A-1 Networking Systems Inc., Trial Balance
Ace your studies with our custom writing services! We've got your back for top grades and timely submissions, so you can say goodbye to the stress. Trust us to get you there!
Order a Similar Paper Order a Different Paper
Cash
Account No. 101
Date
Item
1-Aug
4-Aug
4-Aug
5-Aug
8-Aug
11-Aug
12-Aug
16-Aug
Check no. 682
Fullam Co.
Sold inventory
Purchase Suply
Federal Company
Grant Inc.
Loeb Company
Pay Salary
19-Aug
24-Aug
30-Aug
31-Aug
Jrnl
Ref.
Balance
Debit
Check 682
Credit
BALANCE
1000
Loeb company
Fullam Co.
Skipper Inc.
Loeb Company
Skipper Inc.
600
850
1700
Debit
Credit
BALANCE
Invoice no.503
Invoice no.504
Item
Loeb company
Grant Inc.
Sold Inventory
Skipper Inc
Grant Inc.
Purchase
Fullam company
Return
Suncrest Supply
Jrnl
Ref.
Debit
Credit
BALANCE
Invoice no.503
check no.686
check no.688
Invoice no.505
Supplies
1993
27791
47485
Balance
Debit
Credit
2250
600
2200
2400
600
1200
1250
debit cost of goods 190, credit inventory 190
debit cost of goods 759, credit inventory 759
Balance
Debit
Credit
41800
190
1400
A/P
104
759
14
850
3152
850
8330
47311
Account No. 109
Item
5-Aug Purchase
26-Aug Federal company
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Check 684
BALANCE
Prepaid Insurance
Date
70
Account No. 105
BALANCE
Date
debit inventory
1200
850
Inventory
2-Aug
3-Aug
4-Aug
7-Aug
11-Aug
19-Aug
23-Aug
30-Aug
31-Aug
credit A/R
Account No. 102
Jrnl
Ref.
credit INVENTORY
1240
BALANCE
Date
debit COG = 104
Check no. 687
Accounts Receivable
2-Aug
4-Aug
7-Aug
12-Aug
24-Aug
credit A/R
780
2600
1386
BALANCE
Item
Credit
Check 684
Check 685
Check no.686
Purchase Inventory Check no.688
Skipper Inc.
Return
Mednik, Stockholder
Date
Debit
4490
3490
2156
330
Item
Debit
1340
780
180
2300
Credit
2%/10
Account No. 117
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
2200
Credit
discount inventory 14 (credit)
discount 14
debit COG
47485
pay cash 1386
Furniture
Account No. 160
Date
Item
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
22-Aug Beaver corporation
BALANCE
Accumulated Depreciation
Date
Item
3-Aug
8-Aug
11-Aug
22-Aug
26-Aug
31-Aug
Item
Grant Inc.
Federal company
Grant Inc.
Beaver corporation
Federal company
Suncrest Supply
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
10550
Account No. 201
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Check no 685
Check no 686
Debit
Credit
12600
1400
Salary Payable
510
180
8330
19020
2 Aug.
Employee Salary
16-Aug Salary expense
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
1250
1250
Check no.683
1240
BALANCE
Unearned Sales Revenue
Item
Item
Jrnl
Ref.
Item
Debit
Credit
BALANCE
Debit
Credit
0
0
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
31000
Account No. 301
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
53260
Account No. 302
Jrnl
Ref.
Check no 689
Debit
Credit
BALANCE
Common Stock
Date
close
Balance
Debit
Credit
1700
Account No. 303
Item
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Income Summary
Date
no close
Account No. 220
Dividends
Date
Item
31-Aug Mednik
0
Balance
Retained Earnings
Date
1260
Account No. 208
Note Payable, Long-Term
Date
3%/15
2%/10
Account No. 204
Item
Date
payment : A/p 1400 credit cash 1386, credit inventory 14
2600
1400
BALANCE
Date
Credit
Account No. 161
Accounts Payable
Date
Debit
37270
510
37780
Item
Debit
Credit
1000
Account No. 400
Jrnl
Ref.
