General Journal

Date
Cash At Bank Account Receivable Motor Vehicle Hair Styling Equipment Hair Styling Supplies

Accounts

Acc No
101 110 161 165 120 210 250 301

Debit ($)
15,482 22,508 30,832 21,126 828

Credit ($)

1 June

Account Payable Bank Loan Capital Enter the begining balance of June Prepaid Insurance 1 June Paid insurance expenses Hair Styling Supplies 2 June Purchased hair styling supplies on credit Prepaid Rent Cash At Bank 3 June Cash At Bank Manicure Services Provided manicure services on cash Account Payable 5 June Paid the amount owed Cash At Bank 6 June Facial Services Cash At Bank Account Payable Cash At Bank

8,620 26,348 55,808

141 101

2,427 2,427

120 210

900 900

140 101 101 403

3,166 3,166 966 966

210 101

790 790

101 402

1,738 1,738

6 June Provided facial services on cash Advertising Expense Account Payable Paid advertising expenses on credit 8 June Cash At Bank Account Receivable Received cash from account customer Advertising Expense 10 June Paid advertising expenses on cash Cash At Bank 12 June Provided manicure services on cash Staff Wages Cash At Bank Paid staff wages on cash Account Receivable 15 June Provided hair styling sevices on credit Account Receivable Hair Styling Services Provided hair styling sevices on credit Cash At Bank 17 June Received cash from account customer Account Receivable 101 110 1,015 1,015 110 401 1,643 1,643 Hair Styling Services 110 401 1,618 1,618 551 101 2,906 2,906 Manicure Services 101 403 959 959 Cash At Bank 511 101 826 826 101 110 1,156 1,156 511 210 1,256 1,256

Account Receivable Manicure Services Provided manicure services on credit 18 June Drawings Cash At Bank Cash withdrawals by owner Cash At Bank 21 June Provided hair styling services on cash Motor Vehicle Expense 22 June Paid motor vehicle expenses on cash Book and Magazines Expenses 24 June Purchased books and magazines on cash Account Receivable Manicure Services Provided manicure services on credit 25 June Cash At Bank Facial Services Provided facial services on cash Sundry Expense Cash At Bank Paid sundry expenses on cash Account Payable 26 June Cash At Bank Cash At Bank Cash At Bank Hair Styling Services

110 403

1,262 1,262

302 101

834 834

101 401

1,493 1,493

535 101

229 229

561 101

100 100

110 403

1,280 1,280

101 402

1,641 1,641

571 101

333 333

210 101

1,240 1,240

26 June Paid the amount owed Cash At Bank Facial Services Provided facial services on cash Cash At Bank 27 June Owner invested additional cash Cash At Bank 28 June Provided hair styling services on cash Staff Wages 29 June Paid staff wages on cash Adjusting Entries Interest Expense Interest Payable =26348*10%*1/12 Depreciation Expense Motor Vehicle Accum. Dep Motor Vehicle =(30832-4162)/4*1/12 Insurance Expense Prepaid Insurance =1/3*2427 Rent Expense Prepaid Rent =1/4*3166 531 140 792 792 505 141 809 809 542 162 556 556 581 220 220 220 Cash At Bank 551 101 2,906 2,906 Hair Styling Services 101 401 1,476 1,476 Capital 101 301 4,304 4,304 101 402 1,724 1,724

Depreciation Expense Hair Styling Eq Accum. Dep Hair Styling Equipment =(21126-4922)/2/12 Staff Wages Wages Payable =2/14*2906 Hair Styling Supplies Expense Hair Styling Supplies =828+900-529 30 June Hair Styling Services Facial Services Manicure Services Profit or lost summary To close revenue accounts Profit or lost summary Insurance Expense Advertising Expense Hair Styling Supplies Expense Rent Expense Motor Vehicle Expense Depreciation Expense Motor Vehicle Depreciation Expense Hair Styling Eq Staff Wages Book and Magazines Expenses Sundry Expense Interest Expense To close expense accounts Closing Entries

546 166

675 675

551 222

415 415

521 120

1,199 1,199

401 402 403

6,230 5,103 4,467 15,800

13,221 505 511 521 531 535 542 546 551 561 571 581 809 2,082 1,199 792 229 556 675 6,227 100 333 220

Profit or lost summary Capital To close profit to capital Capital Drawings To close drawings to capital 301 302 301

