Case 2 General Journal # Account/Description 1/10/2017 Cash Sales Sales Tax Payable 2/18/2017 Purchases Accounts Payable 2/27/2017 Acounts Payable Purchase Acounts cash 3/12/2017 Accounts Receivable Sales 3/20/2017 Accounts Payable Cash 4/1/2017 Prepaid Insurance Cash 5/15/2017 Cash Unearned Revenue-Gift Cards 6/6/2017 Rent Utilities Advertising& Promotion Maintenance& Prepair Cash 7/15/2017 Cash Sales Discounts Accounts Reveivable 8/1/2017 Salaries and wage expense Payroll liablities-fed wh Payroll liablities-State wh Payroll Liablities-FICA Cash 8/1/2017 Payroll Tax Expense Payroll Liablities-Employer Taxes 9/15/2017 Unearned Revenue-Gift Cards Credit Cards Receivable sales Sa;es Tax payable 9/18/2017 Credit Cards Fees Cash Credit Card receiveable 11/30/2017 Payroll Liabilities Cash Adiustments 12/31/2017 Inventory(ending) Cost of Goods Sold Purchase Discounts Purchases Inventory(beginning) 12/31/2017 Depreciation Expense Accumulated Depreciation 12/31/2017 Insurance Expense Prepaid Insurance 12/31/2017 Bad Debt Expense Debits $ $ $ Credits 216,000 $ $ 200,000 16,000 $ $ $ 180,000 x x 2,000 98,000 x $ 100,000 180,000 100,000 $ 100,000 $ 80,000 $ 6,000 $ 50,000 $ $ $ $ $ 24,000 16,000 3,000 200 $ $ 41,000 2,000 $ 100,000 $ 10,000 $ $ 30,000 50,000 $ $ posted x 80,000 x $ 6,000 $ 50,000 $ 45,000 $ 43,000 $ $ $ $ 10,000 6,000 7,650 76,350 $ 10,000 $ $ 74,074 5,926 1,000 49,000 x 50000 $ $ $ $ $ 33,650 $ 33,650 $ $ 180,000 30,000 $ 7,000 $ 4,500 78,000 130,000 2,000 7,000 $ 4,500 $ 5,000 x Allowance for Uncollectible Accounts 12/31/2017 Allowance for Uncollectible Accounts Accounts Receivable-specific Due Date 12/20/2017 10/15/2017 11/30/17 8/4/2017 1/18/2018 9/19/2017 Customer $ TOTAL % OF TOTAL Average Collection Period = Avg Rec *365 CreditSales 5,000 $ 3,000 3,000 Current Bank of America Brown University Citizens Bank G-Tech Johnson & Wales Textron $ 0-30 days 31-60days 61-90days 20000 5000 $ 15,000 $2,000 $ 2,000 $ 2.7% 20,000 $ 15,000 $ 27.0% 20.3% 5,000 6.8% Chart of Accounts Cash Accounts receivable Inventory Prepaid Insurance CreditCards Rec Equipment Accumul Accounts Payable Sales Tax Payable Payroll Liablities Unearned Revenue Note Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Cost of Goods Sold Purchase Rent Expense Payroll Expense Payroll Tax Expense Insurance Expense Utilities Expense Advertising Promotion Depreciation Expense Maintenance repairs Employer Payroll FICA match Unemployment Taxes 7650 2350 10000 80000 1.08 74074.07 Over 90 days 22000 $ 10000 32,000 $ 43.2% 74,000 100.0% Case 2 Worksheet Sole Prop Trial Balance Income Statement Totals $ - $ - $ Net Income $ Less:1/2SE Tax AGI Standard Ded Exemption Taxable Income Tax at 20% SE Tax Total Tax Expense Balance Sheet - Post ClosingTB
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