GENERAL JOURNAL

Date Description Debit Credit

20--
July 1 Cash 135,000
L. Judar, Capital 135,000
Invested cash in business.

2 Land 292,000
Building 96,200
Pool/Slide Facility 148,800
Pool Furniture 3,800
Mortgage Payable 420,800
Cash 120,000
Bought Blast Off!.

2 Prepaid Insurance 12,240

Cash 12,240
Paid one-year premium for insurance.

2 Pool/Slide Facility 1,225

Accounts Payable 725
Cash 500
Bought inner tubes from Worn Tires.

3 Cash 250
Concessions Income 250
Received payment for rental space for
video games and food concessions.

5 Advertising Expense 1,320

Accounts Payable 1,320
Grand opening expenses from Party
Rentals and City Star.

6 Pool Maintenance Expense 1,600

Cash 1,600
July payment on contract to All-Around
Maintenance.

July 6 Miscellaneous Expense 128

Cash 128
Paid for employee picnic.
 7 Cash 12,086
Income from Services 12,086
Received cash for services rendered.

9 Pool Maintenance Expense 646

Accounts Payable 646
Bought parts on account from Arlen's
Pool Supply.

14 Cash 10,445
Income from Services 10,445
Received cash for services rendered.

15 Wages Expense 9,460

Cash 9,460
Paid wages for period July 1-July 14.

16 Accounts Payable 1,150

Cash 1,150
Paid Party Rentals and City Star
on account.

16 L. Judar, Drawing 2,500

Cash 2,500
Withdrawal for personal use.

17 Pool Furniture 2,100

Accounts Payable 2,100
Bought pool furniture from Pool
Suppliers.

July 18 Miscellaneous Expense 328

Cash 328
Paid for costume alterations.

21 Cash 10,330
Income from Services 10,330
Received cash for services rendered.

21 Accounts Payable 600

Cash 600
Partial payment to Worn Tires.

23 Accounts Payable 225

Pool Furniture 225
 Received allowance from Pool
Suppliers for damaged chairs.

25 Utilities Expense 292

Cash 292
Received and paid telephone bill.

29 Wages Expense 8,227

Cash 8,227
Paid wages for period July 15-July 28.

31 Cash 11,870
Income from Services 11,870
Received cash for services rendered.

31 Accounts Payable 360

Cash 360
Paid Arlen's Pool Supply on account.

31 Utilities Expense 684

Cash 684
Received and paid water bill.

July 31 Interest Expense 1,980

Mortgage Payable 1,910
Cash 3,890
Paid installment on mortgage.

31 Utilities Expense 942

Cash 942
Received and paid electric bill..

31 Pool/Slide Facility 480

Accounts Payable 380
Cash 100
Bought inner tubes from Worn Tires.

31 L. Judar, Drawing 3,200

Cash 3,200
Withdrawal for personal use.

31 Accounts Receivable 234

Concessions Income 234
Additional revenue from concessions.
 Adjusting Entries
31 Insurance Expense 1,020
Prepaid Insurance 1,020

31 Depreciation Expense, Building 480

Accum. Depr., Building 480

31 Depr. Expense, Pool/Slide Facility 675

Accum. Depr., Pool/Slide Facility 675

31 Depr. Expense, Pool Furniture 220

Accum. Depr., Pool Furniture 220

31 Wages Expense 920

Wages Payable 920

Closing Entries
July 31 Income from Services 44,731
Concessions Income 484
Income Summary 45,215

31 Income Summary 28,922

Pool Maintenance Expense 2,246
Wages Expense 18,607
Advertising Expense 1,320
Utilities Expense 1,918
Interest Expense 1,980
Insurance Expense 1,020
Depreciation Expense, Building 480
Depr. Expense, Pool/Slide Facility 675
Depr. Expense, Pool Furniture 220
Miscellaneous Expense 456

