Professional Documents
Culture Documents
General Journal
Account Titles and Explanation
Date
2012
July
Cash
Debit
Credit
12,000
Common Stock
12,000
(issued stock for cash)
July
Equipment
8,000
Cash
Accounts Payable
(to record equipment purchase on account)
July
Supplies
900
Accounts Payable
(to record supplies purchased on account)
July
July
July
12
18
2000
6000
Prepaid insurance
Cash
900
1,800
1,800
(Paid 1-year insurance policy effective July 1.)
Accounts Receivable
3700
Service Revenue
(Billed customer for service provided)
Accounts payable
Supplies Expense
Cash
3700
1000
500
1500
(to record payment on accounts)
July
20
2000
2000
(to record salaries paid in cash)
July
21
Cash
1,600
Accounts Receivable
1600
(Collect cash from customers billed on July 12.)
July
25
Accounts Receivable
Service Revenue
2,500
2,500
31
July
31
Dividends
600
Cash
600
(Declared and paid a cash dividend)
July
31
July
31
July
July
Adjusting entries
Accounts Receivable
1700
Service Revenue
1700
(Services provided but unbilled and uncollected)
Depreciation Expense
31
180
Accumulated Depreciation Equipment
(to record depreciation)
Insurance Expense
150
Prepaid insurance
(to record expired insuranced)
31
Supplies Expense
Supplies
180
150
580
580
(to record supplies used)
July
31
Date
2012
1 july
31
31
2
400
400
31
Income Summary
Retained Earnings
(to close net income to ret earnings)
31
Income Summary
Dividends
(to close dividends to retained earnings)
1=Rev
closing
closing BAL
Service Revenue
7900
July 12
july 25
july 31
7,900 BAL
3,700
2,500
1,700
7,900
Insurance Expense
july 31 adj
BAL
closing
150
July 31
BAL
July 18
july adj
BAL
July 31 adj
BAL
31-Jul
Bal
150
150
290
Supplies Expense
500
580
1,080 closing
1080
400
Depreciation Expense
180
180 closing
180
Calc
13600
-8190
5410
900
-580
320
July 1
CASH
12,000
July 1
1600
July 5
July 18
July 31
july 20
July 31
13,600
Equipment
8000
July 3
bal
Supplies
900
july adj
320
july 1
july 21
July 12
July 25
A1 31-Jul
Bal
2000
-400
1600
Accounts Receivable
3,700
July 21
2,500
1,700
6,300
july 20
Bal
July 5
Bal
Prepaid Ins
1,800
july 31 adj
1,650
2000
1,800
1,500
290
2000
600
8190
580
1600
400
150
ing month.)
A1
Cash
Accounts Receivable
Equipment
Supplies
Salary and Wages Payable
Prepaid ins
Accumulation deprec - Eq
Accounts Payable
Common stock
Dividends
Service Revenue
Insurance Expense
miantenance and repair
Supplies Expense
Salary & wages exp
Dep Exp
A2
A3
A4
A5
s
Debit
Credit
7900
7900
2100
150
290
1080
400
180
5800
5800
ds to retained earnings)
Income Summary
7900
2=Exp closing
3=Net Inc
4=div
2100
5800
7900
1=Rev
7900
Retained Earnings
600
Bal
0
5800
5200
3=net inc
General Ledger
Common Stock
july 1
truck
insurance
12,000
dividend
Accumulated Depreciation Equipment
31-Jul
180
A2
A4
July 18
A4 july adj
BAL
3700
2500 July 18
1700
7900
-1600
6300
3700
2500
1700
7900
900
-320
580
Accounts Payable
1,000
july 1
July 3
bal
6000
900
-1000
5900
Dividends
july 31
BAL
A2
Supplies Expense
500
580
1080
Service Revenue
July 12
july 25
july 31
BAL
Depreciation Expe
600
600
July 31
BAL
3 july 31 adj
BAL
Insurance Expense
150
150
6,000
900
5900
31-Jul
July 31 adj
BAL
Credit
5410
6300
8000
320
1600
1650
revenues
Service Revenue
expenses
180
5900
12,000
600
Insurance Expense
miantenance and repair
Supplies Expense
Salary & wages exp
Dep Exp
7900
150
290
1080
400
180
25980
net income
25980
Cash
Accounts Receivable
Equipment
Supplies
Prepaid ins
Accumulation deprec - Eq
Accounts Payable
salary and wages payable
Common stock
retained earnings
Income Summary
Retained Earnings
Retained Earnings
Dividends
Debit
7900
600
A post-closing trialbalance is a list of all permanent accounts and their balances after closing entries are
journalized and posted. P188
Depreciation Expense
180
2500
1700
4200
-1000
3200
rvice Revenue
7900
surance Expense
antenance and repair
upplies Expense
lary & wages exp
150
290
1080
400
180
total exp
Balance Sheet
Assets
5410
6300
8000
320
1650
ccumulation deprec - Eq
total Assets
ccounts Payable
lary and wages payable
total liabilities
less dividends
reained earnings
2100
5800
ccounts Receivable
180
21500
Liabilities
5900
1600
`
shareholder equity
7500
ommon stock
tained earnings
12,000
5200
17,200
24700
5800
Cash
Accounts Receivable
Equipment
Supplies
Prepaid ins
Accumulation deprec - Eq
total Assets
Liabilities
Accounts Payable
salary and wages payable
total liabilities
shareholder equity
Common stock
retained earnings
d net icome
0
5800
ss dividends
ained earnings
600
5200
7500
areholder equity
12,000
5200
17,200