Assets

Event #

Cash

Account
Receivable

Suplies
30,000
-300
-500

Total

300

Liabities
Accounts Payable

+ owner's equity
Capital
-Drawing
30,000

Fees Earned

-Auto Exp

Total
- Supplies Exp -RentExpense

500

Date

Description
1-Jul Cash
Capital
4-Jul Rent Expense
Cash
10-Jul Truck
Notes Payable
Cash
13-Jul Equipment
Accounts payable
14-Jul Supplies
Cash
15-Jul Prepaid Ins
Cash
15-Jul Cash
Fees Earned
21-Jul Accounts payable
Cash
24-Jul Accounts Receivable
Fees Earned
26-Jul Truck Expense
Accounts payable
27-Jul Utilities Ex
Cash
27-Jul Misc Ex
Cash
29-Jul Cash
Account rec
30-Jul Wages exp
Cash
31-Jul Drawing
Cash
Total

Debit

Credit
18,000
18,000
1,750
1,750
15,000
14,000
1,000
7,000
7000
1200
1200
2700
2700
7500
7500
2500
2500
8600
8600
800
800
900
900
315
315
3600
3600
2400
2400
2000
2000
74,265

74,265

Cash
15000
8500
3500

Notes Payable

Wages Expense
3000
3000

2350
2000
1200
1800
1100
500
3000
2500
1750
16200

19000
19000

Accounts Receivable
6000
3500
2500

Accounts Payable
2500
10000
1000
2500
11000
8500

Rent Expense
2350
2350

Supplies
1200
1200

Jose, Capital

Utilities Expense
1100
1100

Prepaid Insurance
1800
1800

Jose, Drawing
1750
1750

Truck Expense
1000
1000

Equipment
10000
10000

Fees Earned

Misc. Expense
500
500

27000
10800

15000
15000

8500
6000
14500

Truck
21000
21000

Account Name
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Land
Equipment
Accounts Payable
Unearned Rent
Chris Clark, Capital
Chris Clark, Drawing
Fees Earned
Wages Expense
Rent Expense
Utilities Expense
Supplies Expense
Misc. Expense

Unadjusted Trail Balance

Debit

Credit

2,065
2,220
2,000
2,400
20,000
1,800
900
360
25,000
4,000
16,340
4,275
1,600
985
800
455
42,600

42,600

Date
1-Apr
2-Apr
6-Apr
8-Apr

10-Apr
12-Apr
15-Apr
23-Apr
24-Apr
29-Apr
29-Apr
30-Apr
30-Apr
30-Apr
30-Apr

General Journal
Description
Cash
Jose, Capital
Rent Expense
Cash
Equipment
Accounts Payable
Truck
Cash
Notes Payable
Supplies
Cash
Cash
Fees Earned
Prepaid Insurance
Cash
Account Receivable
Fees Earned
Truck Expenses
Accounts Payable
Utilities Expense
Cash
Miscellanoues Exp
Cash
Cash
Account Receivable
wages Expense
Cash
Accounts Payable
Cash
Jose, Drawing
Cash

Debit

Credit
15,000
15,000
2,350
2,350
10,000
10,000
21,000
2,000
19,000
1,200
1,200
8,500
8,500
1,800
1,800
6,000
6,000
1,000
1,000
1,100
1,100
500
500
3,500
3,500
3,000
3,000
2,500
2,500
1,750
1,750

Cash
15000
8500
3500

Notes Payable

Wages Expense
3000
3000

2350
2000
1200
1800
1100
500
3000
2500
1750
16200

19000
19000

Accounts Receivable
6000
3500
2500

Accounts Payable
2500
10000
1000
2500
11000
8500

Rent Expense
2350
2350

Supplies
1200
1200

Jose, Capital

Utilities Expense
1100
1100

Prepaid Insurance
1800
1800

Jose, Drawing
1750
1750

Truck Expense
1000
1000

Equipment
10000
10000

Fees Earned

Misc. Expense
500
500

27000
10800

15000
15000

8500
6000
14500

Truck
21000
21000

Account Name
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Truck
Notes Payable
Accounts Payable
Jose, Capital
Jose, Drawing
Fees Earned
Wages Expense
Rent Expense
Utilities Expense
Truck Expense
Misc. Expense
Total

