A Company

General Journal Entries

Date Accounts Debit

1-Jun Cash 50,000.00
Owners Capital
1-Jun Vehicle 15,000.00
Cash
3-Jun Cash 25,000.00
Notespayable
5-Jun Rent Expense 1,159.00
Prepaid Rent 7,170.00
Cash
5-Jun Business License Expense 250
5-Jun Office Supplies 750
Accounts Payable
6-Jun Accounts Recivable 1,000
Service Revenue
9-Jun Cash 750
Accounts Recivable 750
Service Revenue
10-Jun Advertising Expenses 250
Cash
15-Jun Wages 325
Wages Payable
15-Jun Prepaid Insurance 750
Cash
20-Jun Wages Payable 0
Cash
21-Jun Repairs and Maintenance 210
Cash
22-Jun Wages Payable 1,000
Cash
23-Jun Cash 1,000
Accounts Recivable
25-Jun Cash 800
Service Revenue
28-Jun Accounts Payable 0
Cash
29-Jun Accounts Recivable 2,225.00
Service Revenue
30-Jun Telephone Expense 155
 Accounts Payable
30-Jun Wages Expense 325
Wages Payable
30-Jun Depreciation Expense 250
Vehicle
Total 110,230.00

Trial Balance
As of 06/30/20XX
Unadjusted trial balance
Account Debit Credit

Cash 50,650.00 0

Accounts Receivable 2,975.00 0

Prepaid Rent 7,170.00 0

Prepaid Insurance 750 0

Vehicle 15,000.00 0
Office Supplies 750 0
Accumulated Depreciation 0 250
Notes Payable 0 25,000.00
Accounts Payable 0 155
Wages Payable 0 325
Owner's Capital 0 50,000.00
Owner Draws 1,000.00 1,000.00
Service Revenue 0 5, 525.00
Rent Expense 7,170.00 0.00
Business License Expense 250 0
Telephone Expense 155 0
Repairs and Maintenance Expense 210 0
Advertising Expense 250 0
Wages Expense 325 0
Depreciation Expense 250 0
Total: 81,330.00 81,330.00
A Company
Income Statement
For Month ending 06/30/20XX
Revenues 5,525.00
Total Revenues 5,525.00
1,195.00
250
155
210
 250
650
250
Total Operating Expenses: 2,960.00
Net Income 2,565.00

Company Name
Statement of Owner's Equity
Period Ending 06/30/20XX
Beginning Capital on 6/01/20XX
Increases to capital
Net income/loss: 2,565.00
Owner Contributions 50,000.00
Subtotal: 52,565.00
Decreases to capital
Owner Draws 1,000.00
Ending Equity as of 06/30/20XX 51,565.00

A Company
Balance Sheet
As of June 30, 20XX
Assets
Current Assets:
Cash 50,650.00
Accounts Recivable 2,975.00
Prepaid Rent 7,170.00
Prepaid insurance 750
Office supplies 750
Total Current Assets 62, 295.00

Non-Current Assets:
Vehicle 15,000.00
Accumulated Depreciation 250

Total Non Current/Fixed Assets 14,750.00

Total Assets: 77,045.00
 A Company
Closing Entries
Month ending 06/30/20XX
Date Accounts Debit
30-Jun Service Revenue 5,525.00
Income Summary
Close Revenue

30-Jun Income Summary 2,960.00

Rent Expense
Business License Expense
Telephone Expense
Repair and Maintenance
Advertising Expense
Wage Expense
Expense
Close Owners Draw
Close Expenses
30-Jun Income Summary 2,565.00
Owners Capital
Close Income Summary

30-Jun Retained earnings 49, 000.00

Dividends
Other Dividends 60,050.00
Credit

50,000.00

15,000.00

25,000.00

8,365.00

750

1,000

1,500

250

325

750

210

1,000

1,000

800

2,224.00
 155

325

250
110,230.00

Trial Balance

Balances from the t accounts will autofill your trial balance.

If total debits do not equal total credits in the trial balance, you know you
have an error.
These are the balances that will be used to prepare the financial
statements.
Be sure to implement feedback provided by your instructor for this
Milestone One submission!

should be debit
check the amount
should be debit
should be debit

should be debit
Liabilities and Owners' Equity
Current Liabilities:
Accounts Payable 155
Wages Payable 325
Total Current Liabilities 480
Long Term Liabilities:
Notes Payable 25,000.00
Total Long Term Liabilities 25,480.00

Total Liabilities 25,480.00

Owners Equity

Owner’s Capitol 51,565.00

Total Equity 51,565

Total Liabilities & Equity 77,045.00

Credit
should be revenue from the income statement
Income Summary
leave blank. This is the description

should be debit for income summary

1,195.00 should be expenses from income statement
250
155
210
250
650
250

2,565.00

49,000.00 check amount for dividends

60,050.00