ADJUSTMENT
25-Oct
e
700 800 8-Nov 25-Nov
1500
###
INSTRUCTIONS:
DO THE FULL STEPS IN ACCOUNTING CYCLE
Note: for this exercise, you can put your own account number if they are not yet provided in the case of Samone Eq
Beginning Balance of the company's accounts (Beginning Trial Balance on Nov 1,
2014) before the journalizing the transactions on November 1-30, 2014)
1-Nov-14
account
number accounts
DEBIT CREDIT
101 Cash 2,400
112 Account Receivable 4,450
126 Supplies 1,800
157 Equipment 16,000
158 Accumulated Depreciation-Equipment 2,000
201 Account Payable 2,600
209 Unearned Service Revenue 1,360
212 Salaries & Wages Payable 700
311 Share Capital - Ordinary 10,000
320 Retained Earnings 7,990
24,650 24,650
ided in the case of Samone Equipment Inc
After preparing the all the necessary forms, then we can start to do the journalizing
This file shows the result from step 2 (journalizing) - step 3 (posting) - step 4 (trial balance before
adjustment). This file also shows the Optional Step (creating the empty worksheet)
We are going to learn on how to do worksheet next week
GENERAL JOURNAL J p-1
DATE DESCRIPTION REF DEBIT CREDIT
8-Nov Salary Payable 212 700
Salary Expense 510 800
Cash 101 1,500
(Paid salary. Which $700 for october salaries)
10-Nov Cash 101 3,420
Account Receivables 112 3,420
(received cash on account from customer)
12-Nov Cash 101 3,100
Fees earned 412 3,100
(Received fees earned)
15-Nov Equipment 157 2,000
Account Payable 201 2,000
(Purchase equipment on account)
17-Nov Supplies 126 700
Account Payable 201 700
(Purchase supplies on account)
10,720 10,720
let's assume that we have already reach at the end of the first page of the book of journal in
manual accounting information system. It means we are going to open the second page
GENERAL JOURNAL Jpage-2
DATE DESCRIPTION REF DEBIT CREDIT
20-Nov Account Payable 201 2,700
Cash 101 2,700
(Paid creditor on account)
22-Nov Rent Expense 523 500
Cash 101 500
(Paid Rent Expense)
25-Nov Salaries Expense 510 1,500
Cash 101 1,500
(Paid salary expense)
27-Nov Account Receivable 112 1,900
Fees earned 412 1,900
(performed service on account)
29-Nov Cash 101 350
Unearned fees 209 350
(received money for future services)
6,950 6,950
CASH
DATE EXPLANATION REF DEBIT CREDIT
Nov 1 2014 beginning balance
J p-1 1,500
J p-1 3,420
J p-1 3,100
Jpage-2 2,700
Jpage-2 500
Jpage-2 1,500
Jpage-2 350
101
BALANCE
DEBIT CREDIT
2,400
900 (Paid salary. Which $700 for october salaries)
4,320 (received cash on account from customer)
7,420 (Received fees earned)
4,720 (Paid creditor on account)
4,220 (Paid Rent Expense)
2,720 (Paid salary expense)
3,070 (received money for future services)
ACCOUNT RECEIVABLE
DATE EXPLANATION REF DEBIT CREDIT
1-Nov-14 Beginning balance
J p-1 3,420
1,900
112
BALANCE
DEBIT CREDIT
4,450
1,030
2,930
SUPPLIES 126 Equipment 157 Acc depr- eqp
D C D C D C
1,800 16,000 2,000
J p-1 700 J p-1 2,000
2,500 18,000 2,000
1,100 J p-3
1,400 200
2,200
D C
158
D C D C
Account Payable 201 Unearned Fees 209 Sal & Wages Payable
D K D C D C
2,600 1,360 700
2,000 J p-1 Jpage-2 J p-1 700
700 J p-1 350 Jpage-2
Jpage-2 2,700 0
2,600 1,710 350
1,380 350
330
212
J p-3
Share Capital - Ordinary 311 Retained Earning 320