Unadjusted Trial Balance

Debit

Credit
10800
2500
1200
1800
10000
21000
19000
8500
15000
1750
14500
3000
2350
1100
1000
500
57000

57000

Date

Description
1-Jul Cash
Jessie, Capital
4-Jul Rent Expense
Cash
10-Jul Truck
Cash
Notes Payable
13-Jul Equipment
Accounts Payable
14-Jul Supplies
Cash
15-Jul Prepaid Insurance
Cash
15-Jul Cash
Fees Earned
21-Jul Accounts Payable
Cash
24-Jul Accounts Receivable
Fees Earned
26-Jul Truck Expenses
Accounts Payable
27-Jul Utilities Expense
Cash
27-Jul Misc Expense
Cash
29-Jul Cash
Account Receivable
30-Jul Wages Expense
Cash
31-Jul Jessie, Drawing
Cash

Debit
Credit
18,000
18,000
1,750
1,750
15,000
1,000
14,000
7,000
7,000
1,200
1,200
2,700
2,700
7,500
7,500
2,500
2,500
8,600
8,600
800
800
900
900
315
315
3,600
3,600
2,400
2,400
2,000
2,000

Closing Journal Entries

Date
Description
31-Dec Rent Revenue
Fees Earned
Income Summary
Income Summary
Wages Expense
Rent Expense
Depreciation Expense
Utilities Expense
Supplies Expense
Insurance Expense
Miscellaneous Expense

Debit

Credit
120
16840
16960
9855

9855

Income Summary
Chris Clark, Capital

7105

Chris Clark, Capital

Chris Clark, Drawing

4000

16960
16960
4525
1600
50
985
2040
200
455
9855

7105

4000

Income Summary
9855
16960
7105 Balance
7105
0 Balance

capital
25000
7105
32105
4000
28,105.00

Purchase Transactions

on March 1, purchased 5000 merch for cash/Check/debit card

Date

Description
1-Mar Inventory
Cash

or
on March 1, purchased 5000 merch for credit card for business
Date

Description
1-Mar Inventory
A/P-visa

on March 1, purchased 5000 merch on account 2/10;n/30

Date

Description
1-Mar Inventory
A/P

Returns
1000 merch return

Date

Description
2-Mar A/P
Inventory

Allowance
100 allowance is agreed
Date
Description

3-Mar A/P
Inventory

Discount
Assumed paid in 10 days
Date

Description
11-Mar A/P
Inventory
Cash

Buyers records
Shipping terms
FOB SHIPPING POINT

FOB DESTINATION POINT

FOB SHIPPING POINT

Seller paid on behalf of buyer

Date

Description
1-Mar Inventory
Cash

No record
1-Mar Inventory
A/P

Sales Transactions

cash/Check/debit card
Debit
Credit
$
5,000
$
5,000

On March 1, sold 5000 product for Cash ( Cost to buy =3000)

Date

Description
1-Mar Cash
Sales
1-Mar cost of Merch. Sold
Inventory

dit card for business

Date

Description
1-Mar Gift Card Liability
Sales
1-Mar cost of Merch. Sold
Inventory

Date

Description
1-Mar AR-Customer
Sales
1-Mar cost of Merch. Sold
Inventory

Debit
Credit
$
5,000
$
5,000

ount 2/10;n/30
Debit
Credit
$
5,000
$
5,000

With Sales Tax

Date
Description
1-Mar AR-Customer
Sales Tax Payable
Sales
1-Mar cost of Merch. Sold
Inventory

Date

Description
2-Mar Sales Returns and Allowances
AR-Customer
2-Mar Inventory
cost of Merch. Sold

Date

Description
2-Mar Sales Returns and Allowances

Debit
Credit
$
1,000
$
1,000

AR-Customer
Debit

Credit

Date

Description

100
$

11-Mar Cash
Sales Discounts
AR-Customer

100

Debit
Credit
$
3,900
$
78
$
3,822

A/P balance
Disc 2%
Cash net

3900
78
3822

Shipping Costs
Seller records
Debit

Credit

Date

Description

50
50

No record
1-Mar Shipping Expense
Cash

50

1-Mar A/R
50

Cash

h ( Cost to buy =3000)

