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Accounting

/in /by
Peyton Approved
General Journal Entries 
Sep-14
               
DateAccountsDebitCredit  
1-SepDividends    3,000.00  
      Cash     3,000.00
     
5-SepSalary and wages payable       420.00  
      Cash        420.00
    
7-SepMerchandise Inventory         60.00  
      Cash          60.00
                
8-SepCash    4,000.00              
             Accounts Receivable     4,000.00            
               
10-SepAccounts payable         45.00             
                 Cash          45.00            
               
11-SepBaking Supplies     7,000.00             
                Cash     7,000.00            
The baking supplies were purchased on account and not paid for on this date.  This will look like your entry for the purchase of baking supplies on July 1           
13-SepAccounts payable    5,000.00             
                 Cash     5,000.00            
               
15-SepSalary and wages expense       456.00             
       salary and wages payable        456.00            
               
15-SepRent expense    1,500.00             
          Cash     1,500.00            
               
15-SepCash (8 x $8.50)         68.00             
    Merchandise Sales Revenue          68.00            
               
 Cost of goods sold         48.00             
              Merchandise inventory          48.00            
               
20-SepSalary and wages payable       456.00             
      Cash        456.00
    
20-SepMerchandise Inventory       122.00  
      Cash        122.00
    
24-SepCash 1(8 x $8.50)       153.00  
    Merchandise Sales Revenue        153.00
    
 Cost of goods sold       109.80  
              Merchandise inventory        109.80
    
30-SepMerchandise inventory       151.25  
      Cash        151.25
    
30-SepSalary and wages expense       480.00  
       salary and wages payable        480.00
    
30-SepCash  19,000.00  
 Accounts receivable    6,000.00  
      Bakery Revenue   25,000.00
    
    
    
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Accounting

/in /by
Peyton Approved
General Journal Entries 
Sep-14
               
DateAccountsDebitCredit  
1-SepDividends    3,000.00  
      Cash     3,000.00
     
5-SepSalary and wages payable       420.00  
      Cash        420.00
    
7-SepMerchandise Inventory         60.00  
      Cash          60.00
                
8-SepCash    4,000.00              
             Accounts Receivable     4,000.00            
               
10-SepAccounts payable         45.00             
                 Cash          45.00            
               
11-SepBaking Supplies     7,000.00             
                Cash     7,000.00            
The baking supplies were purchased on account and not paid for on this date.  This will look like your entry for the purchase of baking supplies on July 1           
13-SepAccounts payable    5,000.00             
                 Cash     5,000.00            
               
15-SepSalary and wages expense       456.00             
       salary and wages payable        456.00            
               
15-SepRent expense    1,500.00             
          Cash     1,500.00            
               
15-SepCash (8 x $8.50)         68.00             
    Merchandise Sales Revenue          68.00            
               
 Cost of goods sold         48.00             
              Merchandise inventory          48.00            
               
20-SepSalary and wages payable       456.00             
      Cash        456.00
    
20-SepMerchandise Inventory       122.00  
      Cash        122.00
    
24-SepCash 1(8 x $8.50)       153.00  
    Merchandise Sales Revenue        153.00
    
 Cost of goods sold       109.80  
              Merchandise inventory        109.80
    
30-SepMerchandise inventory       151.25  
      Cash        151.25
    
30-SepSalary and wages expense       480.00  
       salary and wages payable        480.00
    
30-SepCash  19,000.00  
 Accounts receivable    6,000.00  
      Bakery Revenue   25,000.00
    
    
    
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Fan Company A December 31, Year 11 Year 11 Financial Data Wholesale Sales 1,697,063 Retail Sales 550 Units at $110 Sales Returns and Allowances (Wholesale Sales only) 2% of Sales Sales Discounts (Wholesale Sales only) 1.85% of Sales

/in /by
 Year 11 Financial Data – Given 
     
Fan Company A   
December 31, Year 11   
     
Year 11 Financial Data General Partner NamesProfit/Loss Percentage
Wholesale Sales1,697,063  
Retail Sales550 Units at $110 Partner A20%
Sales Returns and Allowances (Wholesale Sales only)2% of Sales Partner B50%
Sales Discounts (Wholesale Sales only)1.85% of Sales Partner C30%
     
Expenses:    
Cost of Goods Sold                                    874,725    
     
Administrative Expenses:    
Office Supplies                                        5,000    
Office Machine Rental                                        6,000    
Office Staff Payroll                                      60,000    
     
Selling Expenses:    
Advertising                                    150,000    
Sales Base Pay                                      72,000    
Sales Commission2% of wholesale sales   
     
Travel Expenses:    
Airfare                                      25,000    
Lodging                                      28,000    
Miscellaneous                                        6,000    
     
Depreciation Expense                                      45,000    
     
     
 
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Fan Company A Statement of Partner’s Equity December 31, Year 10

/in /by
Year 10 Financial Statements – Given  
        
  Fan Company A     
  Statement of Partner’s Equity     
  December 31, Year 10     
  20% 50% 30% 
  Partner Partner PartnerNet Income
  A B C   732,080
Beg Capital       177,000         20,000        154,000  
Salary Allowance          30,000         30,000    672,080
Interest Allowance        17,700           2,000         15,400    636,980
Net Income/Loss       127,396        318,490        191,094  
Withdrawals        14,976         20,000         20,000  
Ending Capital       307,120        350,490        370,494  
  Fan Company A   
  Balance Sheet   
  December 31, Year 10   
      
      
      
 Assets  Liabilities 
 Current Assets:  Current Liabilities: 
 Cash         389,997  Accounts Payable        21,000
 Accounts Receivable           99,000  Notes Payable        26,893
 Prepaid Insurance           30,000    
 Raw Materials Inv.           50,000  Long Term Liabilities:
 Work in Process Inv.           32,000  Notes Payable        19,000
 Finished Goods Inv.           60,000  Mortgage Payable      534,000
      
 Prop, Plant, & Equip: Partners Equity: 
 Land         210,000    
 Building         600,000  J. Black, Capital      307,120
 Manufacturing Equip         140,000  S. Brown, Capital      350,490
    L. Green, Capital      370,494
 Intangible Assets:    
 Patents           18,000    
      
 Total Assets       1,628,997  Liabilities and Equity   1,628,997
 
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