Manual Processing of Accounting Information (AIS)
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document.xls Trial Balance Adjustment Trial Balance December 31, 2013 Account Description Debit Credit 1100 Cash - Operating Account 147,109.83 1110 Cash - Payroll 10.00 1130 Petty Cash - 1200 Accounts Receivable 133,000.00 1205 Allowance for Doubtful Accounts 2,660.00 1230 Interest Receivable - 1240 Notes Receivable 73,093.35 1300 Inventory 91,000.00 1410 Prepaid Insurance 16,500.00 1500 Fixed Assets - Furniture & Fixtures 273,500.00 1505 Accumulated Depreciation-Fixed Assets 37,787.50 2100 Accounts Payable 40,900.00 2150 Federal Withholding Payable - 2160 FICA Payable - 2165 Medicare payable - 2170 FUTA Payable - 2180 TX state SUTA payable - 2190 Interest Payable 7,800.00 2200 Federal Income Tax Payable - 2220 Current N/P to banks 43,660.19 2700 Notes Payable to Banks 90,278.26 2710 Other Liabilities 65,000.00 3100 Common Stock 5,000.00 3120 Additional Paid-In Capital-Common Stock 495,000.00 3200 Retained Earnings 59,340.08 4100 Sales 565,000.00 4180 Sales Discount 720.00 4190 Sales Returns 3,000.00 4500 Cost of Goods Sold 338,760.00 4700 Shrinkage and Waste 3,000.00 4800 Freight and Handling 5,000.00 5100 Accounting Fees 17,000.00 5200 Advertising Expense 4,500.00 5300 Bad Debts Expense 660.00 5400 Bank Fees 360.00 5600 Depreciation Expense 22,287.50 5700 Dues & Subscription 500.00 5800 Employee Benefits 1,500.00 5900 Insurance 1,000.00 6000 Legal Fees 9,000.00 6100 Life Insurance - Administration 500.00 6250 Postage - 6300 Rent Expense 27,000.00 6400 Repairs & Maintenance Expense 1,545.00 6500 Salaries and Wages 206,400.00 6600 Supplies - 6700 Telephone & Utilities 5,655.00 8000 Taxes - Federal Income - 8100 Taxes - FUTA Expense 168.00 8200 Taxes - FICA Expense 12,796.80 8250 Taxes - Medicare Expense 2,992.80 8400 Taxes - SUTA Expense 1,026.00 9000 Interest Expense 13,216.75 9100 Interest Income - 375.00 9200 Miscellaneous Income/Expense - 1,412,801.03 1,412,801.03 -
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Transcript of Manual Processing of Accounting Information (AIS)
Trial BalanceAdjustment Trial BalanceDecember 31, 2013AccountDescriptionDebitCredit1100Cash - Operating Account147,109.831110Cash - Payroll10.001130Petty Cash0.01200Accounts Receivable133,000.001205Allowance for Doubtful Accounts2,660.001230Interest Receivable0.01240Notes Receivable73,093.351300Inventory91,000.001410Prepaid Insurance16,500.001500Fixed Assets - Furniture & Fixtures273,500.001505Accumulated Depreciation-Fixed Assets37,787.502100Accounts Payable40,900.002150Federal Withholding Payable0.02160FICA Payable0.02165Medicare payable0.02170FUTA Payable0.02180TX state SUTA payable0.02190Interest Payable7,800.002200Federal Income Tax Payable0.02220Current N/P to banks43,660.192700Notes Payable to Banks90,278.262710Other Liabilities65,000.003100Common Stock5,000.003120Additional Paid-In Capital-Common Stock495,000.003200Retained Earnings59,340.084100Sales565,000.004180Sales Discount720.004190Sales Returns3,000.004500Cost of Goods Sold338,760.004700Shrinkage and Waste3,000.004800Freight and Handling5,000.005100Accounting Fees17,000.005200Advertising Expense4,500.005300Bad Debts Expense660.005400Bank Fees360.005600Depreciation Expense22,287.505700Dues & Subscription500.005800Employee Benefits1,500.005900Insurance1,000.006000Legal Fees9,000.006100Life Insurance - Administration500.006250Postage0.06300Rent Expense27,000.006400Repairs & Maintenance Expense1,545.006500Salaries and Wages206,400.006600Supplies0.06700Telephone & Utilities5,655.008000Taxes - Federal Income0.08100Taxes - FUTA Expense168.008200Taxes - FICA Expense12,796.808250Taxes - Medicare Expense2,992.808400Taxes - SUTA Expense1,026.009000Interest Expense13,216.759100Interest Income0.0375.009200Miscellaneous Income/Expense0.01,412,801.031,412,801.030.0