31 Income Summary 16,293

L. Judar, Capital 16,293

31 L. Judar, Capital 5,700

L. Judar, Drawing 5,700
 GENERAL LEDGER
Cash
Balance
Date Item Debit Credit Debit

20--
July 1 135,000 135,000
2 120,000 15,000
2 12,240 2,760
2 500 2,260
3 250 2,510
6 1,600 910
6 128 782
7 12,086 12,868
14 10,445 23,313
15 9,460 13,853
16 1,150 12,703
16 2,500 10,203
18 328 9,875
21 10,330 20,205
21 600 19,605
25 292 19,313
29 8,227 11,086
31 11,870 22,956
31 360 22,596
31 684 21,912
31 3,890 18,022
31 942 17,080
31 100 16,980
31 3,200 13,780

Accounts Receivable
Balance
Date Item Debit Credit Debit

20--
July 31 234 234

Prepaid Insurance
Balance
 Date Item Debit Credit Debit

20--
July 2 12,240 12,240
31 Adjusting 1,020 11,220

Land
Balance
Date Item Debit Credit Debit

20--
July 2 292,000 292,000

Building
Balance
Date Item Debit Credit Debit

20--
July 2 96,200 96,200

Accumulated Depreciation, Building

Balance
Date Item Debit Credit Debit

20--
July 31 480

Pool/Slide Facility
Balance
Date Item Debit Credit Debit

20--
July 2 148,800 148,800
2 1,225 150,025
31 480 150,505
 Accumulated Depreciation, Pool/Slide Facility
Balance
Date Item Debit Credit Debit

20--
July 31 675

Pool Furniture
Balance
Date Item Debit Credit Debit

20--
July 2 3,800 3,800
17 2,100 5,900
23 225 5,675

Accumulated Depreciation, Pool Furniture

Balance
Date Item Debit Credit Debit

20--
July 31 220

Accounts Payable
Balance
Date Item Debit Credit Debit

20--
July 2 725
5 1,320
9 646
16 1,150
17 2,100
21 600
23 225
31 360
31 380

Wages Payable
 Balance
Date Item Debit Credit Debit

20--
July 31 920

Mortgage Payable
Balance
Date Item Debit Credit Debit

20--
July 2 420,800
31 1,910

L. Judar, Capital
Balance
Date Item Debit Credit Debit

20--
July 1 135,000
31 Closing 16,293
31 Closing 5,700

L. Judar, Drawing
Balance
Date Item Debit Credit Debit

20--
July 16 2,500 2,500
31 3,200 5,700
31 Closing 5,700 -

Income Summary
Balance
Date Item Debit Credit Debit

20--
July 31 Closing 45,215
31 Closing 28,922
31 Closing 16,293 -
 Income from Services
Balance
Date Item Debit Credit Debit

20--
July 7 12,086
14 10,445
21 10,330
31 11,870
31 Closing 44,731

Concessions Income
Balance
Date Item Debit Credit Debit

20--
July 3 250
31 234
31 Closing 484

Pool Maintenance Expense

Balance
Date Item Debit Credit Debit

20--
July 6 1,600 1,600
9 646 2,246
31 Closing 2,246
 Wages Expense
Balance
Date Item Debit Credit Debit

20--
July 15 9,460 9,460
29 8,227 17,687
31 Adjusting 920 18,607
31 Closing 18,607

