Selected Accounts for Petes Party Palace

Accounting fees (Expense) 6125

Accounts Payable (Current Liability) 59,500
Accounts Receivable (Current Asset) 57,750 (15,750) 42,000
Accumulated Depreciation Equipment
(Non C Asset) 94,500 49,700 144,200
Advertising (Expense) 14,000
Buildings (Non C Asset) 238,000 124,000 362,000
Business travel (Expense) 7000 (1,750) 5,250
Capital (Owners Equity) 685,125 287,000 972,125
Cash (Current Asset) 80,500
Closing Stock 31 March 2016 (Current
Asset) 175,000 (17,500) 157,500
Commission received (Current Asset) 17,500
Delivery Out (Expense) 31,500
Dividends received (Current Asset) 3500 1,575 1,575
Drawings (Equity) 38,500 1,750 40,250
Equipment (Non-Current Asset) 224,000 (49,700) 174,300
Inbound freight (Expense) 17,500
Insurance (Prepaid Expense) 28,000 (7,000) 21,000
Interest (Expense) 10,500
Land (Non-current asset) 287,000 163,000 450,000
Mortgage (Non-current liability) 227,500
Purchases 402,500
Rent Received (Revenue current asset) 42,000 (7000) 35,000
Sales (Revenue current asset) 997,500
Sales Returns (expense) 8750
Stationery (expense) 10,500
Telephone and internet (Expense) 26,000
Shares in 5-star Entertainment Ltd (Non C
Asset) 70,000
Wages sales staff (Current liability) 280,000 30,000 310,000
Wages admin staff (Current liability) 114,000
Wages accrued (Current Liability) 30,000 30,000
Inventory (Asset) 157,500 157,500
Cost of goods sold (Expense) 420,000 420,000
Pre-paid expenses (Current Asset) 7,000 7,000
Allowance for Doubtful debt account 1 15,750
(Current Liab) 5,750
14, 14,017.5
Bad debt expense (Current Liability) 017.5
Asset Revaluation Reserve (equity) 287,000 287,000
Depreciation Expense Account 49,700
(Expense) 49,700
Rent Received in advance (Revenue 7000
Asset) 7000
Dividends Receivable (Current Asset) 1575 1575