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General Ledger - StudentsGeneral LedgerAccount 1100Cash - Operating AccountRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1372,107.33372,107.331230CD367,529.154,578.181230CR142,561.65147,139.831231GJ430.00147,109.83Account 1110Cash - PayrollRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ110.0010.001230PR13,779.2013,769.201230CD13,779.2010.00Account 1130Account not used0.0Account 1200Accounts ReceivableRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1137,000.00137,000.001230SJ137,000.00274,000.001230CR141,000.00133,000.00Account 1205Allowance for Doubtful AccountsRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ12,000.002,000.001231GL6660.002,660.00Account 1230Interest ReceivableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00Account 1240Notes ReceivableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00121CD75,000.0075,000.001231CR2,281.6572,718.351231GJ7375.0073,093.35Account 1300InventoryRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ137,000.0037,000.001230SJ78,000.0041,000.001230PJ135,000.0094,000.001231GJ83,000.0091,000.00Account 1410Prepaid InsuranceRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001230CD18,000.0018,000.001231GJ91,500.0016,500.00Account 1500Fixed Assets - Furniture and FixturesRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1265,500.00265,500.001231GJ108,000.00273,500.00Account 1505Accumulated Depreciation Fixed AssetsRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ115,500.0015,500.001230GJ222,287.5037,787.50Account 2100Accounts PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1110,000.00110,000.001230PR375.00110,375.001230PJ173,900.00284,275.001230CD245,375.0038,900.001231PJ2,000.0040,900.00Account 2140ACCOUNT NOT ACTIVEAccount 2150Federal Withholding PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001230PR1,730.001,730.001230CD1,730.000.00Account 2160FICA PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001230PR1,066.401,066.401230CD1,066.400.00Account 2165Medicare PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001230PR249.40249.401230CD249.400.00Account 2170FUTA PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00Account 2180TX State SUTA PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00Account 2190Interest PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001231GJ137,800.007,800.00Account 2200Federal Income Tax PayableRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00Account 2210ACCOUNT NOT IN USEAccount 2220Current NP to BanksRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ143,660.1943,660.19Account 2700Notes Payable to BanksRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ193,516.5193,516.511230CD3,238.2590,278.26Account 2710Other LiabilitiesRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ165,000.0065,000.00Account 3100Common StockRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ15,000.005,000.00Account 3120Additional Paid-In Capital - CSRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1495,000.00495,000.00Account 3200Retained EarningsRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ159,340.0859,340.08Account 4100SalesRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1425,000.00425,000.001230SJ140,000.00565,000.00Account 4180Sales DiscountRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward1230CR720.00720.00Account 4190Sales ReturnsRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward1230SJ3,000.003,000.00Account 