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    Final pro Final pro Presentation Transcript

    • ACCOUNTING CYCLE BY THAWBAN BAIG
    • TABLE OF CONTENTS
      • QUESTION # 2
      • SOLUTION
          • JOURNAL GENERAL
          • LEDGER T-ACCOUNTS
          • ADJUSTMENTS
          • ADJUSTED TRIAL BALANCE
          • INCOME STATEMENT
          • STATEMENT OF RETAINED EARNINGS
    • TABLE OF CONTENTS
          • CLOSING ENTRIES
          • AFTER CLOSING TRIAL BALANCE
    • JOURNAL GENERAL
      • DEC 1 CASH 200,000 CAPITAL STOCK 200,000
      • ISSUED 2000 SHARES OF
      • CAPITAL STOCK
      • DEC 1 EQUIPMENT 240,000
      • NOTES PAYABLE 100,000
      • CASH 140,000
      • PURCHASED EQUIPMENT AND
      • ISSUED NOTES PAYABLE
      DATE PARTICULARS Dr Cr
    • JOURNAL GENERAL
      • DEC 1 PREPAID RENT 12000
      • CASH 12000
      • PAID ADVANCE RENT
      • DEC 4 OFFICE SUPPLIES 1000
      • AC.PAYABLE 1000
      • PURCHASED OFFICE SUPPLIES ON ACCOUNT
      DATE PARTICULARS Dr Cr
    • JOURNAL GENERAL
      • DEC 8 CASH 8000
      • UNEARNED RENTAL FEE 8000
      • RECEIVED UNEARNED FEE
      • DEC 12 SALARIES EXPENSE 5200
      • CASH 5200
      • PAID SALARIES EXPENSE
      DATE PARTICULARS Dr Cr
    • JOURNAL GENERAL
      • DEC 15 CASH 12000 ACCOUNTS RECEIVABLE 6000
      • EARNED RENTAL FEE 18000 EARNED FEE RECEIVED
      • DEC 17 MAINTENANCE EXPENSE 600
      • ACCOUNTS PAYABLE 600
      • PAID MAINTENANCE EXPENSE
      DATE PARTICULARS Dr Cr
    • JOURNAL GENERAL
      • DEC 23 CASH 2000 ACCOUNTS RECEIVABLE 2000 COLLECTED ACCOUNTS RECV.
      • DEC 23 ACCOUNTS RECEIVABLE 5250
      • UNEARNED RENTAL FEE 5250
      • RENTED A BACKHOE
      DATE PARTICULARS Dr Cr
    • JOURNAL GENERAL
      • DEC 26 SALARIES EXPENSE 5200 CASH 5200
      • PAID BIWEEKLY SALARIES
      • DEC 27 ACCOUNTS PAYABLE 600 CASH 600
      • PAID ACCOUNTS PAYABLE
      DATE PARTICULARS Dr Cr
    • JOURNAL GENERAL
      • DEC 28 DIVIDENTS 2000 DIVI.PAYABLE 2000
      • 10 CEN PER SHARE DIVIDENT
      • DEC 29 UNEXPIRED INSURANCE 9600 CASH 9600 PURCHASED INSUR. POLICY
      DATE PARTICULARS Dr Cr
    • JOURNAL GENERAL
      • DEC 31 UTILITIES EXPENSE 700
      • A.PAYABLE 700
      • RECEIVED UTILITIES BILL
      • DEC 31 CASH 15600 ACCOUNTS RECEIVABLE 4400
      • EARNED RENTAL FEE 20000
      • EARNED EQ. RENTAL FEE
      DATE PARTICULARS Dr Cr
    • LEDGER T-ACCOUNTS Cash capital stock Dr Cr 200,000 140,000 8,000 12,000 12,000 5,200 2,000 5,200 15,600 600 9,600 172,600 65,000 237600 237600 237,600 Dr Cr 200,000 200,000 200,000 200,000
    • LEDGER T-ACCOUNTS Rental equipment prepaid rent Dr Cr 240,000 240,000 240,000 240,000 Dr Cr 12,000 12,000 12,000 12,000
    • LEDGER T-ACCOUNTS Notes payable office supplies Dr Cr 100,000 100,000 100,000 100,000 Dr Cr 1,000 1,000 1,000 1,000
    • LEDGER T-ACCOUNTS Dividends Dividend payable Dr Cr 2,000 2,000 2,000 2,000 Dr Cr 2,000 2,000 2,000 2,000
    • LEDGER T-ACCOUNTS unearned rental fee accounts payable Dr Cr 8,000 5,250 13,250 13,250 13,250 Dr Cr 600 1,000 600 700 17,00 2,300 2,300
    • LEDGER T-ACCOUNTS Salaries expense maintenance expense Dr Cr 5,200 5,200 10,400 10,400 10,400 Dr Cr 600 600 600 600
    • LEDGER T-ACCOUNTS Utilities expense accounts recievable Dr Cr 700 700 700 700 Dr Cr 6,000 2,000 5,250 4,400 13,650 15,650 15,650
    • LEDGER T-ACCOUNTS earned rental fee unexpired insurance Dr Cr 18,000 20,000 38,000 38,000 38,000 Dr Cr 9,600 9,600 9,600 9,600
    • ADJUSTMENTS DATE PARTICULARS Dr Cr A RENT EXPENSE 4000 PREPAID RENT 4000 ADVANCE PAYMENT OF RENT
    • ADJUSTMENTS DATE PARTICULARS Dr Cr B INTEREST EXPENSE 6000 INTEREST PAYABLE 6000 THE ANNUAL INTEREST RATE ON NOTES PAYABLE
