Pc Depot Case Essay

1125 words - 5 pages

Exhibit 1 | General Journal | | | |
| | | | |
Entry | | Amount | |
Number | Account | Dr. | Cr. | |
| | | | |
(1) | Cash | 165,000 | | |
| Bank Loan Payable (15%) | | 100,000 | |
| Proprietor's Capital | | 65,000 | |
| | | | |
| | | | |
| Owner invested cash in the business of which $100,00 came from a Bank Loan. |
| | | | |
(2) | Rent Expense (September) | 1,485 | | |
| Cash | | 1,485 | |
| Paid the rent for september amounting to $1,485 | | |
| | | | |
(3) | Merchandise Inventory | 137,500 | | |
| Accounts Payable | | 137,500 | |
| Purchased ...view middle of the document...

| | | |
| | | | |
(12) | Accounts Payable | 96,195 | | |
| Cash | | 96,195 | |
| Bills paid to merchandise suppliers $ 96,195. | | | |
| | | | |
(13) | Merchandise Inventory | 49,940 | | |
| Accounts Receivable | | 49,940 | |
| New merchandise received on credit from supplier $ 49,940 | |
| | | | |
(14) | Cost of Sales | 38,140 | | |
| Merchandise Inventory | | 38,140 | |
| Ms. Thomson ascertained the cost of merchadise sold was $38,140. | |
| | | | |
(15) | Wages Expense | 688 | | |
| Cash | | 688 | |
| Wages Paid to assistant $688. | | | |
| | | | |
(16) | Wages Expense | 440 | | |
| Wages Payable | | 440 | |
| Wages earned but unpaid at the end of September $440 | | |
| | | | |
(17) | Prepaid Rent | 1,485 | | |
| Cash | | 1,485 | |
| Rent paid for October $1,485 | | | |
| | | | |
(18) | Prepaid Insurance | 2,310 | | |
| Cash | | 2,310 | |
| Insurance bill paid for 1 year (September 1 - August 31) $2,310 | |
| | | | |
(19) | Utilities Expense | 226 | | |
| Utilities Payable | | 226 | |
| Bills received but unpaid from electric company $226 | | |
| | | | |
(20) | Furniture & Fixtures | 1,760 | | |
| Cash | | 660 | |
| Accounts Payable | | 1,100 | |
| Purchased sign, paying $660 cash and agreeing to pay the | | |
| $1,100 balance by December 31. | | | |
| | | | |
| Adjusting Entries: | | | |
| | | | |
(21) | Insurance Expense (2,310/12) | 193 | | |
| Prepaid Insurance | | 193 | |
| To record expired insurance for the month of September | | |
| | | | |
(22) | Depreciation Expense (17,260/12*11/12) | 144 | | |
| Accumulated Depreciation | | 144 | |
| To record depreciation expense for the month of September | |
| | | | |
(23) | Interest Expense (100,000*15%*1/12) | 1,250 | | |
| Interest Payable | | 1,250 | |
| To record accrual of interest expense on Bank Loan Payable | |
| | | | |
| Closing Entries: | | | |
| | | | |
(24) | Sales | 52,850 | | |
| Income & Expense Summary | | 52,850 | |
| To close the sales account | | | |
| | | | |
| | | | |
(25) | Income & Expense Summary | 46,196 | | |
| Cost of Sales | | 38,140 | |
| Utilities Expense | | 501 | |
| Rent Expense | | 1,485 | |
| Office Supplies Expense | | 1,100 | |
| Insurance Expense | | 193 | |
| Wages Expense | | 2,063 | |
| Advertising Expense | | 1,320 | |
| Depreciation Expense | | 144 | |
| Interest Expense | | 1,250 | |
| To close...

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