Chris Gillet

Account Description Debit Credit

1100 Cash - Operating Account 147,109.83
1110 Cash - Payroll 10.00
1130 Petty Cash -
1200 Accounts Receivable 133,000.00
1205 Allowance for Doubtful Accounts 2,660.00
1230 Interest Receivable -
1240 Notes Receivable 73,093.35
1300 Inventory 91,000.00
1410 Prepaid Insurance 16,500.00
1500 Fixed Assets - Furniture & Fixtures 273,500.00
1505 Accumulated Depreciation-Fixed Assets 37,787.50
2100 Accounts Payable 40,900.00
2150 Federal Withholding Payable -
2160 FICA Payable -
2165 Medicare payable -
2170 FUTA Payable -
2180 TX state SUTA payable -
2190 Interest Payable 7,800.00
2200 Federal Income Tax Payable -
2220 Current N/P to banks 43,660.19
2700 Notes Payable to Banks 90,278.26
2710 Other Liabilities 65,000.00
3100 Common Stock 5,000.00
3120 Additional Paid-In Capital-Common Stock 495,000.00
3200 Retained Earnings 59,340.08
4100 Sales 565,000.00
4180 Sales Discount 720.00
4190 Sales Returns 3,000.00
4500 Cost of Goods Sold 338,760.00
4700 Shrinkage and Waste 3,000.00
4800 Freight and Handling 5,000.00
5100 Accounting Fees 17,000.00
5200 Advertising Expense 4,500.00
5300 Bad Debts Expense 660.00
5400 Bank Fees 360.00
5600 Depreciation Expense 22,287.50
5700 Dues & Subscription 500.00
5800 Employee Benefits 1,500.00
5900 Insurance -
6000 Legal Fees 9,000.00
6100 Life Insurance - Administration -
6250 Postage -
6300 Rent Expense 27,000.00
6400 Repairs & Maintenance Expense 1,545.00
6500 Salaries and Wages 206,400.00
6600 Supplies -
6700 Telephone & Utilities 5,655.00
8000 Taxes - Federal Income -
8100 Taxes - FUTA Expense 168.00
8200 Taxes - FICA Expense 12,796.80
8250 Taxes - Medicare Expense 2,992.80
8400 Taxes - SUTA Expense 1,026.00
9000 Interest Expense 13,216.75
9100 Interest Income 375.00
9200 Miscellaneous Income/Expense 1,500.00
1,412,801.03 1,412,801.03
-
Post-Adjustment Trial Balance
December 31, 2013
239391032.xls.ms_office Trial Balance
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 372,107.33 372,107.33
12 30 CD 367,529.15 4,578.18
12 30 CR 142,561.65 147,139.83
12 31 December Bank fees GJ3 30.00 147,109.83
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 10.00 10.00
12 30 PR 13,779.20 13,769.20
12 30 CD 13,779.20 10.00
Account not used -
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 137,000.00 137,000.00
12 30 SJ 137,000.00 274,000.00
12 30 CR 141,000.00 133,000.00
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 2,000.00 2,000.00
12 31 Correct Balance to 2% of A/R GJ3 660.00 2,660.00
Account 1130
Account 1200
Accounts Receivable
Cash - Operating Account
Account 1100
General Ledger
Account 1110
Cash - Payroll
Account 1205
Allowance for Doubtful Accounts
239391032.xls.ms_office; General Ledger - Students Page 2 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 1 CD 75,000.00 75,000.00
12 31 CR 2,281.65 72,718.35
12 31 Correct Note Receivable Balance GJ3 375.00 73,093.35
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 37,000.00 37,000.00
12 30 SJ 78,000.00 41,000.00
12 30 PJ 135,000.00 94,000.00
12 31 Shrinkage and Waste GJ3 3,000.00 91,000.00
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 30 CD 18,000.00 18,000.00
12 31 December Insurance Used GJ3 1,500.00 16,500.00
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 265,500.00 265,500.00
12 2 Fixed Asset - Vendor 20 PJ 8,000.00 273,500.00
Prepaid Insurance
Account 1240
Notes Receivable
Account 1300
Inventory
Interest Receivable
Account 1230
Account 1410
Account 1500
Fixed Assets - Furniture and Fixtures
239391032.xls.ms_office; General Ledger - Students Page 3 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 15,500.00 15,500.00
12 30 GJ2 22,287.50 37,787.50
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 110,000.00 110,000.00
12 30 PR 375.00 110,375.00
12 30 PJ 173,900.00 284,275.00
12 30 CD 245,375.00 38,900.00
12 31 Advertise Bill Payable Correction GJ3 2,000.00 40,900.00
ACCOUNT NOT ACTIVE
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 30 PR 1,730.00 1,730.00
12 30 CD 1,730.00 0.00
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 30 PR 1,066.40 1,066.40
12 30 CD 1,066.40 0.00
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 30 PR 249.40 249.40
12 30 CD 249.40 0.00
Account 2100
Accounts Payable
Account 2150
Federal Withholding Payable
Account 1505
Account 2140
Account 2160
FICA Payable
Account 2165
Medicare Payable
Accumulated Depreciation Fixed Assets
239391032.xls.ms_office; General Ledger - Students Page 4 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00


Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 31 Interest Payable on Line of Credit GJ3 7,800.00 7,800.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00


ACCOUNT NOT IN USE
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 43,660.19 43,660.19

Account 2200
Federal Income Tax Payable
Account 2210
Account 2220
Current NP to Banks
Account 2180
TX State SUTA Payable
Account 2190
Interest Payable
Account 2170
FUTA Payable
239391032.xls.ms_office; General Ledger - Students Page 5 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 93,516.51 93,516.51
12 30 CD 3,238.25 90,278.26

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 65,000.00 65,000.00


Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 5,000.00 5,000.00


Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 495,000.00 495,000.00


Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 59,340.08 59,340.08


Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 425,000.00 425,000.00
12 30 SJ 140,000.00 565,000.00
Account 3120
Additional Paid-In Capital - CS
Account 3200
Retained Earnings
Account 4100
Sales
Account 2700
Notes Payable to Banks
Account 2710
Other Liabilities
Account 3100
Common Stock
239391032.xls.ms_office; General Ledger - Students Page 6 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward
12 30 CR 720.00 720.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward
12 30 SJ 3,000.00 3,000.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 260,760.00 260,760.00
12 30 SJ 78,000.00 338,760.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward
12 31 Shrinkage and Waste GJ3 3,000.00 3,000.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 30 CD 5,000.00 5,000.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 31 PJ 8,000.00 8,000.00
12 31 PJ 17,000.00 25,000.00
12 31 Correct Accounting Fees Balance PJ 8,000.00 17,000.00

Account 4700
Shrinkage and Waste
Account 4800
Freight and Handling
Account 5100
Accounting Fees
Account 4180
Sales Discount
Account 4190
Sales Returns
Account 4500
Cost of Goods Sold
239391032.xls.ms_office; General Ledger - Students Page 7 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 30 PJ 2,500.00 2,500.00
12 31 Advertising Expense Correction GJ3 2,000.00 4,500.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 31 Exp for correcting Allowance Bal GJ3 660.00 660.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 31 Bank Fees - Jan-Nov GJ3 330.00 330.00
12 31 December Bank Fees GJ3 30.00 360.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 330.00 330.00
12 30 PR 17,200.00 17,530.00
12 30 GJ2 22,287.50 39,817.50
12 31 Correct Bank Fees GJ3 330.00 39,487.50
12 31 Correct Salaries & Wages Balance GJ3 17,200.00 22,287.50
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 15 PJ 500.00 500.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 1,375.00 1,375.00
12 30 CD 125.00 1,500.00

Account 5600
Depreciation Expense
Account 5700
Dues & Subscription
Account 5800
Employee Benefits
Account 5200
Advertising Expense
Account 5300
Bad Debts Expense
Account 5400
Bank Fees
239391032.xls.ms_office; General Ledger - Students Page 8 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 30 PJ 9,000.00 9,000.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 24,750.00 24,750.00
12 30 CD 2,250.00 27,000.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 15 PJ 1,545.00 1,545.00

