ZipFlyer Inc

Book Ending 14,619.00

Bank Ending 16,707.00

ZipFlyer Inc
Bank Reconciliation 1
May 31, 2024
Ending Balance per Bank Statement 16,707.00
Add: Deposit in Transit 3,000.00 2

Less: Outstanding Cheques 3

81 548
84 983 4
85 68
86 175 5
Total Outstanding Cheques 1,774.00
6
Adjusted Balance Bank Statement 17,933.00
7
Ending Balance per Book 14,619.00

Add:
Bank Collection 4,300.00
Interest 1.00
Book error (Understate) 18.00 4,319.00

Less:
NSF Cheques 600.00 AR/CASH
EFTs
utilities 300.00
telephone 100.00
Bank plan fee 5.00 1,005.00

Adjusted Balance Book 17,933.00

Biggie Burger
Bank Reconciliation 1
July 31, 2024
Ending Balance per Bank Statement 5,438.00
Add: Deposit in Transit 1,600.00 2

Less: Outstanding Cheques 3

146 1,350.00
152 450.00 4
153 560.00
154 400.00 5
Total Outstanding Cheques 2,760.00
Adjusted Balance 4,278.00 6

Ending Balance per Book 4,363.00

Add:
Bank Collection (Note Receivable) 600.00
Interest 2.00
602.00

Less:
EFT Maintenance 150.00
NSF - J. Carver 500.00
Bank Fee 10.00
Book error (Overstate) 27.00
687.00
Adjusted Balance 4,278.00
 Journal Entries
Cash 4,300.00
Interest Revenue 300.00
Notes Receivable 4,000.00
Cash 1.00
Interest Revenue 1.00
Cash 18.00
Acc Payable 18.00
Acc Receivable 600.00
Cash 600.00
Utilities Expense 300.00
Cash 300.00
Telephone Expense 100.00
Cash 100.00
Bank Fee Expense 5.00
Cash 5.00

Journal Entries
Cash 600.00
Interest Revenue 100.00
 Note Receivable 500.00
Cash 2.00
Interest Revenue 2.00
Maintenance Expense 150.00
Cash 150.00
Account Receivable 500.00
Cash 500.00
Bank Fee Expense 10.00
Cash 10.00
Account Payable 27.00
Cash 27.00
 Dentalworks Inc.
Bank Reconciliation
March 31, 2024
Ending Balance per Bank Statement
Add: Deposit in Transit
Mar' 30 2,700.00
Mar' 31 1,250.00
Total DiT

Less: Outstanding Cheques

2895 500.00
2904 50.00
2906 1,900.00
2908 900.00
2909 1,500.00
Total Outstanding Cheques
Adjusted Balance

Ending Balance per Book

Add:
Bank collection 840.00
Interest 1.00
Book error (Understate) 27.00

Less:
EFTs
Maintenance 105.00
Rent 1,300.00
Bank Fee 15.00

Adjusted Balance

CompuStore Inc.
 Bank Reconciliation
September 30, 2024
Ending Balance per Bank Statement
Add:
Deposit in Transit 4,500.00
Bank Error (Understate) 27.00

Less: Outstanding Cheques

826 1,000.00
831 1,300.00
833 7,600.00
836 735.00
837 805.00
Total Outstanding Cheques
Adjusting Balance

Ending Balance per Book

Add:
Bank Collection 2,200.00
Interest 3.00

Less:
NSF Cheque - J. Staples 500.00
EFT Utilities 150.00
Bank Fee 25.00

Adjusting Balance
 Journal Entries
1 Cash 840.00
Interest Rev 40
19,438.00 Notes Receivable 800
2 Cash 1.00
Interest Rev 1.00
3 Cash 27.00
3,950.00 Acc. Payable 27.00
4 Maintenance Expense 105.00
Cash 105.00
5 Prepaid Rent 1,300.00
Cash 1,300.00
6 Bank Fee Expense 15.00
Cash 15.00

4,850.00
18,538.00

19,090.00

868.00

1,420.00
18,538.00

Journal Entries
 1 Cash 27.00
Acc. Payable 27.00
35,706.00 2 Cash 2,200.00
Interest Rev 200
Note Receivable 2000
3 Cash 3.00
4,527.00 Interest Rev 3.00
4 Acc. Receivable 500
Cash 500
5 Utilities Expense 150.00
Cash 150.00
6 Bank Fee Expense 25.00
Cash 25.00
11,440.00
28,793.00

