900

06 ACCOUNTS PAYABLE 201 300

11 ACCOUNTS PAYABLE 201 15600 11

18 ACCOUNTS PAYABLE 201 14200

27 ACCOUNTS PAYABLE 201 9000

NOTE PAYABLE
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

16 NOTES PAYABLE 202 12200

DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

01 LOPEZ, CAPITAL 301 39000

CRUZ, CAPITAL
CRUZ, DRAWING
DATE EXPLANATION PR DEBIT CREDIT BALANCE
 DEBIT CREDIT

28 LOPEZ, DRAWINGS 302 2008

SALES
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

04 SALES 401 15200

23 SALES 401 16400

30 Sales 401 13700

SALES DISCOUNT
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

13 SALES DISCOUNT 410 304

SALES RETURNS AND ALLOWANCE

DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

29 SALES RETURNS AND 405 900

ALLOWANCES

PURCHASE DISCOUNT
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

PURCHASE RETURNS AND ALLOWANCES

DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT
PURCHASES
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

02 PURCHASES 501 15900

FREIGHT OUT
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

FREIGHT IN
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

UTILITIES EXPENSE
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

RENT EXPENSE
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

SALARIES EXPENSE
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT

INCOME SUMMARY
DATE EXPLANATION PR DEBIT CREDIT BALANCE

DEBIT CREDIT
 MAXWELL DITRIBUTOR
TRIAL BALANCE
FOR THE END MONTH OF_______
ACCOUNT NO. ACCOUNT TITLE DEBIT CREDIT

CASH

ACCOUNTS RECEIVALBE

MERCHANDISE INVENTORY

SUPPLIES

EQUIPMENT

ACCOUNTS PAYABLE

LOPEZ, CAPITAL

LOPEZ, DRAWING

SALES

SALES RETURNS AND

ALLOWANCES
SALES DISCOUNTS

PURCHASES

PURCHASES RETURNS AND

ALLOWANCES
PURCHASES DISCOUNTS

FREIGHT IN

ADVERTISING EXPENSE

FREIGHT OUT

RENT EXPENSE

SALARIES

UTILITIES

TOTAL
 MAXWELL DITRIBUTOR
STATEMENT OF COST OF GOODS SOLD
FOR THE END MONTH OF_______

Beg. inventory

Purchases

Less: purchase ret&allowance

Purchase discount

total

Add: freight in

COGS available in sale

Less: ending inventory

COGS

MAXWELL DITRIBUTOR
INCOME STATEMENT
FOR THE END MONTH OF________
SALES

Less: sales ret & allowances

Sales discount

Net sales

Less: COGS

Net gross

Less: expenses

Advertising exp

Rent

Utilities

Salaries

Freight out

Net income
 MAXWELL DITRIBUTOR
STATEMENT OF CHANGES IN EQUITY
FOR THE END MONTH OF______________

Lopez capital

Add: net income

Total

Less: lopez, drawings

Lopez capital, ending

MAXWELL DITRIBUTOR
STATEMENT OF FINANCIAL POSITION
FOR THE END MONTH OF______________
ASSETS

CASH

ACCOUNTS RECEIVABLE

MERCHANDISE INVENTORY

SUPPLIES

EQUIPMENT

TOTAL ASSETS

LIABILITIES

ACCOUNTS PAYABLE

NOTES PAYABLE

EQUITY

LOPEZ, CAPITAL

LOPEZ, DRAWINGS

TOTAL LIABILITIES AND EQUITY

 MAXWELL DISTRIBUTOR
STATEMENT OF CASH FLOW
CASH FLOW FROM OPERATING ACTIVITIES
PAYMENT FOR SUPPLIES (700)
PAYMENT FOR FREIGHT OUT (200)
PAYMENT FOR CREDITORS (15288)
CASH RECEIVED FROM CUSTOMERS 14896
PAYMENT FOR MECHANDISE PURCHASED (14400)
PAYMENT FOR SALARIES (1500)
CASH RECEIVED REFUND FROM SUPPLIER 500
PAYMENT FOR FREIGHT IN (700)
CASH RECEIVED FROM SOLD MERCHANDISE 16400
PAYMENT FOR MERCHANDISE PURCHASED (12300)
PAYMENT FOR CREDITORS (9000)
CASH REFUND TO CUSTOMER (900)
PAYMENT FOR VARIOUS EXPENSE (6400)
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES (29,592)

CASH FLOW FROM INVESTING ACTIVITIES

PAYMENT FOR EQUIPMENT (10000)
CASH LOAD FROM BANK 12000
NET CASH FLOW PROVIDED BY INVESTING ACTIVITIES 2000

CASH FLOW FROM FINANCING ACTIVITIES

CASH RECEIVED FROM INVESTMENT CAPITAL 39000
PAYMENT FOR OWNER’S WITHDRAWAL (2008)
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES 36,992

TOTAL 9400

MAXWELL DISTRIBUTOR
POST-CLOSING TRIAL BALANCE
ACCOUNT ACCOUNT TITLE DEBIT CREDIT
NO.
CASH

ACCOUNTS RECEIVABLE

SUPPLIES

EQUIPMENT

ACCOUNTS PAYABLE

NOTES PAYABLE

LOPEZ, CAPITAL

MERCHANDISE INVENTORY

TOTAL