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Red Flash Photography

General Journal Entries


For the Month Ended January 31,2015
Date Title Account and Description Debit Credit
1 Cash 20,000
Common Stock 20000
To record shares issued.
2 Cash 35,000
Account Receivable 30,000
Service Revenue 65,000
To record service provided
3 Salaries expense 23,000
Cash 23,000
To record salaries payment
4 Prepaid rent 12,000
Cash 12,000
To record one year preapid rent
5 Supplies 22,000
Account Payable 22,000
To record supplies purcahsed on account
6 Dividends 2,000
Cash 2,000
To record dividends paid

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Adjusting entries
For the Month Ended January 31,2015
Date Title Account and Description Debit Credit
1 Salaries expense 4,000
Salaries Payable 4000
To record accrued salaries
2 Rent expense 3,000
Preapid Rent 3,000
To adjust rent expired
3 Supplies expense 25,000
Supplies 25,000
To record supplies expense
4 Deferred revenue 5,000
Service revenue 5,000
To adjust revenue earned

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Closing Entries
For the Period Ended December 31,2015
Date Title Account and Description Debit Credit
1 Service Revnue 70,000
Income summary 70,000
To close revenue account
2 Income Summary 55,000
Rent Expense 3,000
Salaries Expense 27,000
Supplies Expense 25,000
To close expense accounts
3 Income Summary 15,000
Retained Earning 15,000
To adjust net income to R/E
4 Retained Earnings 2,000
Dividends 2000
To adjust dividends to R/E
Cash Transaction Balance
Debit Credit Debit Credit
Beginning balance 12,000
Common Stock 20,000 32,000
Service Revenue 35,000 67,000
Salaries expense 23,000 44,000
Dividends 2,000 42,000
Preapid rent 12,000 30,000

Deferred Revnue Transaction Balance


Debit Credit Debit Credit
Beginning balance 5,000

Retained Earnings Transaction Balance


Debit Credit Debit Credit
Beginning balance 25,000
Land Transaction Balance
Debit Credit Debit Credit
Beginning balance 60,000

Common Stock Transaction Balance


Debit Credit Debit Credit
Beginning balance 50,000
Cash 20000 70,000

Supplies Transaction Balance


Debit Credit Debit Credit
Beginning balance 8,000
Account Payable 22,000 30,000
Account Recievable Transaction Balance
Debit Credit Debit Credit
Service revenue 30,000 30,000

Preapid Rent Transaction Balance


Debit Credit Debit Credit
Cash 12,000 12,000

Account Payable Transaction Balance


Debit Credit Debit Credit
Supplies 22,000 22,000
Dividends Transaction Balance
Debit Credit Debit Credit
Cash 2,000 2,000

Salaries Expense Transaction Balance


Debit Credit Debit Credit
Cash 23,000 23,000

Service Revenue Transaction Balance


Debit Credit Debit Credit
Cash 35,000 35,000
Account receivable 30,000 65,000
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Trial Balance
For the Month Ended January 31,2015
Debit Credit
Cash 30,000
Account Receivable 30,000
Supplies 30,000
Preapid Rent 12,000
Account Pyabale 22,000
Common Stock 70,000
Service Revenue 65,000
Unearned Revenue 5,000
Retained Earnings 25,000
Dividends 2,000
Salaries Expense 23,000
Land 60,000

187,000 187,000

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Adjusted Trail Balance
For the Month Ended December 31,2015
Debit Credit
Cash 30,000
Account Receivable 30,000
Supplies 5,000
Prepaid Rent 9,000
Account Pyabale 22,000
Common Stock 70,000
Service Revenue 70,000
Rent Expense 3,000
Retained Earnings 25,000
Dividends 2,000
Salaries Expense 27,000
Land 60,000
Supplies expense 25,000
Salaries Payable 4,000
Total 191,000 191,000
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Income Statement
For the Period Ended December 31,2015
Service revenue 70,000
Less: Expenses
Rent Expense 3,000
Salaries Expense 27,000
Supplies Expense 25,000
Total Expenses 55,000
Net Income 15,000

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Statement Of Retained Earnings
For the Period Ended December 31,2015
Beginning balance Jan 1,2015 25,000
Add Net Income 15,000
40,000
Less Dividends 2,000
Ending Balance dec 31,2015 38,000

Common stock Retained earnings Total stockholders equity


Balance at January 1 54000 29000 83000
Additions 20000 0 20000
Net income 0 15,000 15000
Dividends 0 2,000 2000
Balance at dec 31 74000 42000 116000
Balance sheet
Assets Liabilities and Equity
Current Assets Current Liabilities
Cash 30,000 Account payable 22,000
Account Receivable 30,000 Salaries Payable 4,000
Supplies 5,000 Total Current Liabilities 26,000
Prepaid Rent 9,000 Equity
Total Current Assets 74,000 Common Stock 70,000
Long term Assets Retained Earnings 38,000
Land 60,000 Total Equity 108,000
Total Assets 134,000 Total Liabilities and Equity 134,000
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General Journal Entries
For the Month Ended January 31,2015
Date Title Account and Description Debit Credit
1 Cash 24,000
Common Stock 24000
To record shares issued.
2 Cash 39,000
Account Receivable 34,000
Service Revenue 73,000
To record service provided
3 Salaries expense 27,000
Cash 27,000
To record salaries payment
4 Prepaid rent 16,000
Cash 16,000
To record one year preapid rent
5 Supplies 26,000
Account Payable 26,000
To record supplies purcahsed on account
6 Dividends 2,400
Cash 2,400
To record dividends paid