Rent expense
Salary expense
Sale revenue
NET INCOME
Balance
Debit
Credit
Debit
Credit
1000
2490
close Revennue
12966
9476
BALANCE
Sales Revenue
Account No. 401
Jrnl
Balance
close
Date
Item
2-Aug Loeb company
7-Aug Skipper Inc.
23-Aug Fullam company
Ref.
Debit
Credit
BALANCE
Debit
Credit
0
600
2400
9966
12966
Invoice no.503
Invoice no.504
Invoice no. 505
BALANCE
Sales Discount
Date
4-Aug
Account No. 402
Jrnl
Ref.
Item
Balance
Debit
Credit
BALANCE
Sales Returns and Allowances
Date
Item
2-Aug
4 Aug.
7-Aug
23-Aug
Item
Loeb Company
Sale Inventory
Skipper Inc.
Fullam company
Jrnl
Ref.
Debit
Credit
BALANCE
Jrnl
Ref.
Debit
Credit
BALANCE
Invoice no.503
Invoice no.504
Invoice no.505
Item
Jrnl
Ref.
Debit
Credit
190
104
759
3152
4205
Balance
Debit
Credit
BALANCE
Check no 683
Rent Expense
Debit
Credit
1250
1240
2490
Account No. 513
Item
Check no. 682
Jrnl
Ref.
Debit
Credit
BALANCE
Depreciation Expense
Item
Item
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
0
0
Account No. 516
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Supplies Expense
Item
Balance
Debit
Credit
1000
1000
Account No.514
Insurance Expense
Date
Credit
0
Balance
BALANCE
Date
Debit
Account No. 510
2 Aug.
Employee Salary
16-Aug Employee Salary
Date
44
Account No. 501
Salary Expense
Date
Aug. 1
Credit
Balance
BALANCE
Date
Debit
Account No. 403
Cost of Goods Sold
Date
accReceive 600
Debit
Credit
0
0
Account No. 519
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
0
0
close
cost 190
inventory 190
Accounts Receivable Subsidiary Ledgers
CUSTOMER
Fullam Company
Date
Item
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
4-Aug Fullam Co.
Debit
Credit
2156
Loeb Company
Date
Item
2-Aug Loeb company
12-Aug Loeb Company
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
Invoice no.503
600
600
Park-Hee Inc.
Date
5-Aug
Item
Sale return
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
550
Credit
Skipper Inc.
Date
Item
7-Aug Skipper Inc.
24-Aug Skipper Inc.
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Invoice no.504
Credit
2400
1200
Accounts Payable Subsidiary Ledger
CREDITER
Beaver Corporation
Date
Item
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
22-Aug Beaver corporation
Credit
510
Federal Company
Date
Item
8-Aug Federal company
26-Aug Federal company
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
Check no 685
2600
180
Grant Inc.
Date
Item
3-Aug Grant Inc.
11-Aug Grant Inc.
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
Credit
1400
Check no 686
1400
Suncrest Supply
Date
Item
31-Aug Suncrest Supply
Jrnl
Ref.
Balance
Debit
Credit
BALANCE
Debit
8330
Credit
14
General Journal
Date
1-Aug Rent Expense
Cash
Accounts
Page 1
Post.
Ref.
Debit
Credit
1000
1000
2-Aug Cash
Salary Payable
1250
2-Aug Account Receivable
Sale Revenue
Cost of Good Sold
Inventory
600
3-Aug Inventory
Acconts Payable
1400
4-Aug Cash
Sale Discount
Account Receivable
2156
44
4-Aug Cash
Sale Revenue
Cost of Goods Sold
Inventory
1250
600
190
190
1400
44
2200
330
330
104
CLOSING
104
5-Aug Sale Returns and Allowances
Account Receivable
Inventory
Cost of Goods Sole
550
5-Aug Supply
Cash
Sale Rev
Retain earning
780
550
174
174
780
7-Aug Accont Receivable -Skipper Inc.
Sale Ravenue
Cost of Goods Sold
Inventory
retain earning
Dividends
2400
8-Aug Account Payable –Federal Company
Cash
Retain earning
Total expense
2600
11-Aug Account Payable- Grant Inc.
