AIS PROJECT

XERO - Part II

Spring 2016
Nakyung Kim
Professor. Jennifer Johnson
March 27, 2016

338151542.xlsx

Pre Adjusted Trial Balance

AIS Project Spring 2016
As of 31 December 2015
Account
Assets
1100 - Cash - Operating
1110 - Cash-payroll
1200 - Accounts Receivable
1205 - Allowance for Doubtful Accounts
1230 - Interest Receivable
1240 - Notes Receivable
1300 - Inventory
1410 - Prepaid Insurance
1500 - Furniture & Fixtures
1505 - Less Accumulated Depreciation on Furn & Fix

YTD Debit

YTD Credit

$215,883.32
$10.00
$136,000.00
$2,040.00

291.67
$70,000.00
$96,000.00
$8,500.00
$275,500.00
$37,829.17

Liabilities
2100 - Accounts Payable
2190 - Interest Payable
2220 - Current N/P to bank
2700 - Notes Payable to bank
2710 - Other Liabilities

$40,140.00

$39,373.62
$101,031.93
$65,000.00

Equity
3100 - Common Stock
3120 - Additional Paid In Capital
3200 - Retained Earnings

$8,500.00
$495,000.00
$133,342.83

Revenue
4100 - Sales
9100 - Interest Income
Expenses
4500 - Cost of Goods Sold
4700 - Shrinkage & Waste
4800 - Freight and handling
5100 - Accounting
5200 - Advertising
5300 - Bad Debt Ex
5400 - Bank Fees
5600 - Depreciation
5700 - Dues & Subscriptions
5800 - Employee Benefits
5900 - Insurance
6000 - Legal Expenses
6100 - Life - Insurance - Admin
6300 - Rent
6400 - Repairs and Maintenance
6500 - Salaries and Wages
6700 - Telephone & Utilities
8100 - Taxes - FUTA Expense
8200 - Taxes - FICA Expense
8250 - Taxes - Medicare Expense

6,500.00

$553,000.00

291.67

$337,260.00

2,500.00
$4,000.00
$17,000.00
$2,500.00

$
$

540.00
180.00
$22,329.17
$750.00
$1,740.00

900.00
$8,000.00

800.00
$36,000.00
$1,545.00
$208,800.00
$5,645.00
$180.00
$12,945.60
$3,027.60

8400 - Taxes - SUTA Expense

9000 - Interest Expense
Total

$1,083.00
$12,138.86
$1,482,049.22

$1,482,049.22

General Ledger Report

AIS Project Spring 2016
From 1 January 2015 to 31 December 2015
Date

Type

Transaction

Reference

1100 - Cash - Operating

01/1/2015
11/30/2015
SB
12/1/2015
PAY
12/1/2015
PAY
12/1/2015
PAY
12/3/2015
PAY
12/5/2015
PAY
12/5/2015
PAY
12/5/2015
PAY
12/10/2015
PAY
12/30/2015
BT
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015
PAY
12-31-2015
12/31/2015

Opening balance
Conversion Balance
Payment: Vendor 30
Landlord of Texas
Rent
Thomas Engineering
Loan
Payment: Customer 30
INV-0003
Payment: Dallas Insurance Agency
V710
Payment: Customer 40
INV-0004
Payment: Customer 40
INV-0005
Payment: Customer 10
INV-0001
Bank Transfer from Cash - Operating toDec payroll
US Treasury
Payment: Freight
Payment: Medical Insurance of Texas
US Treasury
First Bank
Payment: Vendor 30
V457
Payment: Vendor 30
V456
US Treasury
Payment: Customer 20
INV-0002
Reconciling bank statement
Gj2
Total 1100 - Cash - Operating

1110 - Cash-payroll
01/1/2015
11/30/2015
SB
12/30/2015
BT
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015

Opening balance
Conversion Balance
Bank Transfer from Cash - Operating toDec payroll
Employee 30
Employee 40
Employee 20
Employee 10
Total 1110 - Cash-payroll

1200 - Accounts Receivable

01/1/2015
Opening balance
10/15/2015
INV
Customer 20
11/10/2015
INV
Customer 30
11/15/2015
INV
Customer 10
11/19/2015
INV
Customer 40
12/3/2015
PAY
Payment: Customer 30
12/4/2015
INV
Customer 40
12/5/2015
INV
Customer 30
12/5/2015
PAY
Payment: Customer 40
12/5/2015
PAY
Payment: Customer 40
12/10/2015
INV
Customer 40
12/10/2015
PAY
Payment: Customer 10
12/20/2015
INV
Customer 30

