CENT 1400 Accounting And Financial Management

Answer:

Journal Entries:

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Journal Entries
		Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	Dr.	Cr.
Date	Particulars	Amount	Amount

01-01-2015	Cash A/c.	Dr.	$1,00,000
	To,	Common Stock A/c.		$1,00,000

01-01-2015	Cash A/c.	Dr.	$2,20,000
	To,	N/P1 A/c.		$2,20,000

01-01-2015	Equipment 1 A/c.	Dr.	$1,50,000
	Furniture 1 A/c.	Dr.	$1,00,000
	To,	Cash A/c.		$2,50,000

02-01-2015	Rent Expenses A/c.	Dr.	$2,000
	To,	Cash A/c.		$2,000

02-01-2015	PP-Insurance A/c.	Dr.	$4,800
	To,	Cash A/c.		$4,800

02-01-2015	Equipment 1 A/c.	Dr.	$40,000
	To,	Cash A/c.		$10,000
	To,	A/P A/c.		$30,000

03-01-2015	Inventory A/c.	Dr.	$15,000
	To,	Cash A/c.		$15,000

03-01-2015	Supplies A/c.	Dr.	$2,000
	To,	Cash A/c.		$2,000

08-01-2015	Cash A/c.	Dr.	$20,000
	CC/R A/c.	Dr.	$5,000
	CGS A/c.	Dr.	$5,000
	To,	Sales Revenue A/c.		$25,000
	To,	Inventory A/c.		$5,000

10-01-2015	A/P A/c.	Dr.	$2,000
	To,	Cash A/c.		$2,000

12-01-2015	Inventory A/c.	Dr.	$4,000
	To,	A/P A/c.		$4,000

15-01-2015	Cash A/c.	Dr.	$21,000
	A/R A/c.	Dr.	$3,000
	CC/R A/c.	Dr.	$6,000
	CGS A/c.	Dr.	$6,000
	To,	Sales Revenue A/c.		$30,000
	To,	Inventory A/c.		$6,000

15-01-2015	Wages Expenses A/c.	Dr.	$8,000
	To,	Cash A/c.		$8,000

16-01-2015	Cash A/c.	Dr.	$3,000
	To,	CC/R A/c.		$3,000

23-01-2015	Cash A/c.	Dr.	$16,000
	A/R A/c.	Dr.	$2,000
	CC/R A/c.	Dr.	$2,000
	CGS A/c.	Dr.	$4,000
	To,	Sales Revenue A/c.		$20,000
	To,	Inventory A/c.		$4,000

24-01-2015	A/P A/c.	Dr.	$4,000
	To,	Cash A/c.		$4,000

25-01-2015	Inventory A/c.	Dr.	$6,000
	To,	A/P A/c.		$6,000

29-01-2015	Wages Expenses A/c.	Dr.	$7,500
	To,	Cash A/c.		$7,500

29-01-2015	Cash A/c.	Dr.	$2,000
	To,	A/R A/c.		$2,000

29-01-2015	Cash A/c.	Dr.	$4,000
	To,	CC/R A/c.		$4,000

29-01-2015	Cash A/c.	Dr.	$19,600
	A/R A/c.	Dr.	$2,800
	CC/R A/c.	Dr.	$5,600
	CGS A/c.	Dr.	$5,600
	To,	Sales Revenue A/c.		$28,000
	To,	Inventory A/c.		$5,600

29-01-2015	N/P 1 A/c.	Dr.	$2,000
	Interest Expenses A/c.	Dr.	$1,000
	To,	Cash A/c.		$3,000

01-02-2015	Rent Expenses A/c.	Dr.	$2,000
	To,	Cash A/c.		$2,000

01-02-2015	Cash A/c.	Dr.	$1,60,000
	To,	N/P 2 A/c.		$1,60,000

01-02-2015	Equipment 2 A/c.	Dr.	$1,00,000
	Furniture 2 A/c.	Dr.	$1,00,000
	To,	Cash A/c.		$2,00,000

