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December 2009 Financial Summary

1. The document shows the general journal entries for Susquehanna Equipment Rentals from December 1-31, 2009 including transactions for cash, equipment rental, expenses, and revenues. 2. Adjusting entries were made on December 31st for prepaid rent, interest expense, depreciation expense, supplies expense, unearned revenue, salaries payable, and income tax expense. 3. The adjusted trial balance on December 31st lists account balances and totals 364,680 on both sides.

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1K views29 pages

December 2009 Financial Summary

1. The document shows the general journal entries for Susquehanna Equipment Rentals from December 1-31, 2009 including transactions for cash, equipment rental, expenses, and revenues. 2. Adjusting entries were made on December 31st for prepaid rent, interest expense, depreciation expense, supplies expense, unearned revenue, salaries payable, and income tax expense. 3. The adjusted trial balance on December 31st lists account balances and totals 364,680 on both sides.

Uploaded by

Tooba Hashmi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1-Dec

1-Dec

1-Dec

4-Dec

8-Dec

12-Dec

15-Dec

17-Dec

23-Dec

23-Dec

26-Dec

27-Dec
28-Dec

29-Dec

31-Dec

31-Dec
Comprehensive Problem, Page No. 244, 15th Edition
Susquehanna Equipment Rentals
General Journal
1st-31st December, 2009
Debit Credit
Cash 200,000
Capital Stock 200,000

Rental Equipment 240,000


Cash 140,000
N/P 100,000

prepaid rent 12000


Cash 12000

Office supplies 1000


A/P 1000

Cash 8000
unerned rental fees 8000

Salaries expense 5200


cash 5200

Cash 12000
A/R 6000
Rental fees earned 18000

maintenance expense 600


A/P 600

Cash 2000
A/R 2000

No entry

Salaries expense 5200


cash 5200

A/p 600
Cash 600
Dividends
dividends payable

unexpired insurance 9600


Cash 9600

utilities expense 700


A/P 700

Cash 15600
A/R 4400
rental fees earned 20000

Susquehanna Equipment Rentals


Trial Balance
31st December, 2009
debit Credit
Cash 65000
Account Receivable 8400
Prepaid rent 12000
Unexpired Insurance 9600
Office Supplies 1000
Rental Equipment 240000
Accumulated depreciation-equipment -
Notes payable 100,000
Accounts payable 1700
Unearned rental fees 8000
Dividends payable 2000
interest payable
salaries payable -
income tax payable -
Capital stock 200000
Retained Earnings -
Dividends 2000
Rental fees earned 38000
Salaries Expense 10400
maintenance expense 600
utilities expense 700
rent expense -
interest expense -
depreciation expense -
office supplies expense -
income tax expenses -
349700 349700
Cash A/R

Prepaid Rent

Office Supplies

Notes Payable

Ddividends payable

Capital Stock
Rental fees earned

utilities expense
Unexpired Insurance

Rentakl Equipment

Accounts payble

Uneanred rental fees

Dividends
Salaries expene

rent expense
31-Dec
a

h
Susquehanna Equipment Rentals
General Journal(Adjusting entries)
31st December, 2009
Debit Credit
Rent expense 4,000
Prepaid rent 4,000

interest expense( 100,000*6%)= 6000/12= 500 500


interest payable 500

Depreciation expense-equipment( 240,000/8= 30,000/12=2500) 2500


accumulated depreciation 2500

office supplies expense 400


office supplies 400

unearned rental fees 3700


rental fees earned 3700

A/R(250*6) 1500
rental fees earned 1500

Salaries expense 1400


Salaries payable 1400

income tax expense 9080


income tax payable 9080
Susquehanna Equipment Rentals
Adjusted Trial Balance
31st December, 2009
debit Credit
Cash 65000
Account Receivable 9900
Prepaid rent 8000
Unexpired Insurance 9600
Office Supplies 600
Rental Equipment 240000
Accumulated depreciation-equipment 2500
Notes payable 100,000
Accounts payable 1700
Unearned rental fees 4300
Dividends payable 2000
interest payable 500
salaries payable 1400
income tax payabke 9080
Capital stock 200000
Retained earnings -
Dividends 2000
Rental fees earned 43200
Salaries Expense 11800
maintenance expense 600
utilities expense 700
rent expense 4000
interest expense 500
depreciation expense 2500
office supplies expense 400
income tax expenses 9080
364,680 364,680
Prepaid rent
12000 4000
balance 8000