4500Cost of Goods SoldRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1260,760.00260,760.001230SJ78,000.00338,760.00Account 4700Shrinkage and WasteRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward1231GJ83,000.003,000.00Account 4800Freight and HandlingRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001230CD5,000.005,000.00Account 5100Accounting FeesRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001231PJ8,000.008,000.001231PJ17,000.0025,000.001231GJ108,000.0017,000.00Account 5200Advertising ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001230PJ2,500.002,500.001231PJ2,000.004,500.00Account 5300Bad Debts ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001231GJ6660.00660.00Account 5400Bank FeesRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001231GJ3330.00330.001231GJ430.00360.00Account 5600Depreciation ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1330.00330.001230PR17,200.0017,530.001230GJ222,287.5039,817.501231GJ3330.0039,487.501231GJ1217,200.0022,287.50Account 5700Dues & SubscriptionRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001215PJ500.00500.00Account 5800Employee BenefitsRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ11,375.001,375.001230CD125.001,500.00Account 5900InsuranceRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001231GJ91,000.001,000.00Account 6000Legal FeesRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001230PJ9,000.009,000.00Account 6100Life Insurance - AdministrationRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001231GJ9500.00500.00Account 6250PostageRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00Account 6300Rent ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ124,750.0024,750.001230CD2,250.0027,000.00Account 6400Repairs & Maintenance ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001215PJ1,545.001,545.00Account 6500Salaries and WagesRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1189,200.00189,200.001231GJ1217,200.00206,400.00Account 6600SuppliesRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00Account 6700Telephone & UtilitiesRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ15,300.005,300.001215PJ355.005,655.00Account 8000Taxes - Federal IncomeRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00Account 8100Taxes - FUTA ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ1168.00168.001230CD1,066.401,234.401231GJ111,066.40168.00Account 8200Taxes - FICA ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ111,730.4011,730.401231GJ111,066.4012,796.80Account 8250Taxes - Medicare ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ12,743.402,743.401230CD249.402,992.80Account 8300Account Not in UseAccount 8400Taxes - SUTA ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ11,026.001,026.00Account 9000Interest ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance ForwardGJ15,016.655,016.651230CD400.105,416.751231GJ137,800.0013,216.75Account 9100Interest IncomeRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.001231GJ7375.00375.00Account 9200Miscellaneous Income/ExpenseRefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.00
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Subsidiary Ledger-ARAccount Receivable Subsidiary LedgerAccounts Receivable Account 1200C 10Customer 10Credit Terms: 2/10, Net 30Credit Limit: $25,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward (from November)20,000.001210CR20,000.000.01231DM01SJ8,000.008,000.00C 20Customer 20Credit Terms: 2/10, Net 30Credit Limit: $50,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward (from October)45,000.001215CR25,000.0020,000.001228Inv 1205SJ24,000.0044,000.001230CM 01SJ3,000.0041,000.00C 30Customer 30Credit Terms: 2/10, Net 30Credit Limit: $75,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward (from November)60,000.00123CR60,000.000.0125Inv 1202SJ48,000.0048,000.00C40Customer 40Credit Terms: 3/10, Net 30Credit Limit: $45,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward (from November)12,000.00122Inv 1201SJ24,000.0036,000.00125Open BalanceCR36,000.000.01210Inv 1203SJ36,000.0036,000.00
