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11 - Alocasia
FABM 1 PERFORMANCE TASK
Step 1 & 2 Understanding and Journalizing the transaStep 3 - Posting to the General Ledger.
MagentaTech MagentaTech
PURCHASE JOURNAL GENERAL LEDGER
Descriptio Descriptio
Date n Debit ($) Date n Debit ($) Credit ($)
Laboratory Laboratory
Jul 2, 23 $10,000 Jul 2, 23 $10,000
Equipment Equipment
Accounts Accounts
Jul 2, 23 Jul 2, 23 $10,000
Payable Payable
Software Software
Jul 5, 23 $2,500 Jul 5, 23 $2,500
Licenses Licenses
Accounts Accounts
Jul 7, 23 Jul 7, 23 $3,000
Payable Payable
Raw Raw
Jul 10, 23 $7,500 Jul 10, 23 $7,500
Materials Materials
Prototype Prototype
Jul 15, 23 Developm $2,500 Jul 15, 23 Developm $2,500
ent Kit ent Kit
Marketing Marketing
Jul 18, 23 & Promo $1,000 Jul 18, 23 & Promo $1,000
Materials Materials
Accounts Accounts
Jul 18, 23 Jul 18, 23 $1,000
Payable Payable
Office Office
Jul 20, 23 Furniture $4,000 Jul 20, 23 Furniture $4,000
& Fixtures & Fixtures
Accounts Accounts
Jul 20, 23 Jul 20, 23 $4,000
Payable Payable
High- High-
Jul 23, 23 Performan $6,000 Jul 23, 23 Performan $6,000
ce Server ce Server
Accounts Accounts
Jul 23, 23 Jul 23, 23 $6,000
Payable Payable
Safety Safety
Jul 28, 23 $1,500 Jul 28, 23 $1,500
Equipment Equipment
Sales
Total Jul 1, 23 Eva $2,500
Revenue
$38,000
Sales
Jul 5, 23 Yolo $4,000
Revenue
Sales
Jul 8, 23 Alex $1,200
Revenue
Sales
Jul 12, 23 John $3,500
Revenue
Debit Credit
(Income (Income Debit Credit
Account Statement Statement (Balance (Balance
Title Debit ($) Credit ($) ) ) Sheet) Sheet)
Balance
Sheet
Accounts
Accounts
$28,510 $28,510
Receivable
Merchandi
se $435,000 $435,000
Inventory
Prepaid
$10,000 $10,000
Expenses
Transporta
tion $210,000 $210,000
Equipment
Accum.
Depn.-
$1,750 $1,750
Office
Equipt.
Accounts
$260,000 $260,000
Payable
Accrued
$2,180 $2,180
Expenses
Margaret,
$600,000 $600,000
Capital
Income
Statement
Accounts
Sales
$365 $365
Discounts
Purchase
$8,000 $8,000
Discount
Salaries
$9,000 $9,000
Expense
Supplies
$5,110 $5,110
Expense
Advertisin
$5,200 $5,200
g Expense
Rental
$10,000 $10,000
Expense
Depreciati
on $1,750 $1,750
Expense
Net
$10,641
Income
Total $961,176 $961,176 $532,246 $532,246 $874,571 $874,571
Step 4 & 5 -Prepare the Unadjusted Trial Balance and preparation of Step 6-Preparing adjusting entries.
Worksheet.
MagentaTech MagentaTech
Worksheet
Account Depreciation Expense:
Title Debit ($) Credit ($) Assuming a straight-line depreciation method with an estimate
Laboratory Equipment and 10 years for the Office Furniture &
we can calculate the monthly
depreciation expense.
Cash $26,000
Laboratory Equipment:
Depreciation Expense = Cost of Laboratory Equipment / Usefu
Depreciation Expense = $10,000 / (5 years * 12 months/year)
Accounts Depreciation Expense = $10,000 / 60 Depreciation Expense = $
Receivable
Office Furniture & Fixtures:
Depreciation Expense = Cost of Office Furniture & Fixtures / U
Laboratory Depreciation Expense = $4,000 / (10 years * 12 months/year)
Equipment
$10,000 Depreciation Expense = $4,000 / 120 Depreciation Expense = $
High-
Performan $6,000
ce Server
Safety
$1,500
Equipment
Sales
$13,200
Revenue
Account
Title Debit ($) Credit ($)
Sales
$89,246
Revenue
Income
$89,246
Summary
Purchases $488,000
Purchase
$8,000
Discount
Salaries
$9,000
Expense
Supplies
$5,110
Expense
Advertisin
$5,200
g Expense
Rental
$10,000
Expense
Depreciati
on $1,750
Expense
Fuel
$2,180
Expense
Income
$120,526
Summary
Retained
Earnings
$120,526
(or
Capital)
Dividends
(if
applicable)
Retained
Earnings
(or
Capital)
Dividends
Account
Title Debit ($) Credit ($)
Income
$10,641
Summary
Margaret,
$10,641
Capital
eparing adjusting entries.
MagentaTech
are valid for 1 year and were fully paid on July 5, 23, we can
er the months remaining in the year (6 months).
Laboratory
$10,000 $10,000
ware Licenses / Remaining months in the year Equipment
Software
$2,500 $2,500
Licenses
pense of $1,000 for Marketing & Promo Materials at the end
s expense in the period. 3D Printer $3,000 $3,000
Accounts
$36,000 $36,000
Payable
boratory Equipment ($166.67)
on - Laboratory Equipment ($166.67) Raw
ffice Furniture & Fixtures ($33.33) $7,500 $7,500
Materials
on - Office Furniture & Fixtures ($33.33)
Prototype
are Licenses ($416.67) Developm $2,500 $2,500
are Licenses ($416.67)
ent Kit
nses ($1,000)
eting & Promo Materials ($1,000) Marketing
& Promo $1,000 $1,000
Materials
Office
Furniture $4,000 $4,000
& Fixtures
High-
Performan $6,000 $6,000
ce Server
Safety
$1,500 $1,500
Equipment
Sales
$13,200 $13,200
Revenue
Depreciati
on
Expense - $166.67 $166.67
Laboratory
Equipment
Accumulat
ed
Depreciati
$166.67 $166.67
on -
Laboratory
Equipment
Depreciati
on
Expense -
$33.33 $33.33
Office
Furniture
& Fixtures
Accumulat
ed
Depreciati
$33.33 $33.33
on - Office
Furniture
& Fixtures
Deferred
Expense -
$416.67 $416.67
Software
Licenses
Prepaid
Expenses -
$416.67 $416.67
Software
Licenses
Marketing
& Promo $1,000 $1,000
Expenses
Accrued
Expenses -
Marketing $1,000
& Promo
Materials