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    Arce - Chan Accounting Firm

    Uploaded by

    shane
    The general journal records transactions from December 1 to December 31. Key transactions include C. Chan contributing $1 million in capital on December 1. Expenses such as salaries, utilities and representation are recorded. Accounts receivable, unearned revenue and various asset and liability accounts are also updated. The general ledger shows the resulting debit and credit balances in each account as of December 31.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Arce - Chan Accounting Firm

    Uploaded by

    shane
    61 views38 pages
    The general journal records transactions from December 1 to December 31. Key transactions include C. Chan contributing $1 million in capital on December 1. Expenses such as salaries, utilities and representation are recorded. Accounts receivable, unearned revenue and various asset and liability accounts are also updated. The general ledger shows the resulting debit and credit balances in each account as of December 31.

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    balanced trial balance

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    Arce_Chan-Accounting-Firm

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    The general journal records transactions from December 1 to December 31. Key transactions include C. Chan contributing $1 million in capital on December 1. Expenses such as salaries, utilities and representation are recorded. Accounts receivable, unearned revenue and various asset and liability accounts are also updated. The general ledger shows the resulting debit and credit balances in each account as of December 31.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    61 views38 pages

    Arce - Chan Accounting Firm

    Uploaded by

    shane
    The general journal records transactions from December 1 to December 31. Key transactions include C. Chan contributing $1 million in capital on December 1. Expenses such as salaries, utilities and representation are recorded. Accounts receivable, unearned revenue and various asset and liability accounts are also updated. The general ledger shows the resulting debit and credit balances in each account as of December 31.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 38

    GENERAL JOURNAL

    Cash Accounts Pay

    Accounts Receivable Notes Payab

    Office Supplies Unearned Reve

    Prepaid Rent C. Chan, Capi

    Office Equipment C. Chan, Draw


    ENERAL JOURNAL

    Accounts Payable Professional Fees

    Notes Payable Salaries Expense

    Unearned Revenue Utilities Expense

    C. Chan, Capital Representation

    C. Chan, Drawing Permits and Licenses


    GENERAL JOURNAL
    Date Particulars Ref. Debit
    1-Dec Chan, Capital 1,000,000.00
    Cash
    1-Dec Cash 200,000.00
    Notes Payable
    1-Dec Permits & Licenses 20,000.00
    Cash
    1-Dec Rent Expense 150,000.00
    Cash
    3-Dec Account Receivable 270,000.00
    Professional Fees
    3-Dec Office Supplies 30,000.00
    Cash
    9-Dec Cash 75,000.00
    Professional Fees
    9-Dec Office Equipment 60,000.00
    Cash
    14-Dec Cash 270,000.00
    Accounts Receivable
    17-Dec Chan, Drawing 100,000.00
    Cash
    21-Dec Representation Expense 50,000.00
    Accounts Payable
    24-Dec Cash 70,000.00
    Unearned Revenue
    25-Dec Account Receivable 110,000.00
    Professional Fees
    28-Dec Account Receivable 40,000.00
    Professional Fees
    31-Dec Salaries Expense 30,000.00
    Utilities Expense 16,000.00
    Cash
    Credit
    HOME

    1,000,000.00

    200,000.00

    20,000.00

    150,000.00

    270,000.00

    30,000.00

    75,000.00

    60,000.00

    270,000.00

    100,000.00

    50,000.00

    70,000.00

    110,000.00

    40,000.00

    46,000.00
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit
    HOME
    Balance
    Debit Credit
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    1-Dec Cash 1,000,000.00


    1-Dec Cash 200,000.00
    1-Dec Cash 20,000.00
    1-Dec Cash 150,000.00
    3-Dec Cash 30,000.00
    9-Dec Cash 75,000.00
    9-Dec Cash 60,000.00
    14-Dec Cash 270,000.00
    17-Dec Cash 100,000.00
    24-Dec 70,000.00
    31-Dec 46,000.00

    total
    HOME
    Balance
    Debit Credit

    1,615,000.00 406,000.00
    1,209,000.00
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    3-Dec Accounts Receivable 270,000


    14-Dec Accounts Receivable 270,000
    25-Dec Accounts Receivable 110,000
    28-Dec Accounts Receivable 40,000

    Total:
    HOME
    Balance
    Debit Credit

    420,000 270,000
    150,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    3-Dec Office Supplies 30,000


    HOME
    Balance
    Debit Credit
    30,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    1-Dec Prepaid Rent 150,000


    HOME
    Balance
    Debit Credit
    150,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    9-Dec Office Equipment 60,000


    HOME
    Balance
    Debit Credit
    60,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    21-Dec Accounts Payable 50,000


    HOME
    Balance
    Debit Credit
    50,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    1-Dec Notes Payable 200,000


    HOME
    Balance
    Debit Credit
    200,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    24-Dec Unearned Revenue 70,000


    HOME
    Balance
    Debit Credit
    70,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    1-Dec J. Wick, Capital 1,000,000


    HOME
    Balance
    Debit Credit
    1,000,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    17-Dec J Wick Drawing 100,000


    HOME
    Balance
    Debit Credit
    100,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    3-Dec Professional Fees 270,000


    9-Dec Professional Fees 75,000
    25-Dec Professional Fees 110,000
    28-Dec Professional Fees 40,000
    HOME
    Balance
    Debit Credit

    495,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    31-Dec Salaries Expense 30,000


    HOME
    Balance
    Debit Credit
    30,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    31-Dec Utilities Expense 16,000


    HOME
    Balance
    Debit Credit
    16,000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    28-Dec Representation Expense 50000


    HOME
    Balance
    Debit Credit
    50000
    GENERAL LEDGER
    Account Number
    Date Item PR Debit Credit

    1-Dec Permits & Licenses 20,000


    HOME
    Balance
    Debit Credit
    20,000
    JOHN ACCOUNTING FIRM
    Unadjusted Trial Balance
    December 31, 20x1

    ACCOUNTS DEBIT CREDIT


    ASSETS
    CURRENT ASSETS
    Cash 1,409,000.00
    Accounts Receivable 150,000
    Office Supplies 30,000
    Prepaid Rent 150,000
    NON CURRENT ASSETS
    Office Equipment 60,000
    LIABILITIES
    CURRENT LIABILITIES
    Accounts Payable 50,000
    NON CURRENT LIABILITIES
    Notes Payable 200,000
    Unearned Revenue 70,000
    CAPITAL
    J. Wick, Capital 1000000
    J. Wick, Drawing 100000
    REVENUE
    Professional Fees 495,000
    EXPENSES
    Salaries Expense 30,000
    Utilities Expense 16,000
    Representation Expense 50,000
    Permits & Licenses 20,000

    TOTAL 1,915,000 1,915,000


    HOME

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