INV-0002
INV-0003
INV-0001
INV-0004
INV-0003
INV-0005
INV-0006
INV-0004
INV-0005
INV-0007
INV-0001
INV-0008

Debit

$424,107.77

$60,000.00
$12,000.00
$12,000.00
$17,000.00

$25,000.00
$550,107.77

$10.00
$13,483.90

$13,493.90

$45,000.00
$60,000.00
$20,000.00
$12,000.00
$12,000.00
$48,000.00

$36,000.00
$8,000.00

Date

Type

Transaction

Reference

12/28/2015
12/31/2015
12-30-2015
12/31/2015

INV
PAY

Customer 20
Payment: Customer 20
Writing-off bad debt
Total 1200 - Accounts Receivable

INV-0009
INV-0002
Gj3

$24,000.00

$265,000.00

1205 - Allowance for Doubtful Accounts

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12-31-2015
Writing-off bad debt
Gj3
12-31-2015
Recording bad debt expense
Gj4
12/31/2015
Total 1205 - Allowance for Doubtful Accounts
1230 - Interest Receivable
01/1/2015
Opening balance
12/30/2015
Loan Interest
12/31/2015
Total 1230 - Interest Receivable

Debit

Gj5

1240 - Notes Receivable

01/1/2015
Opening balance
12/1/2015
PAY
Thomas Engineering - Loan - Thomas Loan
12/31/2015
Total 1240 - Notes Receivable

$3,000.00
$3,000.00

$291.67
$291.67

$70,000.00
$70,000.00

Date

Type

1300 - Inventory
01/1/2015
12/1/2015
12/1/2015
12/1/2015
12/1/2015
12/3/2015
INV
12/3/2015
INV
12/3/2015
INV
12/3/2015
INV
12/4/2015
12/5/2015
12/6/2015
INV
12/10/2015
12/20/2015
12/28/2015
12-31-2015
12/31/2015

Transaction

Opening balance
opening balance - opening balance
opening balance - opening balance
open balance - open balance
open balance - open balance
Vendor 30 - Inventory Item 10
Vendor 30 - Inventory Item 20
Vendor 30 - Inventory Item 30
Vendor 30 - Inventory Item 40
Customer 40
Customer 30
Vendor 30 - Inventory Item 40
Customer 40
Customer 30
Customer 20
Loss/theft inventory-Item 30
Total 1300 - Inventory

Reference

V456
V456
V456
V456

$5,000.00
$6,000.00
$17,500.00
$12,000.00
$10,000.00
$12,000.00
$12,500.00
$40,000.00

V457

$60,000.00

Gj6
$175,000.00

1410 - Prepaid Insurance

01/1/2015
Opening balance
12/1/2015
INV
Dallas Insurance Agency - Business InsV710
12/1/2015
INV
Dallas Insurance Agency - CEO Life InsV710
12-31-2015
Prepaid adjustment
Gj7
12/31/2015
Total 1410 - Prepaid Insurance
1500 - Furniture & Fixtures
01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12-31-2015
Fixed Asset adj-Item 40
12/31/2015
Total 1500 - Furniture & Fixtures

Gj8

1505 - Less Accumulated Depreciation on Furn & Fix

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/30/2015
MJ
Depreciation 2015 - Depreciation 2015#104
12/31/2015
Total 1505 - Less Accumulated Depreciation on Furn & Fix
2100 - Accounts Payable
01/1/2015
Opening balance
11/30/2015
INV
Vendor 30
12/1/2015
PAY
Payment: Vendor 30
12/1/2015
INV
Dallas Insurance Agency
12/1/2015
INV
Medical Insurance of Texas
12/2/2015
INV
Vendor 20
12/3/2015
INV
Vendor 30
12/5/2015
PAY
Payment: Dallas Insurance Agency
12/6/2015
INV
Vendor 30
12/15/2015
INV
Bill's Repair & Maintenance
12/15/2015
INV
Clark Rotary
12/15/2015
INV
Texas Phone & Utility