01-02-2015	Cash A/c.	Dr.	$3,000
	To,	Rental Revenue A/c.		$3,000

02-02-2015	Dividend A/c.	Dr.	$30,000
	To,	Cash A/c.		$30,000

03-02-5015	Cash A/c.	Dr.	$2,000
	To,	CC/R A/c.		$2,000

03-02-2015	Inventory A/c.	Dr.	$25,000
	To,	Cash A/c.		$2,000
	To,	A/P A/c.		$23,000

07-02-2015	Cash A/c.	Dr.	$14,000
	A/R A/c.	Dr.	$2,000
	CC/R A/c.	Dr.	$4,000
	CGS A/c.	Dr.	$4,000
	To,	Sales Revenue A/c.		$20,000
	To,	Inventory A/c.		$4,000

08-02-2015	Utility Expenses A/c.	Dr.	$500
	To,	U/P A/c.		$500

09-02-2015	Cash A/c.	Dr.	$3,000
	To,	A/R A/c.		$3,000

10-02-2015	A/P A/c.	Dr.	$3,000
	To,	Cash A/c.		$3,000

14-02-2015	Cash A/c.	Dr.	$9,000
	A/R A/c.	Dr.	$3,000
	CC/R A/c.	Dr.	$3,000
	CGS A/c.	Dr.	$3,000
	To,	Sales Revenue A/c.		$15,000
	To,	Inventory A/c.		$3,000

14-02-2015	Wages Expenses A/c.	Dr.	$8,000
	To,	Cash A/c.		$8,000

15-02-2015	Cash A/c.	Dr.	$40,000
	To,	Common Stock A/c.		$40,000

16-02-2015	Inventory A/c.	Dr.	$3,000
	To,	Cash A/c.		$3,000

23-02-2015	Cash A/c.	Dr.	$12,000
	A/R A/c.	Dr.	$8,000
	CGS A/c.	Dr.	$4,000
	To,	Sales Revenue A/c.		$20,000
	To,	Inventory A/c.		$4,000

24-02-2015	U/P A/c.	Dr.	$500
	To,	Cash A/c.		$500

25-02-2015	A/P A/c.	Dr.	$2,000
	To,	Cash A/c.		$2,000

28-02-2015	Cash A/c.	Dr.	$21,000
	A/R A/c.	Dr.	$3,000
	CC/R A/c.	Dr.	$6,000
	CGS A/c.	Dr.	$6,000
	To,	Sales Revenue A/c.		$30,000
	To,	Inventory A/c.		$6,000

28-02-2015	Dividend A/c.	Dr.	$20,000
	To,	Cash A/c.		$20,000

28-02-2015	N/P 1 A/c.	Dr.	$2,000
	Interest Expense A/c.	Dr.	$1,000
	To,	Cash A/c.		$3,000

28-02-2015	Supplies A/c.	Dr.	$2,000
	To,	Cash A/c.		$2,000

28-02-2015	N/P 2 A/c.	Dr.	$2,500
	Interest Expense A/c.	Dr.	$1,000
	To,	Cash A/c.		$3,500

28-02-2015	Insurance Expenses A/c.	Dr.	$800
	To,	PP-Insurance A/c.		$800

28-02-2015	Supply Expenses A/c.	Dr.	$3,500
	To,	Supplies A/c.		$3,500

28-02-2015	Dep-Exp Equipment 1 A/c.	Dr.	$500
	Dep-Exp Equipment 2 A/c.	Dr.	$300
	Dep-Exp Furniture 1 A/c.	Dr.	$300
	Dep-Exp Furniture 2 A/c.	Dr.	$200
	To,	ACC-DEP Equipment 1 A/c.		$500
	To,	ACC-DEP Equipment 2 A/c.		$300
	To,	ACC-DEP Furniture 1 A/c.		$300
	To,	ACC-DEP Furniture 2 A/c.		$200

28-02-2015	Sales Revenue A/c.	Dr.	$1,88,000
	Rental Revenue A/c.	Dr.	$3,000
	To,	PL Adjustment A/c.		$1,91,000

