Accounting Process Full Example 2

Sheet3 Sheet2 Sheet1 Full Accounting Process The following information is also available at the month end Required: Journals, ledgers, trial balance, adjustments, close the accounts, financial reports Journals Ref Description DR CR Cash Capital Equipment Accounts Payable Supplies PP Accounts Receivable 11) Receive $400 relating to transaction 4 Revenue Unearned Revenue Membership PP Salary Expense Utilities Exp Withdrawals A1 Depreciation Expense Accumulated Depreciation A2 Salary Payable A3 Supplies Expense A4 A5 A6 Membership Expense PP Membership Ledger Assets Bals Equity cr dr Liabilities Utilities Expense Dr Memebership Expense Trial Balance C1 Income Summary C2 C3 C4 C5 C6 C7 C8 Post Closing Trial Balance Income Statement ABC Solutions Less Expenses Total Expenses Net Income Statement Owners Equity Opening Balance Capital Introduced Balance Sheet Total Assets Liabilities and Equity Total Liabilities Total Liabilities and Equity For the Month of WSeptember, 2009, the following transactions take place in HelloSolutions, a new business. 1) Owner invests $10,000 into business 2) Buy equipment $5,000 on account 3) Buy supplies for cash $600 4) Sell on account $1200 5) Receive payment for consulting service in advance $2000 6) Pay 10 months membership in advance $600 7) Pay salaries $200 8) Pay for utilities $150 9) Owner withdraws $400 for personal use 10) Pay $2000 relating to transaction 2 a) Equipment depreciation is $100 per month b) At the month end, $200 of salaries were unrecorded c) Inventory of supplies is $ 150 d) Relating to transaction 5, $800 service have been provided e) There is accrued revenue of $200 0.00 00000.00 00000.00 0.00 0000.00 0000.00 0.00 000.00 000.00 0.00 0000.00 0000.00 0.00 0000.00 0000.00 0.00 000.00 000.00 0.00 000.00 000.00 0.00 000.00 000.00 0.00 000.00 000.00 00.00 0000.00 0000.00 00.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 00.00 00.00 0000.00 0000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 00.00 00.00 0000.00 0000.00 000.00 000.00 0.00 00000.00 00000.00 0.00 000.00 0000.00 0.00 0000.00 00000.00 0.00 000.00 00000.00 0.00 000.00 00000.00 0.00 000.00 00000.00 0.00 000.00 00000.00 00.00 0000.00 0000.00 00.00 000.00 0000.00 0.00 0000.00 0000.00 000.00 000.00 0.00 000.00 000.00 000.00 000.00 0.00 0000.00 0000.00 00.00 000.00 000.00 000.00 0000.00 0.00 000.00 000.00 00.00 000.00 0.00 0000.00 0000.00 00.00 0000.00 0000.00 000.00 000.00 0.00 0000.00 0000.00 000.00 0000.00 0.00 00000.00 00000.00 0000.00 00000.00 000.00 00000.00 0.00 000.00 000.00 000.00 0000.00 0000.00 000.00 0000.00 000.00 0000.00 000.00 0000.00 000.00 0000.00 00.00 0000.00 0000.00 0.00 0000.00 0000.00 000.00 0000.00 000.00 0000.00 0000.00 0.00 000.00 000.00 000.00 000.00 000.00 0.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 000.00 00.00 00.00 00.00 0000.00 0000.00 000.00 000.00 0000.00 000.00 0000.00 000.00 0000.00 00000.00 000.00 0000.00 000.00 000.00 000.00 000.00 00.00 00000.00 00000.00 0000.00 0000.00 000.00 000.00 0000.00 000.00 0000.00 000.00 0000.00 00000.00 00000.00 00000.00 10/1/2009 0000.00 000.00 000.00 000.00 000.00 00.00 0000.00 0000.00 10/1/2009 0.00 00000.00 0000.00 00000.00 000.00 00000.00 10/31/2009 0000.00 0000.00 000.00 0000.00 000.00 0000.00 000.00 00000.00 0000.00 000.00 0000.00 0000.00 00000.00 00000.00