Insurance
Account 6000
Legal Fees
Account 5900
Repairs & Maintenance Expense
Account 6100
Life Insurance - Administration
Account 6250
Postage
Account 6300
Rent Expense
Account 6400
239391032.xls.ms_office; General Ledger - Students Page 9 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 189,200.00 189,200.00
12 31 December Salaries and Wages GJ3 17,200.00 206,400.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 5,300.00 5,300.00
12 15 PJ 355.00 5,655.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 168.00 168.00
12 30 CD 1,066.40 1,234.40
12 31 Reverse Incorrect FICA Entry GJ3 1,066.40 168.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 11,730.40 11,730.40
12 31 FICA Espense - December GJ3 1,066.40 12,796.80

Account 6500
Salaries and Wages
Account 8100
Taxes - FUTA Expense
Account 8200
Taxes - FICA Expense
Account 6600
Supplies
Account 6700
Telephone & Utilities
Account 8000
Taxes - Federal Income
239391032.xls.ms_office; General Ledger - Students Page 10 of 30
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 2,743.40 2,743.40
12 30 CD 249.40 2,992.80

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 1,026.00 1,026.00

Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward GJ1 5,016.65 5,016.65
12 30 CD 400.10 5,416.75
12 31 Interest Expense on Credit Line GJ3 7,800.00 13,216.75


Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 31 Interest Revenue on N/R GJ3 375.00 375.00


Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 0.00
12 31 December Insurance Expense GJ3 1,500.00 1,500.00


