|
Journal Entries |
|||
|
Date |
Particulars |
Debit |
Credit |
|
|
|
|
|
|
3/04/2017 |
Cash |
150.00 |
|
|
|
Accounts Payable |
|
150.00 |
|
|
|
|
|
|
15/05/2017 |
Inventory |
750.00 |
|
|
|
GST Payable |
37.50 |
|
|
|
Accounts Payable |
|
787.50 |
|
|
|
|
|
|
28/05/2017 |
Inventory |
1,200.00 |
|
|
|
GST Payable |
60.00 |
|
|
|
Accounts Payable |
|
1,260.00 |
|
|
|
|
|
|
31/05/2017 |
Interest Payable |
687.50 |
|
|
|
Interest Expense |
62.50 |
|
|
|
Cash |
|
750.00 |
|
|
|
|
|
|
|
Cash |
15,750.00 |
|
|
|
Service Revenue |
|
15,000.00 |
|
|
GST Payable |
|
750.00 |
|
|
|
|
|
|
1/06/2017 |
Prepaid Insurance |
2,400.00 |
|
|
|
Cash |
|
2,400.00 |
|
|
|
|
|
|
20/06/2017 |
Accounts Payable |
2,047.50 |
|
|
|
Cash |
|
2,047.50 |
|
|
|
|
|
|
30/06/2017 |
Cash |
5,900.00 |
|
|
|
Unearned Service Revenue |
13,000.00 |
|
|
|
Service Revenue |
|
18,000.00 |
|
|
GST Payable |
|
900.00 |
|
|
|
|
|
|
30/06/2017 |
Cash |
740.25 |
|
|
|
Sales Revenue |
|
705.00 |
|
|
GST Payable |
|
35.25 |
|
|
|
|
|
|
|
Cost of Goods Sold |
366.60 |
|
|
|
Inventory |
|
366.60 |
|
|
|
|
|
|
30/06/2017 |
Rent Expense |
3,000.00 |
|
|
|
Telephone Expense |
700.00 |
|
|
|
Utilities Expense |
135.00 |
|
|
|
Fuel Expense |
400.00 |
|
|
|
GST Payable |
61.65 |
|
|
|
Cash |
|
4,296.65 |
|
|
|
|
|
|
1/07/2017 |
Dividend |
4,000.00 |
|
|
|
Cash |
|
4,000.00 |
|
|
|
|
|
|
2/07/2017 |
Boating Equipment |
9,000.00 |
|
|
|
GST Payable |
450.00 |
|
|
|
Cash |
|
9,450.00 |
|
|
|
|
|
|
15/07/2017 |
Cash |
11,600.00 |
|
|
|
Unearned Service Revenue |
1,000.00 |
|
|
|
Service Revenue |
|
12,000.00 |
|
|
GST Payable |
|
600.00 |
|
|
|
|
|
|
31/07/2017 |
Salary Expense |
2,000.00 |
|
|
|
Payroll Tax Payable |
|
150.00 |
|
|
Employee Benefit Withold Payable |
|
118.00 |
|
|
Cash |
|
1,732.00 |
|
|
|
|
|
|
31/07/2017 |
Cash |
1,732.50 |
|
|
|
Sales Revenue |
|
1,650.00 |
|
|
GST Payable |
|
82.50 |
|
|
|
|
|
|
|
Cost of Goods Sold |
858.00 |
|
|
|
Inventory |
|
858.00 |
|
|
|
|
|
|
1/08/2017 |
Inventory |
1,800.00 |
|
|
|
GST Payable |
90.00 |
|
|
|
Cash |
|
1,890.00 |
|
|
|
|
|
|
15/08/2017 |
Employee Benefit Expense |
131.20 |
|
|
|
Employee Benefit Withold Payable |
118.00 |
|
|
|
Payroll Tax Payable |
150.00 |
|
|
|
Cash |
|
399.20 |
|
|
|
|
|
|
30/09/2017 |
Cash |
56,880.00 |
|
|
|
Service Revenue |
|
35,000.00 |
|
|
Sales Revenue |
|
19,000.00 |
|
|
GST Payable |
|
2,880.00 |
|
|
|
|
|
|
|
Cost of Goods Sold |
1,379.06 |
|
|
|
Inventory |
|
1,379.06 |
|
|
|
|
|
|
30/09/2017 |
Depreciation Expense |
2,065.00 |
|
|
|
Accum. Depr. – Vehicles |
|
900.00 |
|
|
Accum. Depr. – Furniture |
|
450.00 |
|
|
Accum. Depr. – Boating Equipment |
|
715.00 |
|
|
|
|
|
|
|
Insurance Expense |
800.00 |
|
|
|
Prepaid Insurance |
|
800.00 |
|
|
|
|
|
|
|
Accrued Revenue |
1,000.00 |
|
|
|
