Tiffany Carpender

GENERAL JOURNAL
Date
Account Names
Mar. 01 Cash
Capital
Owners contribution
Mar. 01 Equipment
Cash
Paid cash for equipment
Mar. 01 Prepaid insurance
Cash
Paid cash for insurance in advance
Mar. 09 Land
Cash
Paid cash for land (to be used in operations)
Mar. 10 Office supplies
Accounts payable
Purchased office supplies on account
Mar. 19 Cash
Notes payable
Record loan received from bank
Mar. 22 Advertising expenses
Cash
Paid cash for advertising expenses
Mar. 26 Accounts payable
Cash
Paid cash on account
Mar. 28 Utilities expense
Utilities payable
Accrue utilities payable
Mar. 31 Cash
Accounts receivable
Service revenue
Record service revenue
Mar. 31 Salaries expense
Rent expense
Cash
Paid cash for expenses
Mar. 31 Cash
Unearned revenue
Collected cash for future services
Mar. 31 Withdrawals
Cash
Owners withdrawal
(a.) Supplies expense
Office supplies
Record offices supplies used
(b.) Depreciation Expense-Equipment
Accumulated Depreciation
Record depreciation expense
(c.) Insurance expense
Prepaid insurance
Record insurance expense
(d.) Interest expense
Interest payable
Accrue interest expense
Mar. 31
Service revenue
Income Summary
To close revenue
Mar. 31
Income Summary

Debit
50,000

Credit
50,000

10,000
10,000
4,500
4,500
18,000
18,000
3,000
3,000
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

Mar. 31

Mar. 31

Salaries expense
Rent expense
Utilities expense
Advertising expenses
Supplies expense
Insurance expense
Interest expense
Depreciation Expense-Equipment
To close expenses
Income Summary
Capital
To close income summary
Capital
Withdrawals
To close withdrawals

3,600
700
280
800
600
500
75
180
13,465
13,465
3,000
3,000

Mar.
Mar.
Mar.
Mar.

01
19
31
31

Bal

Cash
50,000
28,000
17,500
1,440

10,800
4,500
18,000
800
1,000
4,300
3,000

Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.

01
01
09
22
26
31
31

Mar. 26

GENERAL LEDGER
Accounts Payable
1,000
3,000 Mar. 10

54,540

Mar. 31

Bal

Accounts Receivable
2,700

Bal

Office Supplies
3,000

Bal

Bal

10,800

Mar. 31

280 Bal

Bal

Mar. 31

75 Bal

Bal

1,440 Bal

Mar. 28

Bal

Mar. 31

180 Bal

Mar. 22

28,000 Bal

Bal

60,465 Bal

Mar. 09

Land
18,000

Mar. 31

Bal

18,000

Bal

Withdrawals
3,000

3,000 Mar. 31

Utilities Expense
280

280 Mar. 31

Advertising Expense
800
800 Mar. 31

(a.)

Bal

Supplies Expense
600
600 Mar. 31

Insurance Expense
500
500 Mar. 31

(c.)

Bal

(d.)

Bal

700 Mar. 31

28,000 Mar. 19

GENERAL LEDGER
Capital
3,000
50,000 Mar.01
13,465 Mar. 31

Rent Expense
700

Notes Payable

Accumulated Depreciation-Equipment
180 (b.)

Salaries Expense
3,600
3,600 Mar. 31

75 (d.)

Unearned Revene
1,440 Mar. 31

4,000

Equipment
10,800

280 Mar. 28

Interest Payable
600 (a.)

Prepaid Insurance
4,500
500 (c.)

Mar. 01

0 Bal

Utilities Payable

2,400

Mar. 01

Service Revenue
20,200
20,200 Mar. 31

2,000 Bal

2,700

Mar. 10

Mar. 31

Interest Expense
75

75 Mar. 31

Depreciation Expense-Equipment
(b.)
180
180 Mar. 31

Bal

Mar. 31
Mar. 31

Bal

GENERAL LEDGER

Income Summary
8,735
20,200 Mar. 31
11,465

JACKSON QUALITY AUTOMOTIVE

TRIAL BALANCE
March 31, 2016
Balance
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Land
Accounts Payable
Utilities Payable
Unearned Revenue
Notes Payable
Capital
Withdrawals
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
Advertising Expense

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

3,000
3,600
700
280
800
$101,920

Balance
Credit

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

$101,920

JACKSON QUALITY AUTOMOTIVE

Adjusted Trial Balance
March 31, 2016
Balance
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation - Equipment
Land
Accounts Payable
Utilities Payable
Interest Payable
Unearned Revenue
Notes Payable
Capital
Withdrawals
Service Revenue
Salaries Expense
Rent Expense
Utilities Expense
Advertising Expense
Supplies Expense
Insurance Expense
Interest Expense
Depreciation Expense - Equipment

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

Balance
Credit

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

$102,175

JACKSON QUALITY AUTOMOTIVE

Adjusted Trial Balance
March 31, 2016
Balance
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation - Equipment
Land
Accounts Payable
Utilities Payable
Interest Payable
Unearned Revenue
Notes Payable
Capital

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

$92,440

Balance
Credit

180
$2,000
280
75
1,440
28,000
60,465
$92,440

JACKSON QUALITY AUTOMOTIVE

Income Statement
Month ended March 31, 2016
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 (Loss)

$3,600
700
280
800
600
500
75
180

$20,200

6,735
$13,465

JACKSON QUALITY AUTOMOTIVE

Statement of Owner's Equity
Month ended March 31, 2016
Capital, March 1, 2016
Owner contribution
Net income
Owner withdrawls
Capital, March 31, 2016

$0
50,000
13,465
63,465
(3,000)
$60,465

JACKSON QUALITY AUTOMOTIVE

Balance Sheet
March 31, 2016
Assets
Current Assets
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Total Current Assets
Plant Assets
Equipment
Less: Accumulated Depreciation - Equipment
Land
Total Plant Assets
Total Assets
Liabilities
Current Liabilities
Accounts Payable
Utilities Payable
Interest Payable
Unearned Revenue
Total Current Liabilities
Long-term Liabilities
Notes Payable
Total Liabilities
Owner's Equity
Captial
Total Liabilities and Owner's Equity

10,800
(180)

IVE

$54,540
2,700
2,400
4,000
$63,640

10,620
18,000
28,620
$92,260

$2,000
280
75
1,440
$3,795
28,000
31,795

60,465
$92,260