27,265.00

2,203.00

675.00
28,793.00
 PWW CO
Bank Reconciliation
October 31, 20X2
Ending Balance per Bank 3426
Less: Outstanding Cheques
J Sons 868
K Co 107
O Co 112
P Sons 561
1648
1778

Ending Balance per Book -14

Add:
Dividends 2728 2728 Cash 2728
Dividend Income 2728

Less:
Bank charges 936 936 Bank charge expense 936
1778 Cash 936
1A
Journal Entry
Date Accounts Dr Cr
31-Jul-24 Note Receivable 56,000
Cash 56,000

30-Nov-24 Interest Receivable 1,307

Interest Revenue 1,307
31-Jul-25 Interest Receivable 2,613
Interest Revenue 2,613
Cash 59,920
Notes Receivable 56,000
Interest Receivable 3,920
1B
Journal Entry
Date Accounts Dr Cr
30-Apr-24 Note Receivable 7,000
Cash 7,000

30-Jun-24 Interest Receivable 47

Interest Revenue 47
31-Jul-25 Interest Receivable 233
Interest Revenue 233
Cash 7,280
Notes Receivable 7,000
Interest Receivable 280
2A
Journal Entry
Date Accounts Dr Cr
1-Jan Notes Receivable - D. Becker 9,000
Cons. Revenue 9,000
1-Mar Notes Receivable - A . Owusu 15,000
Cash 15,000
31-Jul Cash 9,263
Notes Receivable - D. Becker 9,000
Interest Revenue 263
30-Sep Notes Receivable - W. Branchflower 20,000
Cash 20,000
31-Dec Interest Receivable 1,600
Interest Revenue 1,600

W1
A. Owusu 1,250
W. Branchflower 350
Total IR 1,600

2B
Journal Entry
Date Accounts Dr Cr
31-May Notes Receivable - Y. Yang 6,000
Cash 6,000
15-Jun Cash 6,013
Notes Receivable - Y. Yang 6,000
Interest Revenue 13
1-Aug Notes Receivable - A. Fergus 3,000
Cash 3,000
15-Nov Notes Receivable - Redflag Co 10,000
Maintenance Revenue 10,000
31-Jan Interest Receivable 257
Interest Revenue 257

W1
A. Fergus 90
Redflag Co 167
257
W1

W1
3A
Allowance for Doubful Account (AFDA)
Credit Sales 1,402,000
Estimated BDE 28,040

a Bad Debt Expense 28,040

Allowance for Doubtul Account 28,040

b Balance Sheet
Account Receivable 235,000
(-) Allowance for doubtful accounts 26,040
Net A/R 208,960

3B
Credit Sales 370,000
Estimated BDE 12,950

a BDE 12,950
AFDA 12,950
b Balance Sheet
Account Receivable 41,000
(-) Allowance for doubtful accounts 13,250
Net A/R 27,750
4A
0-30 Days 30
31-60 Days 50
61-90 Days 60
>90 Days 160
Ending AFDA 300

a BDE 800
AFDA 800
b Balance Sheet
A/R 5,000
(-) AFDA 300
Net A/R 4,700

4B
<30 days 420
31-60 days 600
61-90 days 480
>90 days 1,250
Ending AFDA 2,750

a BDE 1,750
AFDA 1,750

b Balance Sheet
A/R 68,000
(-) AFDA 2,750
Net A/R 65,250
5A
11-Aug-24 AFDA 4,000
A/R 4,000

5B
21-Jul-24 AFDA 200
A/R 200
6A
a Journal Entry
Date Accounts Dr Cr
1-Nov-24 Cash 21,250
A/R 403,750
Cons. Rev 425,000

1-Nov-24 Cash 375,000

A/R 375,000
0
1-Nov-24 A/R 5,000 1
Interest Rev 5,000 3
5
1-Nov-24 AFDA 3,500 Cbal
A/R 3,500

1-Nov-24 A/R 750

AFDA 750
Cash 750
A/R 750

1-Nov-24 BDE 1,500

AFDA 1,500

b Balance Sheet
A/R 65,250
(-)AFDA 3,500
Net A/R 61,750

6B
a Journal Entry
Date Accounts Dr Cr
1-Jan-24 Cash 1,462,500
A/R 4,387,500
Repair Revenues 5,850,000