Account 8250
Taxes - Medicare Expense
Account 8300
Account 8400
Account 9200
Account Not in Use
Miscellaneous Income/Expense
Taxes - SUTA Expense
Account 9000
Interest Expense
Account 9100
Interest Income
239391032.xls.ms_office; General Ledger - Students Page 11 of 30
Account Receivable Subsidiary Ledger
Accounts Receivable Account 1200
C 10
Customer 10 Credit Terms: 2/10, Net 30
Credit Limit: $25,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward (from November) 20,000.00
12 10 CR 20,000.00 -
12 20 Inv 1204 SJ 8,000.00 8,000.00
C 20
Customer 20 Credit Terms: 2/10, Net 30
Credit Limit: $50,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward (from October) 45,000.00
12 15 CR 25,000.00 20,000.00
12 28 Inv 1205 SJ 24,000.00 44,000.00
12 30 CM 01 SJ 3,000.00 41,000.00
C 30
Customer 30 Credit Terms: 2/10, Net 30
Credit Limit: $75,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward (from November) 60,000.00
12 3 CR 60,000.00 -
12 5 Inv 1202 SJ 48,000.00 48,000.00
C40
Customer 40 Credit Terms: 3/10, Net 30
Credit Limit: $45,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward (from November) 12,000.00
12 2 Inv 1201 SJ 24,000.00 36,000.00
12 5 Open Balance CR 36,000.00 -
12 10 Inv 1203 SJ 36,000.00 36,000.00
239391032.xls.ms_office; Subsidiary Ledger-AR
Inventory Subsidiary Ledger
Inventory Account 1300
I 10
Item 10 Preferred Vendor: Vendor 30
Current Cost: $1,000 Retail Sales Price: $2,000 (Price Increase from $1,500)
Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 5,000.00 5.00
12 3 PJ 10,000.00 15,000.00 10.00 15.00
12 20 SJ 4,000.00 11,000.00 4.00 11.00
I 20
Item 20 Preferred Vendor: Vendor 30
Current Cost: $1,500 Retail Sales Price: $3,000 (Price Increase from $2,000)
Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 6,000.00 4.00
12 3 PJ 15,000.00 21,000.00 10.00 14.00
12 10 SJ 18,000.00 3,000.00 12.00 2.00
12 31 Shrinkage and Waste GJ3 3,000.00 - ########### -
I 30
Item 30 Preferred Vendor: Vendor 30
Current Cost: $2,000 Retail Sales Price: $4,000 (Price Increase from $3,000)
Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 14,000.00 7.00
12 3 PJ 10,000.00 24,000.00 5.00 12.00
12 28 SJ 12,000.00 12,000.00 6.00 6.00
12 2 Sales of 6 items SJ 12,000.00 - ########### -
I 40
Item 40 Preferred Vendor: Vendor 30
Current Cost: $4,000 Retail Sales Price: $6,000 (Price Increase from $5,000)
Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 12,000.00 3.00
12 3 PJ 40,000.00 52,000.00 10.00 13.00
12 5 SJ 32,000.00 20,000.00 8.00 5.00
12 6 PJ 60,000.00 80,000.00 15.00 20.00
Stock Item
Quantity
Stock Item
Stock Item
Quantity
Quantity
Stock Item
Quantity
239391032.xls.ms_office; Subsidiary Ledger-Inventory
Fixed Asset Subsidiary Ledger
Fixed Assets - Furnitures and Fixtures Account 1500
Item 10 F10
Purchase Date: March 1, 2012 Depreciation Method: Straight Line Annual Depreciation 18,000.00 $
Disposal Date: n/a Salvage Value: 20,000.00 $ Useful Life 10 Years
Vendor: Vendor 20 Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 200,000.00 15,000.00 15,000.00
12 30 GJ 18,000.00 33,000.00
Item 20 F20
Purchase Date: November 2, 2012 Depreciation Method: Straight Line Annual Depreciation 3,000.00 $
Disposal Date: n/a Salvage Value: 500.00 $ Useful Life 5 Years
Vendor: Vendor 20 Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 15,500.00 500.00 500.00
12 30 GJ 3,000.00 3,500.00
Item 30 F30
Purchase Date: October 1, 2013 Depreciation Method: Straight Line Annual Depreciation 4,500.00
Disposal Date: n/a Salvage Value: 5000 Useful Life 10 Years Accumulated Depreciation
Vendor: Vendor 20 Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 50,000.00
12 30 GJ 1,125.00 1,125.00
Item 40 F40
Purchase Date: December 2, 2013 Depreciation Method: Straight Line Annual Depreciation 1,950.00
Disposal Date: n/a Salvage Value: 200 Useful Life 4 Years Accumulated Depreciation
Vendor: Vendor 20 Ref Debit Credit Debit Balance Credit Balance Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward
12 30 PJ 8,000.00 8,000.00
12 30 GJ 162.50 162.50
Accumulated Depreciation
Accumulated Depreciation
239391032.xls.ms_office; Subsidiary Ledger-Fixed Assets
Account Payable Subsidiary Ledger
Accounts Payable Account 2100
V10
Vendor 10 Credit Terms: Net 30 days
Medical Insurance Vendor Credit Limit: $5,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward -
12 30 PR 375.00 375.00
12 30 CD 375.00 -
V20
Vendor 20 Credit Terms: 2/10, Net 30