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Subsidiary Ledger-InventoryInventory Subsidiary LedgerInventory Account 1300I 10Item 10Preferred Vendor: Vendor 30Current Cost: $1,000Retail Sales Price: $2,000 (Price Increase from $1,500)QuantityStock ItemRefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward5,000.005.00123PJ10,000.0015,000.0010.0015.001220SJ4,000.0011,000.004.0011.00I 20Item 20Preferred Vendor: Vendor 30Current Cost: $1,500Retail Sales Price: $3,000 (Price Increase from $2,000)QuantityStock ItemRefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward6,000.004.00123PJ15,000.0021,000.0010.0014.001210SJ18,000.003,000.0012.002.001231GJ83,000.000.002.000.00I 30Item 30Preferred Vendor: Vendor 30Current Cost: $2,000Retail Sales Price: $4,000 (Price Increase from $3,000)QuantityStock ItemRefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward14,000.007.00123PJ10,000.0024,000.005.0012.001228SJ12,000.0012,000.006.006.001231SJ12,000.000.006.000.00I 40Item 40Preferred Vendor: Vendor 30Current Cost: $4,000Retail Sales Price: $6,000 (Price Increase from $5,000)QuantityStock ItemRefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward12,000.003.00123PJ40,000.0052,000.0010.0013.00125SJ32,000.0020,000.008.005.00126PJ60,000.0080,000.0015.0020.00
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Subsidiary Ledger-Fixed AssetsFixed Asset Subsidiary LedgerFixed Assets - Furnitures and Fixtures Account 1500Item 10F10Purchase Date:March 1, 2012Depreciation Method:Straight LineAnnual Depreciation$18,000.00Disposal Date:n/aSalvage Value:$20,000.00Useful Life10 YearsAccumulated DepreciationVendor:Vendor 20RefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward200,000.0015,000.0015,000.001230GJ18,000.0033,000.00Item 20F20Purchase Date:November 2, 2012Depreciation Method:Straight LineAnnual Depreciation$3,000.00Disposal Date:n/aSalvage Value:$500.00Useful Life5 YearsAccumulated DepreciationVendor:Vendor 20RefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward15,500.00500.00500.001230GJ3,000.003,500.00Item 30F30Purchase Date:October 1, 2013Depreciation Method:Straight LineAnnual Depreciation4,500.00Disposal Date:n/aSalvage Value:5000Useful Life10 YearsAccumulated DepreciationVendor:Vendor 20RefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward50,000.001230GJ1,125.001,125.00Item 40F40Purchase Date:December 2, 2013Depreciation Method:Straight LineAnnual Depreciation1,950.00Disposal Date:n/aSalvage Value:200Useful Life4 YearsAccumulated DepreciationVendor:Vendor 20RefDebitCreditDebit BalanceCredit BalanceDebitCreditDebit BalanceCredit BalanceDec1Balance Forward1230PJ8,000.008,000.001230GJ162.50162.50