Debit

$5,400.00
$4,800.00
$10,200.00

$265,500.00
$10,000.00
$275,500.00

$0.00

$90,000.00
V710
V123
V456
V710
V457
V810
V907
V654

$10,200.00

Date

Type

Transaction

Reference

12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/31/2015

INV
INV
INV
INV
PAY
PAY
PAY
PAY

R. Heinlein's Accounting Service

A. McCafferty Advertising
H. Wells Attorney at Law
Freight
Payment: Freight
Payment: Medical Insurance of Texas
Payment: Vendor 30
Payment: Vendor 30
Total 2100 - Accounts Payable

V222
VA01
V723

V457
V456

2150 - Federal Withholding Payable

01/1/2015
Opening balance
12/30/2015
PAY
US Treasury - Federal Withholding - EE
12/30/2015
PAY
Employee 30 - Federal Withholding
12/30/2015
PAY
Employee 40 - Federal Withholding
12/30/2015
PAY
Employee 20 - Federal Withholding
12/30/2015
PAY
Employee 10 - Federal Withholding
12/31/2015
Total 2150 - Federal Withholding Payable

Debit

$4,000.00
$580.00
$60,000.00
$74,500.00
$239,280.00

$2,150.00

$2,150.00

Date

Type

Transaction

2160 - FICA Payable

01/1/2015
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015

Opening balance
US Treasury - FICA - EE
Employee 30 - FICA - EE
Employee 40 - FICA - EE
Employee 20 - FICA - EE
Employee 10 - FICA - EE
Total 2160 - FICA Payable

2165 - Medicare Payable

01/1/2015
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015

Opening balance
Employee 30 - Medicare - EE
Employee 40 - Medicare - EE
Employee 20 - Medicare - EE
Employee 10 - Medicare - EE
US Treasury - Medicare - EE
Total 2165 - Medicare Payable

2190 - Interest Payable

01/1/2015
12-31-2015
12/31/2015

Opening balance
Interest adjustment
Total 2190 - Interest Payable

2220 - Current N/P to bank

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12-31-2015
N/P adjustment
12/31/2015
Total 2220 - Current N/P to bank

Reference

Debit

$1,078.80

$1,078.80

$252.30
$252.30

Gj12
$0.00

Gj11

2700 - Notes Payable to bank

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/30/2015
PAY
First Bank - Loan Payment - Principle
12-31-2015
N/P adjustment
Gj11
12/31/2015
Total 2700 - Notes Payable to bank

$4,286.58
$0.00

$3,219.44
$3,219.44

2710 - Other Liabilities

01/1/2015
11/30/2015
SB
12/31/2015

Opening balance
Conversion Balance
Total 2710 - Other Liabilities

$0.00

3100 - Common Stock

01/1/2015
11/30/2015
SB
12/31/2015

Opening balance
Conversion Balance
Total 3100 - Common Stock

$0.00

3120 - Additional Paid In Capital

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/31/2015
Total 3120 - Additional Paid In Capital

$0.00

Date

Type

Transaction

3200 - Retained Earnings

01/1/2015
Opening balance
10/15/2015
INV
Customer 20 - open balance
11/10/2015
INV
Customer 30 - open balance
11/15/2015
INV
Customer 10 - open balance
11/19/2015
INV
Customer 40 - open balance
11/30/2015
INV
Vendor 30 - opening balance
11/30/2015
SB
Conversion Balance
12/1/2015
opening balance - opening balance
12/1/2015
opening balance - opening balance
12/1/2015
open balance - open balance
12/1/2015
open balance - open balance
12/31/2015
Total 3200 - Retained Earnings
4100 - Sales
01/1/2015
11/30/2015
12/4/2015
12/5/2015
12/10/2015
12/20/2015
12/28/2015
12/31/2015

SB
INV
INV
INV
INV
INV

Opening balance
Conversion Balance
Customer 40 - Inventory Item 30
Customer 30 - Inventory Item 40
Customer 40 - Inventory Item 20
Customer 30 - Inventory Item 10
Customer 20 - Inventory Item 30
Total 4100 - Sales

