Professional Documents
Culture Documents
(1)
Date
Accounts
4/1/2005 Dr. Cash (+A)
Cr. Common Stock (+SE)
Cr. Additional Paid-in Capital (+SE)
Debits
Credits
250,000
25,000
225,000
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
5,100
5,100
52,000
103,000
124,000
31,000
33,000
33,000
120,000
2,000
2,000
700
700
8,000
5,000
8,000
5,000
(11)
(12)
2,500
2,000
2,500
1,200
(13)
(14)
(15)
(16)
(17)
(240 * 500)
120,000
(25,000 * 0.10)
2,500
31,800
2,000
2,500
1,200
120,100
4,200
124,300
40,000
38,000
2,000
(18)
(19)
(20)
(21)
35,000
30,000
82,000
35,000
30,000
82,000
4,900
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(C1)
(C2)
4,900
30,000
(120,000/2) * 1/2
30,000
350
350
4,000
250
100
630
4,000
250
100
(1800*.35)
630
35,000
124,400
250
158,480
159,650
30,000
82,000
5,100
4,000
1,500
30,000
350
4,900
630
(1)
(15)
(16)
(18)
Cash (A)
250,000
5,100
1,200
31,000
120,100
33,000
35,000
120,000
700
8,000
5,000
2,000
2,500
38,000
82,000
Land (A)
(3)
(4)
(4)
(8)
(4)
(5)
(13)
(14)
(17)
(20)
(6)
79,000
(16)
Buildings (A)
52,000
33,000
85,000
5,000
(13)
Inventory (A)
2,000
30,000
40,000
12,000
(22)
(23)
(4)
124,000
Common Stock (SE)
25,000
700
(1)
(24)
25,000
(19)
(15)
1,100
350
250
(7)
(17)
(27)
Software (A)
(8)
(28)
630
(12)
350
(26)
120,000
4,200
(10)
(14)
103,000
(5)
(6)
(9)
(10)
103,000
(7)
(1)
(17)
225,000
(21)
(12)
(C2)
4,900
(C1)
(18)
(3)
35,000
(C1)
(C1)
(19)
(25)
1,500
1,500
(23)
(C2)
(C2)
(C2)
(24)
82,000
82,000
0
250
350
(C2)
630
(C2)
(22)
4,000
30,000
(20)
(28)
4,000
(26)
(C2)
250
30,000
4,900
(C2)
(16)
(27)
5,100
(21)
5,100
35,000
0
(C1)
(C2)
(C2)
Cash
Accounts Receivable
Notes Receivable
Interest Receivable
Inventory
Prepaid Advertising
Land
Buildings
Metal Detectors
Accumulated Depreciation
Software
Accounts Payable
Interest Payable
Dividends Payable
Income Taxes Payable
Unearned Rental Revenue
Mortgage Payable
Common Stock
Additional Paid-in-Capital
Retained Earnings
Unadjusted Balances
Debit
Credit
79,000
4,200
5,000
12,000
8,000
103,000
85,000
120,000
700
2,000
1,200
124,000
25,000
225,000
250
4,000
31,500
350
Closing Entries
Debit
Credit
630
100
536,500
100
2,000
4,900
630
1,100
124,000
25,000
225,000
1,170
124,400
35,000
250
250
4,000
1500
30,000
350
4,900
630
41,730 41,730
Post-Closing Balances
Debit
Credit
79,000
4,200
5,000
250
12,000
4,000
103,000
85,000
120,000
31,500
350
2,000
4,900
630
1,100
124,000
25,000
225,000
2,500
124,300
35,000
30,000
82,000
5,100
536,500
Adjusted Balances
Debit
Credit
79,000
4,200
5,000
250
12,000
4,000
103,000
85,000
120,000
31,500
350
4,900
2,500
Rental Revenue
Sales
Interest Revenue
Cost of Goods Sold
Salaries and Wages Expense
Legal Fees Expense
Advertising Expense
Bldg. Depreciation Exp.
Met Det Depreciation Exp.
Software Amortization
Interest Expense
Income Tax Expense
Adjustments
Debit
Credit
30,000
82,000
5,100
4,000
1,500
30,000
350
4,900
630
573,780
573,780
1,330
124,400
35,000
250
159,650
30,000
82,000
5,100
4,000
1,500
30,000
350
4,900
630
159,650
414,130
414,130
Income Statement
$ 124,400
$ 35,000
$ 159,400
Cost of Revenues:
Met Det Depreciation Exp.
Software Amortization
Cost of Goods Sold
Total Costs of Revenue
Gross Profit
$
$
$
$
$
(30,000)
(350)
(30,000)
(60,350)
99,050
$
$
$
$
$
$
(82,000)
(5,100)
(4,000)
(1,500)
(92,600)
6,450
Interest Revenue
Interest Expense
Pre-tax income
$
250
$ (4,900)
$ 1,800
$
$
(630)
1,170
Page 5
Balance Sheet
$
$
$
$
$
$
$
79,000
4,200
5,000
250
12,000
4,000
104,450
Land
Buildings
Metal Detectors
Less Accumulated Depreciation
Net Property, Plant, & Equipment
$
$
$
$
$
103,000
85,000
120,000
(31,500)
276,500
Software
350
Total Assets
381,300
$
$
$
$
$
2,000
4,900
630
1,100
8,630
Mortgage Payable
Total Liabilities
$
$
124,000
132,630
Common Stock
Additional Paid-in-Capital
Retained Earnings
Total Shareholders' Equity
$
$
$
$
25,000
225,000
(1,330)
248,670
381,300
Page 6