Cash
Inventory
2400
759
759
2600
1400
1386
14
12-Aug Cash
Account Receivable
600
16-Aug salary Expense
Account Payable
1240
600
1240
19-Aug Inventory
Cash
850
22-Aug Furniture
Account Payable
510
23-Aug Account Receivable
Sale Revelnue
Cost of Goods Sold
Inventory
9966
24-Aug Cash
Account Payable
1200
850
510
9966
3152
3152
1200
26-Aug Supply
Account Payable
180
30-Aug Cash
Inventory
850
180
850
31-Aug Inventory
Account Payable
8330
31-Aug Dividends
Cash
1700
8330
1700
12966
A-1 Networking Systems Inc., Trial Balance
A-1 Networking Systems Inc., Trial Balance
Trial Balance
Augest 31
Account Title
Cash
Account Receivable
Inventory
Subpplies
Prepaid insurance
Furniture
Accumulated Depreciation
Accounts Payable
Salary Payable
Note Payable, Long-Term
Retain Earnings
Dividends
Common Stock
Income Summery
Sale Revenue
Sale Discount
Cost of Goods Sold
Salary Expense
Rent Expense
Trial Balance
Debit
Credit
Ref
70
1250
47311
2300
2200
37780
10550
19020
1260
31000
53260
1700
1000
12966
510
4000
1240
1700
9020
1250
Adjusted
Trial Balance
Debit
Credit
70
1294
47311
2300
2200
37780
10550
19020
1260
31000
53260
1700
1000
12966
12966
4205
2490
1000
44
4250
2490
1000
ToTal
4250
2490
1000
122837
129056
Service Rev
Retain Earning
Retain Earning
Salary expense
Rent expense
Retain Earning
devidends
Adjustments
Debit
Ref
Credit
5136
9556
3000
3956
10580
5069
960
0
1
116090
Income
Statement
Debit
Credit
Balance Sheet
Debit
Credit
A-1 Networking Systems Inc.,
A-1 Networking Systems Inc.,
Income Statement
A-1 Networking Systems Inc.,
Income Statement
Year Ended August 31
Revenue:
Service revenue
Total Revenues
Expenses:
Salaries expense
Rent expense
Total Expense
Net Income
12966
12966
2490
1000
-3490
9476
Retain
net incom
Total
53260
9746
63006
Less : Dividens
RETAIN EARNING
JULY
63006
1700
61306 AUG
A-1 Networking Systems Inc., Balance Sheet
A-1 Networking Systems Inc.
Balance Sheet
Year Ended Augest 31
ASSETS
Cash
Accounts Receivable
Prepaid rent
Spplies
Equipment
Less Accumulate Depreciation eqipment
10550
A-1 Networking Systems Inc., Statement of Owner’s Equity
A-1 Networking Systems Inc.
Statement of Owner’s Equity
Augest 31
LIABILITIES
Accounts payable
Note Payable
Salary Payable
$
1,294
31,000
1,260
33,554
Total liabilies
StockHolders’ equity
Common stock
Retained earnings
Total Stockholders’equity
Total liabilies and stockholder’s eqity
1000
61306
62306
95860
Comprehensive Problem A-1 Networking Systems Inc.
A-1 Networking
Systems Inc. closes its books and prepares financial statements monthly; A-1
uses the perpetual inventory system. The
company completed the following transactions during August:
Aug.
1 Issued check no. 682 for August office
rent of $1,000. (Debit Rent Expense.)
2 Issued check no. 683 to pay the salary
payable of $1,250 from July 31.
2 Issued invoice no. 503 for sale on account
to Loeb Company, $600. A-1’s cost of
this merchandise was $190.
3 Purchased inventory on credit terms of 1/15
n/60 from Grant Inc., $1,400.
4 Received net amount of cash on account from
Fullam Company, $2,156, within the discount period.
4
Sold inventory for cash, $330 (cost,
$104).
5 Received from Park-Hee Inc., merchandise
that had been sold earlier for $550 (cost, $174). (Record this sales return in the general
journal.)
5 Issued check no. 684 to purchase supplies
for cash, $780.
7 Issued invoice no. 504 for sale on account
to Skipper Inc., $2,400 (cost, $759.)