28-02-2015	PL Adjustment A/c.	Dr.	$74,200
	To,	CGS A/c.		$37,600
	To,	Rent Expenses A/c.		$4,000
	To,	Supply Expenses A/c.		$3,500
	To,	Insuarnce Expenses A/c.		$800
	To,	Wages Expenses A/c.		$23,500
	To,	Utility Expenses A/c.		$500
	To,	Dep-Exp Equipment 1 A/c.		$500
	To,	Dep-Exp Equipment 2 A/c.		$300
	To,	Dep-Exp Furniture 1 A/c.		$300
	To,	Dep-Exp Furniture 2 A/c.		$200
	To,	Interest Expenses A/c.		$3,000

28-02-2015	PL Adjustment A/c.	Dr.	$1,16,800
	To,	RE A/c.		$66,800
	To,	Dividend A/c.		$50,000

Ledgers:


Cash A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-01-2015	Common Stock A/c.	100000		100000	DR.
01-01-2015	N/P 1 A/c.	220000		320000	DR.
01-01-2015	Equipment 1 A/c.		150000	170000	DR.
	Furniture 1 A/c.		100000	70000	DR.
02-01-2015	Rent Expenses A/c.		2000	68000	DR.
02-01-2015	PP-Insurance A/c.		4800	63200	DR.
02-01-2015	Equipment 1 A/c.		10000	53200	DR.
03-01-2015	Inventory A/c.		15000	38200	DR.
03-01-2015	Supplies A/c.		2000	36200	DR.
08-01-2015	Sales Revenue A/c.	20000		56200	DR.
10-01-2015	A/P A/c.		2000	54200	DR.
15-01-2015	Sales Revenue A/c.	21000		75200	DR.
15-01-2015	Wages Expenses A/c.		8000	67200	DR.
16-01-2015	CC/R A/c.	3000		70200	DR.
23-01-2015	Sales Revenue A/c.	16000		86200	DR.
24-01-2015	A/P A/c.		4000	82200	DR.
29-01-2015	Wages Expenses A/c.		7500	74700	DR.
29-01-2015	A/R A/c.	2000		76700	DR.
29-01-2015	CC/R A/c.	4000		80700	DR.
29-01-2015	Sales Revenue A/c.	19600		100300	DR.
29-01-2015	N/P 1 A/c.		2000	98300	DR.
	Interest Expenses A/c.		1000	97300	DR.
31-01-2015	Closing Balance			97300	DR.
01-02-2015	Rent Expenses A/c.		2000	95300	DR.
01-02-2015	N/P 2 A/c.	160000		255300	DR.
01-02-2015	Equipment 2 A/c.		100000	155300	DR.
	Furniture 2 A/c.		100000	55300	DR.
01-02-2015	Rental Revenue A/c.	3000		58300	DR.
02-02-2015	Dividend A/c.		30000	28300	DR.
03-02-2015	CC/R A/c.	2000		30300	DR.
03-02-2015	Inventory A/c.		2000	28300	DR.
07-02-2015	Sales Revenue A/c.	14000		42300	DR.
09-02-2015	A/R A/c.	3000		45300	DR.
10-02-2015	A/P A/c.		3000	42300	DR.
14-02-2015	Sales Revenue A/c.	9000		51300	DR.
14-02-2015	Wages Expenses A/c.		8000	43300	DR.
15-02-2015	Common Stock A/c.	40000		83300	DR.
16-02-2015	Inventory A/c.		3000	80300	DR.
23-02-2015	Sales Revenue A/c.	12000		92300	DR.
24-02-2015	U/P A/c.		500	91800	DR.
25-02-2015	A/P A/c.		2000	89800	DR.
28-02-2015	Sales Revenue A/c.	21000		110800	DR.
28-02-2015	Dividend A/c.		20000	90800	DR.
28-02-2015	N/P 1 A/c.		2000	88800	DR.
	Interest Expense A/c.		1000	87800	DR.
28-02-2015	Supplies A/c.		2000	85800	DR.
28-02-2015	N/P 2 A/c.		2500	83300	DR.
	Interest Expense A/c.		1000	82300	DR.
28-02-2015	Closing Balance			82300	DR.










