Accounting

Date
Description
Account
Debit
Credit
Account
Assets
Liabilitities
Equity
Revenues
Expenses
BEGINNING BALANCE
Debit
Credit
MONTHLY ACTIVITY
Debit
Credit
ENDING BALANCE
Debit
Credit
Company name: The Company
Income Statement
Date: December 2023
Company Name:
The Company
Retained Earnings Statement
Date:
Company Name:
Balance Sheet
Date:
The Company “Accounting” have the following balances as of November 30, 2023:
Cash in Bank – $205,000
Accounts Receivables – $12,500
Allowance for Credit Losses – ($800)
Prepaid Expenses – $5,800
Inventory – $108,700
Property, Plant and Equipment – $400,000
Depreciation of P.P.E (10Y – SL) – ($160,000)
Deposits – Utilities – $2,780
Accounts Payables – ($95,800)
Prepaid Revenues – Clients – ($51,900)
Loan Payable – ($211,040)
Retained Earnings – ($115,540)
Equity – Owners Contributions ($99,700)
During December 2023 the following transactions have been made:
#
Date
Transaction description:
1
12/1
Paid November accrued secretarial wages for $6,000 and Utilities for 11,500
2
12/3
Sale merchandise for $40,000 on account to Client A. Cost $15,800
3
12/7
Received $10,500 from Client B pending balance.
4
12/8
Pay cash of $16,000 for a delivery van repair.
5
12/10
Owners contributes capital in cash $80,000
6
12/15
Purchase office equipment priced at $15,200, on account.
7
12/17
Loan year end balloon payment for $132,000: 120,000 principal and 12,000 interest.
8
12/18
Received $20,000 from Client A pending balance
9
12/19
Sale merchandise for $55,000 cash to client C. Cost 21,700
10
12/20
Purchase inventory for $75,000 in cash
11
12/22
Paid December first half payroll $6,000 in cash
12
12/23
Paid cash for a Truck Repair for $4,750
13
12/26
Sale merchandise for $90,000 cash to Client C. Cost $55,800
14
12/26
Paid November recorded payable for $50,000
15
12/27
Sale merchandise for $20,000 on account to Client A. Cost $9,800
16
12/28
Received $40,000 from Client A pending balance
17
12/28
Sale merchandise for $25,000 on account to Client B. Cost $10,950
18
12/31
Record end of the month Utilities accrual $12,500
19
12/31
Record end of the month Salaries accrual $6,000
20
12/31
Record end of the month Depreciation for $40,000
Using the excel sheet provided:
1.- Prepare the adjusting journal entries
2.- Prepare the end of the month trial balance
3.-Prepare the end of the month Income Statement (Single Step Form)
4.-Prepare the end of the month Retained Earnings Statement
5.-Prepare the end of the month Company Balance Sheet