Reference

Debit

INV-0002
INV-0003
INV-0001
INV-0004
$90,000.00

$90,000.00

INV-0005
INV-0006
INV-0007
INV-0008
INV-0009
$0.00

Date

Type

Transaction

Reference

4500 - Cost of Goods Sold

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/4/2015
Customer 40
12/5/2015
Customer 30
12/10/2015
Customer 40
12/20/2015
Customer 30
12/28/2015
Customer 20
12/31/2015
Total 4500 - Cost of Goods Sold
4700 - Shrinkage and Waste
01/1/2015
Opening balance
12/31/2015
Loss/theft inventory-Item 30
12/31/2015
Total 4700 - Shrinkage and Waste

$260,760.00
$7,500.00
$32,000.00
$18,000.00
$4,000.00
$15,000.00
$337,260.00

Gj6

4800 - Freight and handling

01/1/2015
Opening balance
12/30/2015
INV
Freight - Freight
12/31/2015
Total 4800 - Freight and handling

$2,500.00
$2,500.00

$4,000.00
$4,000.00

5100 - Accounting
01/1/2015
12/2/2015
INV
12/30/2015
INV
12-31-2015
12/31/2015

Opening balance
Vendor 20 - Fixed Asset
V123
R. Heinlein's Accounting Service - Year V222
Fixed Asset adj-Item 40
Gj8
Total 5100 - Accounting

5200 - Advertising
01/1/2015
12/30/2015
INV
12/31/2015

Opening balance
A. McCafferty Advertising - Yellow PageVA01
Total 5200 - Advertising

5300 - Bad debt expense

01/1/2015
Opening balance
12/31/2015
Recording bad debt expense
12/31/2015
Total 5300 - Bad debt expense

Debit

$10,000.00
$17,000.00
$27,000.00

$2,500.00
$2,500.00

Gj4

$540.00
$540.00

Gj1
Gj2

$170.00
$10.00
$180.00

5400 - Bank fees

01/1/2015
12/31/2015
12-31-2015
12/31/2015

Opening balance
Correcting error
Reconciling bank statement
Total 5400 - Bank fees

5600 - Depreciation
01/1/2015
12/30/2015
MJ
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12-31-2015
12/31/2015

Opening balance
Depreciation 2015 - Depreciation 2015#104
Employee 30 - Gross Pay
Employee 40 - Gross Pay
Employee 20 - Gross Pay
Employee 10 - Gross Pay
Correcting misplacement error
Gj10
Total 5600 - Depreciation

$22,329.17
$4,700.00
$5,200.00
$3,750.00
$3,750.00
$39,729.17

Date

Type

Transaction

5700 - Dues & Subscriptions

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/15/2015
INV
Clark Rotary - December Dues
12-31-2015
Correcting error
12/31/2015
Total 5700 - Dues & Subscriptions

Reference

V907
GJ1

5900 - Insurance
01/1/2015
12/31/2015
12/31/2015

Opening balance
Dallas Insurance Agency-Business insuV710, Gj7
Total 5900 - Insurance

6000 - Legal Expenses

01/1/2015
12/30/2015
INV
12/31/2015

Opening balance
H. Wells Attorney at Law - Comfort Lett V723
Total 6000 - Legal Expenses

6100 - Life Insurance- Administration

01/1/2015
Opening balance
12/31/2015
Dallas Insurance Agency-CEO Life insuV710, Gj7
12/31/2015
Total 6100 - Life Insurance- Administration

SB
PAY

Opening balance
Conversion Balance
Landlord of Texas - Rent - December
Total 6300 - Rent

$170.00
$750.00
$920.00

5800 - Employee Benefits

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/1/2015
INV
Medical Insurance of Texas - Insurance - Employees
12/30/2015
PAY
Employee 30 - Medical Insurance - EE
12/30/2015
PAY
Employee 40 - Medical Insurance - EE
12/30/2015
PAY
Employee 20 - Medical Insurance - EE
12/30/2015
PAY
Employee 10 - Medical Insurance - EE
12/31/2015
Total 5800 - Employee Benefits

6300 - Rent
01/1/2015
11/30/2015
12/1/2015
12/31/2015

Debit

Rent

6400 - Repairs and Maintenance

01/1/2015
Opening balance
12/15/2015
INV
Bill's Repair & Maintenance - Maintena V810
12/31/2015
Total 6400 - Repairs and Maintenance

$1,595.00
$580.00

$2,175.00

$900.00
$900.00

$8,000.00
$8,000.00

$800.00
$800.00

$33,000.00
$3,000.00
$36,000.00

$1,545.00
$1,545.00

Date

Type

Transaction

6500 - Salaries and Wages

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12-31-2015
Correcting misplacement error
12/31/2015
Total 6500 - Salaries and Wages

