Expo Corporation Journal Entries

1-Feb Dr. Cr. Cr. 2-Feb Dr. Cr. 3-Feb Dr. Cr. 5-Feb Dr. Cr. 14-Feb Dr. Cr. 15-Feb Dr. Cr. 25-Feb Dr. Cr. 26-Feb Dr. Cr. 28-Feb Dr. Cr. 1-Mar Dr. Cr. 2-Mar Dr. Cr. 3-Mar Dr. Cr. 4-Mar Dr. Cr. 5-Mar Dr. Cr. 6-Mar Dr. Cr. Cash Common stock Additional stock Equipment Notes payable Computer Equipment Accounts payable Inventory Accounts Payable Advertising Cash Inventory Accounts Payable Accounts Payable Cash Rent Cash Wages Cash Cash Bonds Payable Prepaid Insurance Cash Accounts Payable Cash Utilities Cash Cash service revenue Cash Unearned Revenue Dr 2,000,000 Cr 100 1,999,900 500,000 500,000 30,000 30,000 142,500 142,500 12,000 12,000 750,000 750,000 30,000 30,000 25,000 25,000 65,000 65,000 1,000,000 1,000,000 18,000 18,000 142,500 142,500 9,000 9,000 40,000 40,000 180,000 180,000

8-Mar Dr. Cr. 10-Mar Dr. Cr. Dr. Cr. 14-Mar Dr. Cr. 15-Mar Dr. Cr. Dr. Cr. 17-Mar Dr. Dr. Cr. 18-Mar Dr. Cr. 21-Mar Dr. Cr. Dr. Cr. 27-Mar Dr. Cr. Dr. Cr. 28-Mar Dr. Cr. Dr. Cr. 30-Mar Dr. Cr. Dr. Cr. 31-Mar Dr. Cr. 31-Mar Dr. Cr.

Inventory Accounts Payable Accounts Receivable Sales Revenue Cost of goods sold Inventory Wages Cash Accounts Receivable Sales Revenue Cost of goods sold Inventory Cash sales Discount Accounts Receivable Advertising Accounts payable Accounts Receivable Sales revenue Cost of goods sold Inventory cash Accounts Receivable Allowance for uncoll. Accounts Receivable Accounts Receivable Sales Revenue Cost of goods sold Inventory Rent Cash Prepaid Rent Cash Utilities Expense Accounts Payable Dividend Cash

1,280,000 1,280,000 1,000,000 1,000,000 800,000 800,000 35,000 35,000 210,000 210,000 160,000 160,000 980,000 20,000 1,000,000 7,000 7,000 630,000 630,000 470,000 470,000 150,000 150,000 60,000 60,000 875,000 875,000 525,000 525,000 25,000 25,000 75,000 75,000 13,000 13,000 10,000 10,000

Expo Corporation
Adjusted Trial Balance Dr

Cash Accounts Receiable Allowance for Uncoll. Computer equipment Manufacturing equipment Accum. Depreciation Inventory Prepaid insurance Prepaid rent Note payable Bonds payable Interest payable Accounts Payable Unearned revenue Salary payable Warranty reserve Common stock APIC Retained Earnings Dividends Service revenue Sales revenue Sales discounts COGS Advertising expense Rent expense Salary expense Utility expense Bad Debt expense Warranty expense Depreciation expense Insurance expense Interest expense

Trial Balance Dr Cr 3,903,500 1,505,000 75,250 30,000 500,000 9,167 217,500 18,000 75,000 500,000 1,000,000 16,667 2,050,000 180,000 42,000 108,600 100 1,999,900 10,000 40,000 2,715,000 20,000 1,955,000 19,000 50,000 142,000 22,000 135,250 108,600 9,167 16,667 8,736,684

AJE's Dr Cr

8,736,684

Adjusted Trial Balance Cr

Closing Entries Dr Cr

Post-Closing Trial Balance Dr Cr

Expo Corporation Adjusting Journal Entries

AJE 1 Interest Expense Interest Payable Depreciation Exp. Accumulated Dep. Depreciation Exp. Accumulated Dep. Interest Exp. Interest Payable AJE 3 Bad debts Allow. for uncoll. Dr 10,000 8,167 8,167 1,000 1,000 6,667 6,667 60,000 60,000 Cr 10,000

AJE 2

AJE 4

Warranty Exp. Warranty Reserve

108,600 108,600

AJE 5

Bad debts Allow. for uncoll.

75,250 75,250

AJE 6

Salary exp. Salary Payable

42,000 42,000

AJE 7

Expo Corporation Closing Entries

Dr Cr

Expo Corporation Property, Plant, & Equipment

Property Description Manufacturing Equip. Computer Equip.

Date in Service February 2, 2010 February 3, 2010

Cost

Estimated Depreciable Salvage Value

Useful Life Annual (in years) Depreciation

Monthly Depreciation

Expo Corporation Inventory Detail

Quantity Unit Price Beginning Inventory none Purchases: Total Cost none

Total Goods Available for Sale

Sales:

LIFO unit cost

LIFO total cost

Total COGS

LIFO Ending Inventory

What would FIFO COGS and Ending Inventory be? FIFO unit cost FIFO total cost

Sales:

Total COGS

FIFO Ending Inventory

Expo Corporation Income Statement For the three month period ended March 31, 2010
Particulars Sales Revenue Sales discounts Debit 20,000 Credit 2,715,000

Expo Corporation Balance Sheet As of March 31, 2010

Expo Corporation Statement of Change in Stockholders' Equity For the three month period ended March 31, 2010