Debit
$

Credit
5,000
$ 5,000

3,000
$ 3,000

Debit
$

Credit
5,000
$ 5,000

3,000
$ 3,000

Debit
$

Credit
5,000
$ 5,000

3,000
$ 3,000

Debit
$

Credit
5,413
$
413
$ 5,000

3,000
$ 3,000

Debit
$

Credit
1,000
$ 1,000

600
$

Debit
$

Credit
100
$

Debit

600

Credit

100

FIFO
1-Mar cost of Merch. Sold
Inventory

$
$

3,861
39
3900

Debit

Credit

50
50
50
50

LIFO
1-Mar cost of Merch. Sold

2,750
$

2,750

13370
23
581.304348

Inventory

$ 3,050

Average
1-Mar cost of Merch. Sold
$ 3,050

Inventory

$ 2,907
$ 2,907

Perpetual Inventory System - FIFO

Item 127B
Date
1-Jan
4-Jan
10-Jan

Purchases
Unit Cost
Total cost

units

80

21

100

22

70

20

1400

30
10
20

20
21
21

600
210
420

1680

22-Jan
28-Jan
30-Jan

units

Cost of Merch Sold

Unit Cost Total cost

2200

End Inventory

Ending Inventory
units
Unit Cost Total cost
100
20 $
2,000
30
20
600
30
20
600
80
21
1680
70
50
50
100

150

21
21
21
22

1470
1050
1050
2200

3250

AR

$ 2,100

Sales
cost of Merch. Sold
Inventory

$ 1,400

AR

$ 1,200

Sales
cost of Merch. Sold
Inventory

810

$ 2,100
$ 1,400

$ 1,200
$

810

Perpetual Inventory System -LIFO

Item 127B
Date
1-Jan
4-Jan
10-Jan

Purchases
Unit Cost
Total cost

units

units

Cost of Merch Sold

Unit Cost Total cost
70

20

1400

22-Jan

40

21

840

28-Jan

20

21

420

30-Jan

80

100

21

22

1680

2200

End Inventory

Ending Inventory
units
Unit Cost Total cost
100
20 $
2,000
30
20
600
30
20
600
80
21
1680
30
20
600
40
21
840
30
20
600
20
21
420
30
20
600
20
21
420
100
22
2200
150

3220

Perpetual Inventory System -LIFO

Item 127B
Date
1-Jan
4-Jan
10-Jan
22-Jan
28-Jan
30-Jan

Purchases
Unit Cost
Total cost

units

units

Cost of Merch Sold

Unit Cost Total cost
70

80

21

20

1400

1680
40 20.72727 829.090909091
20 20.72727 414.545454545

100

22

2200

End Inventory

Ending Inventory
units
Unit Cost Total cost
100
20 $
2,000 Average
30
20
600
30
20
600 Average
80
21
1680
70 20.72727 1450.90909
50 20.72727 1036.36364
50 20.72727 1036.36364
100
22
2200 Average
Err:522

Err:522

Err:522

20
2280
110

20.73

Err:522
Err:522

Err:522

Periodic Inventory System

Date

units
1-Jan
4-Jan
10-Jan
22-Jan
28-Jan
30-Jan

Unit Cost Total cost

100
20 $
2,000 Beg inventory
70
Sold
80
21
1680 Purchases
40
Sold
20
Sold
100
22
2200 Purchases

