Question

 

How can I put the information below in these 7 accounts?

Trial balance

adjustment

adjustment trial balance

income statement

balance sheet

closing

post-closing balance sheet

Debit

credit

debit

credit

debit

credit

debit

credit

debit

credit

debit

credit

debit

credit

1 January 1, 2015 Rosen and the other owners invest $50,000 in exchange for corporate stock in the firm.
2 January 2, 2015 Eagle View obtains a loan from the bank for an additional $120,000. The terms of the loan require payments of principal and interest every 3 months for 4 years at an interest rate of 6%.
3 January 2, 2015 Eagle View signs a 1-year lease on retail space. The monthly rent is $1,000 (in advance) with a security deposit of $2,000 all payable upon signing.
4 January 3, 2015 Eagle View purchases sales fixtures and a cash register on account from Generic Office Supply for $30,000. The terms are 2-15, net 30. The equipment has a 5-year life with $0 salvage value. Eagle View uses straight-line depreciation.
5 January 3, 2015 Eagle View purchases inventory from Wheatland Solutions for $50,000 cash (100 units at $500.00 each). It keeps perpetual records for the inventory on the FIFO basis.
6 January 4, 2015 Eagle View purchases $1,000 in office supplies on account from Office Shop. The terms are net 30.
7 January 6, 2015 Eagle View makes its first sale on account to Happy Times. It sells 10 units for $1,000.00 each. Sales tax is 5%. The terms are 2-15, net 30.
7a January 6, 2015 You record the inventory portion of the sale.
8 January 8, 2015 You record Eagle View’s first week of cash sales of 20 units for $1,000.00 each. Again, sales tax is 5%.
8a January 8, 2015 You record the inventory portion of the weekly sales.
9 January 9, 2015 Eagle View receives the utility bill for the month and Ron Rosen plans to pay it soon. The total amount due is $500, payable net 30.
10 January 11, 2015 Eagle View has a cash customer return 5 units because they are the wrong color. Rosen refunds the money including sales tax.
10a January 11, 2015 You record the inventory portion of the return.
11 January 15, 2015 Eagle View pays the employees for the first two weeks of business (January 1 – 14). The gross pay is $2,000, the employee taxes are $500 (those deducted from the paychecks) and the employer taxes are $500.
12 January 15, 2015 You record Eagle View’s second week of cash sales of 4 units for $1,000 each. Again, sales tax is 5%.
12a January 15, 2015 You record the inventory portion of the weekly sales.
13 January 16, 2015 You pay the bill to Generic Office Supply within the discount period.
14 January 17, 2015 Eagle View pays its annual insurance bill of $12,000. The period covered is January 1, 2015 to December 31, 2015.
15 January 18, 2015 Rosen spends $1,000 on advertising on the local news station.
16 January 19, 2015 Happy Time pays its balance in full within the discount period.
17
January 21, 2015 Giggles, Inc. prepays an order of 25 units at $1,000.00 each. Because Giggles, Inc. is a distributor with a resale license, no sales tax is included.
18 January 22, 2015 You record the third week of cash sales of 7 units at $1,000 each. Again, sales tax is 5%
18a January 22, 2015 You record the inventory portion of the weekly sales.
19 January 28, 2015 Eagle View ships out the order for Giggles, Inc.
19a January 28, 2015 You record the inventory portion of the sale.
20 January 29, 2015 You record the fourth week of cash sales of 3 units at $1,000 each. Sales tax is 5%.
20a January 29, 2015 Your record the inventory portion of the weekly sales.
21 January 29, 2015 Eagle View pays its employees for the second two weeks of business (January 15-28). The gross pay is $2,000, the employee taxes are $500 and the employer taxes are $500.
22 January 30, 2015 Eagle View pay February’s rent in advance.
23 January 30, 2015 Eagle View records a sale on account to Salsa King of 8 units for $1,000. There is no sales tax on this transaction.
23a January 30, 2015 You record the inventory portion of the sale.
24 January 31, 2015 Ron Rosen declares and pays a dividend of $5,000.