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Subsidiary Ledger-APAccount Payable Subsidiary LedgerAccounts Payable Account 2100V10Vendor 10Credit Terms: Net 30 daysMedical Insurance VendorCredit Limit: $5,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.01230PR375.00375.001230CD375.000.0V20Vendor 20Credit Terms: 2/10, Net 30Fixed Asset VendorCredit Limit: $150,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward122PJ8,000.008,000.00V30Vendor 30Credit Terms: 2/10, Net 30Inventory VendorCredit Limit: $150,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward110,000.00121CD110,000.000.0123PJ75,000.0075,000.00126PJ60,000.00135,000.001215CD135,000.000.0V40Vendor 40Credit Terms: 2/10, Net 30General Supplies & Misc. VendorsCredit Limit: $75,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.01215Repair Bill V 810PJ1,545.001,545.001215Dues V 907PJ500.002,045.001230Advertising Bill VA01PJ2,500.004,545.001231Advertising Bill VA01PJ2,000.006,454.00V50Vendor 50Credit Terms: Net 30Accounting VendorCredit Limit: $75,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.01230Accounting Bill V 222PJ17,000.0017,000.00V60Vendor 60Credit Terms: Net 30Legal VendorCredit Limit: $75,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.01230Legal Bill V723PJ9,000.009,000.00V70Vendor 70Credit Terms: Net 30Telephone and Utilities VendorCredit Limit: $75,000RefDebitCreditDebit BalanceCredit BalanceDec1Balance Forward0.01215Utilities Bill V654PJ355.00355.00
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Subsidiary Ledger - Wages&SalSalaries and Wages Subsidiary LedgerSalaries and Wages Account 6500Salaried: $3,200 per month; Firm pays 25% of medical insuranceP10W-4 Filed, Married, 0$236.00 / period0.0620.0145$105/periodEmployee 10RefGrossFederal W/HSocial SecurityMedicareMedical InsuranceNet PayCheck #Dec1Balance ForwardPR35,200.002,596.002,182.40510.401,155.0028,756.201230PR3,200.00236.00198.4046.40105.002,614.2010452013 Total38,400.002,832.002,380.80556.801,260.0031,370.40Zero Balance Check:38400-2832-2380.8-556.8-1260-31370.40Salaried: $3,500 per month; Firm pays 25% of medical insuranceP20W-4 Filed, Married, 2$217.00 / period0.0620.0145$105Employee 20RefGrossFederal W/HSocial SecurityMedicareMedical InsuranceNet PayCheck #Dec1Balance ForwardPR38,500.002,387.002,387.00558.251,155.0032,012.751230PR3,500.00217.00217.0050.75105.002,910.2510462013 Total42,000.002,604.002,604.00609.001,260.0034,923.00Zero Balance Check:+42000-2604-2604-609-1260-34923Salaried: $5,000 per month; Firm pays 25% of medical insuranceP30W-4 Filed, Single 0$851.00 / period0.0620.0145$60Employee 30RefGrossFederal W/HSocial SecurityMedicareMedical InsuranceNet PayCheck #Dec1Balance ForwardPR55,000.009,361.003,410.00797.50660.0040,771.501230PR5,000.00851.00310.0072.5060.003,706.5010472013 Total60,000.0010,212.003,720.00870.00720.0044,478.00Zero Balance Check:60000-10212-3720-870-720-44478Salaried: $5,500 per month; Firm pays 25% of medical insuranceP40W-4 Filed, Married 4$426.00 / period0.0620.0145$105Employee 40RefGrossFederal W/HSocial SecurityMedicareMedical InsuranceNet PayCheck #Dec1Balance ForwardPR60,500.004,686.003,751.00877.251,155.0050,030.751230PR5,500.00426.00341.0079.75105.004,548.2510482013 Total66,000.005,112.004,092.00957.001,260.0054,579.00Zero Balance Check:66000-5122-4092-957-1260-54579
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General JournalGeneral JournalDateGL Acct#ExplanationPostedRefDebitCreditGJ11100Cash - Operating Account372,107.331110Cash - Payroll10.001200Accounts Receivable137,000.001205Allowance for Doubtful Accounts2,000.001300Inventory37,000.001500Fixed Assets - Furniture and Fixtures265,500.001505Accumulated Depreciation-Fixed Assets15,500.002100Accounts Payable110,000.002220Current N/P to banks43,660.192700Notes Payable to Banks93,516.512710Other Liabilities65,000.003100Common Stock5,000.003120Additional Paid-In Capital-Common Stock495,000.003200Retained Earnings59,340.084100Sales425,000.004500Cost of Goods Sold260,760.005600Bank Fees330.005800Employee Benefits1,375.006300Rent Expense24,750.006500Salaries and Wages189,200.006700Telephone & Utilities5,300.008100Taxes - FUTA Expense168.008200Taxes - FICA