Accounting Cycle Project

General Journal Description Date 1-Dec 1-Dec 1-Dec 1-Dec Cash Common Stock Issuance of common stock Rent Expense Cash Rent for upcoming Month, cash Prepaid Insurance Cash Premium on insurance, cash Equipment Cash Debit $ $ $ $ 5-Dec Purchase of equipment, cash Supplies Accounts payable $ 15-Dec Purchase of Supplies on account Cash Service Revenue $ 16-Dec Provide services to customer, cash Accounts Receivables Service Revenue $ 21-Dec 23-Dec 28-Dec 30-Dec Provide services to customer, on accounts Cash Accounts Receivables Collected cash from services provided to ABC Inc Accounts payable Cash Paid for supplies purchased from XYZ Co. Wages Expense Cash Paid for wages for Dec 1 - 28th Dividends Cash Credit 9,500 $ $ $ $ $ 9,500 $ 1,350 $ 1,080 $ 4,800 1,350 1,080 4,800 300 $ 300 $ 8,800 $ 7,600 $ 3,200 8,800 7,600 3,200 170 $ 170 $ 4,480 $ 200 4,480 200 Pay off Declared Dividends 31-Dec Insurance Expense Prepaid Insurance $ 90 $ 90 Adjustment for months used Insurance 31-Dec Supplies Expense Supplies $ 210 $ 210 $ 80 Adjustment for used Supplies 31-Dec 31-Dec Depreciation Expense Accumulated Depreciation Adj. for Depreciation on use of equipment Wages Expense $ $ 80 480 Wages Payable Adj. for incurred unpaid wages Dec 29 - 31 31-Dec 31-Dec 31-Dec Service Revenue Retained Earnings Close Revenue Account Retained Earnings Rent Expense Wages Expense Insurance Expense Supplies Expense Depreciation Expense Close Expense Accounts Retained Earnings Dividends Close Dividends Account $ 480 $ 16,400 $ 16,400 $ 6,690 $ 1,350 $ 4,960 $ 90 $ 210 $ 80 $ 200 $ 200 1-Dec 15-Dec 21-Dec Ending Bal $ $ $ Cash 9,500 8,800 3,200 $ 9,420 $ $ $ $ $ $ 1,350 1,080 4,800 170 4,480 200 1-Dec 1-Dec 1-Dec 23-Dec 28-Dec 30-Dec 23-Dec $ Accounts Payable 170 $ 300 $ Account Receivables 16-Dec $ 7,600 $ 3,200 Ending Bal $ 21-Dec Ending Bal $ $ 1-Dec $ Ending Bal $ 31-Dec $ 210 31-Dec 480 Rent Expense 1-Dec $ 1,350 $ 31-Dec 990 9,510 Ending Bal Service Revenue 31-Dec $ 16,400 $ 8,800 $ 7,600 $ Ending Bal Equipment 4,800 $ - 1,350 4,800 Ending Bal $ 31-Dec 80 Ending Bal $ 15-Dec 16-Dec Ending Bal 31-Dec - Wages Expense 28-Dec $ 4,480 $ 4,960 31-Dec $ 480 Accumulated Depreciation $ 80 31-Dec Ending Bal $ $ 31-Dec - Supplies Expense 31-Dec $ 210 $ Ending Bal 90 210 31-Dec 80 31-Dec 200 31-Dec - Ending Bal 90 90 Insurance Expense 31-Dec $ 90 $ 1-Dec 9,500 Ending Bal Retained Earnings 31-Dec $ 6,690 $ 16,400 31-Dec $ 200 $ Supplies 300 $ Prepaid Insurance 1-Dec $ 1,080 $ Ending Bal Ending Bal 4,400 $ 5-Dec $ 130 Wages Payable $ 480 Common Stock $ 9,500 5-Dec - Depreciation Expense 31-Dec $ 80 $ Ending Bal Ending Bal 31-Dec $ - Dividends 30-Dec $ 200 $ - $ Unadjusted Trial Balance Accounts Cash Accounts Receivables Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Service Revenue Rent Expense Wages Expense Insurance Expense Supplies Expense Depreciation Expense Totals Debit Credit $ 9,420 $ 4,400 $ 300 $ 1,080 $ 4,800 $ $ 130 $ $ 9,500 $ $ 200 $ 16,400 $ 1,350 $ 4,480 $ $ $ $ 26,030 $ 26,030 Adjusted Trial Balance Cash Accounts Receivables Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Service Revenue Rent Expense Wages Expense Insurance Expense Supplies Expense Depreciation Expense Totals Debit Credit $ 9,420 $ 4,400 $ 90 $ 990 $ 4,800 $ 80 $ 130 $ 480 $ 9,500 $ 9,510 $ $ $ $ $ $ $ $ 19,700 $ 19,700 Income Statement Statement of Stockholders' Equity For the month Ended December 31, 20XX Common Stock Operating Expenses: Rent Wages Insurance Supplies Depreciation (1,350.00) (4,960.00) (90.00) (210.00) (80.00) Total Operating Income from Operations Net Income Classified Balance Sheet For the month Ended December 31, 20XX $16,400.00 Service Revenue (6,690.00) 9,710.00 9,710.00 Beginning Balance July 1, 2013 Issue Common Stock Net Income Dividends Ending Balance July 31, 2013 $0.00 9,500.00 At December 31, 20XX Retained Earnings $0.00 9,710.00 (200.00) $9,500.00 $9,510.00 1 Total $0.00 9,500.00 9,710.00 (200.00) $19,010.00 Current Assets: 2 3 4 5 6 Cash Accounts Receivable Supplies Prepaid Insurance 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 $ $ $ $ Total Current Assets $ 9,420.00 4,400.00 90.00 990.00 14,900.00 Property & Equipment: Equipment Accumulated Depreciation $ $ Property & Equipment, net $ $ 4,800.00 (80.00) 4,720.00 19,620.00 Current Liabilities: Accounts Payable Wages Payable $ $ Total Current Liabilities $ Total Liabilities $ 130.00 480.00 610.00 610.00 Stockholders' Equity: Common Stock Retained Earnings $ $ Total Stockholders' Equity $ $ 9,500.00 9,510.00 19,010.00 19,620.00