Answer 1

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Date	Account	Debit	Credit
Jan 1	Cash	50000
Jan 1	Common Stock		50000
Jan 2	Cash	120000
Jan 2	Notes Payable		120000
Jan 2	Rent Expense	1000
Jan 2	Security Deposit	2000
Jan 2	Cash		3000
Jan 3	Fixtures	30000
Jan 3	Accounts Payable		30000
Jan 3	Merchandise Inventory	50000
Jan 3	Cash		50000
Jan 4	Office Supplies	1000
Jan 4	Accounts Payable		1000
Jan 6	Accounts Receivable	10500		1000*10
Jan 6	Sales		10000	500
Jan 6	Sales Tax Payable		500	500
Jan 6	Cost of Goods Sold	5000		10*500
Jan 6	Merchandise Inventory		5000
Jan 8	Cash	21000
Jan 8	Sales		20000
Jan 8	Sales Tax Payable		1000
Jan 8	Cost of Goods Sold	10000
Jan 8	Merchandise Inventory		10000
Jan 9	Utilitiy Expenses	500
Jan 9	Accounts Payable		500
Jan 11	Sales	5000		5*1000
Jan 11	Sales Tax Payable	250		5000*5%
Jan 11	Cash		5250
Jan 11	Merchandise Inventory	2500
Jan 11	Cost of Goods Sold		2500
Jan 15	Salaries and Wages Expense	2000
Jan 15	Employee Taxes Payable		500
Jan 15	Employer Taxes Payable		500
Jan 15	Cash		1000
Jan 15	Cash	4200
Jan 15	Sales		4000	4*1000
Jan 15	Sales Tax Payable		200	4000*5%
Jan 15	Cost of Goods Sold	2000		4*500
Jan 15	Merchandise Inventory		2000
Jan 16	Accounts Payable	30000
Jan 16	Discount Received		600	30000*2%
Jan 16	Cash		29400
Jan 17	Prepaid Insurance	12000
Jan 17	Cash		12000
Jan 18	Advertising Expense	1000
Jan 18	Cash		1000
Jan 19	Cash	10290
Jan 19	Sales Discount	210		10500*2%
Jan 19	Accounts Receivable		10500
Jan 21	Cash	25000
Jan 21	Unearned Sales Revenue		25000
Jan 22	Cash	7350
Jan 22	Sales		7000	7*1000
Jan 22	Sales Tax Payable		350	7000*5%
Jan 22	Cost of Goods Sold	3500		7*500
Jan 22	Merchandise Inventory		3500
Jan 28	Unearned Sales Revenue	25000
Jan 28	Sales		25000
Jan 28	Cost of Goods Sold	12500		25*500
Jan 28	Merchandise Inventory		12500
Jan 29	Cash	3150
Jan 29	Sales		3000	3*1000
Jan 29	Sales Tax Payable		150	3000*5%
Jan 29	Cost of Goods Sold	1500		3*500
Jan 29	Merchandise Inventory		1500
Jan 29	Salaries and Wages Expense	2000
Jan 29	Employee Taxes Payable		500
Jan 29	Employer Taxes Payable		500
Jan 29	Cash		1000
Jan 30	Prepaid Rent	1000
Jan 30	Cash		1000
Jan 30	Accounts Receivable	8000		8*1000
Jan 30	Sales		8000
Jan 30	Cost of Goods Sold	4000		8*500
Jan 30	Merchandise Inventory		4000
Jan 30	Dividend	5000
Jan 30	Cash		5000
Adjustment:
Date	Account	Debit	Credit
Jan 30	Interest Expense	600
Jan 30	Interest Payable		600
	(interest on loan)120000*6%/12
Jan 30	Depreciation Expense	500
Jan 30	Accumulated Depreciation		500
	(dep on equipment)30000/60
Jan 30	Insurance Expense	1000
Jan 30	Prepaid Insurance		1000
	(Insurance amortization)12000/12

Worksheet:

	Trial balance		Adjustment		Adjustment trial balance		income statement		balance sheet		closing		post-closing balance sheet
Account	Debit	credit	debit	credit	debit	credit	debit	credit	debit	credit	debit	credit	debit	credit
Cash	132340				132340	0			132340	0			132340	0
Accounts Receivable	8000				8000	0			8000	0			8000	0
Merchandise Inventory	14000				14000	0			14000	0			14000	0
Prepaid Rent	1000				1000	0			1000	0			1000	0
Prepaid Insurance	12000			1000	11000	0			11000	0			11000	0
Office Supplies	1000				1000	0			1000	0			1000	0
Fixtures	30000				30000	0			30000	0			30000	0
Accumulated Depreciation		0		500	0	500			0	500			0	500
Security Deposit	2000				2000	0			2000	0			2000	0
Accounts Payable		1500			0	1500			0	1500			0	1500
Notes Payable		120000			0	120000			0	120000			0	120000
Employee Taxes Payable		1000			0	1000			0	1000			0	1000
Employer Taxes Payable		1000			0	1000			0	1000			0	1000
Interest Payable		0		600	0	600			0	600			0	600
Sales Tax Payable		1950			0	1950			0	1950			0	1950
Common Stock		50000			0	50000			0	50000			0	50000
Dividend	5000				5000	0			5000	0		5000	0
Retained Earning											5000	27790	0	22790
Income Summary											72600	72600	0	0
Sales		72000			0	72000		72000			72000		0	0
Discount Received		600			0	600		600			600		0	0
Sales Discount	210				210	0	210					210	0	0
Cost of Goods Sold	36000				36000	0	36000					36000	0	0
Salaries and wages expense	4000				4000	0	4000					4000	0	0
Insurance Expense	0		1000		1000	0	1000					1000	0	0
Rent Expense	1000				1000	0	1000					1000	0	0
Depreciation Expense	0		500		500	0	500					500	0	0
Advertising Expense	1000				1000	0	1000					1000	0	0
Utilitiy Expenses	500				500	0	500					500	0	0
Interest Expense	0		600		600	0	600					600	0	0
Total	248050	248050	2100	2100	249150	249150	44810	72600	204340	176550	150200	150200	199340	199340
							27790			27790
Grand Total									204340	204340