GENERAL JOURNAL

Date
Account Names
12/1/15 Cash
Williamson, Capital
Owner Contribution
12/1/15 Equipment
Cash
Paid Cash for Equipment
12/1/15 Prepaid Insurance
Cash
Paid Insurance in advance
12/9/15 Land
Cash
Paid cash for land
12/19/15 Cash
Notes Payable
Borrowed cash on a note
12/22/15 Advertising Expense
Cash
Paid cash expense
12/26/15 Accounts Payable
Cash
Paid cash on account
12/28/15 Utilities Expense
Utilities Payable
Accrued Utility Liability
12/31/15 Cash
Accounts Receivable
Service Revenue
Performed services on account and received cash
12/31/15 Salaries Expense
Rent Expense
Cash
Paid Salaries and rent
12/31/15 Cash
Unearned Revenue
Received early payment for services to be performed
12/31/15 Williamson, Withdrawals
Cash
Owner Withdrawal
12/31/15 Supplies Expense
adj a
Office Supplies
To record office supplies used
12/31/15 Depreciation Expense- Equipment
adj b
Accum. Depreciation- Equipment
To record depreciation on equipment
12/31/15 Insurance Expense
adj c
Prepaid Insurance
To record insurance expense
12/31/15 Interest Expense
adj d
Interest Payable
To Accrue Interest expense
12/31/15 Service Revenue
Income Summary
To close Revenues
12/31/15 Income Summary
Salaries expense
Rent expense
Utilities expense
Advertising expense

Debit
50,000

Credit
50,000

10,800
10,800
4,500
4,500
18,000
18,000
28,000
28,000
800
800
1,000
1,000
280
280
17,500
2,700
20,200
3,600
700
4,300
1,440
1,440
3,000
3,000
600
600
180
180
500
500
75
75
20,200
20,200
6,735
3,600
700
280
800

Supplies expense
Insurance expense
Interest expense
Depreciation expense - Equipment
To close expenses
12/31/15 Williamson, Capital
Williamson, Withdrawals
To Close Withdrawals
12/31/15 Income Summary
Williamson, Capital
To close income summary

600
500
75
180
3,000
3,000
13,465
13,465

1-Dec
19-Dec
31-Dec
31-Dec

Bal
1-Dec

Bal
9-Dec

Bal

Cash
50,000 10,800
28,000 4,500
17,500 18,000
1,440 800
1,000
4,300
3,000
54,540
Prepaid Insurance
4,500
500

GENERAL LEDGER
Accts. Rec
2,700

1-Dec 31-Dec
1-Dec
9-Dec
22-Dec
26-Dec
31-Dec
31-Dec
Bal
31-Dec

4,000
Land
18,000

2,700
Equipment
10,800

1-Dec

Bal
26-Dec

18,000

75 bal
Capital- Williamson
3,000
50,000
1-Dec 31-Dec
13,465 clos 4

Salaries Expense
3,600
3,600 clos 2

bal

3,600
Advertising Expense
22-Dec
800
800 clos 2

31-Dec

Unearned Revenue
1,440

31-Dec

60,465 bal

bal

Office Supplies
3,000

600

31-Dec

2,400
Accum. Deprec. -Equip.
180

31-Dec

180 bal
Utilities Payable
10-Dec

280

2,000 bal

75

31-Dec

Bal

10,800
Accounts Payable
1,000
3,000

Interest Payable

clos 3

10-Dec

800
Interest Expense
75
75 clos 2

bal

31-Dec

bal

280 bal
Notes Payable- Williamson
28,000

31-Dec

1,440 bal
Withdrawals
3,000
3,000 clos 3

clos 1

28-Dec

700
Supplies Expense
600
600 clos 2

bal

600
Depreciation Exp. Equip.
31-Dec
180
180 clos 2

bal

31-Dec

bal

31-Dec

clos 2
clos 4

19-Dec

28,000 bal
Service Revenue
20,200
20,200 31-Dec

GENERAL LEDGER
Rent Expense
700
700 clos 2

28-Dec

bal

Utilities Expense
280
280 clos 2

280
Insurance Expense
500
500 clos 2

500
Income Summary
6,735
20,200 Clos 1
13,465

bal

75

bal

180

GENERAL LEDGER

bal

Williamson Quality Automotive

UNADJUSTED TRIAL BALANCE
December 31,2015
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Land
Accounts Payable
Utilities Payable
Unearned Revenue
Notes Payable
Williamson, Capital
Williamson, Withdrawals
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
Advertising Expense
Total

Debit
54,540
2,700
3,000
4,500
10,800
18,000
$

3,000
3,600
700
280
800
$ 101,920.00

Credit

2,000
280
1,440
28,000
50,000
20,200

$ 101,920.00

Williamson Quality Automotive

ADJUSTED TRIAL BALANCE
December 31,2015
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation- Equipment
Land
Accounts Payable
Utilities Payable
Interest Payable
Unearned Revenue
Notes Payable
Williamson, Capital
Williamson, Withdrawals
Service Revenue
Salaries expense
Rent expense
Utilities expense
Advertising expense
Supplies expense
Insurance expense
Interest Expense
Depreciation expense- Equipment
Total

Debit
54,540
2,700
2,400
4,000
10,800

18,000
$

3,000
3,600
700
280
800
600
500
75
180
$

102,175

Credit

180
2,000
280
75
1,440
28,000
50,000
20,200

102,175

Williamson Quality Automotive

POST-CLOSING TRIAL BALANCE
December 31, 2015
Account Name

Debit

Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Acc. Depr. Equip.
Land
Accounts Payable
Utilities Payable
Interest Payable
Unearned Revenue
Notes Payable
Williamson, Capital

Total

54,540
2,700
2,400
4,000
10,800
18,000

92,440

Credit

180
2,000
280
75
1,440
28,000
60,465

92,440

Williamson Quality Automotive

Income Statement
One month ended December 31, 2015
Revenues:
Service Revenue
Expenses:
Salaries expense
Rent expense
Utilities expense
Advertising expense
Supplies expense
Insurance expense
Interest expense
Depreciation expense- equipment
Total Expenses
Net Income

3,600
700
280
800
600
500
75
180

20,200

6,735
13,465

Williamson Quality Automotive

Statement of Changes in Owner's Equity
One month ended December 31, 2015

Williamson, Capital, Dec 1, 2016

Owner Contribution
Net Income for 1 month
Owner Withdrawal
Williamson, Capital, December 31, 2015

50,000
13,465
63,465
(3,000)

60,465

Williamson Quality Automotive

Balance Sheet
December 31, 2015
Assets
Current Assets:
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Total Current Assets
Plant Assets:
Equipment
Less: Acc. Depr. Equip.
Land
Total Plant Assets
Total Assets
Liabilities
Current Liabilities:
Accounts Payable
Utilities Payable
Interest Payable
Unearned Revenue
Total Current Liabilites
Long Term Liabilities:
Notes Payable
Total Liabilities
Owners Equity
Williamson, Capital
Total Liabilties & Owners Equity

Quality Automotive
Sheet
ber 31, 2015

$
$

10,800
(180.00)

54,540
2700
2400
4000
$

63,640

$
$

28,620
92,260

3,795

$
$

28,000
31,795

$
$

60,465
92,260

10,620
18,000

$
$
$
$

2,000
280
75
1,440