Page No.

General Journal 1

Ref Dr Cr
1-Jun Cash 101 39,000
A,Mater, Capital 301 39,000
Initial Investment

2-Jun Equipment 150 10,000

Cash 101 10,000

3-Jun Purchases 501 15,900

Accounts Payable 201 15,900
L.Supply Company,
2/10, n/30

4-Jun Supplies 120 700

Cash 101 700

6-Jun Accounts Receivable 105 15,200

Sales 401 15,200

7-Jun Freight Out 506 200

Cash 101 200

8-Jun Accounts Payable 201 300

Purchase Returns & Allowance 502 300

9-Jun Accounts Payable 201 15,600

Purchase Discounts 503 312
Cash 101 15,288

Page Total 96,900 96,900

Page No. General Journal 2

10-Jun Cash 101 14,896

Sales Discount 410 304
Accounts Receivable 304 15,200

12-Jun Purchases 501 14,400

Cash 101 14,400

15-Jun Salaries 530 1,500

Cash 101 1,500
 17-Jun Cash 101 12,000
Notes Payable 202 12,000

18-Jun Cash 101 500

Purchase Return & Allowances 500

20-Jun Purchases 501 14,200

Accounts Payable 201 14,200
Co. Dist, 2/10, n/30
FOB shipping point 2/10, n/30

21-Jun Freight In 504 700

Cash 101 700

22-Jun Cash 101 16,400

Sales 401 16,400

Page Total 74,900 74,900

GJ - 3

25-Jun Purchases 501 12,300

Cash 101 12,300

26-Jun Accounts Payable 201 9,000

Cash 101 9,000

27-Jun A.Mater, Drawing 302 2,008

Cash 101 2,008

28-Jun Sales Return & Allowances 405 900

Cash 101 900

30-Jun Accounts Receivable 105 13,700

Sales 401 13,700

30-Jun Advertising 505 1,000

Utilities 506 400
Rent 510 3,500
Salaries 530 1,500
Cash 101 6,400

Page Total
 CASH
Balance
Date Item Post Dr Cr Dr Cr
June 1 investment GJ-1 39,000 39,000
2 pay equip GJ-1 10,000 29,000
3 pay supplies GJ-1 700 28,300
5 paid freight GJ-1 200 28,100
11 paid A/P GJ-1 15,288 12,812
13 coll A/R GJ-2 14,896 27,708
14 pay Purchases GJ-2 14,400 13,308
15 paid salaries GJ-2 1,500 11,808
16 loan bank GJ-2 12,000 23,808
17 recv cash Pur Ret GJ-2 500 24,308
20 paid freight GJ-2 700 23,608
23 cash sales GJ-2 16,400 40,008
26 pay Purchases GJ-2 12,300 27,708
27 paid A/P GJ-2 9,000 18,708
28 cash drawing GJ-3 2,008 16,700
29 cash refund Sales Re GJ-3 900 15,800
30 paid expenses GJ-3 6,400 9,400

Accounts Receivable
Balance
Date Item Post Dr Cr Dr Cr
June 4 GJ-1 15,200 15,200
13 GJ-2 15,200 -
30 GJ-3 13,700 13,700

Merchandise Inventory (Physical Count)

Balance
Date Item Post Dr Cr Dr Cr
June 30 GJ-3 25,000 25,000

Supplies
Balance
Date Item Post Dr Cr Dr Cr
June 3 GJ-1 700 700
 Equipment
Balance
Date Item Post Dr Cr Dr Cr
June 2 GJ-1 10,000 10,000

Accounts Payable
Balance
Date Item Post Dr Cr Dr Cr
June 2 GJ-1 15,900 15,900
6 GJ-1 300 15,600
11 GJ-1 15,600 -
18 GJ-2 14,200 14,200
27 GJ-3 9,000 5,200

Notes Payable
Balance
Date Item Post Dr Cr Dr Cr
June 16 GJ-2 12,000 12,000

A. Mater, Capital
Balance
Date Item Post Dr Cr Dr Cr
June 1 39,000 39,000
30 closing GJ-4 4,608 43,608
30 closing GJ-4 2,008 41,600

A. Mater, Drawing
Balance
Date Item Post Dr Cr Dr Cr
June 28 GJ-4 2,008 2,008
30 closing GJ-4 2,008 -

Sales
 Balance
Date Item Post Dr Cr Dr Cr
June 4 GJ-1 15,200 15,200
23 GJ-2 16,400 31,600
30 GJ-3 13,700 45,300
30 closing GJ-4 45,300 -

Sales Returns & Allowance

Balance
Date Item Post Dr Cr Dr Cr
June 30 GJ-3 900 900
30 Closing GJ-4 900 -

Sales Discounts
Balance
Date Item Post Dr Cr Dr Cr
June 13 GJ-2 304 304
30 Closing GJ-4 304 -

Purchases
Balance
Date Item Post Dr Cr Dr Cr
June 2 GJ-1 15,900 15,900
14 GJ-2 14,400 30,300
18 GJ-2 14,200 44,500
26 GJ-3 12,300 56,800
30 closing GJ-4 56,800 -

Purchases Returns & Allowances

Balance
Date Item Post Dr Cr Dr Cr
June 6 GJ-1 300 300
17 GJ-2 500 800
30 Closing GJ-4 800 -

Purchases Discounts
Balance
 Date Item Post Dr Cr Dr Cr
June 11 GJ-1 312 312
30 Closing GJ-4 312 -

Freight In
Balance
Date Item Post Dr Cr Dr Cr
June 20 GJ-2 700 700
30 Closing GJ-4 700 -

Advertising Expense
Balance
Date Item Post Dr Cr Dr Cr
June 30 GJ-3 1,000 1,000
30 Closing GJ-4 1,000 -