Red Flash Photography


Adjusting entries
For the Month Ended January 31,2015
Date Title Account and Description Debit Credit
1 Salaries expense 4,400
Salaries Payable 4400
To record accrued salaries
2 Rent expense 4,000
Preapid Rent 4,000
To adjust rent expired
3 Supplies expense 29,000
Supplies 29,000
To record supplies expense
4 Unearned revenue 5,400
Service revenue 5,400
To adjust revenue earned

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Closing Entries
For the Period Ended December 31,2015
Date Title Account and Description Debit Credit
1 Service Revnue 78,400
Income summary 78,400
To close revenue account
2 Income Summary 64,400
Rent Expense 4,000
Salaries Expense 31,400
Supplies Expense 29,000
To close expense accounts
3 Income Summary 14,000
Retained Earning 14,000
To adjust net income to R/E
4 Retained Earnings 2,400
Dividends 2000
To adjust dividends to R/E
Cash Transaction Balance
Debit Credit Debit Credit
Beginning balance 16,000
Common Stock 24,000 40,000
Service Revenue 39,000 79,000
Salaries expense 27,000 52,000
Dividends 2,400 49,600
Preapid rent 16,000 33,600

Unearned Revnue Transaction Balance


Debit Credit Debit Credit
Beginning balance 5,400

Retained Earnings Transaction Balance


Debit Credit Debit Credit
Beginning balance 29,000
Land Transaction Balance
Debit Credit Debit Credit
Beginning balance 64,000

Common Stock Transaction Balance


Debit Credit Debit Credit
Beginning balance 54,000
Cash 24000 78,000

Supplies Transaction Balance


Debit Credit Debit Credit
Beginning balance 8,400
Account Payable 26,000 34,400
Account Recievable Transaction Balance
Debit Credit Debit Credit
Service revenue 34,000 34,000

Preapid Rent Transaction Balance


Debit Credit Debit Credit
Cash 16,000 16,000

Account Payable Transaction Balance


Debit Credit Debit Credit
Supplies 26,000 26,000
Dividends Transaction Balance
Debit Credit Debit Credit
Cash 2,400 2,400

Salaries Expense Transaction Balance


Debit Credit Debit Credit
Cash 27,000 27,000

Service Revenue Transaction Balance


Debit Credit Debit Credit
Cash 39,000 39,000
Account receivable 34,000 73,000
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Trial Balance
For the Month Ended January 31,2015
Debit Credit
Cash 33,600
Account Receivable 34,000
Supplies 34,400
Preapid Rent 16,000
Account Pyabale 26,000
Common Stock 78,000
Service Revenue 73,000
Unearned Revenue 5,400
Retained Earnings 29,000
Dividends 2,400
Salaries Expense 27,000
Land 64,000

211,400 211,400

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Adjusted Trail Balance
For the Month Ended December 31,2015
Debit Credit
Cash 33,600
Account Receivable 34,000
Supplies 5,400
Prepaid Rent 12,000
Account Pyabale 26,000
Common Stock 78,000
Service Revenue 78,400
Rent Expense 4,000
Retained Earnings 29,000
Dividends 2,400
Salaries Expense 31,400
Land 64,000
Supplies expense 29,000
Salaries Payable 4,400
Total 215,800 215,800
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Income Statement
For the Period Ended December 31,2015
Service revenue 78,400
Less: Expenses
Rent Expense 4,000
Salaries Expense 31,400
Supplies Expense 29,000
Total Expenses 64,400
Net Income 14,000

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Statement Of Retained Earnings
For the Period Ended December 31,2015
Beginning balance Jan 1,2015 29,000
Add Net Income 14,000
43,000
Less Dividends 2,400
Ending Balance dec 31,2015 40,600

Common stock Retained earnings Total stockholders equity


Balance at January 1 54000 29000 83000
Additions 24000 0 24000
Net income 0 14,000 14000
Dividends 0 2,400 2400
Balance at dec 31 78000 40600 118600
Balance sheet
Assets Liabilities and Equity
Current Assets Current Liabilities
Cash 33,600 Account payable 26,000
Account Receivable 34,000 Salaries Payable 4,400
Supplies 5,400 Total Current Liabilities 30,400
Prepaid Rent 12,000 Equity
Total Current Assets 85,000 Common Stock 78,000
Long term Assets Retained Earnings 40,600
Land 64,000 Total Equity 118,600
Total Assets 149,000 Total Liabilities and Equity 149,000

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