JAMES AND FAMILY INC.

GENERAL JOURNAL

DATE ACCOUNT TITLE DEBIT CREDIT

04-04 Cash 10,000.00
Accounts Receivable 1,500.00
Supplies 1,250.00
Office Equipment 7,500.00
Jessie James, Capital 20,250.00
To record investment of assets

04-04 Prepaid rent 4,500.00

Cash 4,500.00
To record advance payment of 3 month
lease rental

04-04 Prepaid insurance 1,800.00

Cash 1,800.00
To record payment of premium on
property and casualty insurance policies

04-06 Cash 3,000.00

Unearned revenue 3,000.00
To record received advanced payment for
service to be provided

04-07 Office equipment 1,800.00

Accounts payable 1,800.00
To record acquisition if additional office
furniture

04-08 Cash 800.00

Accounts receivable 800.00
To record cash received from clients

04-11 Advertising expense 120.00

Cash 120.00
To record payment of newspaper
advertisement

04-12 Accounts payable 800.00

Cash 800.00
To record payment of debt incurred

04-15 Accounts receivable 2,250.00

Service revenue 2,250.00
To record services provided on accounts

04-15 Salaries expense 400.00

Cash 400.00
To record payment of part-time
receptionist

04-15 Cash 3,175.00

Service revenue 3,175.00
To record received cash from clients

04-18 Supplies 750.00

Cash 750.00
To record payment of cash for supplies

04-22 Accounts receivable 1,100.00

Service revenue 1,100.00
To record services provided on account
DATE ACCOUNT TITLE DEBIT CREDIT
04-22 Cash 1,850.00
Service revenue 1,850.00
To record received cash from clients

04-25 Cash 1,600.00

Accounts receivable 1,600.00
To record cash received from clients

04-27 Salaries expense 400.00

Cash 400.00
To record payment of part-time
receptionist

04-28 Utility expense 130.00

Cash 130.00
To record payment of utility bill

04-29 Utility expense 200.00

Cash 200.00
To record payment of electric bill

04-29 Cash 2,050.00

Service revenue 2,050.00
To record received cash from clients for
service provided

04-29 Accounts receivable 1,000.00

Service revenue 1,0000.00
To record services provided on account

04-29 Salaries Expense 4,500.00

Cash 4,500.00
To record received salary of Jessie
JAMES AND FAMILY INC
ADJUSTING JOURNAL ENTRIES

DATE ACCOUNT TITLE DEBIT CREDIT

04-30 Insurance Expense 150.00
Prepaid Insurance 150.00

04-30 Supplies Expense 980.00

Supplies 980.00

04-30 Depreciation Expense 500.00

Accumulated Depreciation 500.00

04-30 Salaries Expense 20.00

Salaries Payable 20.00

04-30 Rent Expense 1,500.00

Prepaid Rent 1,500.00

04-30 Unearned Revenue 2,000.00

Service Revenue 2,000.00
JESSIE JAMES
T-ACCOUNTS

CASH
DEBIT CREDIT
04-04 10,000 4,500 04-04
04-06 3,000 1,800 04-04
04-08 800 120 04-11
04-15 3,175 800 04-12
04-22 1,850 400 04-15
04-25 1,600 750 04-18
04-29 2,050 400 04-27
04-30 8.875 130 04-28
200 04-29
4,500 04-29

ACCOUNTS RECEIVABLE
DEBIT CREDIT
04-04 1,500 800 04-04
04-15 2,250 1,600 04-25
04-22 1,100
04-29 1,000
04-30 3,450

SUPPLIES
DEBIT CREDIT
04-04 1,250 980 04-30
04-15 750
04-30 1,020

OFFICE EQUIPMENT
DEBIT CREDIT
04-04 7,500
04-07 1,800
04-30 9,300

PREPAID RENT
DEBIT CREDIT
04-04 4,500 1,500 04-30
04-30 3,000

PREPAID INSRANCE
DEBIT CREDIT
04-04 1,800 150 04-30
04-30 1,650
 ACCUMULATED DEPRECIATION
DEBIT CREDIT
500 04-30
500 04-30

ACCOUNTS PAYABLE
DEBIT CREDIT
04-12 800 1,800 04-07
1,000 04-30

SALARIES PAYABLE
DEBIT CREDIT
20 04-30
20 04-30

UNEARNED REVENUE
DEBIT CREDIT
04-30 2,000 3,000 04-06
1,000 04-30

SERVICE REVENUE
DEBIT CREDIT
2,250 04-15
3,175 04-15
1,100 04-22
1,850 04-22
2,050 04-29
1,000 04-29
2,000 04-30
13,425 04-30