Jan 31 or After

Periodic Inventory System - FIFO

Sold

0
100
30
130

1-Jan
10-Jan

20 $
21
$

2,000
630
2,630

End Inventory
10-Jan
30-Jan

50
100
150

21
22

1050
2200
3250

Periodic Inventory System - LIFO

Date

units
1-Jan
10-Jan
30-Jan

Unit Cost Total cost

100
20 $
2,000 Beg inventory
80
21
1680 Purchases
100
22
2200 Purchases

30-Jan

130
100

Jan 31 or After
Sold

22

2200

10-Jan

30
130

21

630
2830

1-Jan
10-Jan

100
50
150

20 $
21
$

End Inventory
2,000
1050
3,050

Periodic Inventory System - Average

Date

units
1-Jan
10-Jan
30-Jan

Unit Cost Total cost

100
20 $
2,000 Beg inventory
80
21
1680 Purchases
100
22
2200 Purchases
280

Average

5,880

21

Sold
End Inventory

130 $
150 $

21
21

$
$

2,730
3,150

End Inventory if MV 18

150 $

18

2,700

450

Differences

4-Jan
22-Jan
28-Jan
Sold 30
Sold

Left 50

70
40
20

Sold
Sold
Sold

Business Cash Records

June 1,

Balance

Add
Less

Deposits
Checks Written

$
$

Check Error
Deposit MS
Deposit MS

$
$
$

Less
Less
Less

NSF
SC
Deposit Error

$
$
$

450.00
3,500.00
210.00

1-Jun $
Deposits
$
$
June 30 Un $
June 30Adj $
$

June 30b $

Cash
9,317.40
9,601.58
18,918.98
10,163.32
4,160.00
14,323.32

13,893.32

10,163.32

4,160.00

(300.00) $
(40.00)
(90.00)

Balance After Adjustments

Adjusting Journal Entry for Cash
Description
30-Jun Cash
A/P
Notes Receivable
Interest Revenue
30-Jun A/R
Bank Fee Expense
A/R
Cash

9,317.40

9,601.58
8,755.66

June 30, Balance per Business Cash

Add
Add
Add

Dr
$

(430.00)

13,893.32

Cr
4,160.00
$
$
$

450.00
3,500.00
210.00

300
40
90
430

8,755.66 Checks

8,755.66
430 June 30 Adj
430

Bank Checking Account Records

June 30, Balance per Bank Statement

Add

Missing Deposit

Less
Less
Less
Less

Check 756
Check 758
Check 760
Ch 738

Balance After Adjustments

$ 1,510.06

Missing
Missing
Missing
Still missing

$
$
$
$

(113.95)
(259.60)
(486.39)
(251.40)

13,494.60

1,510.06

(1,111.34)

13,893.32

Business Bank
Diff
987.34
897.34
90
1510.06
0
1510.06
830.95
380.95
450
113.95
0
113.95
259.6
0
259.6
486.39
0
486.39
251.4
0
251.4

22-Jun
30-Jun
Check 753
Check 756
Check 758
Check 760
Ch 738

Deposit error
Deposit Missing
Error
Missing
Missing
Missing
Still missing

MS
MS

Deposit
Deposit

0
0

3500
210

-3500
-210

NSF
SC

missing
missing

0
0

300
40

-300
-40

Percentage of Net Sales Method

Net Sales

3,360,500

Bad Debt Ratio

2%

Estimated Bad Debt

Journal Entries
Dec 31,2010 Adj Entry
Description
Bad Debt Expense
Allowance for Bad debt

67,210

Dr

Cr
67,210
67,210

12/01/2011 Customer Hairy (who owe us 2000) will not pay

Description
Allowance for Bad Debt
A/R - Hairy

Dr

Cr
2,000
2,000

Allowance for Bad debt

1,710 Balance before adjustment
67,210
68,920 Adj Balance

Analysis (Aging) of Account Receivable Method

Date Dec 31,2009

Customer
Alpha Beauty
Blonde Wings

Balance
Not Past Due
20,000
11,000

Zahns Beauty
Total
Sun Coast Beauty
Paradise
Helix
hairy
Surf
Oh The Hair
Mountain
Lasting

New Total

2,900
900,000
2,850
6,050
800
2,000
700
3,500
2,250
7,400

498,600

7,400

506,000

Rates (bad debt)

Journal Entries
Dec 31,2009 Adj Entry
Description
Bad Debt Expense
Allowance for Bad debt

2%
67,210

Dr

10,120

Cr
65,500
65,500

If Hairy does not pay us

12/01/2011 Customer Hairy (who owe us 2000) will not pay
Description
Allowance for Bad Debt
A/R - Hairy

Dr

###
217,250

2,250

925,550

Est Bad debt

Means: Adj balance of allowance

1-30

Cr
2,000
2,000

219,500
4%
8,780

OR
Hairy issue a note on Dec 1,2010 for $ 2000
Description
Note Receivable
A/R - Hairy