Freight Out
Balance
Date Item Post Dr Cr Dr Cr
June 5 GJ-1 200 200
30 Closing GJ-4 200 -

Rent Expense
Balance
Date Item Post Dr Cr Dr Cr
June 30 GJ-3 3,500 3,500
30 Closing GJ-4 3,500 -

Salaries
Balance
Date Item Post Dr Cr Dr Cr
June 15 GJ-3 1,500 1,500
30 GJ-4 1,500 3,000
30 Closing 3,000 -

Utilitities
Balance
Date Item Post Dr Cr Dr Cr
June 30 GJ-3 400 400
30 Closing GJ-4 400 -

Income Summary
Balance
Date Item Post Dr Cr Dr Cr
June 30 closing GJ-4 44,096 44,096 net sales
30 closing GJ-4 (Net Sales) 31,388 12,708 cogs
30 closing GJ-4 (cogs) 8,100 4,608 expenses
30 closing GJ-4 4,608 -
Closing Journal Entries
Dr Cr
Particulars Ref
30-Jun 30 Sales 401 46,200
Income Summary 601 44,980
Sales Return & Allowances 900
Sales Discounts 320

Income Summary 601 43,900

Cost of Goods Sold 501 34,700
Advertising 503 1,000
Freight Out 506 300
Rent 510 3,500
Salaries 530 4,000
Utilities 540 400

Income Summary 1,080

A. Mater.Capital 1,080

A. Mater.Capital 2,100
A. Mater.Drawing 2,100
 Co. Company
Trial Balance
June 30 XXXX

Accounts Titles Dr Cr
101 Cash 9,400
105 Accounts Receivable 13,700
115 Merchandise Inventory
120 Supplies 700
150 Equipment 10,000
201 Accounts Payable 5,200
202 Notes Payable 12,000
301 Lopez, Capital 39,000
302 Lopez, Drawing 2,008
401 Sales 45,300
405 Sales Return 900
410 Sales Discount 304
501 Purchases 56,800
502 Purchases Return 800
503 Purchase Discounts 312
504 Freight In 700
505 Advertising 1,000
506 Freight Out 200
510 Rent 3,500
530 Salaries 3,000
540 Utilities 400
Totals 102,612 102,612

-
 Co. Company
Cost of Goods Sold
for the Period Ended June 30 XXXX

Merchandise Inventory, April 1

Purchases 56,800
Purchases Returns (800)
Purchase Discounts (312)
Freight In 700
Merchandise Inventory, April 30 (25,000)
Cost of Goods Sold 31,388

Co. Company
Statement of Performance
for the Period Ended June 30 XXXX

Sales 45,300
Less: Sales Returns 900
Sales Discount 304 1,204
Net Sales 44,096
Less: Cost of Goods Sold 31,388
Gross Profit 12,708
Less: Operating Expenses
Advertising 1,000
Freight Out 200
Rent 3,500
Salaries 3,000
Utilities 400 8,100
Profit 4,608

Co. Company
Statement of Equity
For the Period Ended June 30

A. Mater, Capital, Beg.

Add: Initial Investment 39,000
Less: Lopez, Drawing (2,008)
Total 36,992
Add: Profit 4,608
A. Mater, Capital, End 41,600
 Co. Company
Statement of Financial Position
June 30 XXXX

ASSETS Cash Flow from Operatin

Current Assets Cash Received from
Cash and Cash Equivalent 9,400 Sales
Receivable 13,700 Receivables Collection
Inventories 25,000 Refund from purchases
Prepaid Expenses (Supplies) 700 Payment for
Total Current Assets 48,800 Office Supplies
Freight on Sold Goods
Non-Current Assets Goods Bought
Property Plant & Equipment 10,000 Operating Expenses
Total Assets 58,800 Refund to Customers
Freight on Purchases
Liabilities & Equity Net Cash Flow from Ope
Current Liabilities
Accounts Payable 5,200 Cash Flow from Investing
Computer Equipment Bo
Noncurrent Liabilities
Notes Payable 12,000 Cash Flow from Financin
Total Liabilities 17,200 Initial Investment
Borrowings
Owner's Equity Drawings
Lopez, Capital 41,600 Net Cash Flow from Fina
Total Liabilities & Equity 58,800
Increase in Cash and Cas
Add: Cash & Cash Equiva
Cash & Cash Equivalent,
 Co. Company
Statement of Cash Flows
for the Period Ended April 30 2018

Cash Flow from Operating Activities 101 Cash

Cash Received from 105 Accounts Receivable
16,400 115 Merchandise Inventory
Receivables Collection 14,896 120 Supplies
Refund from purchases 500 150 Equipment
Payment for 201 Accounts Payable
Office Supplies (700) 202 Notes Payable
Freight on Sold Goods (200) 301 Lopez, Capital
Goods Bought (50,988) Total
Operating Expenses (7,900)
Refund to Customers (900)
Freight on Purchases (700)
Net Cash Flow from Operating Activities (29,592)

Cash Flow from Investing Activities

Computer Equipment Bought (10,000)

Cash Flow from Financing Activities

Initial Investment 39,000
Borrowings 12,000
(2,008)
Net Cash Flow from Financing Activities 48,992

Increase in Cash and Cash Equivalents 9,400

Add: Cash & Cash Equivalents, Beg -
Cash & Cash Equivalent, April 30 9,400
 Co. Company
Post-Closing Trial Balance
30-Apr

9,400
Accounts Receivable 13,700
Merchandise Inventory 25,000
700
Equipment 10,000
Accounts Payable 5,200
Notes Payable 12,000
Lopez, Capital 41,600
58,800 58,800