2,579 2,579

834 834

Running Balance Format Ledger 161 Account name: Motor Vehicle Date 1 June Account Balance Brought Down Acc No Debit ($) Credit ($)

141 Account name : Prepaid Insurance Date 1 June 30 June Account Cash At Bank Insurance Expense Acc No 101 505 Debit ($) 2,427 Credit ($) 809

101 Account name : Cash At Bank Date 1 June 1 June 3 June 3 June 5 June 6 June 8 June 10 June 12 June 15 June 17 June 18 June 21 June 22 June 24 June 25 June 26 June 26 June 26 June 27 June 28 June 29 June Account Balance Brought Down Prepaid Insurance Prepaid Rent Manicure Services Account Payable Facial Services Account Receivable Advertising Expense Manicure Services Staff Wages Account Receivable Capital Hair Styling Services Motor Vehicle Expense Book and Magazines Expenses Facial Services Sundry Expense Account Payable Facial Services Capital Hair Styling Services Staff Wages Acc No 141 140 403 210 402 110 511 403 551 110 301 401 535 561 402 571 210 402 301 401 551 Debit ($) Credit ($) 2,427 3,166 966 790 1,738 1,156 826 959 2,906 1,015 834 1,493 229 100 1,641 333 1,240 1,724 4,304 1,476 2,906

165 Account name : Hair Styling Equipment Date 1 June Account Balance Brought Down Acc No Debit ($) Credit ($)

250 Account name : Bank Loan

Date 1 June

Account Balance Brought Down

Acc No

Debit ($)

Credit ($)

210 Account name : Account Payable Date 1 June 2 June 5 June 8 June 26 June Account Balance Brought Down Hair Styling Supplies Cash At Bank Advertising Expense Cash At Bank Acc No 120 101 511 101 Debit ($) Credit ($) 900 790 1,256 1,240

140 Account name : Prepaid Rent Date 3 June 30 June Account Cash At Bank Rent Expense Acc No 101 531 Debit ($) 3,166 Credit ($) 792

120 Account name : Hair Styling Supplies Date 1 June 2 June 30 June Account Balance Brought Down Account Payable Hair Styling Supplies Expense Acc No 210 521 Debit ($) 900 1,199 Credit ($)

403 Account name : Manicure Services Date 3 June 12 June 18 June 25 June Account Cash At Bank Cash At Bank Account Receivable Account Receivable Profit or lost summary Acc No 101 101 110 110 Debit ($) Credit ($) 966 959 1,262 1,280 4,467

402 Account name : Facial Services Date 6 June 25 June 26 June Account Cash At Bank Cash At Bank Cash At Bank Profit or lost summary Acc No 101 101 101 Debit ($) Credit ($) 1,738 1,641 1,724

5,103

401 Account name : Hair Styling Services Date Account Acc No Debit ($) Credit ($)

15 June 15 June 21 June 28 June

Account Receivable Account Receivable Cash At Bank Cash At Bank Profit or Lost Summary

110 110 101 101 6,230

1,618 1,643 1,493 1,476

511 Account name : Advertising Expenses Date 8 June 10 June Account Account Payable Cash At Bank Profit or lost summary Acc No 210 101 Debit ($) 1,256 826 Credit ($)

2,082

110 Account name : Account Receivable Date 1 June 8 June 15 June 15 June 17 June 18 June 25 June Account Balance Brought Down Cash At Bank Hair Styling Services Hair Styling Services Cash At Bank Manicure Services Manicure Services Profit or lost summary Acc No 101 401 401 101 403 403 Debit ($) Credit ($) 1,156 1,618 1,643 1,015 1,262 1,280 26,140

551 Account name : Staff Wages Date 15 June 29 June 30 June 30 June Account Cash At Bank Cash At Bank Wages Payable Profit or lost summary Acc No 101 101 222 Debit ($) 2,906 2,906 415 Credit ($)

6,227

301 Account name : Capital Date 1 June 27 June 30 June 30 June Account Balance Brought Down Cash At Bank Profit or lost summary Drawings Acc No 101 302 834 Debit ($) Credit ($) 4,304 3,778

302 Account name : Drawings Date 18 June Account Cash At Bank Acc No 101 Debit ($) 834 Credit ($)

Capital 535 Account name : Motor Vehicle Expenses Date 22 June Account Cash At Bank Profit or lost summary