Advertising Expense
Balance
Date Item Debit Credit Debit

20--
July 5 1,320 1,320
31 Closing 1,320

Utilities Expense
Balance
Date Item Debit Credit Debit

20--
July 25 292 292
31 684 976
31 942 1,918
31 1,918

Interest Expense
Balance
Date Item Debit Credit Debit

20--
July 31 1,980 1,980
31 Closing 1,980 -

Insurance Expense
 Balance
Date Item Debit Credit Debit

20--
July 31 Adjusting 1,020 1,020
31 Closing 1,020 -

Depreciation Expense, Building

Balance
Date Item Debit Credit Debit

20--
July 31 Adjusting 480 480
31 Closing 480

Depreciation Expense, Pool/Slide Facility

Balance
Date Item Debit Credit Debit

20--
July 31 Adjusting 675 675
31 Closing 675 -

Depreciation Expense, Pool Furniture

Balance
Date Item Debit Credit Debit

20--
July 31 Adjusting 220 220
31 Closing 220 -

Miscellaneous Expense
Balance
Date Item Debit Credit Debit

20--
July 6 128 128
18 328 456
31 Closing 456
Balance
Credit

Balance
Credit

Balance
 Credit

Balance
Credit

Balance
Credit

Balance
Credit

480

Balance
Credit
Balance
Credit

675

Balance
Credit

Balance
Credit

220

Balance
Credit

725
2,045
2,691
1,541
3,641
3,041
2,816
2,456
2,836
Balance
Credit

920

Balance
Credit

420,800
418,890

Balance
Credit

135,000
151,293
145,593

Balance
Credit

Balance
Credit

45,215
16,293
-
Balance
Credit

12,086
22,531
32,861
44,731

Balance
Credit

250
484

Balance
Credit
Balance
Credit

Balance
Credit

Balance
Credit

Balance
Credit

-
Balance
Credit

Balance
Credit

Balance
Credit

Balance
Credit

Balance
Credit
 Blast Off!
Work Sheet
For the Month Ended July 31

Trial Balance Adjustments Adjusted Trial Balance

Account Name Debit Credit Debit Credit Debit
Cash 13,780 13,780
Accounts Receivable 234 234
Prepaid Insurance 12,240 1,020 11,220
Land k 292,000
Building 96,200 96,200
Pool/Slide Facility 150,505 - - 150,505
Pool Furniture 5,675 5,675
Accounts Payable - 2,836
Mortgage Payable - 418,890
L. Judar, Capital - 135,000
L. Judar, Drawing 5,700 5,700
Income from Services - 44,731
Concessions Income - 484
Pool Maintenance Expense 2,246 - 2,246
Wages Expense 17,687 920 18,607
Advertising Expense 1,320 1,320
Utilities Expense 1,918 1,918
Interest Expense 1,980 1,980
Miscellaneous Expense 456 456
601,941 601,941
Insurance Expense 1,020 1,020
Depreciation Expense, Building 480 480
Accum. Depr., Building 480
Depr. Expense, Pool/Slide Facility 675 675
Accum. Depr., Pool/Slide Facility 675
Depr. Expense, Pool Furniture 220 220
Accum. Depr., Pool Furniture 220
Wages Payable 920
3,315 3,315 604,236
Net Income
Totals
uly 31

Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit Debit Credit
13,780
234
11,220
292,000
96,200
- - - 150,505
5,675
2,836 2,836
418,890 418,890
135,000 135,000
- 5,700
44,731 44,731
484 484
2,246
18,607
1,320
1,918
1,980
456

1,020
480
480 480
675
675 675
220
220 220
920 920
604,236 28,922 45,215 575,314 559,021
16,293 16,293
45,215 45,215 575,314 575,314
 Income statement
Revenues:
Income from Services $ 44,731
Concessions Income 484
Total Revenue $ 45,215
Expenses:
Pool Maintenance Expense $ 2,246
Wages Expense 18,607
Advertising Expense 1,320
Utilities Expense 1,918
Interest Expense 1,980
Insurance Expense 1,020
Depreciation Expense, Building 480
Depr. Expense, Pool/Slide Facility 675
Depr. Expense, Pool Furniture 220
Miscellaneous Expense 456
Total Expenses 28,922
Net Income 16,293
 Statement of owner's equity
L. Judar, Capital, July 1, 20-- $ -
Add Investments during Month $ 135,000
Add Net Income for the Month 16,293
Subtotal $ 151,293
Deduct Withdrawals for the Month 5,700
Increase in Capital 145,593
L. Judar, Capital, July 31, 20-- $ 145,593

Balance sheet

Assets
Cash $ 13,780
Accounts Receivable 234
Prepaid Insurance 11220
Land 292000
Building $ 96,200
Accum. Depr., Building 480 95,720
Pool/Slide Facility $ 150,505
Accum. Depr., Pool/Slide Facility 675 149,830
Pool Furniture $ 5,675
Accum. Depr., Pool Furniture 220 5,455
Total Assets $ 568,239

Liabilities
Accounts Payable $ 2,836
Wages Payable 920
Mortgage Payable 418,890
Total Liabilities $ 422,646

Owner's Equity
L. Judar, Capital 145,593
Total Liabilities and Owner's Equity $ 568,239