How To Succeed In Accounting And Finance: Tips And Assignments

                       
P  Proprietorship Barlett, Drawings; Capital                  
A  Assets Supplies, Accounts Receivable, Cash, Equipment, Prepaid Insurance                  
L  Liabilities Long Term Loan Payable, Salary Payable, Accumulated Depreciation, Accounts Payable, Unearned Revenue                  
E  Expenses Rent Expense, Supplies Expense, Salary Expense, Depreciation Expense, Advertisement Expense, Insurance Expense, Interest Expense                  
R  Revenue Service Revenue                  
In the books of Greenplace                
Journal Entries                
    Dr. Cr.                
Date Particulars Amount Amount2                
                       
28-04-2017 Supplies $1,200                  
  Accounts Payable   $1,200                
                       
29-04-2017 Rent Expense  $3,500                  
  Cash    $3,500                
                       
30-04-2017 Cash $5,600                  
  Accounts Receivable    $5,600                
                       
                       
  In the books of Greenplace                
  Trial Balance                
  as on 30 April 2017                
    Dr. Cr.                
  Particulars Amount Amount2                
                       
  Rent Expense $5,200                  
  Supplies Expense $1,200                  
  Long Term Loan Payable   $45,000                
  Berlett, Drawings $5,000                  
  Salary Expense $18,600                  
  Salary Payable   $18,400                
  Service Revenue   $65,000                
  Supplies   $4,500                  
  Capital   $29,780                
  Depreciation Expense $9,800                  
  Accounts Receivable $35,500                  
  Cash $20,000                  
  Accumulated Depreciation   $25,200                
  Accounts Payable   $25,800                
  Equipment $1,20,000                  
  Advertising Expense $7,500                  
  Insurance Expense $3,600                  
  Interest Expense $3,880                  
  Prepaid Insurance $8,600                  
  Unearned Revenue   $34,200                
                       
  Total $2,43,380 $2,43,380                
In the books of Greenplace                
Adjustment Entries                
    Dr. Cr.                
Date Particulars Amount Amount2                
                       
30-04-2017 Unearned Revenue  $19,200                  
  Service Revenue    $19,200                
                       
  Depreciation Expense  $12,500                  
  Accumulated Depreciation    $12,500                
                       
  Salary Expense  $3,500                  
  Salary Payable    $3,500                
                       
  Insurance Expense  $6,200                  
  Prepaid Insurance   $6,200                
                       
  Supplies Expense $1,750                  
  Supplies    $1,750                
Dr. Rent Expense A/c. Cr.   Dr. Long Term Loan Payable A/c.
30-04-2017 To, Balance b/d 5200 30-04-2017 By, Balance c/d 5200   30-04-2017 To, Balance c/d 45000 30-04-2017 By, Balance b/d
                       
    5200     5200       45000    
                       
Dr. Supplies Expense A/c. Cr.   Dr. Salary Payable A/c.
30-04-2017 To, Balance b/d 1200 30-04-2017 By, Balance c/d 2950   30-04-2017 To, Balance c/d 21900 30-04-2017 By, Balance b/d
  To, Supplies A/c. 1750                 By, Salary Expense A/c.
    2950     2950       21900    
                       
Dr. Bartlett, Drawings A/c. Cr.   Dr. Service Revenue A/c.
30-04-2017 To, Balance b/d 5000 30-04-2017 By, Balance c/d 5000   30-04-2017 To, Balance c/d 85000 30-04-2017 By, Balance b/d
                      By, Unearned Revenue A/c.
    5000     5000       85000    
                       
Dr. Salary Expense A/c. Cr.   Dr. Capital A/c.
30-04-2017 To, Balance b/d 18600 30-04-2017 By, Balance c/d 22100   30-04-2017 To, Balance c/d 29780 30-04-2017 By, Balance b/d
  To, Salary Payable A/c. 3500                  
    22100     22100       29780    
                       
Dr. Supplies A/c. Cr.   Dr. Accumulated Depreciation A/c.
30-04-2017 To, Balance b/d 4500 30-04-2017 By, Supplies Expense A/c. 1750   30-04-2017 To, Balance c/d 37700 30-04-2017 By, Balance b/d
        By, Balance c/d 2750           By, Depreciation Expense A/c.
    4500     4500       37700    
                       