A/R A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

15-01-2015	Sales Revenue A/c.	3000		3000	DR.
23-01-2015	Sales Revenue A/c.	2000		5000	DR.
29-01-2015	Cash A/c.		2000	3000	DR.
29-01-2015	Sales Revenue A/c.	2800		5800	DR.
30-01-2015	Closing Balance			5800	DR.
07-02-2015	Sales Revenue A/c.	2000		7800	DR.
09-02-2015	Cash A/c.		3000	4800	DR.
14-02-2015	Sales Revenue A/c.	3000		7800	DR.
23-02-2015	Sales Revenue A/c.	8000		15800	DR.
28-02-2015	Sales Revenue A/c.	3000		18800	DR.
28-02-2015	Closing Balance			18800	DR.





CC/R A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

08-01-2015	Sales Revenue A/c.	5000		5000	DR.
15-01-2015	Sales Revenue A/c.	6000		11000	DR.
16-01-2015	Cash A/c.		3000	8000	DR.
23-01-2015	Sales Revenue A/c.	2000		10000	DR.
29-01-2015	Cash A/c.		4000	6000	DR.
29-01-2015	Sales Revenue A/c.	5600		11600	DR.
30-01-2015	Closing Balance			11600	DR.
03-02-2015	Cash A/c.		2000	9600	DR.
07-02-2015	Sales Revenue A/c.	4000		13600	DR.
14-02-2015	Sales Revenue A/c.	3000		16600	DR.
28-02-2015	Sales Revenue A/c.	6000		22600	DR.
28-02-2015	Closing Balance			22600	DR.


Inventory A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

03-01-2015	Cash A/c.	15000		15000	DR.
08-01-2015	CGS A/c.		5000	10000	DR.
12-01-2015	A/P A/c.	4000		14000	DR.
15-01-2015	CGS A/c.		6000	8000	DR.
23-01-2015	CGS A/c.		4000	4000	DR.
25-01-2015	A/P A/c.	6000		10000	DR.
29-01-2015	CGS A/c.		5600	4400	DR.
30-01-2015	Closing Balance			4400	DR.
03-02-2015	Cash A/c.	2000		6400	DR.
	A/P A/c.	23000		29400	DR.
07-02-2015	CGS A/c.		4000	25400	DR.
14-02-2015	CGS A/c.		3000	22400	DR.
16-02-2015	Cash A/c.	3000		25400	DR.
24-02-2015	CGS A/c.		4000	21400	DR.
28-02-2015	CGS A/c.		6000	15400	DR.
28-02-2015	Closing Balance			15400	DR.


Supplies A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

03-01-2015	Cash A/c.	2000		2000	DR.
30-01-2015	Closing Balance			2000	DR.
28-02-2015	Cash A/c.	2000		4000	DR.
28-02-2015	Supply Expenses A/c.		3500	500	DR.
28-02-2015	Closing Balance			500	DR.


PP-Insurance A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

02-01-2015	Cash A/c.	4800		4800	DR.
30-01-2015	Closing Balance			4800	DR.
28-02-2015	Insurance Expenses A/c.		800	4000	DR.
28-02-2015	Closing Balance			4000	DR.


Equipment 1 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-01-2015	Cash A/c.	150000		150000	DR.
02-01-2015	Cash A/c.	10000		160000	DR.
	A/P A/c.	30000		190000	DR.
30-01-2015	Closing Balance			190000	DR.

Equipment 2 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-02-2015	Cash A/c.	100000		100000	DR.
28-02-2015	Closing Balance			100000	DR.


Furniture 1 A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-01-2015	Cash A/c.	100000		100000	DR.
30-01-2015	Closing Balance			100000	DR.
28-02-2015	Closing Balance			100000	DR.