301

834

Acc No 101

Debit ($) 229

Credit ($) 229

561 Account name : Book and Magazines Expenses Date 24 June Account Cash At Bank Profit or lost summary Acc No 101 Debit ($) 100 100 Credit ($)

571 Account name : Sundry Expenses Date 26 June Account Cash At Bank Profit or lost summary Acc No 101 Debit ($) 333 333 Credit ($)

581 Account name : Interest Expense Date 30 June Account Interest Payable Profit or lost summary Acc No 220 Debit ($) 220 220 Credit ($)

220 Account name : Interest Payable Date 30 June Account Interest Expense Acc No 581 Debit ($) Credit ($) 220

542 Account name : Depreciation Expense Motor Vehicle Date 30 June Account Accum. Dep Motor Vehicle Acc No 162 Debit ($) 556 Credit ($)

162 Account name : Accum. Dep Motor Vehicle Date 30 June Account Depreciation Expense Motor Vehicle Acc No 542 Debit ($) Credit ($) 556

546 Account name : Depreciation Expense Hair Styling Eq Date 30 June Account Accum. Dep Hair Styling Equipment Acc No 166 Debit ($) 675 Credit ($)

166 Account name : Accum. Dep Hair Styling Equipment Date 30 June Account Depreciation Expense Hair Styling Eq Acc No 546 Debit ($) Credit ($) 675

505 Account name : Insurance Expense Date 30 June 30 June Account Prepaid Insurance Profit or lost summary Acc No 141 Debit ($) 809 809 Credit ($)

531 Account name : Rent Expense Date 30 June 30 June Account Prepaid Rent Profit or lost summary Acc No 140 Debit ($) 792 792 Credit ($)

222 Account name : Wages Payable Date 30 June Account Staff Wages Acc No 551 Debit ($) Credit ($) 415

521 Account name : Hair Styling Supplies Expense Date 30 June Account Hair Styling Supplies Profit or lost summary Acc No 120 Debit ($) 1,199 Credit ($) 1,199

Profit or lost summary Date 30 June Account Hair Styling Services Facial Services Manicure Services Staff Wages Motor Vehicle Expense Advertising Expense Book and Magazines Expenses Sundry Expense Interest Expense Insurance Expense Rent Expense Depreciation Expense Motor Vehicle Depreciation Expense Hair Styling Eq Capital Acc No 401 402 403 551 535 511 561 571 581 505 531 542 546 301 Debit ($) Credit ($) 6,230 5,103 4,467

6,227 229 2,082 100 333 220 809 792 556 675 3,778

Balance 30,832 Dr

Balance 2,427 Dr 1,618 Dr

Balance 15,482 13,055 9,889 10,855 10,065 11,803 12,959 12,133 13,092 10,186 11,201 10,367 11,860 11,631 11,531 13,172 12,839 11,599 13,323 17,627 19,103 16,197

Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr Dr

Balance 21,126 Dr

Balance 26,348 Cr

Balance 8,620 9,520 8,730 9,986 8,746 Cr Cr Cr Cr Cr

Balance 3,166 Dr 2,375 Dr

Balance 828 Dr 1,728 Dr 529 Dr

Balance 966 1,925 3,187 4,467 Cr Cr Cr Cr

Balance 1,738 Cr 3,379 Cr 5,103 Cr

Balance

1,618 3,261 4,754 6,230

Cr Cr Cr Cr

Balance 1,256 Dr 2,082 Dr

Balance 22,508 21,352 22,970 24,613 23,598 24,860 26,140

Dr Dr Dr Dr Dr Dr Dr

Balance 2,906 Dr 5,812 Dr 6,227 Dr

Balance 55,808 60,112 63,890 63,056

Cr Cr Cr Cr

Balance 834 Dr

Balance 229 Dr

Balance 100 Dr

Balance 333 Dr

Balance 220 Dr

Balance 220 Cr

Balance 556 Dr

Balance 556 Cr

Balance 675 Dr

Balance 675 Cr

Balance 809 Dr

Balance 792 Dr

Balance 415 Cr

Balance 1,199 Dr

Balance 6,230 11,333 15,800 9,573 9,344 7,262 7,162 6,829 6,609 5,800 5,009 4,453 3,778 Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr Cr

101 110 120 140 141 161 162 165 166 210 220 222 250 301 302 401 402 403 511 505 521 531 535 542 546 551 561 571 581