Fixed Asset Vendor Credit Limit: $150,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward
12 2 PJ 8,000.00 8,000.00
V30
Vendor 30 Credit Terms: 2/10, Net 30
Inventory Vendor Credit Limit: $150,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward 110,000.00
12 1 CD 110,000.00 -
12 3 PJ 75,000.00 75,000.00
12 6 PJ 60,000.00 135,000.00
12 15 CD 135,000.00 -
V40
Vendor 40 Credit Terms: 2/10, Net 30
General Supplies & Misc. Vendors Credit Limit: $75,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward -
12 15 Repair Bill V 810 PJ 1,545.00 1,545.00
12 15 Dues V 907 PJ 500.00 2,045.00
12 30 Advertising Bill VA01 PJ 2,500.00 4,545.00
12 31 Advertising Bill VA01 Correction GJ3 2,000.00 6,545.00
239391032.xls.ms_office; Subsidiary Ledger-AP Page 15 of 30
Account Payable Subsidiary Ledger
Accounts Payable Account 2100
V50
Vendor 50 Credit Terms: Net 30
Accounting Vendor Credit Limit: $75,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward -
12 30 Accounting Bill V 222 PJ 17,000.00 17,000.00
V60
Vendor 60 Credit Terms: Net 30
Legal Vendor Credit Limit: $75,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward -
12 30 Legal Bill V723 PJ 9,000.00 9,000.00
V70
Vendor 70 Credit Terms: Net 30
Telephone and Utilities Vendor Credit Limit: $75,000
Ref Debit Credit Debit Balance Credit Balance
Dec 1 Balance Forward -
12 15 Utilities Bill V654 PJ 355.00 355.00
239391032.xls.ms_office; Subsidiary Ledger-AP Page 16 of 30
Salaries and Wages Subsidiary Ledger
Salaries and Wages Account 6500
Salaried: $3,200 per month; Firm pays 25% of medical insurance P10
W-4 Filed, Married, 0 $236.00 / period 0.062 0.0145 $105/period
Ref Gross Federal W/H Social Security Medicare
Medical
Insurance Net Pay Check #
Dec 1 Balance Forward PR 35,200.00 2,596.00 2,182.40 510.40 1,155.00 28,756.20
12 30 PR 3,200.00 236.00 198.40 46.40 105.00 2,614.20 1045
2013 Total 38,400.00 2,832.00 2,380.80 556.80 1,260.00 31,370.40
Zero Balance Check: 38400-2832-2380.8-556.8-1260-31370.40
Salaried: $3,500 per month; Firm pays 25% of medical insurance P20
W-4 Filed, Married, 2 $217.00 / period 0.062 0.0145 $105
Ref Gross Federal W/H Social Security Medicare
Medical
Insurance Net Pay Check #
Dec 1 Balance Forward PR 38,500.00 2,387.00 2,387.00 558.25 1,155.00 32,012.75
12 30 PR 3,500.00 217.00 217.00 50.75 105.00 2,910.25 1046
2013 Total 42,000.00 2,604.00 2,604.00 609.00 1,260.00 34,923.00
Zero Balance Check: +42000-2604-2604-609-1260-34923
Salaried: $5,000 per month; Firm pays 25% of medical insurance P30
W-4 Filed, Single 0 $851.00 / period 0.062 0.0145 $60
Ref Gross Federal W/H Social Security Medicare
Medical
Insurance Net Pay Check #
Dec 1 Balance Forward PR 55,000.00 9,361.00 3,410.00 797.50 660.00 40,771.50
12 30 PR 5,000.00 851.00 310.00 72.50 60.00 3,706.50 1047
2013 Total 60,000.00 10,212.00 3,720.00 870.00 720.00 44,478.00
Zero Balance Check: 60000-10212-3720-870-720-44478
Salaried: $5,500 per month; Firm pays 25% of medical insurance P40
W-4 Filed, Married 4 $426.00 / period 0.062 0.0145 $105
Ref Gross Federal W/H Social Security Medicare
Medical
Insurance Net Pay Check #
Dec 1 Balance Forward PR 60,500.00 4,686.00 3,751.00 877.25 1,155.00 50,030.75
12 30 PR 5,500.00 426.00 341.00 79.75 105.00 4,548.25 1048
2013 Total 66,000.00 5,112.00 4,092.00 957.00 1,260.00 54,579.00
Zero Balance Check: 66000-5122-4092-957-1260-54579
Employee 10
Employee 20
Employee 30
Employee 40
239391032.xls.ms_office; Subsidiary Ledger - Wages&Sal
GL Acct# Explanation
Posted
Ref Debit Credit
GJ1
1100 Cash - Operating Account 372,107.33
1110 Cash - Payroll 10.00
1200 Accounts Receivable 137,000.00
1205 Allowance for Doubtful Accounts 2,000.00
1300 Inventory 37,000.00
1500 Fixed Assets - Furniture and Fixtures 265,500.00
1505 Accumulated Depreciation-Fixed Assets 15,500.00
2100 Accounts Payable 110,000.00
2220 Current N/P to banks 43,660.19
2700 Notes Payable to Banks 93,516.51
2710 Other Liabilities 65,000.00
3100 Common Stock 5,000.00
3120 Additional Paid-In Capital-Common Stock 495,000.00
3200 Retained Earnings 59,340.08
4100 Sales 425,000.00
4500 Cost of Goods Sold 260,760.00
5600 Bank Fees 330.00
5800 Employee Benefits 1,375.00
6300 Rent Expense 24,750.00
6500 Salaries and Wages 189,200.00
6700 Telephone & Utilities 5,300.00
8100 Taxes - FUTA Expense 168.00
8200 Taxes - FICA Expense 11,730.40
8250 Taxes - Medicare Expense 2,743.40
8400 Taxes - SUTA Expense 1,026.00
9000 Interest Expense 5,016.65
109,520 1,314,016.78 1,314,016.78