Furniture 2 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-02-2015	Furniture 2 A/c.	100000		100000	DR.
28-02-2015	Closing Balance			100000	DR.

A/P A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

02-01-2015	Equipment 1 A/c.		30000	30000	CR.
10-01-2015	Cash A/c.	2000		28000	CR.
12-01-2015	Inventory A/c.		4000	32000	CR.
24-01-2015	Cash A/c.	4000		28000	CR.
25-01-2015	Inventory A/c.		6000	34000	CR.
30-01-2015	Closing Balance			34000	CR.
03-02-2015	Inventory A/c.		23000	57000	CR.
10-02-2015	Cash A/c.	3000		54000	CR.
25-02-2015	Cash A/c.	2000		52000	CR.
28-02-2015	Closing Balance			52000	CR.


U/P A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

08-02-2015	Utility Expenses A/c.		500	500	CR.
24-02-2015	Cash A/c.	500		0	CR.
28-02-2015	Closing Balance			0	CR.


N/P 1 A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-01-2015	Cash A/c.		220000	220000	CR.
29-01-2015	Cash A/c.	2000		218000	CR.
30-01-2015	Closing Balance			218000	CR.
28-02-2015	Cash A/c.	2000		216000	CR.
28-02-2015	Closing Balance			216000	CR.

N/P 2 A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-02-2015	Cash A/c.		160000	160000	CR.
28-02-2015	Cash A/c.	2500		157500	CR.
28-02-2015	Closing Balance			157500	CR.


ACC-DEP Equipment- 1 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	Dep-Exp Equipment 1 A/c.		500	500	CR.
28-02-2015	Closing Balance			500	CR.


ACC-DEP Equipment- 2 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	Dep-Exp Equipment 2 A/c.		300	300	CR.
28-02-2015	Closing Balance			300	CR.


ACC-DEP Furniture- 1 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	Dep-Exp Furniture 1 A/c.		300	300	CR.
28-02-2015	Closing Balance			300	CR.


ACC-DEP Furniture- 2 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	Dep-Exp Furniture 2 A/c.		200	200	CR.
28-02-2015	Closing Balance			200	CR.


Common Stock A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-01-2015	Cash A/c.		100000	100000	CR.
31-01-2015	Closing Balance			100000	CR.
15-02-2015	Cash A/c.		40000	140000	CR.
28-02-2015	Closing Balance			140000	CR.

PL Adjustment A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	Sales Revenue A/c.		188000	188000	CR.
	Rental Revenue A/c.		3000	191000	CR.
28-02-2015	CGS A/c.	37600		153400	CR.
	Rent Expenses A/c.	4000		149400	CR.
	Supply Expenses A/c.	3500		145900	CR.
	Insuarnce Expenses A/c.	800		145100	CR.
	Wages Expenses A/c.	23500		121600	CR.
	Utility Expenses A/c.	500		121100	CR.
	Dep-Exp Equipment 1 A/c.	500		120600	CR.
	Dep-Exp Equipment 2 A/c.	300		120300	CR.
	Dep-Exp Furniture 1 A/c.	300		120000	CR.
	Dep-Exp Furniture 2 A/c.	200		119800	CR.
	Interest Expenses A/c.	3000		116800	CR.
28-02-2015	RE A/c.	116800		0	CR.
28-02-2015	Closing Balance			0	CR.


Dividend A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

02-02-2015	Cash A/c.	30000		30000	DR.
28-02-2015	Cash A/c.	20000		50000	DR.
28-02-2015	RE A/c.		50000	0	DR.
28-02-2015	Closing Balance			0	DR.


RE A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	PL Adjustment A/c.		116800	116800	CR.
	Dividend A/c.	50000		66800	CR.
28-02-2015	Closing Balance			66800	CR.