Dr

Cr
2,000
2,000

On Dec 31 , 2010 Interest Revenue Adj Entry

Description
Interest Receivable
Interest Revenue

Maturity Date March 1,2011

Description
Cash
Notes Receivable
Interest Revenue
Interest Receivable

Dr

Cr
20
20

Dr

Cr
2,060
2,000
40
20

eivable Method
31-60

61-90

91-120

Over 120

11,000

98,750

33,300

29,950

22,150
2,850

6,050
800
2,000
700
3,500

102,950
10%
10,295

36,100
15%
5,415

36,000
35%
12,600

25,000
80%
20,000

Allowance for Bad debt

1,710

Balance before Adj

65,500
67,210

Adjusted Balance

OR

If Note is Dishonered /not Paid

Description
Dr
Account Receivable
Notes Receivable
Interest Revenue
Interest Receivable

Cr
2,060
2,000
40
20

Next Option
Description
Allowance for Bad Debt
A/R - Hairy

Dr

Cr
2,060
2,060

alance before Adj

djusted Balance

Direct Write off VS Allowance method (% of net sales)

Percentage of Net sales
Bed debt Est Rate

0.50%

Sales
1
2
3
4

Year

1,300,000
1,750,000
3,000,000
3,600,000

Expense Actually Reported

1
2
3
4

1200
3,000
13,000
17,700

Bad Debt
1,200
3,000
13,000
17,700

Expense Est
6,500.00
8,750.00
15,000.00
18,000.00

0.09%
0.17%
0.43%
0.49%

Increase or
Decrese of
Expense
5,300.00
5,750.00
2,000.00
300.00

Ex 9-11

Age Interval
Not Past due
1-30
31-60
61-90
91-180
Over 180

Journal Entries
Dec 31,2009 Adj Entry
Description

567,000.00
58,000.00
29,000.00
20,500.00
15,000.00
10,500.00

Dr

Percentage
Uncollectible
0.50%
3%
7%
15%
40%
75%
Total

Cr

Bad Debt Expense

Allowance for Bad debt

% of net sales
Sales
0.50%

4,711,000.00
23,555.00 Estimate
Journal Entries
Dec 31,2009 Adj Entry
Description
Bad Debt Expense
Allowance for Bad debt

Dr

Cr
23,555
23,555

1
2
3
4

1
1200
1400
3800

1600
3000
4000

6200
6100

7600

Balance of
Allowance
account
5,300.00
11,050.00
13,050.00
13,350.00

2,835.00
1,740.00
2,030.00
3,075.00
6,000.00
7,875.00
23,555.00 Adjusted balance of Allowance for bad debt account

Allowance for Bad debt

23,555 Balance before adjustment

23,555 Adj Balance

Allowance for Bad debt

23,555 Balance before adjustment
23,555
47,110 Adj Balance

re adjustment

re adjustment

Revenue Expenditures
Exp
Rent Expense
Supplies Exp
Repair Expense
Reported in Income Statement

Depreciation Methods
1) Straight Line Method
Cost
Est Life
Est Salvage Value (residual Value)

15000
5 years
500

Depr Expense per year

2900

1933.3333333333

If purchased on Apr 20, (end of cycle is Dec 31)

Dr
Depreciation Expense
Accumulated Depreciation

Cr
1933
1933

2) Units of Production Technique

Cost
Est Life (in Usage)
Est Salvage Value (residual Value)
Depr Expense per Mile

15000
145000 Miles
500
0.1 per mile

2011 Usage in Miles

Depreciation Expense

Depreciation Expense
Accumulated Depreciation

7000
$

700.00

Dr
$

700.00

Cr
$

700.00

3) Double Declining Balance Depr Method

Cost
Est Life
Est Salvage Value (residual Value)

15000
5 years
500

Depreciation Rate
Straight Line Ratio * 2

40%

Year 1

Depreciation Expense
Accumulated Depreciation

Dr
$

Cr
6,000.00
$

6,000.00

Sales of Asset
Case 1 Fully Depreciated Asset is sold less than Salvage Value = $300
DR
Accumulated Depr
Cash
Loss on Selling Truck
Truck

Cr
14,500
300
200
15,000

Case 2 Fully Depreciated Asset is sold less than Salvage Value = $500
DR
Accumulated Depr
Cash
Truck