Cash At Bank Account Receivable Hair Styling Supplies Prepaid Rent Prepaid Insurance Motor Vehicle Accum. Dep Motor Vehicle Hair Styling Equipment Accum. Dep Hair Styling Equipment Account Payable Interest Payable Wages Payable Bank Loan Capital Drawings Hair Styling Services Facial Services Manicure Services Advertising Expense Insurance Expense Hair Styling Supplies Expense Rent Expense Motor Vehicle Expense Depreciation Expense Motor Vehicle Depreciation Expense Hair Styling Eq Staff Wages Book and Magazines Expenses Sundry Expense Interest Expense

Teenage Style Bag Unadjusted Trial Balance as at 30 June

Acc No 101 110 120 140 141 161 165 210 250 301 302 401 402 403 511 535 551 561 571 Accounts Cash At Bank Account Receivable Hair Styling Supplies Prepaid Rent Prepaid Insurance Motor Vehicle Hair Styling Equipment Account Payable Bank Loan Capital Drawings Hair Styling Services Facial Services Manicure Services Advertising Expense Motor Vehicle Expense Staff Wages Book and Magazines Expenses Sundry Expense Debit ($) 16,197 26,140 1,728 3,166 2,427 30,832 21,126 Credit ($)

8,746 26,348 60,112 834 6,230 5,103 4,467 2,082 229 5,812 100 333 111,006

111,006

101 Cash At Bank 110 120 140 141 161 162 165 166 210 220 222 250 301 302 401 402 403 511 505 521 531 535 542 546 551 561 571 581 Account Receivable Hair Styling Supplies Prepaid Rent Prepaid Insurance Motor Vehicle Accum. Dep Motor Vehicle Hair Styling Equipment Accum. Dep Hair Styling Equipment Account Payable Interest Payable Wages Payable Bank Loan Capital Drawings Hair Styling Services Facial Services Manicure Services Advertising Expense Insurance Expense Hair Styling Supplies Expense Rent Expense Motor Vehicle Expense Depreciation Expense Motor Vehicle Depreciation Expense Hair Styling Eq Staff Wages Book and Magazines Expenses Sundry Expense Interest Expense

Teenage Style Bag Trial Balance as at 30 June

Account no 101 120 141 110 140 161 162 165 166 250 210 220 222 301 302 401 402 403 505 551 535 521 542 546 511 561 571 581 531 Accounts Cash At Bank Hair Styling Supplies Prepaid Insurance Account Receivable Prepaid Rent Motor Vehicle Accum. Dep Motor Vehicle Hair Styling Equipment Accum. Dep Hair Styling Equipment Bank Loan Account Payable Interest Payable Wages Payable Capital Drawings Hair Styling Services Facial Services Manicure Services Insurance Expense Staff Wages Motor Vehicle Expense Hair Styling Supplies Expense Depreciation Expense Motor Vehicle Depreciation Expense Hair Styling Eq Advertising Expense Book and Magazines Expenses Sundry Expense Interest Expense Rent Expense Debit ($) 16,197 529 1,618 26,140 2,375 30,832 21,126 675 26,348 8,746 220 415 60,112 834 6,230 5,103 4,467 809 6,227 229 1,199 556 675 2,082 100 333 220 792 112,872 Credit ($)

556

112,872

101 110 120 140 141 161 162 165 166 210 220 222 250 301 302 401 402 403 511 505 521 531 535 542 546 551 561 571 581

Cash At Bank Account Receivable Hair Styling Supplies Prepaid Rent Prepaid Insurance Motor Vehicle Accum. Dep Motor Vehicle Hair Styling Equipment Accum. Dep Hair Styling Equipment Account Payable Interest Payable Wages Payable Bank Loan Capital Drawings Hair Styling Services Facial Services Manicure Services Advertising Expense Insurance Expense Hair Styling Supplies Expense Rent Expense Motor Vehicle Expense Depreciation Expense Motor Vehicle Depreciation Expense Hair Styling Eq Staff Wages Book and Magazines Expenses Sundry Expense Interest Expense

Teenage Style Bag Income Statement for month ended 30 June

Hair Styling Services Facial Services Manicure Services Less: Expense Staff Wages Hair Styling Supplies Expense Motor Vehicle Expenses Advertising Expenses Book and Magazines Expenses Sundry Expenses Interest Expense Insurance Expense Rent Expense Depr. Expense Mvehicle Depreciation Hair Styling Eq Net profit 6,230 5,103 4,467