Dr. Depreciation Expense A/c. Cr.   Dr. Accounts Payable A/c.
30-04-2017 To, Balance b/d 9800 30-04-2017 By, Balance c/d 22300   30-04-2017 To, Balance c/d 25800 30-04-2017 By, Balance b/d
  To, Accumulated Depreciation A/c. 12500                  
    22300     22300       25800    
                       
Dr. Accounts Receivable A/c. Cr.   Dr. Unearned Revenue A/c.
30-04-2017 To, Balance b/d 35500 30-04-2017 By, Balance c/d 35500   30-04-2017 To, Service Revenue A/c. 19200 30-04-2017 By, Balance b/d
                To, Balance c/d 15000    
    35500     35500       34200    
                       
Dr. Cash A/c. Cr.            
30-04-2017 To, Balance b/d 20000 30-04-2017 By, Balance c/d 20000            
                       
    20000     20000            
                       
Dr. Equipment A/c. Cr.            
30-04-2017 To, Balance b/d 120000 30-04-2017 By, Balance c/d 120000            
                       
    120000     120000            
                       
Dr. Advertising Expense A/c. Cr.            
30-04-2017 To, Balance b/d 7500 30-04-2017 By, Balance c/d 7500            
                       
    7500     7500            
                       
Dr. Insurance Expense A/c. Cr.            
30-04-2017 To, Balance b/d 3600 30-04-2017 By, Balance c/d 9800            
  To, Prepaid Insurance A/c. 6200                  
    9800     9800            
                       
Dr. Interest Expense A/c. Cr.            
30-04-2017 To, Balance b/d 3880 30-04-2017 By, Balance c/d 3880            
                       
    3880     3880            
                       
Dr. Prepaid Insurance A/c. Cr.            
30-04-2017 To, Balance b/d 8600 30-04-2017 By, Insurance Expense A/c. 6200            
        By, Balance c/d 2400            
    8600     8600            
DATA TABLE:                      
                       
Particulars Amount                    
                       
Rent Expense $5,200                    
Supplies Expense $1,200                    
Long Term Loan Payable $45,000                    
Berlett, Drawings $5,000                    
Salary Expense $18,600                    
Salary Payable $18,400                    
Service Revenue $65,000                    
Supplies   $4,500                    
Capital $29,780                    
Depreciation Expense $9,800                    
Accounts Receivable $35,500                    
Cash $20,000                    
Accumulated Depreciation $25,200                    
Accounts Payable $25,800                    
Equipment $1,20,000                    
Advertising Expense $7,500                    
Insurance Expense $3,600                    
Interest Expense $3,880                    
Prepaid Insurance $8,600                    
Unearned Revenue $34,200                    
                       
Additional Information:                      
Supplies Consumed within the period $1,750                    
Prepaid insurance expired $6,200                    
Unearned revenue earned $19,200                    
Depreciation charged $12,500                    
Salary due $3,500                    
                       
                       
Adjustment Worksheet:  
  Pre-Adjustment Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet  
Particulars Debit  Credit Debit 2 Credit3 Debit 4 Credit5 Debit 6 Credit7 Debit 8 Credit9  
                       
Rent Expense $5,200   $6,200   $11,400   $11,400        
Supplies Expense $1,200   $1,750   $2,950   $2,950        
Long Term Loan Payable   $45,000       $45,000       $45,000  
Berlett, Drawings $5,000       $5,000       $5,000    
Salary Expense $18,600   $3,500   $22,100   $22,100        
Salary Payable   $18,400   $3,500   $21,900       $21,900  
Service Revenue   $65,000   $19,200   $84,200   $84,200      
Supplies   $4,500     $1,750 $2,750       $2,750    
Capital   $29,780       $29,780       $29,780  
Depreciation Expense $9,800   $12,500   $22,300   $22,300        
Accounts Receivable $35,500       $35,500       $35,500    
Cash $20,000       $20,000       $20,000    
Accumulated Depreciation   $25,200   $12,500   $37,700       $37,700  
Accounts Payable   $25,800       $25,800       $25,800  
Equipment $1,20,000       $1,20,000       $1,20,000    
Advertising Expense $7,500       $7,500   $7,500        
Insurance Expense $3,600       $3,600   $3,600        
Interest Expense $3,880       $3,880   $3,880        
Prepaid Insurance $8,600     $6,200 $2,400       $2,400    
Unearned Revenue   $34,200 $19,200     $15,000       $15,000  
                       
