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General Journal

The document is a general journal for Betty Crocker's cooking business from October 1, 2014 to December 31, 2014. It records various financial transactions including investing cash and equipment into the business, purchasing supplies, paying bills, receiving payment for workshops, and closing revenue and expense accounts at year-end. Adjusting entries are also made for depreciation and prepaid rent. Financial statements including an income statement, balance sheet, and statement of owner's equity are presented summarizing the company's financial position and performance for the period.

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785 views

General Journal

The document is a general journal for Betty Crocker's cooking business from October 1, 2014 to December 31, 2014. It records various financial transactions including investing cash and equipment into the business, purchasing supplies, paying bills, receiving payment for workshops, and closing revenue and expense accounts at year-end. Adjusting entries are also made for depreciation and prepaid rent. Financial statements including an income statement, balance sheet, and statement of owner's equity are presented summarizing the company's financial position and performance for the period.

Uploaded by

api-270685432
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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GENERAL JOURNAL

Account Tiles & Explanation

Date
10/01/2014 Cash
Equipment
Capital- Betty Crocker
(to invest cash and equipment)

10/03/2014 Cooking Supplies


Account Payable
(to purchased cooking supplies on credit)

PR

Debit
$ 5,000
4,000

Credit

$9,000

500
500

10/06/2014 Computer Equipment


Cash
(to paid computer system)

4,000

10/07/2014 Prepaid Rent


Cash
(to paid six months rent on office)

1,200

10/14/2014 Cash
Revenue
(to completed a cooking workshop)

2,000

10/20/2014 Accounts Receivable


Service Revenue

2,000

4,000

1,200

2,000

2,000

(to comp. a cooking workshop and paid next month)

10/24/2014 Cooking Supplies


Cash
(to paid for additional cooking supplies)

300

10/26/2014 Wages Expense


Cash
(to paid assistant for help w/workshop)

200

10/29/2014 Telephone Expense


Cash
(to paid telephone bill)

300

200

50
50

GENERAL JOURNAL
Date
Account Titles & Explanations
10/30/2014 Withdrawals
Cash
(to paid Bettys personal utility bill)
10/31/2014 Cash
Unearned revenue
(to received payment for class to be held in Nov.)

PR

Debit

Credit
75
75

2,000
2,000

Date
12/31/14

12/31/14

12/31/14

12/31/14

12/31/14

GENERAL JOURNAL
Account Titles & Explanations
Depreciation Expense
Accumulated Depreciation Equipment

PR

Debit
$ 200

200

Depreciation Expense
Accumulated Depreciation Computer Syst.

200

Cooking Supplies Expense


Cooking Supplies

550

Wages Expenses
Wages Payable

200

Rent Expense
Prepaid Rent

200

200

550

200

200

Revenue
Income Summary
( to close revenue accounts)

4,000

Income Summary
Wages Expense
Depreciation Expense
Cooking Supplies Expense
Rent Expense
Telephone Expense
( to close expense accounts)

1,600

Income Summary
Owners Capital
( to close net income)

2,400

Owners Capital
Owners Withdrawals
( to close drawings to capital)

Credit

4,000

400
400
550
200
50

2,400

75
75

GENERAL LEDGER

Date
Explanations
10/1/14
10/6/14
10/7/14
10/14/14
10/24/14
10/26/14
10/29/14
10/30/14
10/31/14

