Hawk Hardware Store

CHART OF ACCOUNTS for Journal Entries CHART OF ACCOUNTS for Financial Statements

Account Code Account Title Account Code Account Title

110 Cash 110 Cash and Cash Equivalents
120 Accounts Receivable 120 Receivables
130 Merchandise Inventory 130 Inventories
140 Supplies 140 Prepaid Expenses
150 Computer Equipment 150 Property, Plant and Equipment
210 Accounts Payable 210 Accounts Payable
310 Horn, Capital 310 Horn, Capital
320 Horn, Drawing 320 Horn, Drawing
410 Sales 410 Gross Sales
411 Sales Returns and Allowances 411 Sales Returns and Allowances
412 Sales Discount 412 Sales Discount
510 Cost of Goods Sold 510 Cost of Goods Sold
601 Advertising Expense 601 Advertising Expense
602 Light and Power Expense 602 Light and Power Expense
603 Rent Expense 603 Rent Expense
604 Salaries Expense 604 Salaries Expense
605 Freight Out 605 Freight Out
710 Income Summary
Hawk Hardware Store
Practice Problem - Perpetual Inventory

April
The Business Hawk Hardware Store was registered aas single proprietorship with the Department of Trade
1
and Industry, Mr. Horn invested 50,000 Cash

2 Bought computer equipment for 10,000 Cash

2 Purchased merchandise on account from Regional Wholesale Supply, 4,000 terms 2/15 n/30

3 Sold merchandise on account, 4,300, terms 2/10 n/30 FOB Destination, cost of merchandise 1,290

5 Received credit from Regional Wholesale Supply for merchandise returned, 250

7 Paid 150 freight on April 3 Sales

11 Purchased supplies for cash, 850

12 Purchase merchandise for cash, 2,700

13 Received collection in full from customers billed April 3

13 Paid freight on April 12 purchase,700

14 Received refund for poor quality merchandise from supplier on Cash purchase, 350

15 Salaries Paid 700

17 Purchase merchandise from Hunslow Distributors, 1,700, terms 2/15 n/30

18 Paid freight on April 17 purchase, 220

24 Sold merchandise for Cash, 6,300, cost 1,890

25 Purchase merchandise from Horizon Inc, 1,100 terms n/30

27 Paid Regional Wholesale Supply in full

28 Made refunds to cash cutomers for defective merchandise, 200, cost 60

29 Mr Horn got cash from business, 2,500

30 Sold Merchandise on account, 1,500 FOB Shipping Point, Terms n/30, Cost 450

30 Paid the following: Advertising 100; utilities 400; rent 1,500; salaries 700
Hawk Hardware Store
Journal Entries
General Journal - 1

Date Account Title and explanation PR Debit Credit

April
Hawk Hardware Store
Journal Entries
General Journal - 2

Date Account Title and explanation PR Debit Credit

April
Hawk Hardware Store
Journal Entries
General Journal - 3

Date Account Title and explanation PR Debit Credit

April
Hawk Hardware Store
Journal Entries
General Journal - 4

Date Account Title and explanation PR Debit Credit

April
Hawk Hardware Store General Ledger

110
Cash
Balance
Date Particulars PR Debit Credit Debit Credit

120
Accounts Receivable
Balance
Date Particulars PR Debit Credit Debit Credit

130
Merchandise Inventory
Balance
Date Particulars PR Debit Credit Debit Credit
Hawk Hardware Store General Ledger

140
Supplies
Balance
Date Particulars PR Debit Credit Debit Credit

150
Computer Equipment
Balance
Date Particulars PR Debit Credit Debit Credit

210
Accounts Payable
Balance
Date Particulars PR Debit Credit Debit Credit

310
Horn, Capital
Balance
Date Particulars PR Debit Credit Debit Credit

320
Horn, Drawings
Balance
Date Particulars PR Debit Credit Debit Credit
Hawk Hardware Store General Ledger

410
Sales
Balance
Date Particulars PR Debit Credit Debit Credit

411
Sales Returns and Allowances
Balance
Date Particulars PR Debit Credit Debit Credit

412
Sales Discount
Balance
Date Particulars PR Debit Credit Debit Credit

510
Cost of Goods Sold
Balance
Date Particulars PR Debit Credit Debit Credit
Hawk Hardware Store General Ledger

601
Advertising Expense
Balance
Date Particulars PR Debit Credit Debit Credit

602
Light and Power
Balance
Date Particulars PR Debit Credit Debit Credit

603
Rent Expense
Balance
Date Particulars PR Debit Credit Debit Credit

604
Salaries Expense
Balance
Date Particulars PR Debit Credit Debit Credit

605
Freight Out
Balance
Date Particulars PR Debit Credit Debit Credit

710
Income Summary
Balance
Date Particulars PR Debit Credit Debit Credit
 Hawk Hardware Store
PRELIMINARY TRIAL BALANCE

APRIL 30, 2019

Account Code Account Title Debit Credit

Totals
 Hawk Hardware Store
STATEMENT OF FINANCIAL PERFORMANCE

FOR THE MONTH ENDED APRIL 30, 2019

 Hawk Hardware Store
STATEMENT IN CASH FLOWS

AS OF APRIL 30, 2019

 Hawk Hardware Store
STATEMENT IN OWNER'S EQUITY
AS OF APRIL 30, 2019

Hawk Hardware Store

STATEMENT OF FINANCIAL POSITION
AS OF APRIL 30, 2019
Hawk Hardware Store
Closing Entries
General Journal - 5

Date Account Title and explanation Debit Credit

December
Hawk Hardware Store
Closing Entries
General Journal - 6

Date Account Title and explanation Debit Credit

December
 Hawk Hardware Store
POST CLOSING TRIAL BALANCE

APRIL 30, 2019

Account Code Account Title Debit Credit

Totals