TOTAL $2,43,380 $2,43,380 $43,150 $43,150 $2,59,380 $2,59,380 $73,730 $84,200 $1,85,650 $1,75,180  
Add:Profit             $10,470     $10,470  
GRAND TOTAL $2,43,380 $2,43,380 $43,150 $43,150 $2,59,380 $2,59,380 $84,200 $84,200 $1,85,650 $1,85,650  
Adjustment Worksheet:  
  Pre-Adjustment Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet  
Particulars Debit  Credit Debit 2 Credit3 Debit 4 Credit5 Debit 6 Credit7 Debit 8 Credit9  
                       
Rent Expense $5,200   $6,200   $11,400   $11,400        
Supplies Expense $1,200   $1,750   $2,950   $2,950        
Long Term Loan Payable   $45,000       $45,000       $45,000  
Berlett, Drawings $5,000       $5,000       $5,000    
Salary Expense $18,600   $3,500   $22,100   $22,100        
Salary Payable   $18,400   $3,500   $21,900       $21,900  
Service Revenue   $65,000   $19,200   $84,200   $84,200      
Supplies   $4,500     $1,750 $2,750       $2,750    
Capital   $29,780       $29,780       $29,780  
Depreciation Expense $9,800   $12,500   $22,300   $22,300        
Accounts Receivable $35,500       $35,500       $35,500    
Cash $20,000       $20,000       $20,000    
Accumulated Depreciation   $25,200   $12,500   $37,700       $37,700  
Accounts Payable   $25,800       $25,800       $25,800  
Equipment $1,20,000       $1,20,000       $1,20,000    
Advertising Expense $7,500       $7,500   $7,500        
Insurance Expense $3,600       $3,600   $3,600        
Interest Expense $3,880       $3,880   $3,880        
Prepaid Insurance $8,600     $6,200 $2,400       $2,400    
Unearned Revenue   $34,200 $19,200     $15,000       $15,000  
                       
TOTAL $2,43,380 $2,43,380 $43,150 $43,150 $2,59,380 $2,59,380 $73,730 $84,200 $1,85,650 $1,75,180  
Add:Profit             $10,470     $10,470  
GRAND TOTAL $2,43,380 $2,43,380 $43,150 $43,150 $2,59,380 $2,59,380 $84,200 $84,200 $1,85,650 $1,85,650  
                       
Capital as on 30/4/17 $35,250                    
                       
In the books of Greenplace                    
Balance Sheet                    
As on 30 April,2017                    
                       
Particulars Amount                    
ASSETS:                      
Current Assets:                      
Supplies $2,750                    
Accounts Receivable $35,500                    
Prepaid Insurance $2,400                    
Cash $20,000                    
                       
Total Current Assets $60,650                    
                       
Fixed Assets:                      
Equipment $1,20,000                    
Less: Accumulated Depreciation -$37,700                    
                       
Total Non-Current Assets $82,300                    
                       
TOTAL ASSETS $1,42,950                    
                       
LIABILITIES:                      
Current Liabilities:                      
Salary Payable $21,900                    
Accounts Payable $25,800                    
Unearned Revenue $15,000                    
                       
Total Current Liabilities $62,700                    
                       
NON-CURRENT LIABILITIES:                      
Long Term Loan Payable $45,000                    
                       
Total Non-Current Liabilities $45,000                    
                       
TOTAL LIABILITIES $1,07,700                    
                       
Capital:                      
Capital Balance  $35,250                    
TOTAL CAPITAL $35,250                    
                       
TOTAL LIABILITIES & CAPITAL $1,42,950                    
Particulars Amount                    
                       
Current Assets 60650                    
Current Liabilities 62700                    
                       
Current Ratio 0.967                    
                       
                       
                       
Particulars Amount                    
                       
Total Liabilities 107700                    
Total Assets 142950                    
                       
Debt Ratio 0.753                    

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