Case Study
Net Income
Statement of Owner’s Equity
Current Liabilities
Interest Expense
Salaries Expense
Utilities Expense
Rent Expense
Depreciation Expense
Inventory
Balance Sheet
Income Statement
Total
Sales Returns & Allowance
CR
DR
Account Titles
Adjusted Trial Balance
Adjustments
Unadjusted Trial Balance
Worksheet
Balance
PR
Description
Date
GL No:
Account:
Prepaid Rent
Opening Balance
Account Title and Explanation
Sales Revenue
Cash
Accounts Payable
Cost of Goods Sold
Accounts Receivable
General Journal
d)
c)
a)
Required:
Income Summary
Travel Expense
Owner’s Drawing
Capital Account
OWNER’S EQUITY
Bank Loan
Professional Fees Expense
Unearned Revenue
Office Supplies Expense
Salary Payable
Maintenance Expense
Interest Payable
Insurance Expense
LIABILITIES
Accumulated Depreciation
Property, Plant & Equipment
EXPENSES
REVENUE
ASSETS
Account #
Account Description
Paid the balance owed to suppler for jeans purchased on Jan 9th
Jan 31
Paid the balance owed to supplier for all the jackets purchased on January 2
Jan 18
Jan 26
The company uses the following chart of accounts to implement its accounting system:
b)
Prepaid rent represents one year of rent. One month of prepaid rent has been used
Sales Discounts
Advertising Expense
Prepare the month-end closing journal entries. Use the income summary account and post to the general ledger.
Journalize the transactions and post to the general ledger.
Based on the transactions and ledger balance from part a) and b), complete the worksheet.
e)
Complete the financial multi-step income statement, the statement of owner’s equity and the classified balance sheet.
f)
Pixie
During January, Pixie had the following transactions:
General Ledger
Pixie is a successful urban clothing retailer. Its balance sheet as at January 1, 2013 is presented below.
As at January 1, 2013
Journalize the following adjustments (to be recorded on January 31, 2013) and post…