Sales Revenue A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

08-01-2015	Cash A/c.		20000	20000	CR.
	CC/R A/c.		5000	25000	CR.
15-01-2015	Cash A/c.		21000	46000	CR.
	A/R A/c.		3000	49000	CR.
	CC/R A/c.		6000	55000	CR.
23-01-2015	Cash A/c.		16000	71000	CR.
	A/R A/c.		2000	73000	CR.
	CC/R A/c.		2000	75000	CR.
29-01-2015	Cash A/c.		19600	94600	CR.
	A/R A/c.		2800	97400	CR.
	CC/R A/c.		5600	103000	CR.
31-01-2015	Closing Balance			103000	CR.
07-02-2015	Cash A/c.		14000	117000	CR.
	A/R A/c.		2000	119000	CR.
	CC/R A/c.		4000	123000	CR.
14-02-2015	Cash A/c.		9000	132000	CR.
	A/R A/c.		3000	135000	CR.
	CC/R A/c.		3000	138000	CR.
23-02-2015	Cash A/c.		12000	150000	CR.
	A/R A/c.		8000	158000	CR.
28-02-2015	Cash A/c.		21000	179000	CR.
	A/R A/c.		3000	182000	CR.
	CC/R A/c.		6000	188000	CR.
28-02-2015	Closing Balance			188000	CR.


Rental Revenue A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

01-02-2015	Cash A/c.		3000	3000	CR.
28-02-2015	Closing Balance			3000	CR.


CGS A/c.		Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

08-01-2015	Inventory A/c.	5000		5000	DR.
15-01-2015	Inventory A/c.	6000		11000	DR.
23-01-2015	Inventory A/c.	4000		15000	DR.
29-01-2015	Inventory A/c.	5600		20600	DR.
31-01-2015	Closing Balance			20600	DR.
07-02-2015	Inventory A/c.	4000		24600	DR.
14-02-2015	Inventory A/c.	3000		27600	DR.
24-02-2015	Inventory A/c.	4000		31600	DR.
28-02-2015	Inventory A/c.	6000		37600	DR.
28-02-2015	Closing Balance			37600	DR.


Rent Expenses A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

02-01-2015	Cash A/c.	2000		2000	DR.
31-01-2015	Closing Balance			2000	DR.
01-02-2015	Rent Expenses A/c.	2000		4000	DR.
28-02-2015	Closing Balance			4000	DR.

Supply Expenses A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	Supplies A/c.	3500		3500	DR.
28-02-2015	Closing Balance			3500	DR.


Insurance Expenses A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	PP-Insurance A/c.	800		800	DR.
28-02-2015	Closing Balance			800	DR.


Wages Expenses A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

15-01-2015	Cash A/c.	8000		8000	DR.
29-01-2015	Cash A/c.	7500		15500	DR.
31-01-2015	Closing Balance			15500	DR.
14-02-2015	Cash A/c.	8000		23500	DR.
28-02-2015	Closing Balance			23500	DR.


Utility Expenses A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

08-02-2015	U/P A/c.	500		500	DR.
28-02-2015	Closing Balance			500	DR.


Dep-Exp Equipment -1 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	ACC-DEP Equipment 1 A/c.	500		500	DR.
28-02-2015	Closing Balance			500	DR.


Dep-Exp Equipment -2 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	ACC-DEP Equipment 2 A/c.	300		300	DR.
28-02-2015	Closing Balance			300	DR.


Dep-Exp Furniture -1 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	ACC-DEP Furniture 1 A/c.	300		300	DR.
28-02-2015	Closing Balance			300	DR.


Dep-Exp Furniture -2 A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

28-02-2015	ACC-DEP Furniture 2 A/c.	200		200	DR.
28-02-2015	Closing Balance			200	DR.


Interest Expenses A/c.	Dr.	Cr.
Date	Particulars	Amount	Amount	Balance

29-01-2015	Cash A/c.	1000		1000	DR.
31-01-2015	Closing Balance			1000	DR.
28-02-2015	Cash A/c.	1000		2000	DR.
28-02-2015	Cash A/c.	1000		3000	DR.
28-02-2015	Closing Balance			3000	DR.