Service Revenue |
|
1,000.00 |
Workings
|
|
Purchase |
Sales |
Balance |
||||||
|
Date |
Units |
Price |
Total |
Units |
Price |
Total |
Units |
Price |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
15/05/2017 |
100 |
7.50 |
750.00 |
|
|
|
100 |
7.50 |
750.00 |
|
28/05/2017 |
150 |
8.00 |
1,200.00 |
|
|
|
250 |
7.80 |
1,950.00 |
|
30/06/2017 |
|
|
|
47 |
7.80 |
366.60 |
203 |
7.80 |
1,583.40 |
|
31/07/2017 |
|
|
|
110 |
7.80 |
858.00 |
93 |
7.80 |
725.40 |
|
1/08/2017 |
200 |
9.00 |
1,800.00 |
|
|
|
293 |
8.62 |
2,525.40 |
|
30/09/2017 |
|
|
|
160 |
8.62 |
1,379.06 |
133 |
8.62 |
1,146.34 |
|
Hiking is Fun, Inc. |
|
|
|
|
|
|
|
Unadjusted Trial Balance As at 09/30/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNADJUSTED TRIAL BALANCE |
|
|
ADJUSTMENTS |
|
ADJUSTED TRIAL BALANCE |
|
|
Account Description |
Debits |
Credits |
Debits |
Credits |
Debits |
Credits |
|
Cash |
$ 87,701.30 |
$ – |
|
|
$ 87,701.30 |
|
|
Prepaid Insurance |
4,000.00 |
0.00 |
|
800.00 |
3,200.00 |
|
|
Office Supplies |
140.00 |
0.00 |
|
|
140.00 |
|
|
Inventory |
1,146.34 |
0.00 |
|
|
1,146.34 |
|
|
Vehicles (Equipment) |
18,000.00 |
0.00 |
|
|
18,000.00 |
|
|
Accumulated Depreciation – Vehicles |
0.00 |
600.00 |
|
900.00 |
|
1,500.00 |
|
Furniture |
4,500.00 |
0.00 |
|
|
4,500.00 |
|
|
Accumulated Depreciation – Furn. |
– |
150.00 |
|
450.00 |
|
600.00 |
|
Boating Equipment |
9,000.00 |
– |
|
|
9,000.00 |
|
|
Accumulated Depreciation – Boating Equipment |
|
– |
|
715.00 |
|
715.00 |
|
Interest Payable |
– |
250.00 |
|
|
|
250.00 |
|
Bank Loan |
– |
15,000.00 |
|
|
|
15,000.00 |
|
GST Payable |
– |
4,512.50 |
|
|
|
4,512.50 |
|
Common Shares |
– |
10,000.00 |
|
|
|
10,000.00 |
|
Dividends |
4,000.00 |
– |
|
|
4,000.00 |
|
|
Retained Earnings |
– |
1,410.00 |
|
|
|
1,410.00 |
|
Service Revenue |
– |
108,000.00 |
|
1,000.00 |
|
109,000.00 |
|
Sales Revenues |
– |
5,235.00 |
|
|
|
5,235.00 |
|
Cost of Goods Sold |
2,603.66 |
– |
|
|
2,603.66 |
|
|
Telephone Expenses |
2,100.00 |
– |
|
|
2,100.00 |
|
|
Utilities Expenses |
405.00 |
– |
|
|
405.00 |
|
|
Rent Expense |
8,000.00 |
– |
|
|
8,000.00 |
|
|
Advertising Expenses |
150.00 |
– |
|
|
150.00 |
|
|
Fuel Expenses |
1,280.00 |
– |
|
|
1,280.00 |
|
|
Salary Expense |
2,000.00 |
– |
|
|
2,000.00 |
|
|
Employee benefits expenses |
131.20 |
– |
|
|
131.20 |
|
|
Depreciation Expense |
|
|
2,065.00 |
|
2,065.00 |
|
|
Insurance Expense |
|
|
800.00 |
|
800.00 |
|
|
Accrued Revenue |
|
|
1,000.00 |
|
1,000.00 |
|
|
TOTAL |
$ 145,157.50 |
$ 145,157.50 |
$ 3,865.00 |
$ 3,865.00 |
$ 148,222.50 |
$ 148,222.50 |
Annand, D. and Dauderis, H., 2014. Introduction to Financial Accounting.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting. John Wiley & Sons.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