D K D C D C
10,000 7,990
Fees Earned 412
D K D C D C
3,100 J p-1
1,900 Jpage-2
5,000
1,380 J p-3
6,380
Salary & Wages Expense 510 Rent Expense 523 Supplies Expense
D K D C D
J p-1 800 Jpage-2 500
Jpage-2 1,500 J p-3 1,100
2,300
J p-3 350
2,650
Supplies Expense 543 Depreciation Expense 550
C
J p-3 200
GENERAL JOURNAL J p-3
DATE DESCRIPTION REF DEBIT CREDIT
30-Nov Supplies Expense 543 1100
Supplies 126 1100
(adjustment)
30-Nov Salary & Wages Expense 510 350
Salary & Wages Payable 212 350
(adjustment)
30-Nov Depreciation Expense 550 200
Accumulated Depreciation Expense 158 200
(adjustment)
30-Nov Unearned Fees 209 1380
Fees Earned 510 1380
(adjustment)
Nov 31, 2014
Trial balance after
account n accounts adjusment
DEBIT CREDIT
101 Cash 3,070
112 Account Receivable 2,930
126 Supplies 1,400
157 Equipment 18,000
Accumulated Depreciation-
158 Equipment 2,200
201 Account Payable 2,600
209 Unearned Fees 330
212 Salaries & Wages Payable 350
311 Share Capital - Ordinary 10,000
320 Retained Earnings 7,990
412 Fees Earned 6,380
510 Salary & Wages Expense 2,650
523 Rent Expense 500
543 Supplies Expense 1,100
550 Depreciation Expense 200
29,850 29,850
Samone Equipment Repair Inc
INCOME STATEMENT
for the month ended Nov 30, 2014
ASSETS
REVENUE Cash
Fees Earned 6,380 Account Receivable
Supplies
EXPENSES Equipment
Accumulated Depreciation-
Salary & Wages Expense 2,650 Equipment
Rent Expense 500
Supplies Expense 1,100
Depreciation Expense 200
4,450
NET INCOME 1,930
Samone Equip
STATEMENT OF C
Samone Equipment Repair Inc for the month e
RETAINED EARNINGS STATEMENT
for the month ended Nov 30, 2014 Equity, Nov 1, 2014
ADD
Retained earning Nov 1, 2014 7,990 Net Income
ADD
NET INCOME 1,930 LESSS
Devidend
Retained earning Nov 30, 2014 9,920 Equity, Nov 31, 2014
DEBIT CREDIT
1500 (Paid salary. Which $700 for october salaries)
3420 (received cash on account from customer)
3100 (Received fees earned)
2700 (Paid creditor on account)
500 (Paid Rent Expense)
1500 (Paid salary expense)
350 (received money for future services)
Samone Equipment Repair Inc
STATEMENT OF FINANCIAL POSITION
30-Nov-14
LIABILITIES
3,070 Account Payable 2,600
count Receivable 2,930 Unearned Fees 330
1,400 Salaries & Wages Payable 350
18,000 3,280
Accumulated Depreciation-
Equipment 2,200 EQUITY
Book Value 15,800 Share Capital - Ordinary 10,000
Retained Earning 9,920
19,920
23,200 23,200
Samone Equipment Repair Inc Samone Equipment Repair In
STATEMENT OF CHANGES IN EQUITY CASH FLOW STATEMENT
for the month ended Nov 30, 2014 for the month ended Nov 30, 20
Equity, Nov 1, 2014 17,990 Cash flow from operating activities
Cash received from revenue
Net Income 1,930 Cash payment for expenses
19,920 Net Cash flow from operating activies
Devidend 0 Cash flow from financing activities
Equity, Nov 31, 2014 19,920 Purchase of fixed asset
Net Cash flow from financing activities
Cash flow from investing activities
devidend
stock/ share issuance
Net Cash flow from investing activities
3,070 Cash flow, beginning balance Nov 1, 2014
Cash flow, ending balance Nov 30, 2015
mone Equipment Repair Inc
CASH FLOW STATEMENT
e month ended Nov 30, 2014
6,870
(6,200)
670
-
-
-
-
-
670
Nov 1, 2014 2,400
3,070
