Journal Entries

Date Particulars Debit Credit

Sep-01 Cash $ 12,000
Office Equipment $ 5,000
James Sousa, Capital $ 17,000

Sep-01 Prepaid rent $ 1,000

Cash $ 1,000

Sep-01 Automobile $ 19,000

Accounts Payable $ 19,000

Sep-04 Office Supplies $ 600

Cash $ 600

Sep-05 Office Supplies $ 250

Accounts Payable $ 250

Sep-06 Cash $ 11,000

Commission Earned $ 11,000

Sep-08 Gas Expense $ 45

Cash $ 45

Sep-15 Salaries Expense $ 300

Cash $ 300

Sep-17 Accounts Receivable $ 10,000

Commission Earned $ 10,000

Sep-20 James Sousa, Withdrawals $ 4,000

Cash $ 4,000

Sep-21 Cash $ 7,000

Commission Earned $ 7,000

Sep-22 Gas Expense $ 80

Cash $ 80

Sep-24 Repairs Expense $ 800

Cash $ 800

Sep-30 Salaries Expense $ 300

Cash $ 300
 Sep-30 Telephone Expense $ 330
Cash $ 330

Sep-30 Advertising Expense $ 900

Accounts Payable $ 900

Adjusting Entries:

a. Rent Expense $ 200

Prepaid Rent $ 200
($1,0000 * 1/5 months)

b. Office Supplies Expense $ 750

Office Supplies $ 750
($600+$250)-$100

c. Depreciation Expense, Office equipment $ 160

accumulated depreciation, office equipment $ 160

d. Depreciation Expense, Automobile $ 210

accumulated depreciation, Automobile $ 210

Closing Entries

e Commission earned $ 28,000

Income Summary $ 28,000

f. Income Summary $ 4,075

Telephone Expense $ 330
Gas Expense $ 125
Salaries Expense $ 600
Repairs Expense $ 800
Advertising Expense $ 900
Office Supplies Expense $ 750
Rent Expense $ 200
Depreciation Expense, Office equipment $ 160
Depreciation Expense, Automobile $ 210

g. Income Summary $ 23,925

Retained Earnings $ 23,925

Sep-01 James Sousa, Capital
Sep-06 Commission Earned
Sep-21 Commission Earned
CASH
$ 12,000 Sep-01 Prepaid rent
$ 11,000 Sep-04 Office Supplies
$ 7,000 Sep-08 Gas Expense
Sep-15 Salaries Expense
Sep-20 James Sousa, Withdrawals
Sep-22 Gas Expense
Sep-24 Repairs Expense
Sep-30 Salaries Expense
Sep-30 Telephone Expense

Balance $ 22,545

Telephone Expense
Sep-30 Cash $ 330 Income Summary

Balance $ 330

Office Supplies
Sep-04 CASH $ 600 b. Office Supplies Expense
Sep-05 Accounts Payable $ 250

Balance $ 100

James Sousa, Capital

Sep-01 Cash
Sep-01 Office Equipment
Balance

Prepaid rent
Sep-01 Cash $ 1,000 a. Rent Expense

Balance $ 800

Automobile
Sep-01 Automobile $ 19,000

Balance $ 19,000

Accounts Payable
 Sep-01 Automobile
Sep-05 Office Supplies
Sep-30 Advertising Expense
Balance

Commission earned
Income Summary $ 28,000 Sep-06 Cash
Sep-17 Accounts Receivable
Sep-21 Cash
Balance

Gas Expense
Sep-08 Cash $ 45 Income Summary
Sep-22 Cash $ 80
Balance $ -

Salaries Expense
Sep-15 Cash $ 300 Income Summary
Sep-30 Cash $ 300
Balance $ 600