Cr
14,500
500

Case 3 Fully Depreciated Asset is sold less than Salvage Value = $ 750

15,000

DR
Accumulated Depr
Cash
Truck
Gain on Sale of truck

Cr
14,500
750
15,000
250

Exchange of Asset
Case 1 New Truck 20000; Trade in value 300
DR
Accumulated Depr Old
Truchk -New
Loss on Exchange
Truck Old
Cash
Case 2 New Truck 20000; Trade in value 500

Cr
14,500
20000
200
15,000
19,700

DR
Accumulated Depr
Truchk -New
Truck old
Cash

Cr
14,500
20000
15,000
19500

Case 3 New Truck 20000; Trade in value 750

DR
Accumulated Depr
Truchk -New

Cr
14,500
19750

Truck
Cash
34,250

15,000
19250
34,250

ethods

Capital Expenditures
Exm Engine Replacement
Effects
1) Increasing life
Engine Replacement 5000 paid Cash
20-Apr

Dr
Accumulated Depreciation
Cash

Cr
5,000
5,000

Years

Cost
1
2
3
4
5

15000
15000
15000
15000
15000

Book Value (1), Beginning

Ratio
15000
40%
9000
40%
5400
40%
3240
40%
1944
40%

(1) Book Value = Cost - Accumulated Depreciation

20,200

2) Increasing Value
Special Equipment Installed 20000
20-Apr

Dr
Truck
Cash

20,000

8700
966.6666666667
1933.3333333333

Depreciation Expense
Accumulated Depr
6000
3600
2160
1296
1444

11600

6000
9600
11760
13056
14500

12566.6666666667

Book Value, Ending

9000
5400
3240
1944
500
500
666.4
777.6
1444

Cr
###

Problem 7-1A
Name
Jeenifer Ross

Gross Income
Over time
Total Gross
1200
180
1380

Regular Pay

Problem 8-2A
Name
Denato
King L
Wilson

Beg Cum Earnings

6,820
26,200
104,300

Journal Entry for Employer (only)

Dr
Payroll Tax Expenses
Soc Sec Payable
Medicare Payable
FUTA payable
SUTA Payable

Total Earnings
480
540
2,720

107,020

Cr
283.63

283.63

218.24
54.23
1.44
9.72
283.63

Problem 7-4A

Name
Albee
Don
Fine
Ginny
Johnson
Lund
Maya
Nord

Hours Worked
44
40
40
46
47
43
42
41

YTD Earnings
Total Earnings
$
63,340 $
1,650
$
136,410 $
2,841
$
76,860 $
1,507
$
33,590 $
660
$
56,980 $
1,117
$
104,900 $
2,100
$
66,860 $
1,310
$
36,750 $
720

Oscar
Troy

Name
Albee
Don
Fine
Ginny
Johnson
Lund
Maya
Nord
Oscar
Troy
Total

43 $
40 $

Hours Worked

Journal Entry for Employee (only)

Description
Dr
Wages Expense
$
Soc Sec Payable
Medicare Payable
Fed Income Tax Pay
UW payable
A/R
Wages Payable
Total
$
Journal Entry for Employer (only)
Description
Dr
Payroll Tax Expenses
$
Soc Sec Payable
Medicare Payable
FUTA payable
SUTA Payable
Total
$

44
40
40
46
47
43
42
41
43
40

93,480
47,250

YTD Earnings
$
63,340
$
136,410
$
76,860
$
33,590
$
56,980
$
104,900
$
66,860
$
36,750
$
6,500
$
6,000

Cr
14,667

14,667

$
$
$
$
$
$
$

721
213
1,806
195
165
11,567
14,667

Cr
1,094

1,094

$
$
$
$
$

721
213
11
149
1,094

$
$

1,832
930

Gross
Total Earnings
$
1,650
$
2,841
$
1,507
$
660
$
1,117
$
2,100
$
1,310
$
720
$
1,832
$
930
$
14,667

Soc Sec.

