A-1 Networking Systems Inc., Trial Balance

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.

 

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