How To Succeed In Accounting And Finance: Tips And Assignments


P	Proprietorship	Barlett, Drawings; Capital
A	Assets	Supplies, Accounts Receivable, Cash, Equipment, Prepaid Insurance
L	Liabilities	Long Term Loan Payable, Salary Payable, Accumulated Depreciation, Accounts Payable, Unearned Revenue
E	Expenses	Rent Expense, Supplies Expense, Salary Expense, Depreciation Expense, Advertisement Expense, Insurance Expense, Interest Expense
R	Revenue	Service Revenue
In the books of Greenplace
Journal Entries
		Dr.	Cr.
Date	Particulars	Amount	Amount2

28-04-2017	Supplies	$1,200
	Accounts Payable		$1,200

29-04-2017	Rent Expense	$3,500
	Cash		$3,500

30-04-2017	Cash	$5,600
	Accounts Receivable		$5,600


	In the books of Greenplace
	Trial Balance
	as on 30 April 2017
		Dr.	Cr.
	Particulars	Amount	Amount2

	Rent Expense	$5,200
	Supplies Expense	$1,200
	Long Term Loan Payable		$45,000
	Berlett, Drawings	$5,000
	Salary Expense	$18,600
	Salary Payable		$18,400
	Service Revenue		$65,000
	Supplies	$4,500
	Capital		$29,780
	Depreciation Expense	$9,800
	Accounts Receivable	$35,500
	Cash	$20,000
	Accumulated Depreciation		$25,200
	Accounts Payable		$25,800
	Equipment	$1,20,000
	Advertising Expense	$7,500
	Insurance Expense	$3,600
	Interest Expense	$3,880
	Prepaid Insurance	$8,600
	Unearned Revenue		$34,200

	Total	$2,43,380	$2,43,380
In the books of Greenplace
Adjustment Entries
		Dr.	Cr.
Date	Particulars	Amount	Amount2

30-04-2017	Unearned Revenue	$19,200
	Service Revenue		$19,200

	Depreciation Expense	$12,500
	Accumulated Depreciation		$12,500

	Salary Expense	$3,500
	Salary Payable		$3,500

	Insurance Expense	$6,200
	Prepaid Insurance		$6,200

	Supplies Expense	$1,750
	Supplies		$1,750
Dr.	Rent Expense A/c.	Cr.		Dr.	Long Term Loan Payable A/c.
30-04-2017	To, Balance b/d	5200	30-04-2017	By, Balance c/d	5200		30-04-2017	To, Balance c/d	45000	30-04-2017	By, Balance b/d

		5200			5200				45000

Dr.	Supplies Expense A/c.	Cr.		Dr.	Salary Payable A/c.
30-04-2017	To, Balance b/d	1200	30-04-2017	By, Balance c/d	2950		30-04-2017	To, Balance c/d	21900	30-04-2017	By, Balance b/d
	To, Supplies A/c.	1750									By, Salary Expense A/c.
		2950			2950				21900

Dr.	Bartlett, Drawings A/c.	Cr.		Dr.	Service Revenue A/c.
30-04-2017	To, Balance b/d	5000	30-04-2017	By, Balance c/d	5000		30-04-2017	To, Balance c/d	85000	30-04-2017	By, Balance b/d
											By, Unearned Revenue A/c.
		5000			5000				85000

Dr.	Salary Expense A/c.	Cr.		Dr.	Capital A/c.
30-04-2017	To, Balance b/d	18600	30-04-2017	By, Balance c/d	22100		30-04-2017	To, Balance c/d	29780	30-04-2017	By, Balance b/d
	To, Salary Payable A/c.	3500
		22100			22100				29780

Dr.	Supplies A/c.	Cr.		Dr.	Accumulated Depreciation A/c.
30-04-2017	To, Balance b/d	4500	30-04-2017	By, Supplies Expense A/c.	1750		30-04-2017	To, Balance c/d	37700	30-04-2017	By, Balance b/d
				By, Balance c/d	2750						By, Depreciation Expense A/c.
		4500			4500				37700

Dr.	Depreciation Expense A/c.	Cr.		Dr.	Accounts Payable A/c.
30-04-2017	To, Balance b/d	9800	30-04-2017	By, Balance c/d	22300		30-04-2017	To, Balance c/d	25800	30-04-2017	By, Balance b/d
	To, Accumulated Depreciation A/c.	12500
		22300			22300				25800

Dr.	Accounts Receivable A/c.	Cr.		Dr.	Unearned Revenue A/c.
30-04-2017	To, Balance b/d	35500	30-04-2017	By, Balance c/d	35500		30-04-2017	To, Service Revenue A/c.	19200	30-04-2017	By, Balance b/d
								To, Balance c/d	15000
		35500			35500				34200

Dr.	Cash A/c.	Cr.
30-04-2017	To, Balance b/d	20000	30-04-2017	By, Balance c/d	20000

		20000			20000

Dr.	Equipment A/c.	Cr.
30-04-2017	To, Balance b/d	120000	30-04-2017	By, Balance c/d	120000

		120000			120000

Dr.	Advertising Expense A/c.	Cr.
30-04-2017	To, Balance b/d	7500	30-04-2017	By, Balance c/d	7500

		7500			7500

Dr.	Insurance Expense A/c.	Cr.
30-04-2017	To, Balance b/d	3600	30-04-2017	By, Balance c/d	9800
	To, Prepaid Insurance A/c.	6200
		9800			9800

Dr.	Interest Expense A/c.	Cr.
30-04-2017	To, Balance b/d	3880	30-04-2017	By, Balance c/d	3880

