General Journal 1
Date Account Title and Explanation PR Debit Credit
APR O1 CASH 101 39000
LOPEZ, CAPITAL 301 39000
*TO RECORD OWNER’S CAPITAL
02 EQUIPMENT 150 10000
CASH 101 10000
*TO RECORD EQUIPMENT
/ PURCHASES 501 15900
ACCOUNTS PAYABLE 201 15900
03 SUPPLIES 120 700
CASH 101 700
*TO RECORD OFFICE SUPPLIES
04 ACCOUNTS RECEIVABLE 201 15,200
SALES 401 15200
*TO RECORD SOLD MERCHANDISE
05 FREIGHT OUT 506 200
CASH 101 200
*TO RECORD FREIGHT ON SALE
06 ACCOUNTS PAYABLE 201 300
PURCHASE RETURN AND ALLOWANCES 502 300
*TO RECORD MERCHANDISE RETURN
11 ACCOUNTS PAYABLE 201 15600
PURCHASE DISCOUNTS 503 312
CASH 101 15288
*TO RECORD PAYMENT FOR
MERCHADISE PURCHASED ON ACC
13 CASH 101 14896
SALES DISCOUNT 410 304
ACCOUNTS RECEIVABLE 105 15200
*TO RECORD CASH RECEIVED FROM
CUSTOMERS
14 PURCHASES 501 14400
CASH 101 14400
*TO RECORD MERCHANDISE
PURCHASED
General Journal 2
DATE Account Title and Explanation PR Debit Credit
APR 15 SALARIES 530 1500
CASH 101 1500
*TO RECORD SALARIES
16 CASH 101 12,200
NOTES PAYABLE 202 12200
*TO RECORD LOAD FROM BANK
17 CASH 101 500
PURCHASE RETURNS AND 502 500
ALLOWANCES
*TO RECORD CASH REFUND FROM
SUPPLIER
18 PURCHASES 501 14200
ACCOUNTS PAYABLE 201 14200
*TO RECORD MERCHANDISE
PURCHASED
20 FRIGHT IN 504 700
CASH 101 700
*TO RECORD FREIGHT PURCHASED
23 CASH 101 16400
SALES 401 16400
*TO RECORD SOLD MECHANDISE
26 PURCHASES 501 12300
CASH 101 12300
*TO RECORD MERCHANDISE
PURCHASED
27 ACCOUNTS PAYABLE 201 9000
CASH 101 9000
*TO RECORD PAYMENT FOR CREDITORS
28 LOPEZ, DRAWINGS 302 2008
CASH 101 2008
*TO RECORD OWNER’S WITHDRAWAL
29 SALES RETURNS AND ALLOWANCES 405 900
CASH 101 900
*to record cash refund to customer
DATE Account Title and Explanation PR Debit Credit
Apr 30 Accounts receivable 105 13700
Sales 401 13700
*to record sold merchandise
/ Advertising expense 505 1000
Utilities 540 400
Rent expense 510 3500
Salaries 530 1500
Cash 101 6400
Date Description Ref CLOSING JOURNAL ENTRIES
Debit Credit
Apr 30 Sales
Sales returns and allowances
Sales discount
Income summary
*to close sales
30 Merchandise inventory
Purchase returns and allowances
Purchase discount
Income summary
purchase
Freight in
*to record merchandise inventory
30 Income summary
Advertising expense
Utilities
Rent
Salaries
Freight out
*to record various expense
30 Income summary
Lopez, capital
*to close income summaty and owner’s
capital
30 Lopez, capital
Lopez, drawings
*to close equity
General Journal 4
GENERAL LEDGER
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
APR O1 CASH 101 39000 39000
02 CASH 101 10000
03 CASH 101 700
05 CASH 101 200
11 CASH 101 15288
13 CASH 101 14896 13
14 CASH 101 14400
15 CASH 101 1500
16 CASH 101 12,200 16
17 CASH 101 500 17
20 CASH 101 700
23 CASH 101 16400
26 CASH 101 12300
27 CASH 101 9000
28 CASH 101 2008
29 CASH 101 900
30 Cash 101 6400
CASH
DATE EXPLANATION PR DEBIT CREDIT BALANCE
04 ACCOUNTS RECEIVABLE 201 15,200 DEBIT CREDIT
13 ACCOUNTS RECEIVABLE 105 15200
Apr 30 Accounts receivable 105 13700
ACCOUNTS RECEIVABLE
SUPPLIES
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
03 SUPPLIES 120 700
EQUIPMENT
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
02 EQUIPMENT 150 10000
ACCOUNTS PAYABLE
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
02 ACCOUNTS PAYABLE 201 15900
06 ACCOUNTS PAYABLE 201 300
11 ACCOUNTS PAYABLE 201 15600 11
18 ACCOUNTS PAYABLE 201 14200
27 ACCOUNTS PAYABLE 201 9000
NOTE PAYABLE
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
16 NOTES PAYABLE 202 12200
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
