ED’S SURFSIDE HOTDOGS Student name: Course: Financial Accounting #60002 Course Date and Time meet: Tuesday-Thursday 12:45 Part I: GENERAL JOURNAL Date 1-Sep 2-Sep 3-Sep 3-Sep 5-Sep 6-Sep 8-Sep 9-Sep 10-Sep 12-Sep 18-Sep 25-Sep 26-Sep 30-Sep 30-Sep GENERAL JOURNAL Description Debit Credit Part 2: GENERAL LEDGER Cash Debit Credit Date Accounts Receivable Debit Credit Date Prepaid Advertising Debit Credit Date Equipment Debit Credit Date 1-Sep 2-Sep 3-Sep 3-Sep 5-Sep 8-Sep 9-Sep 10-Sep 12-Sep 18-Sep 25-Sep 30-Sep 30-Sep Balance Date Notes Payable Debit Credit Date Accounts Payable Debit Credit Date Unearned Revenue Debit Credit Date Common Stock Debit Credit Date Dividends Debit Credit Date Revenue Debit Credit Date Cost of Goods Sold Expense Debit Credit Date Salaries and Wages Expense Debit Credit Date Utility Expense Debit Credit Part 3: UNADJUSTED TRIAL BALANCE ED'S SURFSIDE HOTDOGS UNADJUSTED TRIAL BALANCE September 30, 2017 Accounts Debit Credit Part 4: ADJUSTED JOURNAL ENTRIES Date ADJUSTED JOURNAL ENTRIES Description Debit Credit Note: General Ledger for the accounts that need adjustment: Date Date Prepaid Advertising Debit Credit Accumulated Depreciation Debit Credit Date Unearned Revenue Debit Credit Date Revenue Debit Credit Date Depreciation Expense Debit Credit Advertising Expense Date Debit Credit Part 5: ADJUSTED TRIAL BALANCE ED'S SURFSIDE HOTDOGS ADJUSTED TRIAL BALANCE September 30, 2017 Accounts Debit Credit Part 6: A SET OF FINANCIAL STATEMENTS FOR THE MONTH OF SEPTEMBER ED'S SURFSIDE HOTDOGS INCOME STATEMENT For the month ended September, 2017 ED'S SURFSIDE HOTDOGS STATEMENT OF RETAINED EARNINGS For the month ended September, 2017 - ED'S SURFSIDE HOTDOGS BALANCE SHEET September, 2017 Assets Liabilities and Stockholders' Equity Current liabilities Total current liabilities Total liabilities Stockholders' equity Common stock Retained Earnings Total Stockholders’ equity Total liabilities and stockholders' equity Part 7: CLOSING ENTRIES Date GENERAL JOURNAL Accounts Tittles and Explanations Closing Entries 30-Sep (To close Revenue account) 30-Sep (To close Expense accounts) 30-Sep (To close Net income to Retained Earnings) 30-Sep (To close Dividends to Retained Earnings) Debit Credit Note: General Ledger after closing entries: Date Revenue Debit Credit Cost of Goods Sold Expense Date Debit Credit Salaries and Wages Expense Date Debit Credit Date Utility Expense Debit Credit Date Depreciation Expense Debit Credit Advertising Expense Date Debit Credit Date Income summary Debit Credit Date Retained Earnings Debit Credit Part 8: POST-CLOSING TRIAL BALANCE ED'S SURFSIDE HOTDOGS POST-CLOSING TRIAL BALANCE September 30, 2017 Accounts Debit Credit Ed’s Surfside Hotdogs You have “volunteered” as an unpaid intern to keep the books for my company that sells hotdogs at the beach. I established the business on September 1 and officially started selling hotdogs 3 days later. Below are the transactions for September. September 1 The owner contributed $20,000 to the business to start the operations. September 2 Purchased a fully equipped hotdog cart for $15,000. Paid $5,000 upfront and put the remainder of the balance on account. September 3 Purchased hotdogs, sodas and consumable supplies for $500. September 3 Purchased 3 months of advertising services from the HB Times newspaper for $300. September 5 Sold $700 worth of hot dogs to customers for cash. September 6 Sold $300 worth of hotdogs the HBPD on account. September 8 The HB surfing contest company asked me to supply hotdogs for their contests and paid $600 in advance for a total of 6 contests. September 9 Hired a person to help with the surf contest sales. Paid that person $100 for services performed. September 10 Purchased hotdogs, sodas and consumable supplies for $500. September 12 Sold $300 worth of hot dogs to customers for cash. September 18 The city of HB requested that you provide $500 worth of food for an event they are holding at the pier this coming weekend. The job was completed. The city of HB paid $200 and you billed the difference. September 25 HBPD paid the balance on account due from September 6. September 26 Received propane (utility) bill, $100, which was put on account. September 30 Took out a small business loan from the bank for $15,000 to expand the business. The bank approved the loan due one year from today. September 30 The owner withdrew $100 in the form of dividends. Adjustments 1. Expired advertising. 2. Provided hotdogs for 3 surfing contests 3. Depreciation of hotdog cart, $300. Instructions 1. Journalize all September transactions in the general journal. You may skip journal entry descriptions. 2. Post every journal entry recorded in #1 above to the general ledger. The first transaction on September 1 has been journalized in the general journal and posted to the general ledger as an example. 3. Prepare an unadjusted trial balance at September 30, 2017. 4. Journalize and post adjusted journal entries based on the adjustments data provided. 5. Prepare an adjusted trial balance at September 30, 2017 6. Prepare a set of financial statements for Ed’s Surfside Hotdogs for the month of September. 7. Journalize and post closing entries for September. 8. Prepare a post-closing trial balance at September 30, 2017.
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