To input beginning balances. Input by GL Clerk
GJ2
12 30 5600 Depreciation Expense 22,287.50
1505 Accumulated Depreciation 22,287.50
22,287.50 22,287.50
7,105
To record annual Depreciation Expense per Fixed Asset Subledger
GJ3
12 31 5400 Bank Fees - Jan-Nov 330.00
5600 Depreciation Expense - Correct Bank Fees Entry 330.00
To correct entry that placed Bank fees in the incorrect account
12 31 5400 Bank Fees - December 30.00
1100 Cash - Bank Fees 30.00
To record Bank Fees for December
12 31 5300 Bad Debt Expense 660.00
1205 Allowance for Doubtful Accounts 660.00
To update Allowance for Doubtful Accounts Balance to 2% of A/R
12 31 1240 Notes Receivable 375.00
9100 Interest Revenue 375.00
To adjust balance on Note Receivable and account for interest income
12 31 4700 Shrinkage and Waste 3,000.00
1300 Inventory 3,000.00
To account for shrinkage and waste in inventory
12 31 9200 Insurance Expense 1,500.00
1410 Prepaid Insurance 1,500.00
To record Insurance Expense for December Prepaid Insurance used up
Date
General Journal
Hash
Total
239391032.xls.ms_office; General Journal Page 18 of 30
GL Acct# Explanation
Posted
Ref Debit Credit Date
General Journal
12 31 5200 Advertising Expense 2,000.00
2100 Accounts Payable 2,000.00
To correct Advertising bill amount on books which was entered short by $2,000
12 31 8200 FICA Expense - December 1,066.40
8100 FUTA Expense - Reverse Incorrect Entry 1,066.40
To Reverse Incorrect Entry and place December FICA Expense in correct account
12 31 6500 Salaries and Wages Expense 17,200.00
5600 Depreciation Expense 17,200.00
To correct error of entry which placed Salaries & Wages Expense in Depreciation Expense account
12 31 9000 Interest Expense - Line of Credit 7,800.00
2190 Interest Payable - Line of Credit 7,800.00
To record liability of Interest for Line of Credit outstanding balance
239391032.xls.ms_office; General Journal Page 19 of 30
Payroll Journal
DEBIT
Employee
Name
Posted
Ref Gross Pay
Federal
Withholding
FICA
(6.2%)
Medicare
Withheld
(1.45%)
Medical
Insurance
$80 Single
$140 Married
Firm pays 25% Net Pay Check No.
Acct # 6500 2150 2160 2165 2100 1110
EMPLOYEE:
12 30 Employee 10 3,200.00 236.00 198.40 46.40 105.00 2,614.20 1045
12 30 Employee 20 3,500.00 217.00 217.00 50.75 105.00 2,910.25 1046
12 30 Employee 30 5,000.00 851.00 310.00 72.50 60.00 3,706.50 1047
12 30 Employee 40 5,500.00 426.00 341.00 79.75 105.00 4,548.25 1048
Total 17,200.00 1,730.00 1,066.40 249.40 375.00 13,779.20