01 LOPEZ, CAPITAL 301 39000
CRUZ, CAPITAL
CRUZ, DRAWING
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
28 LOPEZ, DRAWINGS 302 2008
SALES
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
04 SALES 401 15200
23 SALES 401 16400
30 Sales 401 13700
SALES DISCOUNT
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
13 SALES DISCOUNT 410 304
SALES RETURNS AND ALLOWANCE
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
29 SALES RETURNS AND 405 900
ALLOWANCES
PURCHASE DISCOUNT
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
PURCHASE RETURNS AND ALLOWANCES
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
PURCHASES
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
02 PURCHASES 501 15900
FREIGHT OUT
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
FREIGHT IN
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
UTILITIES EXPENSE
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
RENT EXPENSE
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
SALARIES EXPENSE
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
INCOME SUMMARY
DATE EXPLANATION PR DEBIT CREDIT BALANCE
DEBIT CREDIT
MAXWELL DITRIBUTOR
TRIAL BALANCE
FOR THE END MONTH OF_______
ACCOUNT NO. ACCOUNT TITLE DEBIT CREDIT
CASH
ACCOUNTS RECEIVALBE
MERCHANDISE INVENTORY
SUPPLIES
EQUIPMENT
ACCOUNTS PAYABLE
LOPEZ, CAPITAL
LOPEZ, DRAWING
SALES
SALES RETURNS AND
ALLOWANCES
SALES DISCOUNTS
PURCHASES
PURCHASES RETURNS AND
ALLOWANCES
PURCHASES DISCOUNTS
FREIGHT IN
ADVERTISING EXPENSE
FREIGHT OUT
RENT EXPENSE
SALARIES
UTILITIES
TOTAL
MAXWELL DITRIBUTOR
STATEMENT OF COST OF GOODS SOLD
FOR THE END MONTH OF_______
Beg. inventory
Purchases
Less: purchase ret&allowance
Purchase discount
total
Add: freight in
COGS available in sale
Less: ending inventory
COGS
MAXWELL DITRIBUTOR
INCOME STATEMENT
FOR THE END MONTH OF________
SALES
Less: sales ret & allowances
Sales discount
Net sales
Less: COGS
Net gross
Less: expenses
Advertising exp
Rent
Utilities
Salaries
Freight out
Net income
MAXWELL DITRIBUTOR
STATEMENT OF CHANGES IN EQUITY
FOR THE END MONTH OF______________
Lopez capital
Add: net income
Total
Less: lopez, drawings
Lopez capital, ending
MAXWELL DITRIBUTOR
STATEMENT OF FINANCIAL POSITION
FOR THE END MONTH OF______________
ASSETS
CASH
ACCOUNTS RECEIVABLE
MERCHANDISE INVENTORY
SUPPLIES
EQUIPMENT
TOTAL ASSETS
LIABILITIES
ACCOUNTS PAYABLE
NOTES PAYABLE
EQUITY
LOPEZ, CAPITAL
LOPEZ, DRAWINGS
TOTAL LIABILITIES AND EQUITY
MAXWELL DISTRIBUTOR
STATEMENT OF CASH FLOW
CASH FLOW FROM OPERATING ACTIVITIES
PAYMENT FOR SUPPLIES (700)
PAYMENT FOR FREIGHT OUT (200)
PAYMENT FOR CREDITORS (15288)
CASH RECEIVED FROM CUSTOMERS 14896
PAYMENT FOR MECHANDISE PURCHASED (14400)
PAYMENT FOR SALARIES (1500)
CASH RECEIVED REFUND FROM SUPPLIER 500
PAYMENT FOR FREIGHT IN (700)
CASH RECEIVED FROM SOLD MERCHANDISE 16400
PAYMENT FOR MERCHANDISE PURCHASED (12300)
PAYMENT FOR CREDITORS (9000)
CASH REFUND TO CUSTOMER (900)
PAYMENT FOR VARIOUS EXPENSE (6400)
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES (29,592)
CASH FLOW FROM INVESTING ACTIVITIES
PAYMENT FOR EQUIPMENT (10000)
CASH LOAD FROM BANK 12000
NET CASH FLOW PROVIDED BY INVESTING ACTIVITIES 2000
CASH FLOW FROM FINANCING ACTIVITIES
CASH RECEIVED FROM INVESTMENT CAPITAL 39000
PAYMENT FOR OWNER’S WITHDRAWAL (2008)
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES 36,992
TOTAL 9400
MAXWELL DISTRIBUTOR
POST-CLOSING TRIAL BALANCE
ACCOUNT ACCOUNT TITLE DEBIT CREDIT
NO.
CASH
ACCOUNTS RECEIVABLE
SUPPLIES
EQUIPMENT
ACCOUNTS PAYABLE
NOTES PAYABLE
LOPEZ, CAPITAL
MERCHANDISE INVENTORY
TOTAL