		3880			3880

Dr.	Prepaid Insurance A/c.	Cr.
30-04-2017	To, Balance b/d	8600	30-04-2017	By, Insurance Expense A/c.	6200
				By, Balance c/d	2400
		8600			8600
DATA TABLE:

Particulars	Amount

Rent Expense	$5,200
Supplies Expense	$1,200
Long Term Loan Payable	$45,000
Berlett, Drawings	$5,000
Salary Expense	$18,600
Salary Payable	$18,400
Service Revenue	$65,000
Supplies	$4,500
Capital	$29,780
Depreciation Expense	$9,800
Accounts Receivable	$35,500
Cash	$20,000
Accumulated Depreciation	$25,200
Accounts Payable	$25,800
Equipment	$1,20,000
Advertising Expense	$7,500
Insurance Expense	$3,600
Interest Expense	$3,880
Prepaid Insurance	$8,600
Unearned Revenue	$34,200

Additional Information:
Supplies Consumed within the period	$1,750
Prepaid insurance expired	$6,200
Unearned revenue earned	$19,200
Depreciation charged	$12,500
Salary due	$3,500


Adjustment Worksheet:
	Pre-Adjustment Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet
Particulars	Debit	Credit	Debit 2	Credit3	Debit 4	Credit5	Debit 6	Credit7	Debit 8	Credit9

Rent Expense	$5,200		$6,200		$11,400		$11,400
Supplies Expense	$1,200		$1,750		$2,950		$2,950
Long Term Loan Payable		$45,000				$45,000				$45,000
Berlett, Drawings	$5,000				$5,000				$5,000
Salary Expense	$18,600		$3,500		$22,100		$22,100
Salary Payable		$18,400		$3,500		$21,900				$21,900
Service Revenue		$65,000		$19,200		$84,200		$84,200
Supplies	$4,500			$1,750	$2,750				$2,750
Capital		$29,780				$29,780				$29,780
Depreciation Expense	$9,800		$12,500		$22,300		$22,300
Accounts Receivable	$35,500				$35,500				$35,500
Cash	$20,000				$20,000				$20,000
Accumulated Depreciation		$25,200		$12,500		$37,700				$37,700
Accounts Payable		$25,800				$25,800				$25,800
Equipment	$1,20,000				$1,20,000				$1,20,000
Advertising Expense	$7,500				$7,500		$7,500
Insurance Expense	$3,600				$3,600		$3,600
Interest Expense	$3,880				$3,880		$3,880
Prepaid Insurance	$8,600			$6,200	$2,400				$2,400
Unearned Revenue		$34,200	$19,200			$15,000				$15,000

TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$73,730	$84,200	$1,85,650	$1,75,180
Add:Profit							$10,470			$10,470
GRAND TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$84,200	$84,200	$1,85,650	$1,85,650
Adjustment Worksheet:
	Pre-Adjustment Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet
Particulars	Debit	Credit	Debit 2	Credit3	Debit 4	Credit5	Debit 6	Credit7	Debit 8	Credit9

Rent Expense	$5,200		$6,200		$11,400		$11,400
Supplies Expense	$1,200		$1,750		$2,950		$2,950
Long Term Loan Payable		$45,000				$45,000				$45,000
Berlett, Drawings	$5,000				$5,000				$5,000
Salary Expense	$18,600		$3,500		$22,100		$22,100
Salary Payable		$18,400		$3,500		$21,900				$21,900
Service Revenue		$65,000		$19,200		$84,200		$84,200
Supplies	$4,500			$1,750	$2,750				$2,750
Capital		$29,780				$29,780				$29,780
Depreciation Expense	$9,800		$12,500		$22,300		$22,300
Accounts Receivable	$35,500				$35,500				$35,500
Cash	$20,000				$20,000				$20,000
Accumulated Depreciation		$25,200		$12,500		$37,700				$37,700
Accounts Payable		$25,800				$25,800				$25,800
Equipment	$1,20,000				$1,20,000				$1,20,000
Advertising Expense	$7,500				$7,500		$7,500
Insurance Expense	$3,600				$3,600		$3,600
Interest Expense	$3,880				$3,880		$3,880
Prepaid Insurance	$8,600			$6,200	$2,400				$2,400
Unearned Revenue		$34,200	$19,200			$15,000				$15,000

TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$73,730	$84,200	$1,85,650	$1,75,180
Add:Profit							$10,470			$10,470
GRAND TOTAL	$2,43,380	$2,43,380	$43,150	$43,150	$2,59,380	$2,59,380	$84,200	$84,200	$1,85,650	$1,85,650

Capital as on 30/4/17	$35,250

In the books of Greenplace
Balance Sheet
As on 30 April,2017

Particulars	Amount
ASSETS:
Current Assets:
Supplies	$2,750
Accounts Receivable	$35,500
Prepaid Insurance	$2,400
Cash	$20,000

Total Current Assets	$60,650

Fixed Assets:
Equipment	$1,20,000
Less: Accumulated Depreciation	-$37,700

Total Non-Current Assets	$82,300

TOTAL ASSETS	$1,42,950

LIABILITIES:
Current Liabilities:
Salary Payable	$21,900
Accounts Payable	$25,800
Unearned Revenue	$15,000

Total Current Liabilities	$62,700

NON-CURRENT LIABILITIES:
Long Term Loan Payable	$45,000

Total Non-Current Liabilities	$45,000

TOTAL LIABILITIES	$1,07,700

Capital:
Capital Balance	$35,250
TOTAL CAPITAL	$35,250

TOTAL LIABILITIES & CAPITAL	$1,42,950
Particulars	Amount

Current Assets	60650
Current Liabilities	62700

Current Ratio	0.967



Particulars	Amount

Total Liabilities	107700
Total Assets	142950

Debt Ratio	0.753

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