Trial Balance for January:

Trial Balance
as on 31 Jan 2015
	Dr.	Cr.
Particulars	Amount	Amount

Cash	$97,300
A/R	$5,800
CC/R	$11,600
Inventory	$4,400
Supplies	$2,000
PP-Insurance	$4,800
Equipment-1	$1,90,000
Equipment-2	$0
Furniture-1	$1,00,000
Furniture-2	$0
A/P		$34,000
U/P		$0
N/P 1		$2,18,000
N/P 2		$0
ACC-DEP Equipment 1		$0
ACC-DEP Equipment 2		$0
ACC-DEP Furniture 1		$0
ACC-DEP Furniture 2		$0
Common Stock		$1,00,000
RE		$0
Dividend		$0
Sales Revenue		$1,03,000
Rental Revenue		$0
CGS	$20,600
Rent Expenses	$2,000
Supply Expense	$0
Insurance Expense	$0
Wages Expense	$15,500
Utility Expense	$0
Dep-Exp Equipment 1	$0
Dep-Exp Equipment 2	$0
Dep-Exp Furniture 1	$0
Dep-Exp Furniture 2	$0
Interest Expense	$1,000

TOTAL	$4,55,000	$4,55,000

Unadjusted Trial Balance for February:

Unadjusted Trial Balance
as on 28 Feb 2015
	Dr.	Cr.
Particulars	Amount	Amount

Cash	$82,300
A/R	$18,800
CC/R	$22,600
Inventory	$15,400
Supplies	$4,000
PP-Insurance	$4,800
Equipment-1	$1,90,000
Equipment-2	$1,00,000
Furniture-1	$1,00,000
Furniture-2	$1,00,000
A/P		$52,000
U/P		$0
N/P 1		$2,16,000
N/P 2		$1,57,500
ACC-DEP Equipment 1		$0
ACC-DEP Equipment 2		$0
ACC-DEP Furniture 1		$0
ACC-DEP Furniture 2		$0
Common Stock		$1,40,000
RE		$0
Dividend	$50,000
Sales Revenue		$1,88,000
Rental Revenue		$3,000
CGS	$37,600
Rent Expenses	$4,000
Supply Expense	$0
Insurance Expense	$0
Wages Expense	$23,500
Utility Expense	$500
Dep-Exp Equipment 1	$0
Dep-Exp Equipment 2	$0
Dep-Exp Furniture 1	$0
Dep-Exp Furniture 2	$0
Interest Expense	$3,000

TOTAL	$7,56,500	$7,56,500

Adjusted Trial Balance for February:

Adjusted Trial Balance
as on 28 Feb 2015
	Dr.	Cr.
Particulars	Amount	Amount

Cash	$82,300
A/R	$18,800
CC/R	$22,600
Inventory	$15,400
Supplies	$500
PP-Insurance	$4,000
Equipment-1	$1,90,000
Equipment-2	$1,00,000
Furniture-1	$1,00,000
Furniture-2	$1,00,000
A/P		$52,000
U/P		$0
N/P 1		$2,16,000
N/P 2		$1,57,500
ACC-DEP Equipment 1		$500
ACC-DEP Equipment 2		$300
ACC-DEP Furniture 1		$300
ACC-DEP Furniture 2		$200
Common Stock		$1,40,000
RE		$0
Dividend	$50,000
Sales Revenue		$1,88,000
Rental Revenue		$3,000
CGS	$37,600
Rent Expenses	$4,000
Supply Expense	$3,500
Insurance Expense	$800
Wages Expense	$23,500
Utility Expense	$500
Dep-Exp Equipment 1	$500
Dep-Exp Equipment 2	$300
Dep-Exp Furniture 1	$300
Dep-Exp Furniture 2	$200
Interest Expense	$3,000

TOTAL	$7,57,800	$7,57,800

Income Statement:

Income Statement
for the period ending 28 Feb 2015

Particulars	Amount

Sales Revenue	$1,88,000
Rental Revenue	$3,000
TOTAL REVENUE	$1,91,000
CGS	-$37,600
GROSS PROFIT	$1,53,400

