JOURNAL ENTRIES

January 2 Accounts Receivable 240,000

Sales 240,000
#

3 Purchases 90,000
Freight-In 1,000
Accounts Payable 91,000
#

4 Cash 205,800
Sales Discount 4,200
Accounts Receivable 210,000
#

5 Cash 430,000
Sales 430,000
#

7 Accounts Payable 130,000

Purchase Discount 3,900
Cash 126,100
#

8 Accounts Receivable 309,000

Freight-Out 1,000
Sales 310,000
#

9 Accounts Payable 10,000

Purchase Returns and Allowances 10,000
#

10 Cash 235,200
Sales Discount 4,800
Accounts Receivable 240,000
#

11 Purchases 120,000
Accounts Payable 120,000
#

11 Accounts Payable 81,000

Purchase Discount 2,400
Cash 78,600
 #

12 Purchases 70,000
Cash 70,000
#

13 Accounts Receivable 131,000

Sales 130,000
Cash 1,000
#

14 Interest Expense 10,000

Cash 10,000
#

15 Salaries Expense 80,000

Cash 80,000
#

17 Purchases 190,000
Accounts Payable 190,000
#

18 Accounts Receivable 460,000

Sales 460,000
#

19 JPIA, Withdrawals 100,000

Cash 100,000
#

21 Office Supplies 40,000

Cash 40,000
#

22 Freight-In 20,000
Cash 20,000
#

22 Cash 128,400
Sales Discount 2,600
Accounts Receivable 131,000
#

23 Accounts Receivable 110,000

 Sales 110,000
#

24 Sales Returns and Allowances 30,000

Accounts Receivable 30,000
#
 UNADJUSTED TRIAL BALANCE ADJUSTING
JPIA Company December 31
UNADJUSTED TRIAL BALANCE
31-Jan-23

Cash 713,700 31
Accounts Receivable 849,000
Merchandise Inventory 730,000
Prepaid Rent 90,000
Office Supplies 200,000 31
Office Equipment 1,000,000
Accumulated Depreciation 250,000
Notes Payable 400,000
Accounts Payable 310,000 31
JPIA, Capital 1,650,000
JPIA, Withdrawals 100,000
Sales 1,680,000
Sales Returns and Allowances 30,000
Sales Discount 11,600
Purchases 470,000
Purchases Returns and Allowances 10,000
Purchase Discounts 6,300
Freight-In 21,000
Salaries Expense 80,000
Interest Expense 10,000
Freight-Out 1,000
TOTAL 4,306,300 4,306,300
 ADJUSTING ENTRIES
Rent Expense 30,000
Prepaid Rent 30,000
#

Office Supplies Expense 130,000

Office Supplies 130,000
#

Depreciation Expense 10,000

Accumulated Depreciation 10,000
#

Salaries Expense 90,000

Accrued Salaries 90,000
#
 ADJUSTED TRIAL BALANCE
JPIA Company
ADJUSTED TRIAL BALANCE
31-Jan-23

Cash 713,700
Accounts Receivable 849,000
Merchandise Inventory 730,000
Prepaid Rent 60,000
Office Supplies 70,000
Office Equipment 1,000,000
Accumulated Depreciation 260,000
Notes Payable 400,000
Accounts Payable 310,000
Accrued Salaries 90,000
JPIA, Capital 1,650,000
JPIA, Withdrawals 100,000
Sales 1,680,000
Sales Returns and Allowances 30,000
Sales Discount 11,600
Purchases 470,000
Purchases Returns and Allowances 10,000
Purchase Discounts 6,300
Freight-In 21,000
Salaries Expense 170,000
Interest Expense 10,000
Freight-Out 1,000
Rent Expense 30,000
Depreciation Expense 10,000
Office Supplies Expense 130,000
TOTAL 4,406,300 4,406,300
 FINANCIAL STATEMENTS
JPIA Company
INCOME STATEMENTS
For the Month Ended January 31, 2023

Gross Sales
Less: Sales Discounts 11,600
Sales Returns and Allowances 30,000
Net Sales
Less: Cost of Sales
Merchandise Iventory, Beg. 730,000
Add: Net Purchases
Purchases 470,000
Add: Freight-In 21,000
Total 491,000
Less: Purchase Discount 6,300
Purchase Returns and Allowances 10,000 16,300 474,700
Total Goods Available for Sale 1,204,700
Less: Merchandising Inventory, End 470,000
Gross Profit
Less: Operating Expenses
General and Administrative
Salaries Expense 170,000
Rent Expense 30,000
Depreciation Expense 10,000
Office Supplies Expense 130,000 340,000
Distribution Costs
Freight-Out 1,000
Total Operating Expenses
Operating Income
Less: Interest Expense
Net Income

JPIA Company
STATEMENT OF CHANGES IN OWNERS'S EQUITY
For the Month Ended January 31, 2023

JPIA, Capital Beginning

Add: Net Income
Total
Less: Wihdrawals
JPIA, Capital Ending

JPIA Company
STATEMENT OF FINANCIAL POSITION
 31-Jan-23

ASSETS
Current Assets
Cash 713,700
Accounts Receivable 849,000
Merchandise Inventory 470,000
Prepaid Rent 60,000
Office Supplies 70,000
Total Current Assets
Non-Current Assets
Office Equipment 1,000,000
Less: Accumulated Depreciation 260,000
TOTAL ASSETS

TOTAL LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Notes Payable
Accounts Payable
Accrued Salaries
Total Liabilities
Owner's Equity
TOTAL LIABILITIES AND OWNER'S EQUITY
1,680,000

41,600
1,638,400

734,700
903,700

341,000
562,700
10,000
552,700

1,650,000
552,700
2,202,700
100,000
2,102,700
2,162,700

740,000
2,902,700

400,000
310,000
90,000
800,000
2,102,700
2,902,700