Medicare
85.56

Federal Income Tax

11
17
474.49

Deductions
Fed Income Tax
Union Dues
20.01
133
30

State Income Tax

Soc Sec.
2.2
3.4
94.9

29.76
33.48
155
218.24

107,020
106800
220
2,500

Federal Income Tax

$
196 UW
$
508 AR
$
162 UW
$
35 UW
$
103 UW
$
308 UW
$
133 AR
$
44 UW

Other Deductions
$
25
$
95
$
25
$
35
$
25
$
20
$
70
$
20

Medicare
6.96
7.83
39.44
54.23

$
$

241 UW
76 UW

$
$

25
20

Deductions
Soc Sec.
$
$
$
$
$
$
$
$
$
$

102.30
93.43
40.92
69.25
117.8
81.22
44.64
113.58
57.66
721

Medicare
$
$
$
$
$
$
$
$
$
$
$

23.93
41.19
21.85
9.57
16.20
30.45
19.00
10.44
26.56
13.49
213

64,990

Fed Income Tax

UW
$
196 $
$
508
$
162 $
$
35 $
$
103 $
$
308 $
$
133
$
44 $
$
241 $
$
76 $
$
1,806 $

25
25
35
25
20
20
25
20
195

Loan repayment

Total Deductions Net Pay

32
300.57
1079.43

FUTA

SUTA
1.44
0
0
1.44

7,300
7000
300
180

9.72
0
0
9.72

Loan repayment AR
$

Total Deductions
Net Pay
$
346.88 $ 1,303.13
95 $
644.56 $ 2,196.44
$
302.01 $ 1,204.99
$
120.49 $
539.51
$
213.45 $
903.55
$
476.40 $ 1,623.60
70 $
303.22 $ 1,006.79
$
119.08 $
600.92
$
406.30 $ 1,425.70
$
167.15 $
762.86
165 $
3,100 $ 11,567

Soc Sec. Medicare

$ 102.30 $ 23.93
$
$ 41.19
$ 93.43 $ 21.85
$ 40.92 $
9.57
$ 69.25 $ 16.20
$ 117.80 $ 30.45
$ 81.22 $ 19.00
$ 44.64 $ 10.44
$ 113.58 $ 26.56
$ 57.66 $ 13.49
$
721 $
213

Employer Taxes
FUTA (.008)
SUTA (.054) Total
$
$
$126.23
$
$
$ 41.19
$
$
$115.29
$
$
$ 50.49
$
$
$ 85.45
$
$
$148.25
$
$
$100.22
$
$
$ 55.08
$
4 $
98.93 $243.08
$
7.44 $
50.22 $128.81
$
11 $
149 $ 1,094

1-Nov
issued 100,000 stocks: par value $1; Market Value $5
Description
Cash
Common Stock
Paid in Capital -CS

Dr

Cr
500,000
100,000
400,000

Purchased back 1000 shares at MV =$ 6

30-Nov
Description
Dr
Treasury Stock
Cash
Sold 500 Treasury Stock at $ 7
3-Dec-10
Description
Dr
Cash
Treasury Stock
Paid in Capital - TS

Cr
6,000
6,000

Cr
3,500
3,000
500

Cash Dividends
Date of decleration Dec 1, $0.10 per share
1-Dec
Description
Dr
Cash Dividends
Dividends Payable

Cr
9,900
9,900

Record date Dec 15

Description
Cash Dividends
Dividends Payable

Dr

Cr
50
50

Payment date Dec 25

Description
Dividends Payable
Cash

Dr

Cr
9,950
9,950

Closing date Dec 31

Description
Retained Earnings
Cash Dividends

Dr

Cr
9,950
9,950

issued 100,000 stocks: No par value; Market Value $5

Description
Cash
Common Stock

OR

Stock Dividends
1-Dec

99000*.1

500*.1

Description
Stock Dividends
Stock Dividends Distributable
Paid in Capital
Record date Dec 15
Description
Stock Dividends
Stock Dividends Distributable
Paid in Capital
Issue /Distr date Dec 25
Description
Stock Dividends Distributable
Common Stock

Closing date Dec 31

Description
Retained Earnings
Stock Dividends

Dr
Cr
500,000
500,000

990
MV 10

ds

Dr

Cr
9,900
990
8,910

Dr

Cr
50
5
45

Dr

Cr
995
995

Dr

Cr
9,950
9,950