15,800

6,227 1,199 229 2,082 100 333 220 809 792 556 675 - 13,221 2,579

Teenage Style Bag Balance Sheet as at 30 June

Current assets
Cash At Bank Hair Styling Supplies Prepaid Insurance Account Receivable Prepaid Rent 16,197 529 1,618 26,140 2,375

Current liabilities
Account payable Wages payable Interest payable 46,859 Non Current liabilities Bank loan

Non Current Assets

Motor Vehicle Accum. Dep Motor Vehicle Hair Styling Equipment Accum. Dep Hair Styling Equipment30,832 556 21,126 675 30,276 20,451

Total liabilities
Owner equity Capital 50,727 Drawings Add net profit 97,586

Total assets

Total liabilities + owner equity

8,746 415 220

9,381

26,348 35,729

60,112 834

59,278 2,579

61,857 97,586

Teenage Style Bag Post Closing Trial Balance as at 30 June

Acc No 101 110 120 140 141 161 162 165 166 210 220 222 250 301 Accounts Cash At Bank Account Receivable Hair Styling Supplies Prepaid Rent Prepaid Insurance Motor Vehicle Accum. Dep Motor Vehicle Hair Styling Equipment Accum. Dep Hair Styling Equipment Account Payable Interest Payable Wages Payable Bank Loan Capital Debit ($) 16197 26140 529 2375 1618 30832 21126 675 8746 220 415 26348 61857 98817 Credit ($)

556

98817

Teenage Style Bag Worksheet for month ended 30 June 2010 Trial Balance Debit ($) Credit ($) 16,197 26,140 1,728 3,166 2,427 30,832 21,126 8,746 26,348 60,112 834 6,230 5,103 4,467 2,082 229 5,812 100 333 111,006 111,006 Adjustments Debit ($)

Acc No 101 110 120 140 141 161 165 210 250 301 302 401 402 403 511 535 551 561 571

Account Titles Cash At Bank Account Receivable Hair Styling Supplies Prepaid Rent Prepaid Insurance Motor Vehicle Hair Styling Equipment Account Payable Bank Loan Capital Drawings Hair Styling Services Facial Services Manicure Services Advertising Expenses Motor Vehicle Expenses Staff Wages Book and Magazines Expenses Sundry Expenses

415

222 220 581 505 531 521 162 542 166 546

Wages Payable Interest Payable Interest Expense Insurance Expense Rent Expense Hair Styling Supplies Expense Accum. Dep Motor Vehicle Depreciation Expense Motor Vehicle Accum. Dep Hair Styling Equipment Depreciation Expense Hair Styling Eq Total Net Profit Total

220 809 792 1,199 556 675 4,665

Teenage Style Bag Worksheet for month ended 30 June 2010 Adjustments Credit ($) Adjustment Trial Balance Debit ($) Credit ($) 16,197 26,140 529 2,375 1,618 30,832 21,126 8,746 26,348 60,112 834 6,230 5,103 4,467 2,082 229 6,227 100 333 Income Statement Debit ($) Credit ($) Balance Sheet Debit ($) Credit ($) 16,197 26,140 529 2,375 1,618 30,832 21,126 8,746 26,348 60,112 834

1,199 792 809

6,230 5,103 4,467 2,082 229 6,227 100 333

415 220 220 809 792 1,199 556 556 675 4,665 675 112,872

415 220 220 809 792 1,199 556 556 675 112,872 675 13,221 2,579 15,800 15,800 15,800 99,651 99,651

415 220

556 675 97,072 2,579 99,651

Chart of Accounts 101 110 120 140 141 161 162 165 166 210 220 222 250 301 302 401 402 403 511 505 521 531 535 542 546 551 561 571 581 Cash At Bank Account Receivable Hair Styling Supplies Prepaid Rent Prepaid Insurance Motor Vehicle Accum. Dep Motor Vehicle Hair Styling Equipment Accum. Dep Hair Styling Equipment Account Payable Interest Payable Wages Payable Bank Loan Capital Drawings Hair Styling Services Facial Services Manicure Services Advertising Expense Insurance Expense Hair Styling Supplies Expense Rent Expense Motor Vehicle Expense Depreciation Expense Motor Vehicle Depreciation Expense Hair Styling Eq Staff Wages Book and Magazines Expenses Sundry Expense Interest Expense