1-Jan-24 Cash 4,705,000

A/R 4,705,000

1-Jan-24 A/R 35,000

Interest Revenue 35,000

1-Jan-24 AFDA 27,000

A/R 27,000
 1-Jan-24 A/R 2,250
AFDA 2,250
Cash 2,250
A/R 2,250

1-Jan-24 BDE 29,750

AFDA 29,750

b Balance Sheet
A/R 324,500
(-) AFDA 33,000
Net A/R 291,500
 AFDA
3,500 2,000 Bbal
750
4,250 Adjusting
3,500 Cbal

AR
35,000 375,000 2
403,750 3,500 4
5,000 750 6
750
65,250

AFDA
27,000 28,000 Bbal
2,250
29,750 Cbal
33,000

AR
634,000 4,705,000
4,387,500 27,000
35,000 2,250
2,250
324,500
 SOPL
31 Dec 20X1 31 Dec 20X2
Gross profit 27,000 Gross profit 45,000
Bad debt expense 8,000 Bad debt expense 10,000
1,000 250
Other Expenses 20,000 Other Expenses 28,750
Total Expenses 29,000 Total Expenses 39,000
Loss - 2,000 Profit 6,000

SOFP
31 Dec 20X1 31 Dec 20X2
A/R 40,000 A/R 50,000
(-) ADA 1,000 (-) ADA 1,250
Net A/R 39,000 Net A/R 48,750

20X6 20X7 20X8

A/R A/R A/R
15200 15200 17100
15200 1900 21376
17100 21400

20X6 20X7 20X8

ADA ADA ADA
304 304 128 342
304 38
342 214

20X6 20X7 20X8

P/L P/L P/L
304 304 342 128
304 38
342 214

a Inventories 10000 SOPL

A/P 10000 31 Jan 20X6
b COGS 16550 Revenue
 Inventories 16550 COGS
c Cash/AR 27250 Gross profit
Revenue 27250
d BDE 250 Expenses:
AR 250 Stationery exp.
e BDE 60 Telephone exp.
ADA 60 Electricity exp.
f Stationery exp. 500 Cleaning exp.
Telephone exp. 200 Interest charges
Electricity exp. 600 BDE
Cleaning exp. 150
A/P Suppliers 8000 P/L
Cash 9450
g Drawings 6000
Cash 6000 3
h Overdraft 2000 Asset
Cash 2000 NCA
Interest&Bank exp. 40 Motor vehicle
Cash 40 Shop fittings

CA
Inventories
Cash
A/R
(-)ADA

Total Assets
 31 Dec 20X3
Gross profit 60,000
Bad debt expense 11,000
- 350
Other Expenses 32,850
Total Expenses 43,500
Profit 16,500

31 Dec 20X3
A/R 30,000
(-) ADA 900
Net A/R 29,100

SOFP
20X6
A/R 15,200
(-) ADA 304
Net A/R 14,896
20X7
A/R 17,100
(-) ADA 342
Net A/R 16,758
20X8
A/R 21,400
(-) ADA 214
Net A/R 21,186