Reference

Gj10

6700 - Telephone & Utilities

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/15/2015
INV
Texas Phone & Utility - December Phone
V654
12/31/2015
Total 6700 - Telephone & Utilities

Debit

$191,400.00
$17,400.00
$208,800.00

$5,300.00
$345.00
$5,645.00

8100 - Taxes - FUTA Expense

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/31/2015
Total 8100 - Taxes - FUTA Expense

$180.00
$180.00

8200 - Taxes - FICA Expense

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/30/2015
PAY
US Treasury - FICA - Employer
12/31/2015
Total 8200 - Taxes - FICA Expense

$11,866.80
$1,078.80
$12,945.60

8250 - Taxes - Medicare Expense

01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12-31-2015
US Treasury - Medicare - Company
Gj9
12/31/2015
Total 8250 - Taxes - Medicare Expense
8400 - Taxes - SUTA Expense
01/1/2015
Opening balance
11/30/2015
SB
Conversion Balance
12/30/2015
PAY
US Treasury - Medicare - Company
12-31-2015
Correcting misplacement error
12/31/2015
Total 8400 - Taxes - SUTA Expense
9000 - Interest Expense
01/1/2015
11/30/2015
SB
12/30/2015
PAY
12-31-2015
12/31/2015

Opening balance
Conversion Balance
First Bank - Loan Payment - Interest
Ineterest adjustment
Total 9000 - Interest Expense

9100 - Interest Income

01/1/2015
12/31/2015
12/31/2015

Opening balance
Loan interest
Total 9000 - Interest Expense

$2,775.30
$252.30
$3,027.60

$1,083.00
$252.30
Gj9
$1,335.30

Gj12

$5,219.95
$418.91
$6,500.00
$12,138.86

Gj5
$0.00

2015
Credit

YTD Balance

$10.00
$334,224.45

$0.00
$424,107.77
$334,107.77
$331,107.77
$261,107.77
$321,107.77
$310,907.77
$322,907.77
$334,907.77
$351,907.77
$338,423.87
$336,266.27
$332,266.27
$331,686.27
$329,536.27
$325,897.92
$265,897.92
$191,397.92
$190,893.32
$215,893.32
$215,883.32
$215,883.32

$3,665.46
$4,032.20
$2,893.12
$2,893.12
$13,483.90

$0.00
$10.00
$13,493.90
$9,828.44
$5,796.24
$2,903.12
$10.00
$10.00

$90,000.00
$3,000.00
$70,000.00
$10,200.00

$13,483.90
$2,157.60
$4,000.00
$580.00
$2,150.00
$3,638.35
$60,000.00
$74,500.00
$504.60

$60,000.00

$12,000.00
$12,000.00
$17,000.00

$0.00
$45,000.00
$105,000.00
$125,000.00
$137,000.00
$77,000.00
$89,000.00
$137,000.00
$125,000.00
$113,000.00
$149,000.00
$132,000.00
$140,000.00

Credit

YTD Balance

$25,000.00
$3,000.00
$129,000.00

$164,000.00
$139,000.00
$136,000.00
$136,000.00

$540.00
$5,040.00

$0.00
-$4,500.00
-$1,500.00
-$2,040.00
-$2,040.00

$0.00

$0.00
$291.67
$291.67

$0.00

$0.00
$70,000.00
$70,000.00

$4,500.00

Credit

YTD Balance

$18,000.00
$4,000.00
$15,000.00
$2,500.00
$79,000.00

$0.00
$5,000.00
$11,000.00
$28,500.00
$40,500.00
$50,500.00
$62,500.00
$75,000.00
$115,000.00
$107,500.00
$75,500.00
$135,500.00
$117,500.00
$113,500.00
$98,500.00
$96,000.00
$96,000.00

$1,700.00
$1,700.00

$0.00
$5,400.00
$10,200.00
$8,500.00
$8,500.00

$0.00

$0.00
$265,500.00
$275,500.00
$275,500.00

$15,500.00
$22,329.17
$37,829.17

$0.00
-$15,500.00
-$37,829.17
-$37,829.17

$7,500.00
$32,000.00

$90,000.00
$10,200.00
$580.00
$10,000.00
$74,500.00
$60,000.00
$1,545.00
$750.00
$345.00

