ABC Business

Chart of Accounts
Account Number Account Name
1-100 Cash
1-200 Accounts Receivable
1-300 Inventory
1-400 Supplies
… …
1-700 Property, Plant and Equipment
1-800 Intangibles
… …
2-100 Accounts Payable
2-200 Other Payables
2-300 Utilities Payable
… …
2-500 Bank Loan
… …
3-100 Capital - Owner
3-200 Drawings - Owner
… …
4-100 Sales Revenue
4-200 Other Revenue
… …
5-100 Cost of Goods Sold
5-200 Wages Expense
5-300 Utilities Expense
… …
ABC Busniess
General Journal
Date Particulars Posting Ref Dr ($) Cr ($)
2017
December
4 Cash 1-100 50,000
Capital - Owner 3-100 50,000
(Owner invested in business.)

6 Cash 1-100 40,000

Bank Loan 2-500 40,000
(Borrowed money from bank.)

7 Inventory 1-300 3,000

Cash 1-100 1,000
Accounts Payable 2-100 2,000
(Purchased inventory partly paid in cash and partly on credit.)

10 Cash 1-100 2,000

Accounts Receivable 1-200 4,000
Sales Revenue 4-100 6,000
(Record sales partly in cash and partly on account.)

Cost of Goods Sold 5-100 2,000

Inventory 1-300 2,000
(Record inventory sold.)

18 Wages Expense 5-200 1,000

Cash 1-100 1,000
(Wages expense incurred and paid.)

31 Utlitities Expense 5-300 500

Utilities Payable 2-300 500
(Utilities expense incurred.)
ABC Business
General Ledger

Cash 1-100
2017 2017
December December
4 Capital - Owner 50,000 7 Inventory 1,000
6 Bank Loan 40,000 18 Wages expense 1,000
10 Sales Revenue 2,000 31 Ending Balance 90,000
92,000 92,000
2018
January
1 Beginning Balance 90,000

Capital - Owner 3-100

2017
December
4 Cash 50,000

Bank Loan 2-500

2017
December
6 Cash 40,000
 Inventory 1-300
2017 2017
December December
7 Cash 1,000 10 Cost of Goods Sold 2,000
Accounts Payable 2,000 31 Ending Balance 1,000
3,000 3,000
2018
January
1 Beginning Balance 1,000

Accounts Payable 2-100

2017
December
7 Inventory 2,000

Sales Revenue 4-100

2017
December
10 Cash 2,000
Acconts Receivable 4,000
31 Ending Balance 6,000

Accounts Receivable 1-200

 2017
December
10 Sales Revenue 4,000

Cost of Goods Sold 5-100

2017
December
10 Inventory 2,000

Wages Expense 5-200

2017
December
18 Cash 1,000

Utilities Expense 5-300

2017
December
31 Utilities Payable 500
Utilites Payable 2-300
2017
December
31 Utlities Expense 500
ABC Business
Trial Balance
Account Number Account Name Debit ($) Credit ($)
1-100 Cash 90,000
1-200 Accounts Receivable 4,000
1-300 Inventory 1,000
1-400 Supplies
… …
1-700 Property, Plant and Equipment
1-800 Intangibles
… …
2-100 Accounts Payable 2,000
2-200 Other Payables
2-300 Utilities Payable 500
… …
2-500 Bank Loan 40,000
… …
3-100 Capital - Owner 50,000
3-200 Drawings - Owner
… …
4-100 Sales Revenue 6,000
4-200 Other Revenue
… …
5-100 Cost of Goods Sold 2,000
5-200 Wages Expense 1,000
5-300 Utilities Expense 500
… …
Total Balance 98,500 98,500