Operating Expenses:
Rent Expenses	-$4,000
Supply Expense	-$3,500
Insurance Expense	-$800
Wages Expense	-$23,500
Utility Expense	-$500
Dep-Exp Equipment 1	-$500
Dep-Exp Equipment 2	-$300
Dep-Exp Furniture 1	-$300
Dep-Exp Furniture 2	-$200
TOTAL OPERATING EXPENSES	-$33,600

NET OPERATING PROFIT	$1,19,800
Interest Expense	-$3,000
NET PROFIT	$1,16,800

RE Statement:

RE Statement
for the period ending 28 Feb 2015

Particulars	Amount

Opening Balance of RE	$0
Add: Net profit for the period	$1,16,800
	$1,16,800
Less: Dividend	-$50,000
Closing Balance of RE	$66,800

Balance Sheet:

Balance Sheet
as on 28 Feb 2015

Particulars	Amount

Current Assets:
Cash	$82,300
A/R	$18,800
CC/R	$22,600
Inventory	$15,400
Supplies	$500
PP-Insurance	$4,000
TOTAL CURRENT ASSETS	$1,43,600

Non-Current Assets:
Equipment-1	$1,90,000
ACC-DEP Equipment 1	-$500
Equipment-2	$1,00,000
ACC-DEP Equipment 2	-$300
Furniture-1	$1,00,000
ACC-DEP Furniture 1	-$300
Furniture-2	$1,00,000
ACC-DEP Furniture 2	-$200
TOTAL NON-CURRENT ASSETS	$4,88,700

TOTAL ASSETS	$6,32,300

Current Liabilities:
A/P	$52,000
U/P	$0
TOTAL CURRENT LIABILITIES	$52,000

Non-Current Liabilities:
N/P 1	$2,16,000
N/P 2	$1,57,500
TOTAL NON-CURRENT LIABILITIES	$3,73,500

TOTAL LIABILITIES	$4,25,500

Equity Capital:
Common Stock	$1,40,000
RE	$66,800
TOTAL EQUITY CAPITAL	$2,06,800

TOTAL EQUITY & LIABILITIES	$6,32,300

Post-Closing Trial Balance:

Post-Closing Trial Balance
as on 28 Feb 2015
	Dr.	Cr.
Particulars	Amount	Amount

Cash	$82,300
A/R	$18,800
CC/R	$22,600
Inventory	$15,400
Supplies	$500
PP-Insurance	$4,000
Equipment-1	$1,90,000
Equipment-2	$1,00,000
Furniture-1	$1,00,000
Furniture-2	$1,00,000
A/P		$52,000
U/P		$0
N/P 1		$2,16,000
N/P 2		$1,57,500
ACC-DEP Equipment 1		$500
ACC-DEP Equipment 2		$300
ACC-DEP Furniture 1		$300
ACC-DEP Furniture 2		$200
Common Stock		$1,40,000
RE		$66,800
Dividend	$0
Sales Revenue		$0
Rental Revenue		$0
CGS	$0
Rent Expenses	$0
Supply Expense	$0
Insurance Expense	$0
Wages Expense	$0
Utility Expense	$0
Dep-Exp Equipment 1	$0
Dep-Exp Equipment 2	$0
Dep-Exp Furniture 1	$0
Dep-Exp Furniture 2	$0
Interest Expense	$0

TOTAL	$6,33,600	$6,33,600

Bibliography:

Deegan, C., 2012. Australian financial accounting. McGraw-Hill Education Australia

Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015. Advanced accounting. McGraw Hill

Mueller, G.G. and Gernon, H., 1997. Accounting: an international perspective. Irwin Professional Publishing.

Schroeder, R.G., Clark, M.W. and Cathey, J.M., 2011. Financial accounting theory and analysis: text and cases. John Wiley and Sons

Scott, W.R., 2015. Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.

Warren, C.S. and Jones, J., 2018. Corporate financial accounting. Cengage Learning

Williams, J., 2014. Financial accounting. McGraw-Hill Higher Education.

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