ACCT 1000 Introduction To Financial Accounting

Answer:

Journal Entries

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

3/04/2017	Cash	150.00
	Accounts Payable		150.00

15/05/2017	Inventory	750.00
	GST Payable	37.50
	Accounts Payable		787.50

28/05/2017	Inventory	1,200.00
	GST Payable	60.00
	Accounts Payable		1,260.00

31/05/2017	Interest Payable	687.50
	Interest Expense	62.50
	Cash		750.00

	Cash	15,750.00
	Service Revenue		15,000.00
	GST Payable		750.00

1/06/2017	Prepaid Insurance	2,400.00
	Cash		2,400.00

20/06/2017	Accounts Payable	2,047.50
	Cash		2,047.50

30/06/2017	Cash	5,900.00
	Unearned Service Revenue	13,000.00
	Service Revenue		18,000.00
	GST Payable		900.00

30/06/2017	Cash	740.25
	Sales Revenue		705.00
	GST Payable		35.25

	Cost of Goods Sold	366.60
	Inventory		366.60

30/06/2017	Rent Expense	3,000.00
	Telephone Expense	700.00
	Utilities Expense	135.00
	Fuel Expense	400.00
	GST Payable	61.65
	Cash		4,296.65

1/07/2017	Dividend	4,000.00
	Cash		4,000.00

2/07/2017	Boating Equipment	9,000.00
	GST Payable	450.00
	Cash		9,450.00

15/07/2017	Cash	11,600.00
	Unearned Service Revenue	1,000.00
	Service Revenue		12,000.00
	GST Payable		600.00

31/07/2017	Salary Expense	2,000.00
	Payroll Tax Payable		150.00
	Employee Benefit Withold Payable		118.00
	Cash		1,732.00

31/07/2017	Cash	1,732.50
	Sales Revenue		1,650.00
	GST Payable		82.50

	Cost of Goods Sold	858.00
	Inventory		858.00

1/08/2017	Inventory	1,800.00
	GST Payable	90.00
	Cash		1,890.00

15/08/2017	Employee Benefit Expense	131.20
	Employee Benefit Withold Payable	118.00
	Payroll Tax Payable	150.00
	Cash		399.20

30/09/2017	Cash	56,880.00
	Service Revenue		35,000.00
	Sales Revenue		19,000.00
	GST Payable		2,880.00

	Cost of Goods Sold	1,379.06
	Inventory		1,379.06

30/09/2017	Depreciation Expense	2,065.00
	Accum. Depr. – Vehicles		900.00
	Accum. Depr. – Furniture		450.00
	Accum. Depr. – Boating Equipment		715.00

	Insurance Expense	800.00
	Prepaid Insurance		800.00

	Accrued Revenue	1,000.00
	Service Revenue		1,000.00

Workings

	Purchase	Sales	Balance
Date	Units	Price	Total	Units	Price	Total	Units	Price	Total

15/05/2017	100	7.50	750.00				100	7.50	750.00
28/05/2017	150	8.00	1,200.00				250	7.80	1,950.00
30/06/2017				47	7.80	366.60	203	7.80	1,583.40
31/07/2017				110	7.80	858.00	93	7.80	725.40
1/08/2017	200	9.00	1,800.00				293	8.62	2,525.40
30/09/2017				160	8.62	1,379.06	133	8.62	1,146.34

Unadjusted Trial Balance

Hiking is Fun, Inc.
Unadjusted Trial Balance As at 09/30/2017

UNADJUSTED TRIAL BALANCE			ADJUSTMENTS		ADJUSTED TRIAL BALANCE
Account Description	Debits	Credits	Debits	Credits	Debits	Credits
Cash	$ 87,701.30	$ –			$ 87,701.30
Prepaid Insurance	4,000.00	0.00		800.00	3,200.00
Office Supplies	140.00	0.00			140.00
Inventory	1,146.34	0.00			1,146.34
Vehicles (Equipment)	18,000.00	0.00			18,000.00
Accumulated Depreciation – Vehicles	0.00	600.00		900.00		1,500.00
Furniture	4,500.00	0.00			4,500.00
Accumulated Depreciation – Furn.	–	150.00		450.00		600.00
Boating Equipment	9,000.00	–			9,000.00
Accumulated Depreciation – Boating Equipment		–		715.00		715.00
Interest Payable	–	250.00				250.00
Bank Loan	–	15,000.00				15,000.00
GST Payable	–	4,512.50				4,512.50
Common Shares	–	10,000.00				10,000.00
Dividends	4,000.00	–			4,000.00
Retained Earnings	–	1,410.00				1,410.00
Service Revenue	–	108,000.00		1,000.00		109,000.00
Sales Revenues	–	5,235.00				5,235.00
Cost of Goods Sold	2,603.66	–			2,603.66
Telephone Expenses	2,100.00	–			2,100.00
Utilities Expenses	405.00	–			405.00
Rent Expense	8,000.00	–			8,000.00
Advertising Expenses	150.00	–			150.00
Fuel Expenses	1,280.00	–			1,280.00
Salary Expense	2,000.00	–			2,000.00
Employee benefits expenses	131.20	–			131.20
Depreciation Expense			2,065.00		2,065.00
Insurance Expense			800.00		800.00
Accrued Revenue			1,000.00		1,000.00
TOTAL	$ 145,157.50	$ 145,157.50	$ 3,865.00	$ 3,865.00	$ 148,222.50	$ 148,222.50