Expense11,730.408250Taxes - Medicare Expense2,743.408400Taxes - SUTA Expense1,026.009000Interest Expense5,016.65109,5201,314,016.781,314,016.78To input beginning balances. Input by GL ClerkGJ212305600Depreciation Expense22,287.501505Accumulated Depreciation22,287.5022,287.5022,287.507,105To record annual Depreciation Expense per Fixed Asset SubledgerGJ312315400Bank fees330.0012315600Depreciation Expense330.0011000Correcting GJI-1CGJ412315400Bank fees30.0012311100Cash-Operating account30.006500To adjust the bank feesGJ512311200Info missing in A/R Subsidiary ledger only$8,000.00GJ612315300Bad debt expense660.0012311205Allowance for doubtful Accounts660.006505To update Allowance for doubtful accountsGJ712311240Notes receivable375.0012319100Interest Income375.0010340To distribute the correct amount between NR& Int.IncomeGJ812314700Shrinkage and Waste3,000.0012311300Inventory3,000.0012316000Adjustment to account for missing inventoryGJ912315900Insurance1,000.0012316100Life Insurance500.0012311410Prepaid Insurance1,500.0013410To update insurance accountGJ1012311500Fixed Assets -Furniture and Fixtures8,000.0012315100Accounting fees8,000.006600To edit incorrect entry in GLGJ1112318200Taxes-FICA Expense1,066.4012318100Taxes-FUTA Expense1,066.4016300To edit incorrect entry in GLGL1212316500Salaries and wages17,200.0012315600Depreciation Expense17,200.0012100To edit incorrect entry in GLGL1312319000Interest Expense7,800.0012312190Interest payable7,800.0011190Adjustment to account for missing amount
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Payroll JournalPayroll JournalDEBITCREDITDateEmployeeNamePostedRefGross PayFederal WithholdingFICA(6.2%)Medicare Withheld(1.45%)Medical Insurance$80 Single$140 MarriedFirm pays 25%Net PayCheck No.Acct #650021502160216521001110EMPLOYEE:1230Employee 103,200.00236.00198.4046.40105.002,614.2010451230Employee 203,500.00217.00217.0050.75105.002,910.2510461230Employee 305,000.00851.00310.0072.5060.003,706.5010471230Employee 405,500.00426.00341.0079.75105.004,548.251048Total17,200.001,730.001,066.40249.40375.0013,779.20Zero Balance Check:Posted to Subledger V100=17,200-1,730-1,066.40-249.4-375-13,779.20
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Cash Receipts JournalCash Receipts JournalDEBITCREDITDateDescriptionCashSales DiscountAccounts Receivable 1200Other Account11004180A/R Subsidiary AcctAmountPostedRefGL Acct #AmountPostedRef123Customer 3060,000.00C3060,000.00125Customer 4035,280.00720.00C4036,000.001210Customer 1020,000.00C1020,000.001215Customer 2025,000.00C2025,000.001231Note Payment2,281.6512402,281.65Total142,561.65720.00141,000.002,281.65Zero Balance Check:0 = 142,561.65+720-141,000-2281.65
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Sales JournalSales JournalDEBITCREDITDateDescriptionInvoice/ Credit Memo #A/R Subsidiary AcctPostedRefAccounts ReceivableSales ReturnCOGSInventory Subsidiary AcctPostedRefInventorySales12004190450013004100122Customer 401201C4024,000.0012,000.00I3012,000.0024,000.00125Customer 301202C3048,000.0032,000.00I4032,000.0048,000.001210Customer 401203C4036,000.0018,000.00I2018,000.0036,000.001220Customer 101204C108,000.004,000.00I104,000.008,000.001228Customer 201205C2024,000.0012,000.00I3012,000.0024,000.001230Customer 20CM01C20(3,000.00)3,000.00Total137,000.003,000.0078,000.0078,000.00140,000.00Zero Balance Check:137,000+3,000-140,000 = 078,000-78,000 = 0