interest expense
500
bal 500

depreciation expense
2500
bal 2500

office supplies
1000 400
bal 600

unearned rental fees


3700 8000
Income tax expense cal bal 4300
Revenue 43200
expenses
rent 4000
interest 500
dep 2500 A/R
office 400 8400
salaries 11800 1500
main 600 bal 9900
utility 700
total expenses 20500 Salaries expense
income before tax 22700 10400
tax 40% 9080 1400
bal 11800
income tax xpense
9080
bal 9080
rent expense
4000
bal 4000

interest payable
500
bal 500

Acc. Depreciation
2500
bal 2500

office supplis expense


400
bal 400

rental fees earned


38000
3700
1500
bal 43200

salaries payable
1400
bal 1400
income tax payable
9080
bal 9080
Susquehanna Equipment rental
Income statement
for the period ended Dec 31st , 2009

Rental fees earned


Expenses
Salaries Expense
maintenance expense
utilities expense
rent expense
interest expense

depreciation expense
office supplies expense
Total expenses
income before taxation
income tax expense
Net Income
43200

11800
600
700
4000
500

2500
400
20500
22700
9080
13620
Susquehanna Equipment rental
Statement of Retained earnings
For the period ended Dec 31st , 2009

Opening balance on Dec 1, 2009 0


Add. Net income 13620
subtotal 13620
Less dividends 2000
Retained earning as on dec 31, 2009 11620
Susquehanna Equipment rental
Balance Sheet
As on Dec 31st , 2009

Cash 65000
Account Receivable 9900
Prepaid rent 8000
Unexpired Insurance 9600
Office Supplies 600
Rental Equipment 240000 237500
Accumulated depreciation-equipment 2500
Total Assets 330600
Notes payable 100,000
Accounts payable 1700
Unearned rental fees 4300
Dividends payable 2000
interest payable 500
salaries payable 1400
income tax payable 9080
Total liabilities 118,980
Capital stock 200000

Retained earnings 11620

total Equity 211620

Total Liabilities & Equity 330,600


Susquehanna Equipment Rentals
General Journal(Closing Entries)
31st December, 2009
31-Dec Dr
a Rental fees earned 43,200
Income summary

b Income summary 29,580


Total expenses

c Income summary 13620


retained earning

Retained Earning 2000


Dividends

Susquehanna Equipment Rentals


After Closing Trial Balance
31st December, 2009
debit
Cash 65000
Account Receivable 9900
Prepaid rent 8000
Unexpired Insurance 9600
Office Supplies 600
Rental Equipment 240000
Accumulated depreciation-equipment
Notes payable
Accounts payable
Unearned rental fees
Dividends payable
interest payable
salaries payable
income tax payabke
Capital stock
Retained earnings
Total 333,100
Cr
Revenue
43,200 43200 43200
bal 0

29,580
total Expenses
29580 29580
13620
bal 0 0

2000
Retained earning
2000 13620

bal 11620

Credit

2500
100,000
1700
4300
2000
500
1400
9080
200000
11620
333,100
Income Summary
29580 43200
bal 13620
13620
bal 0
Dividend
2000 2000

bal 0
Susquehanna Equipme
Work Sheet
For the Month Ended

UnadjustedTrial Balance
Dr Cr
Cash 65000
Account Receivable 8400
Prepaid rent 12000
Unexpired Insurance 9600
Office Supplies 1000
Rental Equipment 240000
Accumulated depreciation-equipment
Notes payable 100,000
Accounts payable 1700
Unearned rental fees 8000
Dividends payable 2000
interest payable
salaries payable -
income tax payable -
Grey Balance sheet ac Capital Stock 200000
Orange Income statemet Retained Earnings -
Dividends 2000
Rental fees earned 38000
Salaries Expense 10400
maintenance expense 600
utilities expense 700
rent expense
interest expense
depreciation expense
office supplies expense
income tax expenses
total
Net Income

Total 349700 349700


squehanna Equipment Rentals
Work Sheet
or the Month Ended Dec 31st, 2009

Adjustments Adjusted trial Bal Income Statement Balance Sheet


Dr Cr Dr Cr Dr Cr Dr Cr
65000 65000
1500 9900 9900
4000 8000 8000
9600 9600
400 600 600
240000 240000
2500 2500 2500
100,000 100,000
1700 1700
3700 4300 4300
2000 2000
500 500 500
1400 1400 1400
9080 9080 9080
200000 200000
-
2000 2000
5200 43200 43200
1400 11800 11800
600 600
700 700
4000 4000 4000
500 500 500
2500 2500 2500
400 400 400
9080 9080 9080
29580 43200 335100 321480
13620 13620

23080 23080 364680 364680 43200 43200 335100 335100

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