    • ADJUSTMENTS DATE PARTICULARS Dr Cr C DEP. EXPENSE :RENTAL EQUIPMENT 2500 ACCUMULATED DEP:RENT EQUIP 2500 THE RENTAL EQUIPMENT BEING DEPRICIATED OVER PERIOD OF 8 YEARS
    • ADJUSTMENTS DATE PARTICULARS Dr Cr D SUPPLIES EXPENSE 400 OFFICE SUPPLIES 400 OFFICE SUPPLIES ON HAND AT 31 DEC
    • ADJUSTMENTS Date Particulars DR CR E UNEARNED RENTAL FEE 3700 EARNED RENTAL FEE 3700 THE COMPANY EARNED 3700 RENTAL FEE PAID IN ADVANCE
    • ADJUSTMENTS DATE PARTICULARS Dr Cr F UNEARNED RENTAL FEE 1500 EARNED RENTAL FEE 1500 6 DAYS RENT ON BACKHOE HAS BEEN EARNED
    • ADJUSTMENTS DATE PARTICULARS Dr Cr G SALARIES EXPENSE 1400 SALARIES PAYABLE 1400 SALARIES EARNED BY EMPLOYEES
    • ADJUSTMENTS DATE PARTICULARS Dr Cr H INCOME TAX EXPENSE 10520 INCOME TAX PAYABLE 10520 COMBINED STATE AND FEDERAL INCOME TAX
    • OFFICE SUPPLIES PREPAID OFFICE RENT T-ACCOUNTS AFTER ADJUSTMENTS Dr Cr 1,000 400 600 1000 1000 Dr Cr 12,000 4000 8000 12,000 12000
    • T-ACCOUNTS AFTER ADJUSTMENTS ACCUMULATED DEP: OFFICE EQUIP INTEREST PAYABLE Dr Cr 2,500 2,500 2,500 2,500 Dr Cr 6,000 6,000 6,000 6,000
    • T-ACCOUNTS AFTER ADJUSTMENTS INCOME TAX PAYABLE SALARIES PAYABLE Dr Cr 10,520 10,520 10,520 10,520 Dr Cr 1,400 1,400 1,400 1,400
    • UNEARNED RENTAL FEE DIVIDENDS T-ACCOUNTS AFTER ADJUSTMENTS Dr Cr 8,000 5200 5,250 8050 13250 13250 Dr Cr 2,000 2,000 2,000 2,000
    • T-ACCOUNTS AFTER ADJUSTMENTS Earned rental fee Salaries expense Dr Cr 18,000 20,000 5200 43200 43200 43200 Dr Cr 5,200 5,200 1400 11800 11800 11800
    • T-ACCOUNTS AFTER ADJUSTMENTS Interest expense Income tax expense Dr Cr 6,000 6,000 6,000 6,000 Dr Cr 10520 10520 10520 10520
    • T-ACCOUNTS AFTER ADJUSTMENTS RENT EXPENSE SUPPLIES EXPENSE Dr Cr 4000 4000 4000 4000 Dr Cr 400 400 400 400
    • T-ACCOUNTS AFTER ADJUSTMENTS DEP.EXP:RENTAL EQUIPMENT Dr Cr 2500 2500 2500 2500
    • INCOME STATEMENT
      • REVENUE:
      • RENTAL FEE REVENUE………………………………………………………………………………43200
      • EXPENSES:
      • MAINTENANCE EXPENSE 600
      • UTILITIES EXPENSE 700
      • SALARIES EXPENSE 11,800
      • INTEREST EXPENSE 6,000
      • RENT EXPENSE 4,000
      • SUPPLIES EXPENSE 400
      • DEP EXPENSE: RENTAL EQUIPMENT 2500
      • INCOME TAXES EXPENSE 10520
      • NET INCOME 6680
    • STATEMENT RETAINED EARNING
      • REVENUE:
      • RENTAL FEE REVENUE………………………………………………………………………………43200
      • EXPENSES:
      • MAINTENANCE EXPENSE 600
      • UTILITIES EXPENSE 700
      • SALARIES EXPENSE 11,800
      • INTEREST EXPENSE 6,000
      • RENT EXPENSE 4,000
      • SUPPLIES EXPENSE 400
      • DEP EXPENSE: RENTAL EQUIPMENT 2500
      • DIVIDENDS 2000
      • RETAINED EARNINGS 4680
    • CLOSING ENTRIES
    • CLOSING ENTRIES AND THERE LEDGERS
      • RENTAL FEE EARNED 43200
      • INCOME SUMMARY 43200
      RENTAL FEE EARNED 43200 INCOME SUMMARY 43200
    • CLOSING ENTRIES AND THERE LEDGERS
      • INCOME SUMMARY…………………………………36520
      • MAINTENANCE EXP 600
      • UTILITIES EXPENSE 700
      • SALARIES EXP 11800
      • INTEREST EXP 6000
      • INCOME TAX EXP 10520
      • RENT EXP 4000
      • SUPPLIES EXP 400
      • DEP EXP:EQUIPMENT 2500
    • CLOSING ENTRIES AND THERE LEDGERS EXPENSE ACCOUNT INCOME SUMMARY 36520 36520
    • CLOSING ENTRIES AND THERE LEDGERS
      • INCOME SUMMARY ……………………………………6680
      • RETAINED EARNINGS………………………………6680
      INCOME SUMMARY RETAINED EARNING 43200(REV) 36520(EXP) 6680 6680(income) 6680(income)
    • CLOSING ENTRIES AND THERE LEDGERS
      • CLOSING THE DIVIDENDS ACCOUNTS
      • RETAINED EARNINGS……………………………………2000
      • DIVIDENDS………………………………………………..2000
      DIVIDEND RETAINED EARNINGS 2000 2000 2000 6680(income) 4680
    • worksheet
      • WORK SHEET ACCOUNTING.xls
    •