$0.00
-$90,000.00
$0.00
-$10,200.00
-$10,780.00
-$20,780.00
-$95,280.00
-$85,080.00
-$145,080.00
-$146,625.00
-$147,375.00
-$147,720.00

Credit

YTD Balance
$17,000.00
$2,500.00
$8,000.00
$4,000.00

$279,420.00

-$164,720.00
-$167,220.00
-$175,220.00
-$179,220.00
-$175,220.00
-$174,640.00
-$114,640.00
-$40,140.00
-$40,140.00

$600.00
$650.00
$450.00
$450.00
$2,150.00

$0.00
$2,150.00
$1,550.00
$900.00
$450.00
$0.00
$0.00

Credit

YTD Balance

$291.40
$322.40
$232.50
$232.50
$1,078.80

$0.00
$1,078.80
$787.40
$465.00
$232.50
$0.00
$0.00

$252.30

$0.00
-$68.14
-$143.54
-$197.92
-$252.30
$0.00
$0.00

$6,500.00
$6,500.00

$0.00
-$6,500.00
-$6,500.00

$68.14
$75.40
$54.38
$54.38

$43,660.20
$43,660.20

$0.00
-$43,660.20
-$39,373.62
-$39,373.62

$4,286.58
$104,251.37

$0.00
-$99,964.79
-$96,745.35
-$101,031.93
-$101,031.93

$65,000.00
$65,000.00

$0.00
-$65,000.00
-$65,000.00

$8,500.00
$8,500.00

$0.00
-$8,500.00
-$8,500.00

$495,000.00
$495,000.00

$0.00
-$495,000.00
-$495,000.00

$99,964.79

Credit

YTD Balance

$45,842.83
$5,000.00
$6,000.00
$17,500.00
$12,000.00
$223,342.83

$0.00
-$45,000.00
-$105,000.00
-$125,000.00
-$137,000.00
-$47,000.00
-$92,842.83
-$97,842.83
-$103,842.83
-$121,342.83
-$133,342.83
-$133,342.83

$425,000.00
$12,000.00
$48,000.00
$36,000.00
$8,000.00
$24,000.00
$553,000.00

$0.00
-$425,000.00
-$437,000.00
-$485,000.00
-$521,000.00
-$529,000.00
-$553,000.00
-$553,000.00

$45,000.00
$60,000.00
$20,000.00
$12,000.00

Credit

YTD Balance

$0.00

$0.00
$260,760.00
$268,260.00
$300,260.00
$318,260.00
$322,260.00
$337,260.00
$337,260.00

$0.00

$0.00
$2,500.00
$2,500.00

$0.00

$0.00
$4,000.00
$4,000.00

$10,000.00
$10,000.00

$0.00
$10,000.00
$27,000.00
$17,000.00
$17,000.00

$0.00

$0.00
$2,500.00
$2,500.00

$0.00

$0.00
$540.00
$540.00

$0.00

$0.00
$170.00
$180.00
$180.00

$17,400.00
$17,400.00

$0.00
$22,329.17
$27,029.17
$32,229.17
$35,979.17
$39,729.17
$22,329.17
$22,329.17