Zero Balance Check:
Posted to
Subledger V10
0=17,200-1,730-1,066.40-249.4-375-13,779.20
Date
CREDIT
239391032.xls.ms_office; Payroll Journal
Cash Receipts Journal
Description Cash Sales Discount
1100 4180
A/R
Subsidiary
Acct Amount
Posted
Ref GL Acct # Amount
Posted
Ref
12 3 Customer 30 60,000.00 C30 60,000.00
12 5 Customer 40 35,280.00 720.00 C40 36,000.00
12 10 Customer 10 20,000.00 C10 20,000.00
12 15 Customer 20 25,000.00 C20 25,000.00
12 31 Note Payment 2,281.65 1240 2,281.65
Total 142,561.65 720.00 141,000.00 2,281.65

Zero Balance Check:
0 = 142,561.65+720-141,000-2281.65
CREDIT
Date
DEBIT
Accounts Receivable 1200 Other Account
239391032.xls.ms_office; Cash Receipts Journal
Sales Journal
Description
Invoice/
Credit Memo
#
A/R
Subsidiary
Acct
Posted
Ref
Accounts
Receivable Sales Return COGS
Inventory
Subsidiary
Acct
Posted
Ref Inventory Sales
1200 4190 4500 1300 4100
12 2 Customer 40 1201 C40 24,000.00 12,000.00 I30 12,000.00 24,000.00
12 5 Customer 30 1202 C30 48,000.00 32,000.00 I40 32,000.00 48,000.00
12 10 Customer 40 1203 C40 36,000.00 18,000.00 I20 18,000.00 36,000.00
12 20 Customer 10 1204 C10 8,000.00 4,000.00 I10 4,000.00 8,000.00
12 28 Customer 20 1205 C20 24,000.00 12,000.00 I30 12,000.00 24,000.00
12 30 Customer 20 CM01 C20 (3,000.00) 3,000.00
Total 137,000.00 3,000.00 78,000.00 78,000.00 140,000.00

Zero Balance Check:
137,000+3,000-140,000 = 0
78,000-78,000 = 0
CREDIT
Date
DEBIT
239391032.xls.ms_office; Sales Journal
Purchases Journal
Vendor
Vendor
Invoice #
Inventory
1300 GL Acct # Amount
Posted
Ref
A/P Subs.
Acct # Amount
Posted
Ref
12 2 Vendor 20 - Fixed Asset V123 1500 8,000.00 V20 8,000.00
12 3 Vendor 30 V456 75,000.00 V30 75,000.00
10 Units - Item 10, 10 Units - Item 20, 5 Units-Item 30, 10 Units item 40
12 6 Vendor 30 V457 60,000.00 V30 60,000.00
15 Units - Item 40
12 15 Repair Bill V810 6400 1,545.00 V40 1,545.00
12 15 Dues V907 5700 500.00 V40 500.00
12 15 Phone Bill V654 6700 355.00 V70 355.00
12 30 Accounting Bill V222 5100 17,000.00 V50 17,000.00
12 30 Advertising Bill VA01 5200 2,500.00 V40 2,500.00
12 30 Legal Bill V723 6000 9,000.00 V60 9,000.00
Total 135,000.00 38,900.00 173,900.00