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Purchases JournalPurchases JournalDEBITCREDITOther AcctACCOUNTS PAYABLE - 2100DateVendorVendor Invoice #Inventory1300GL Acct #AmountPosted RefA/P Subs. Acct #AmountPosted Ref122Vendor 20 - Fixed AssetV12315008,000.00V208,000.00123Vendor 30V45675,000.00V3075,000.0010 Units - Item 10, 10 Units - Item 20, 5 Units-Item 30, 10 Units item 40126Vendor 30V45760,000.00V3060,000.0015 Units - Item 401215Repair BillV81064001,545.00V401,545.001215DuesV9075700500.00V40500.001215Phone BillV6546700355.00V70355.001230Accounting BillV222510017,000.00V5017,000.001230Advertising BillVA0152002,500.00V402,500.001230Legal BillV72360009,000.00V609,000.001231Advertising BillVA0152002,000.00V402,000.00Total135,000.0040,900.00175,900.00Zero Balance Check:0=135,000+38,900-173,900
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Cash Disbursement JournalCash Disbursement JournalCREDITDEBITACCOUNTS PAYABLE - 2100Other AccountsOther AccountsDateCheck #DescriptionCash1100A/P Subs. Acct #AmountPosted RefGL Acct #AmountPosted RefGL Acct #AmountPosted Ref1212010Vendor 30110,000.00V30110,000.001212011Loan (Promissory Note)75,000.00124075,000.001252012Insurance (Life, General)18,000.00141018,000.0012152013Vendor 30135,000.00V30135,000.0012302014Freight Bill5,000.0048005,000.0012302015Rent2,250.00NO INVOICE FOR RENT63002,250.001230n/aTransfer to Payroll13,779.20111013,779.2012302016Federal Withholding1,730.0021501,730.0012302017FICA2,132.8021601,066.4082001,066.4012302018Medicare498.802165249.408250249.4012302019Medical Insurance500.00V10375.005800125.0012302020First Bank (Note Payable)3,638.3527003,238.259000400.10367,529.15245,375.00120,438.251,715.90Zero Balance Check:0=367,529.15-245,375-120,438.25-1715.90
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Bank Reconciliation1 Student CompanyBank ReconcilaiationDec-13First Bank: Cash Operating A/C//55551234Bank StatementGeneral LedgerUnadjusted Bank Balance,12/31/13156,939.78147,139.83Add:Deposit In Transit2,281.65Deduct:Outstanding Checks:Check#Amount2014$5,000.0020152,250.002016$1,730.002017$2,132.802018$498.802019$500.00($12,111.60)Adjustments:Bank Service Fees($30.00)Adjusted Balance, 12/31/2013147,109.83147,109.83
Bank Reconciliation 2Student CompanyBank ReconcilationDec-13First Bank:Payroll A/C#5551235Bank StatementGeneral LedgerUnadjusted Bank Balance, 12/31/132,624.2010Add:Deposit TransitDeduct:Outstanding Checks:Check#Amount1045$2,614.20($2,614.20)Adjustments:Adjusted Balance, 12/31/2013$10.00$10.00
FixedAsset &Inventory ReportStudent CompanyFixed Asset ReportDec-12ItemCostAccumulated DepreciationNet Bank ValueItem10$200,000.00$33,000.00$167,000.00Item20$15,500.00$15,500.00$12,000.00Item30$5,000.00$1,125.00$48,875.00Item40$8,000.00$162.50$7,837.50Total$273,500.00$37,787.50$235,712.50General Leger Balance A/C1500 Fixed Assests:$273,500.00General Ledger Balance A/c1505 Accumulated Depreciation$37,787.50Conclusion :Subsidiary Ledger Agrees w/ General LedgerAccumulated Deprecaition-year to Date$37,787.50Accumulated Deprecaition-Bignning of year$15,500Difference= Depreciation Expense for year$22,287.50Note : Agree to Account 5600Note: Company only Books Depreciation once a year ( in Decemebr)Student CompanyInventory Reconcilation Report31-Dec-13ItemQuantityCostTotalItem1011$1,000.00$11,000.00Item200$1,500.000Item300$2,000.000Item4020$4.000.00$80.000.00Total31$91,000.00
Receivable Aging &Payable AgingStudent CompanyAccount Receivable Aging ReportDecemeber31/2013CustomerTotal Due0-30 Days31-60 Days61-90Days>90 DaysCustomer 10$8,000.00Customer 20$24,000.00$17,000.00Customer 30$48,000.00Customer 40$36,000.00Total$133,000.00$116,000.00$17,000.00Student CompanyAccount Payable Aging ReportDecemeber 31,2013AccountsTotal Due0-30Days31-60Days61-90Days>90DaysVendor20$8,000.00$8,000.00Vendor 40$6,545.00$6,545.00Vendor50$17,000.00$17,000.00Vendor 60$9,000.00$9,000.00Vendor 70$355.00$355.00Total$40,000.00$40,000.00