Credit

YTD Balance

$170.00
$170.00

$0.00
$170.00
$920.00
$750.00
$750.00

$75.00
$120.00
$120.00
$120.00
$435.00

$0.00
$1,595.00
$2,175.00
$2,100.00
$1,980.00
$1,860.00
$1,740.00
$1,740.00

$0.00

$0.00
$900.00
$900.00

$0.00

$0.00
$8,000.00
$8,000.00

$0.00

$0.00
$800.00
$800.00

$0.00

$0.00
$33,000.00
$36,000.00
$36,000.00

$0.00

$0.00
$1,545.00
$1,545.00

Credit

YTD Balance

$0.00

$0.00
$191,400.00
$208,800.00
$208,800.00

$0.00

$0.00
$5,300.00
$5,645.00
$5,645.00

$0.00

$0.00
$180.00
$180.00

$0.00

$0.00
$11,866.80
$12,945.60
$12,945.60

$0.00

$0.00
$2,775.30
$3,027.60
$3,027.60

$252.30
$252.30

$0.00
$1,083.00
$1,335.30
$1,083.00
$1,083.00

$0.00

$0.00
$5,219.95
$5,638.86
$12,138.86
$12,138.86

$291.67
$291.67

$0.00
-$291.67
-$291.67

AIS Project - S16

General Journal - Corrections / Adjustments

Date

GL Acct#

Explanation
Gj1
Bank Fees
Dues and Subscriptions
Correcting opening balance

12

31

5400
5700

12

31

5400
1100

Gj2
Bank Fees
Bank - Operating Cash
Reconciling bank fees

1205
1200

Gj3
Allowance for Doubtful Accounts
Accounts Recievable
Writing-off bad debt

5300
1205

Gj4
Bad Debt Expense
Allowance for Doubtful Accounts
Recording Bad debt expense

12

12

31

31

12

31

1230
9100

Gj5
Interest Recievable
Interest Income
Loan interest

12

31

4700
1300

Gj6
Shrinkage & Waste Expense
Inventory
Loss/theft inventory-Item 30

5900
6100
1410

Gj7
Insurance
Life Insurance - Administation
Prepaid Insurance
prepaid adjustment

1500
5100

Gj8
Furniture & Fixtures
Accounting Expense
Fixed Asset adj-Item 40

12

12

31

Gj9
338151542.xlsx; General Journal

Page 22 of 29

Posted
Ref

General Journal - Corrections / Adjustments

Date
12
31

12

12

12

31

31

31

GL Acct#
8250
8400

Explanation
Taxes - Medicare Expense
Taxes - SUTA Expense
Correcting misplacement error

6500
5600

Gj10
Salary and Wages
Depreciation
Correcting misplacement error

2220
2700

Gj11
Current N/P to Bank
Notes Payable to Bank
N/P adjustment

9000
2190

Gj12
Interest Expense
Interest Payable
Interest adjustment

338151542.xlsx; General Journal

Page 23 of 29

Posted
Ref

nts

Debit

Credit

170.00
170.00

10.00
10.00

3,000.00
3,000.00

540.00
540.00

291.67
291.67

2,500.00
2,500.00

900.00
800.00
1,700.00

10,000.00
10,000.00

338151542.xlsx; General Journal

Page 24 of 29

nts

Debit
252.30

Credit
252.30

17,400.00
17,400.00

4,286.58
4,286.58

6,500.00
6,500.00

338151542.xlsx; General Journal

Page 25 of 29

Student Company
Bank Reconciliation
December 31, 2015

First Bank: Cash Operating A/C #5551234

Bank Statement

Unadjusted Bank Balance, 12/31/15

General Ledger

200,275.52

215,893.32

Add:
Deposits in Transit

25,000.00
25,000.00

Deduct:
Outstanding Checks:
Check # Amount
2015 $
4,000.00
2016 $
2,157.60
2017 $
580.00
2018 $
504.60
2019 $
2,150.00
$

(9,392.20)

Adjustments:
Bank Service Fee
Adjusted Balance, 12/31/15

(10.00)
$

215,883.32

215,883.32

Student Company
Bank Reconciliation
December 31, 2015

First Bank: Payroll A/C #5551235

Bank Statement
2,903.12

Unadjusted Bank Balance, 12/31/15

Add:
Deposits in Transit
Deduct:
Outstanding Checks:
Check # Amount
1045 $ 2,893.12
$

(2,893.12)

Adjustments:
Adjusted Balance, 12/31/15

10.00

General Ledger
10.00

10.00

Student Company
Fixed Asset Report
December 31,2015

Item
Item 10
Item 20
Item 30
Item 40

Accumulated
Depreciation
33,000.00
3,500.00
1,125.00
204.17

Cost
200,000.00
15,500.00
50,000.00
10,000.00
Total

275,500.00 $

37,829.17

Net book value

167,000.00
12,000.00
48,875.00
9,795.83
$

237,670.83

General ledger balance A/C 1500 Fixed Assets:

General ledger balance A/C 1505 Accumulated Depreciation:
Conclusion: Subsidiary Ledger Agrees w/ General Ledger

$
$

275,500.00
37,829.17

Accumulated Depreciation - Year to Date

Accumulated Depreciation - Beginning of Year

$
$

37,829.17
15,500.00

Difference= Depreciation Expense for Year

22,329.17

Note: Agree to account 5600

Note: Company only books depreciation once a year (in December)