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Omayra Rivera Caldero

Departamento de Administración de Empresas


ACCO2100-3185ONL- Intermediate Accounting
Prof. Jesus Torres Acevedo
17 de septiembre de 2024
General journal

Date Description Debit Credit

4-Dec Cash 3,000

Sales Revenue 3,000

Cost of Goods Sold 1,800

Inventory 1,800

7-Dec Inventory 2,400

Accounts Payable 2,400


14-
Dec Cash 900
Accounts
Receivable 900
18-
Dec Cash 7,800

Land 5,000
Gain on Sale of
Land 2,800
20- Accounts
Dec Receivable 4,000

Sales Revenue 4,000

Cost of Goods Sold 2,400

Inventory 2,400
21-
Dec Accounts Payable 360

Inventory 360
27-
Dec Inventory 1,250

Cash 1,250
28-
Dec Accounts Payable 1,100

Cash 1,100
31-
Dec Land 6,000

Cash 1,000

Notes Payable 5,000

31,010 31,010
Cash Accounts Receivable
1- 1- 14-
Dec 3,090 27-Dec 1,250 Dec 9,900 Dec 900
4- 20-
Dec 3,000 28-Dec 1,100 Dec 4,000
14-
Dec 900 31-Dec 1,000
18-
Dec 7,800

13,00
11,440 0

Inventory Land
1- 1- 18-
Dec 17,750 4-Dec 1,800 Dec 9,000 Dec 5,000
7- 31-
Dec 2,400 20-Dec 2,400 Dec 6,000
27-
Dec 1,250 21-Dec 360

10,00
16,840 0

Accounts Payable Notes Payable

21- 10,70
Dec 360 1-Dec 0 1-Dec
28- 31-
Dec 1,100 7-Dec 2,400 Dec 5,000

$ $
11,640 5,000

Sales Revenue Cost of Goods Sold

69,70 1- 36,86
1-Dec 0 Dec 0
4-
4-Dec 3,000 Dec 1,800
20-
20-Dec 4,000 Dec 2,400

$
41,06
76,700 0

Gain on Sale of Land


1-Dec

18-Dec 2,800

$
2,800

Trial Balance
Account Titles Debit
11,4
Cash 40
13,0
Accounts Receivable 00

Allowance for Doubtful accounts


16,8
Inventory 40
1,4
Supplies 00
10,0
Land 00
42,0
Buildings and Equipment 00

Accumulated Depreciation

Accounts Payable

Notes Payable

Common Stock, no par (2,000 shares)

Retained Earnings (1/1/19)


2,0
Dividends 00
Sales Revenue

Gain on Sale of Land


41,0
Cost of Goods Sold 60
12,5
Salaries Expense 00
8,1
Advertising Expense 00
4,5
Other Expenses 00
162,84
Totals 0
Trial Balance Adjustments Income Statement Retained Earnings Balance Sheet
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 11,440 11,440
Accounts Receivable 13,000 13,000
Allowance for Doubtful Acocunts 100 (d) 830 930
Inventory 16,840 16,840
Supplies 1,400 (c) 770 630
Land 10,000 10,000
Buildings ad Equipment 42,000 42,000
Accumulated Depreciation 4,200 (b) 2,100 6,300
Accounts Payable 11,640 11,640
Notes Payable 5,000 5,000
Common Stock, no par (2,000 shares) 20,000 20,000
Retained Earnings (1/1/19) 42,400 42,400
Dividends 2,000 2,000
Sales Revenue 76,700 76,700
Gain on Sale of Land 2,800 2,800
Cost of Goods Sold 41,060 41,060
Salaries Expense 12,500 (a) 1,200 13,700
Advertising Expense 8,100 8,100
Other Expenses 4,500 4,500
Totals 162,840 162,840

Salaries Payable (a) 1,200 1,200


Depreciation Expense (b) 2,100 2,100
Supplies Expense (c) 770 770
Bad Debt Expense (d) 830 830
4,900 4,900 71,060 79,500
Income Tax Expense (e) 2,532 (e) 2,532 2,532
Income Taxes Payable 2,532
73,592 79,500
Net Income 5,908 5,908
7,432 7,432 79,500 79,500 2,000 48,308
Retained Earnings (12/31/19) 46,308 46,308
48,308 48,308 93,910 93,910

Davis Company
Income Statement
For the twelve-month period ended December 31st, 2016

$
Sales Revenue 76,700
$
Gain on Sale of Land 2,800
-$
Cost of Goods Sold 41,060
$
Gross Profit 38,440
Operating Expenses:
$
Advertising Expenses 8,100
$
Depreciation Expenses 2,100
$
Supplies Expenses 770
$
Bad Debt Expenses 830
$
Total Operating Expenses 11,800
Administrative Expenses:
$
Salaries Expenses: 13,700
$
Other Expenses: 7,032
$
Total Administrative Expenses 20,732
$
Total Operating Expenses 32,532
$
Net Income 5,908

Davis Company
Balance Sheet
December 31st, 2016

Assets
Current Assets:
Cash: $ 11,440
Accounts Receivable: $ 13,000
Less: Allowance for doubtful accounts -$ 930 $ 12,070
Inventory $ 16,840
Supplies $
630
Total Current Assets: $ 40,980
Noncurrent Assets:
Property, Plant & Equipment:
Land $ 10,000
Buildings & Equipment $ 42,000
Less: Acc. Depreciation -$ 6,300 $ 35,700
Total Assets: $ 86,680

Referencia:

Wahlen, J. M., Jones, J. P. & Pagach, D. P. (2024). Intermediate accounting: Reporting


and analysis (4.a ed.). Cengage Learning.
Disponible en la base datos Cengage en la Biblioteca Virtual..
Capítulo 3: Review of a Company’s Accounting System

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