Zero Balance Check:
0=135,000+38,900-173,900
Date
DEBIT
Other Acct
CREDIT
ACCOUNTS PAYABLE - 2100
239391032.xls.ms_office; Purchases Journal
Cash Disbursement Journal
CREDIT
Check # Description
Cash
1100
A/P Subs.
Acct # Amount
Posted
Ref GL Acct # Amount
Posted
Ref GL Acct # Amount
Posted
Ref
12 1 2010 Vendor 30 110,000.00 V30 110,000.00
12 1 2011 Loan (Promissory Note) 75,000.00 1240 75,000.00
12 5 2012 Insurance (Life, General) 18,000.00 1410 18,000.00
12 15 2013 Vendor 30 135,000.00 V30 135,000.00
12 30 2014 Freight Bill 5,000.00 4800 5,000.00
12 30 2015 Rent 2,250.00 6300 2,250.00
12 30 n/a Transfer to Payroll 13,779.20 1110 13,779.20
12 30 2016 Federal Withholding 1,730.00 2150 1,730.00
12 30 2017 FICA 2,132.80 2160 1,066.40 8200 1,066.40
12 30 2018 Medicare 498.80 2165 249.40 8250 249.40
12 30 2019 Medical Insurance 500.00 V10 375.00 5800 125.00
12 30 2020 First Bank (Note Payable) 3,638.35 2700 3,238.25 9000 400.10
367,529.15 245,375.00 120,438.25 1,715.90

Zero Balance Check:
0=367,529.15-245,375-120,438.25-1715.90
Date
DEBIT
Other Accounts Other Accounts ACCOUNTS PAYABLE - 2100
239391032.xls.ms_office; Cash Disbursement Journal
Student Company
Bank Reconciliation - Cash Account
December 2013
First Bank: Cash Operating A/C #5551234 Bank Statement General Ledger
Unadjusted Bank Balance, 12/31/13 156,939.78 147,139.83
Add:
Deposits in Transit 2,281.65
Deduct:
Oustanding Checks:
Check # Amount
2014 5,000.00 $
2015 2,250.00 $
2016 1,730.00 $
2017 2,132.80 $
2018 498.80 $
2019 500.00 $
(12,111.60) $
Adjustments:
Bank Service Fee (30.00) $
Adjusted Balance, 12/31/13 147,109.83 $ 147,109.83 $
Student Company
Bank Reconciliation - Payroll Account
December 2013
First Bank: Payroll A/C #5551235 Bank Statement General Ledger
Unadjusted Bank Balance, 12/31/13 2,624.20 $ 10.00
Add:
Deposits in transit -
Deduct:
Outstanding Checks
Check # Amount
1045 2,614.20 $
(2,614.20) $
10.00 $ 10.00
Student Company
Accounts Receivable Aging Report
December 2013
Customer Total Due 0-30 Days 31-60 Days 61-90 Days >90 Days
Customer 10 8,000.00 $ 8,000.00 $
Customer 20 41,000.00 $ 41,000.00 $
Customer 30 48,000.00 $ 48,000.00 $
Customer 40 36,000.00 $ 36,000.00 $
Total 133,000.00 $ 133,000.00 $
Student Company
Inventory Reconciliation Report
December 2013
Item Quantity Cost Total
Item 10 11 1,000.00 11,000.00
Item 20 0 1,500.00 -
Item 30 0 2,000.00 -
Item 40 20 4,000.00 80,000.00
Total 31 91,000.00
Student Company
Fixed Asset Report
December 2013
Item Cost
Accumulated
Depreciation Net Book Value
Item 10 200,000.00 33,000.00 167,000.00
Item 20 15,500.00 3,500.00 12,000.00
Item 30 50,000.00 1,125.00 48,875.00
Item 40 8,000.00 162.50 7,837.50
Total 273,500.00 37,787.50 235,712.50
General Ledger Balance A/C 1500 Fixed Assets: 273,500.00
General Ledger Balance A/C 1505 Accumulated Depreciation: 37,787.50
Conclusion: Subsidiary Ledger Agrees w/ General Ledger
Accumulated Depreciation - Year to Date 37,787.50
Accumulated Depreciation - Beginning of Year 15,500.00
Difference = Depreciation Expense for Year 22,287.50
Student Company
Accounts Payable Aging Report
December 2013
Account Total Due 0-30 Days 31-60 Days 61-90 Days >90 Days
Vendor 10 0
Vendor 20 8,000.00 8,000.00
Vendor 30 0
Vendor 40 6,545.00 6,545.00
Vendor 50 17,000.00 17,000.00
Vendor 60 9,000.00 9,000.00
Vendor 70 355.00 355.00
Total 40,900.00 40,900.00