Accounts Receivable
Sep-17 Commission Earned $ 10,000

Balance $ 10,000

James Sousa, Withdrawals

Sep-20 Cash $ 4,000

Balance $ 4,000

Repairs Expense
Sep-24 Cash $ 800 Income Summary

Balance $ -

Advertising Expense
Sep-30 Accounts Payable $ 900 Income Summary

Balance $ -

Rent Expense
a. Prepaid Rent $ 200 Income Summary
 Balance $ -

Office Supplies Expense

b. Office Supplies $ 750 Income Summary

Balance $ -

Depreciation Expense, Office equipment

c. accumulated depreciation, of $ 160 Income Summary

Balance $ -

Depreciation Expense, Automobile

d. accumulated depreciation, A $ 210 Income Summary

Balance $ -

accumulated depreciation, office equipment

c. Depreciation Expense, Office equipment

Balance

accumulated depreciation, Automobile

d. Depreciation Expense, Automobile

Balance

Office Equipment
Sep-01 James Sousa, Capital $ 5,000

Balance $ 5,000
 Unadjusted Trial Balance
$ 1,000 Debit
$ 600 CASH $ 22,545
$ 45 Telephone Expense $ 330
$ 300 Office Supplies $ 850
$ 4,000 James Sousa, Capital
$ 80 Prepaid rent $ 1,000
$ 800 Automobile $ 19,000
$ 300 Accounts Payable
$ 330 Commission earned
Gas Expense $ 125
Salaries Expense $ 600
Accounts Receivable $ 10,000
James Sousa, Withdrawals $ 4,000
Repairs Expense $ 800
$ 330 Advertising Expense $ 900
Office Supplies Expense
Rent Expense
Depreciation Expense, Office equipment
Depreciation Expense, Automobile
$ 750 accumulated depreciation, office equipment
accumulated depreciation, Automobile
Office Equipment $ 5,000
$ 65,150

Income Statement
$ 12,000
$ 5,000 Commission earned
$ 17,000 Total Revenues(A)

Less:Expenses
$ 200 Telephone Expense $ 330
Gas Expense $ 125
Salaries Expense $ 600
Repairs Expense $ 800
Advertising Expense $ 900
Office Supplies Expense $ 750
Rent Expense $ 200
Depreciation Expense, Office equipment $ 160
Depreciation Expense, Automobile $ 210
Total Expense(B)

Net Income(A-B)
$ 19,000
$ 250 Statement Of owner's Equity
$ 900
$ 20,150 Contribution To Capital $ 17,000
Add: Income $ 23,925
Less:Withdrawals $ (4,000)
$ 11,000 Ending Balance $ 36,925
$ 10,000
$ 7,000
$ -

$ 125

$ 600

$ 800

$ 900

$ 200
$ 750

$ 160

$ 210

$ 160

$ 160

$ 210

$ 210
Unadjusted Trial Balance Adjustements Adjusted Trial Balance
Credit Debit Credit Debit Credit
$ 22,545
$ 330
$ 750 $ 100
$ 17,000 $ 17,000
$ 200 $ 800
$ 19,000
$ 20,150 $ 20,150
$ 28,000 $ 28,000
$ 125
$ 600
$ 10,000
$ 4,000
$ 800
$ 900
$ 750 $ 750
$ 200 $ 200
$ 160 $ 160
$ 210 $ 210
$ 160 $ 160
$ 210 $ 210
$ 5,000
$ 65,150 $ 1,320 $ 1,320 $ 65,520 $ 65,520

$ 28,000
$ 28,000

$ 4,075

$ 23,925
y
 Balance Sheet

Assets:
CASH $ 22,545
Office Supplies $ 100
Prepaid rent $ 800
Automobile $ 19,000
Less:Accumulated Depriciation $ (210)
$ 18,790
Office Equipment $ 5,000
Less:Accumulated Depriciation $ (160)
$ 4,840

Accounts Receivable $ 10,000

Total $ 57,075

Liabilities:
Accounts Payable $ 20,150

Owner's Equity $ 36,925

Total $ 57,075
 Unadjusted Trial Balance Adjustements
Debit Credit Debit Credit
CASH $ 22,545
Telephone Expense $ 330
Office Supplies $ 850 $ 750
James Sousa, Capital $ 17,000
Prepaid rent $ 1,000 $ 200
Automobile $ 19,000
Accounts Payable $ 20,150
Commission earned $ 28,000
Gas Expense $ 125
Salaries Expense $ 600
Accounts Receivable $ 10,000
James Sousa, Withdrawals $ 4,000
Repairs Expense $ 800
Advertising Expense $ 900
Office Supplies Expense $ 750
Rent Expense $ 200
Depreciation Expense, Office equipment $ 160
Depreciation Expense, Automobile $ 210
accumulated depreciation, office equipment $ 160
accumulated depreciation, Automobile $ 210
Office Equipment $ 5,000
$ 65,150 $ 65,150 $ 1,320 $ 1,320
 Adjusted Trial Balance
Debit Credit
$ 22,545
$ 330
$ 100
$ 17,000
$ 800
$ 19,000
$ 20,150
$ 28,000
$ 125
$ 600
$ 10,000
$ 4,000
$ 800
$ 900
$ 750
$ 200
$ 160
$ 210
$ 160
$ 210
$ 5,000
$ 65,520 $ 65,520