Date
Explanations
10/20/14

Date
Explanations
10/03/14
10/24/14
12/31/14

Date
Explanation
10/7/14
12/31/14

Date
Explanation
10/1//14

Cash
PR

2,000

Account 101
Balance
$ 5,000
1,000
(200)
1,800
1,500
1,300
1,250
1,175
3,175

Accounts Receivable
PR
Debit
2,000

Account 106
Balance
2,000

Debit
$ 5,000

Credit
4,000
1,200

2,000
300
200
50
75

Cooking Supplies
PR
Debit
500
300

Prepaid Rent
PR
Debit
1,200

Credit

Account 124
Credit
Balance
500
800
550
250

Credit
200

Equipment
PR

Debit
4,000

Credit

Account 131
Balance
1,200
1,000

Account 167
Balance
4,000

GENERAL LEDGER

Date
Explanation
12/31/14

Date
10/6/14

Explanation

Accumulated Depreciation- Equipment


PR
Debit

Credit
200

Computer Equipment
PR
Debit
4,000

Account 177
Balance
4,000

Credit

Accumulated Depreciation-Computer Equipment


Date
Explanation
PR
Debit
Credit
12/31/14
200

Date
10/3/14

Explanation

Date
Explanation
12/31/14

Date
Explanation
10/31/14

Accounts Payable
PR
Debit

Wages Payable
PR
Debit

Unearned Revenue
PR
Debit

Account 168
Balance
200

Account 178
Balance
200

500

Account 201
Balance
500

200

Account 210
Balance
200

Credit
2,000

Account 212
Balance
2,000

Credit

Credit

GENERAL LEDGER

Date
Explanation
10/1/14
12/31/14

Betty Crocker, Capital


PR
Debit

Credit
9,000
2,400
75

Date
Explanation
10/30/14
12/31/14

Date
Explanation
10/14/14
10/20/14
12/31/14

Date
Explanation
12/31/14
12/31/14

Date
Explanation
10/29/14
12/31/14

Date
Explanation
12/31/14
12/31/14

Withdrawals
PR
Debit

Credit
75
75

Revenue
PR

Debit

Credit
2,000
2,000

4,000

Depreciation Expense
PR
Debit

Account 403
Balance
2,000
4,000
0

400

50

Account 676
Balance
50
0

550

Account 684
Balance
550
0

400

Credit
50

Cooking Supplies Expense


PR
Debit

Account 302
Balance
75
0

Account 612
Balance
400
0

Credit

Telephone Expense
PR
Debit

Account 301
Balance
9,000
11,400
11,325

Credit
550

GENERAL LEDGER

Date
Explanation
12/31/14
12/31/14

Date
Explanation
10/26/14
12/31/14
12/31/14

Date
Explanation
12/31/14

Rent Expense
PR

Debit

200

Account 699
Balance
200
0

400

Account 302
Balance
200
400
0

Credit
200

Wage Expense
PR

Debit

Credit
200
200

Income Summary
PR
Debit
1,600
2,400

Credit
4,000

Account 999
Balance
4,000
2,400
0

Unadjusted Trial Balance


October 31, 2014
Cash
Accounts Receivable
Cooking Supplies
Prepaid Rent
Equipment
Accumulation Depreciation-Equipment
Computer Equipment
Accumulation Depreciation- Computer Equipment
Accounts Payable
Wage Payable
Unearned Revenue
Betty Crocker, Capital
Withdrawals
Revenue
Depreciation Expense
Telephone Expense
Cooking Supplies Expense
Rent Expense
Wage Expense

$ 3,175
2,000
800
1,200
4,000
4,000
500
2,000
9,000
75
4,000
50

200
$ 15,500

$ 15,500

Adjusted Trial Balance


October 31, 2014
Cash
Accounts Receivable
Cooking Supplies
Prepaid Rent
Equipment
Accumulation Depreciation-Equipment
Computer Equipment
Accumulation Depreciation- Computer Equipment
Accounts Payable
Wage Payable
Unearned Revenue
Betty Crocker, Capital
Withdrawals
Revenue
Depreciation Expense
Telephone Expense
Cooking Supplies Expense
Rent Expense
Wage Expense

$ 3,175
2,000
250
1,000
4,000
200
4,000
200
500
200
2,000
9,000
75
4,000
400
50
550
200
400
$ 16,100

$ 16,100

Post-Closing Trial Balance


December 31, 2014
Cash
Accounts Receivable
Cooking Supplies
Prepaid Rent
Equipment
Accumulation Depreciation-Equipment
Computer Equipment
Accumulation Depreciation- Computer Equipment
Accounts Payable
Wage Payable
Unearned Revenue
Betty Crocker, Capital

$ 3,175
2,000
250
1,000
4,000
200
4,000

$ 14,425

200
500
200
2,000
11,325
$ 14,425

10

Statement of Changes in Owners Equity


For the Year Ended December 31, 2011
Betty Croker, Capital January 1, 2011
Add:
Net Income

$ 9,000
2,400
$ 11,400

Less:
Withdrawals
Betty Croker, Capital, December 31, 2011

75
$ 11,325

Income Statement
For the Year Ended December 31, 2011
Revenue
Total Revenues
Expenses:
Depreciation ExpenseWages Expense
Rent Expense
Insurance Expense
Cooking Supplies Expense
Telephone Expense
Total Expenses
Net Income

$ 400
$ 400
400
400
200
6,100
550
50
$ 1,600
$ 2,400

11

Assets
Current Assets:
Cash
Accounts Receivable
Cooking Supplies
Prepaid Rent
Total Current Assets
Property, Plant, and Equipment
Equipment
Lees: Accum Deprec-Equipment
Computer Equipment
Less: Accum Deprec- Comp.Equip
Total Assets

Balance Sheet
December 31, 2014
Liabilities and Owners Equity
Current Liabilities:
$ 3,175 Accounts Payable
2,000 Wages Payable
250 Unearned Revenue
1,000
6,425 Total current Liabilities
4,000
200
4,000 Owners Equity:
200 Mason Kidd, Capital
$ 14,025 Total Liabilities and Owners
Equity

$ 500
200
2,000
2,700

$ 11,325
$14,025

12

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