RENT EXPENSE
DEBIT CREDIT
04-30 1,500
04-30 1,500

SUPPLIES EXPENSE
DEBIT CREDIT
04-30 980
04-30 980
 SALARIES EXPENSE
DEBIT CREDIT
04-15 400
04-27 400
04-29 4,500
04-30 20
04-30 5,320

ADVERTISING EXPENSE
DEBIT CREDIT
04-11 120
04-30 120

UTILITIES EXPENSE
DEBIT CREDIT
04-28 130
04-29 200
04-30 330

INSURANCE EXPENSE
DEBIT CREDIT
04-30 150
04-30 150

DEPRECIATION EXPENSE
DEBIT CREDIT
04-30 500
04-30 500

CONTRIBUTED CAPITAL
DEBIT CREDIT
20,250 04-04
20,250 04-30
 JAMES AND FAMILYINC
ADJUSTED TRIAL BALANCE

ACCOUNT TITLE DEBIT CREDIT

Cash 8,875
Accounts Receivable 3,450
Prepaid Rent 3,000
Prepaid Insurance 1,650
Supplies 1,020
Office Equipment 9,300
Accumulated Depreciation 500
Accounts Payable 1,000
Salaries Payable 20
Unearned Revenue 1,000
Contributed capital 20,250
Service revenue 13,425
Insurance expense 150
Depreciation expense 500
Rent expense 1,500
Supplies expense 980
Salaries expense 5,320
Utilities expense 330
Advertising expense 120
TOTAL 36,195 36,195
 JAMES AMD FAMILY INC
INCOME STATEMENT
For the year ended April 30

Revenues
Service Revenue 13,425
Total Revenues 13,425

Expenses
Insurance expense 150
Depreciation expense 500
Rent expense 1,500
Supplies expense 980
Salaries expense 5,320
Utilities expense 330
Advertising expense 120
Total expenses 8,900
Net Income 4,525

JAMES AND FAMILY

STATEMENT OF RETAINED EARNINGS
For the year ended April 30

Beg. Retained Earnings (04-01) 0

Add: Net Income 4,525
Less: Dividends 0
End Retained Earnings 4,525
 JAMES AND FAMILY
BALANCE SHEET
For the month ended April 30

ASSETS
Current Assets
Cash 8,875
Accounts Receivable 3,450
Prepaid Rent 3,000
Prepaid Insurance 1,650
Supplies 1,020
Total Current Assets 17,995
Property, Plant and Equipment
Office Equipment 9,300
Accumulated Depreciation (500)
Property,Plant and Equipment, net 8,800
Total Assets 26,795

LIABILITIES AND STOCKHOLDER’S EQUITY

LIABILITIES
Current Liabilities
Accounts Payable 1,000
Salaries Payable 20
Total Current Liabilities 1,020
Unearned Revenue 1,000
Total Liabilities 2,020

STOCKHOLDER’S EQUITY
Contributed Capital 20,250
Retained Earnings 4,525
Total stockholder’s equity 24,250

Total Liabilities and Stockholder’s Equity 26,795

JAMES AND FAMILY INC
GENERAL JOURNAL
CLOSING JOURNAL ENTRIES

DATE ACCOUNT TITLE DEBIT CREDIT

O4-30 Service Revenue 13,425.00
Insurance expense 150.00
Depreciation expense 500.00
Rent expense 1,500.00
Supplies expense 980
Salaries expense 5,320.00
Utilities expense 330.00
Advertising expense 120.00
Retained earnings 4,525.00
To close Revenues and Expense to
Retained Earnings Account
 JAMES AND FAMILY INC
POST-CLOSING TRIAL BALANCE
FOR THE YEAR ENDED DECEMBER 31

ACCOUNT TITLE DEBIT CREDIT

Cash 8,875
Accounts Receivable 3,450
Prepaid Rent 3,000
Prepaid Insurance 1,650
Supplies 1,020
Office Equipment 9,300
Accumulated Depreciation 500
Accounts payable 1,000
Salaries Payable 20
Unearned Revenue 1,000
Contributed Capital 20,250
Retained Earnings 4,525
Total 27,295 27,295