8 Issued check no. 685 to pay Federal Company
$2,600 of the amount owed at July 31.
The payment occurred after the end of the discount period.
11. Issued check no.
686 to pay Grant Inc., the net amount owed from August 3.
12 Received cash from Loeb Company in full
settlement of her account receivable from August 2.
16 Issued check no. 687 to pay salary expense of
$1,240.
19 Purchased inventory for cash, $850, issuing
check no. 688.
22 Purchased furniture on credit terms of 3/15
n/60 from Beaver Corporation, $510.
23 Sold inventory on account to Fullam Company,
issuing invoice no. 505 for $9,966 (cost, $3,152.)
24 Received half the July 31 amount receivable
from Skipper Inc. – after the end of the discount period.
26 Purchased supplies on credit terms of 2/10 n/30
from Federal Company, $180.
30 Returned damaged inventory to company from whom
A-1 made the cash purchase on August 19, receiving cash of $850.
31 Purchased inventory on credit terms of 1/10
n/30 from Suncrest Supply, $8,330.
31 Issued check no. 689 to Lester Mednick, majority
stockholder, for dividends, $1,700.
Requirements:
1. Open
these four-column accounts with their account numbers and July 31 balances in
various ledgers.
General Journal
101 Cash $4,490
102 Accounts Receivable 22,560
105 Inventory 41,800
109 Supplies 1,340
117 Prepaid Insurance 2,200
160 Furniture 37,270
161 Accumulated Depreciation $10,550
201 Accounts Payable 12,600
204 Salary Payable 1,250
208 Unearned Sales Revenue
220 Note Payable, Long-term 31,000
301 Retained Earnings 53,260
302 Dividends
303 Common Stock 1,000
400 Income Summary
401 Sales Revenue
402 Sales Discount
403 Sales Returns and Allowances
501 Cost of Goods Sold
510 Salary Expense
513 Rent Expense
514 Depreciation Expense
516 Insurance Expense
519 Supplies Expense
Accounts Receivable Subsidiary Ledger: Fullam Company $2,200; Loeb Company, $0;
Park-Hee Inc., $11,590; Skipper Inc., $8,770.
Accounts
Payable Subsidiary Ledger: Beaver
Corporation, $0; Federal Company, $12,600; Grant Inc., $0; Suncrest Supply, $0.
2. Journalize
the August transactions in a series of special journals: a sales journal, a
cash receipts journal, a purchases journal, a cash payments journal, and a
general journal. A-1 makes all credit
sales on terms of 2/10 n/30.
3. Post
daily to the accounts receivable subsidiary ledger and the accounts payable
subsidiary ledger. On August 31, post to
the general ledger.
4. Prepare
a trial balance in the Trial Balance columns of a work sheet, and use the
following information to complete the work sheet for the month ended August 31:
a. Supplies
on hand, $990.
b. Prepaid
insurance expired, $550
c. Depreciation
expense, $230
d. Accrued
salary expense, $1,030
e. Unearned
sales revenue, $450, cost of merchandise $142.
f.
Inventory on hand, $46,700
5. Journalize
and post the adjusting and closing entries, finish completing the Trial
Balance.
6. Prepare
the month end financial statements.
(Check Figure: Net Income $2,064)
Deliverables for Accounting Lab:
1. Be
sure your name, assignment and due date are placed in the header of each page.
2. Use
appropriate formatting and formulas as have been required on previous lab
assignments and as demonstrated in the text.
3. Printout
of general ledger, accounts receivable subsidiary ledger and accounts payable
subsidiary ledger. (do not need formula
printout)
4. Printout
of each journal: general journal, sales journal, purchases journal, cash
receipts journal and cash payments journal. (do not need formula printout)
5. Printout
of Trial Balance Worksheet, Income Statement, Statement of Owner’s Equity and
Balance Sheet.
6. Formula
printout of all statements noted in #5.
Be sure to include “print headings” for all formula printouts.
พี สาม ห้า สอง
Looking for top-notch essay writing services? We've got you covered! Connect with our writing experts today. Placing your order is easy, taking less than 5 minutes. Click below to get started.
Order a Similar Paper Order a Different Paper