SOPL
31 Jan 20X6
27250
 16550
10700

500
200
600
150
40
310
1800
8900

SOFP
31 Jan 20X6
Equity
Capital 12000
2000 P/L 8900
3000 (-)Drawings 6000
5000 2900
Total Equity 14900
5450
7510 Liabilities
3000 CL
60 A/P 6000
15900 Total Liabilities 6000
20900 Total Equity&Liabilities 20900
 Journal Entries
Date Account Dr Cr
1-Aug Cash 50,000
Note Payable 50,000
2-Aug Equipment 10,000
Cash 10,000
3-Aug Repair expense 100
Cash 100
4-Aug Cash 75
Service Rev 75
5-Aug Fuel expense 150
Cash 150
6-Aug Cash 200
A/R 100
Service Rev 300
7-Aug Util Expense 50
A/P 50
8-Aug Equipment 500
A/P 500
9-Aug Advertisement Expense 200
Cash 200
10-Aug A/R 2,000
Service Rev 2,000
11-Aug Cash 100
A/R 100
12-Aug Cash 2,250
A/R 2,250
Service Rev 4,500
13-Aug Util expense 400
Cash 400
14-Aug Vehicle 1,200
Cash 1,200
15-Aug Wages expense 2,000
Cash 2,000
16-Aug Repair expense 600
A/P 600
17-Aug A/P 50
Cash 50
18-Aug Cash 2,250
A/R 2,250
19-Aug Cash 25,000
Common shares 25,000
20-Aug Rental Equipment expense 350
Cash 350
21-Aug Cash 1,800
Service Rev 1,800
22-Aug Legal fees 400
Cash 400
23-Aug Training expense 180
Cash 180
24-Aug Equipment 275
A/P 275
25-Aug Cash 150
A/R 250
Service Rev 400
26-Aug Business fees 240
A/P 240
27-Aug Cash 2,000
A/R 2,000
28-Aug A/P 600
Cash 600
29-Aug Wages expense 2,000
Cash 2,000
30-Aug Interest Expense 250
Cash 250
31-Aug Dividend 1,000
Cash 1,000
 Income Statemen
Cash A/R Service Revenue
50,000 10,000 100 100 Expenses:
75 100 2,000 2,250 Repair Exp
200 150 2,250 2,000 Fuel Exp
100 200 250 Utilities Exp
2,250 400 250 Adv Exp
2,250 1,200 Wages Exp
25,000 2,000 Equipment Rental Eqp. Exp
1,800 50 10,000 Legal fees
150 350 500 Training Exp
2,000 400 275 Business Fees
180 10,775 Interest Exp
600
2,000 Vehicle Net Income
250 1,200
1,000 1,200
64,945 Statement of Chages in

Repair Exp Fuel Exp Beg Balance

100 150 Add:
600 150 Net Income
700 Issued CS

Utilities Exp Adv Exp Less: Dividend

50 200
400 200
450
Statement of Financial P
Wages Exp Rental Eqp. Exp Assets
2,000 350 Current Assets
2,000 350 Cash
4,000 A/R
Total CA
Legal fees Training Exp
400 180 Non-current assets
400 180 Equipment
Vehicle
Business Fees Interest Exp Total NCA
240 250
240 250 Total Assets

Notes Payable A/P Equity & Liabilities

50,000 50 50 Equity
 50,000 600 500 Common Shares
600 Retained Earnings
275
240
1,015 Current Liabilities
A/P
Service Rev Dividend Notes Payable
75 1,000
300 1,000
2,000 Total Equity & Liabilities
4,500 Common shares
1,800 25,000
400 25,000
9,075
 Income Statement Closing Entries
9,075 Date Account Dr
31-Aug Service Rev 9,075
700 Income Summary
150 31-Aug Income Summary 6,920
450 Repair Exp
200 Fuel Exp
4,000 Utilities Exp
350 Adv Exp
400 Wages Exp
180 Rental Eqp. Exp
240 Legal fees
250 Training Exp
6,920 Business Fees
2,155 Interest Exp
31-Aug Income Summary 2,155
R/E
Statement of Chages in Equity 31-Aug R/E 1,000
Common Shares R/E Total Dividend
0 0 0

2,155
25,000
25,000 2,155 27,155
1,000
25,000 1,155 26,155

Statement of Financial Position

Assets

64,945
250
65,195

10,775
1,200
11,975

77,170

Equity & Liabilities

 25,000
1,155
26,155

1,015
50,000
51,015

ty & Liabilities 77,170

Cr

9,075

700
150
450
200
4,000
350
400
180
240
250

2,155

1,000
3-1A
a 1-Jun Prepaid Insurance 18,000.00
Cash 18,000.00
31-Dec Insurance Expense 10,500.00
Prepaid Insurance 10,500.00
b 31-Aug Vehicle 12,000.00
Cash 12,000.00
31-Dec Depr expense 400.00
Acc. Depr 400.00
c 1-May-24 Cash 10,000.00
Notes Payable 10,000.00
31-Dec-24 Interest expense 400.00
Interest Payable 400.00
1-Jul-25 Interest expense 300.00
Interest Payable 300.00
1-Jul-25 Notes Payable 10,000.00
Interest Payable 700.00
Cash 10,700.00
d 31-Jan-24 A/R 3,000.00
Consulting Rev 3,000.00
1-Jan-25 A/R 1,000.00
Consulting Rev 1,000.00
9-Feb-25 Cash 4,000.00
A/R 4,000.00
e 1-Nov-24 Cash 15,000.00
Unearned Rev 15,000.00
31-Dec-24 Unearned Rev 6,000.00
Consulting Rev 6,000.00

a 15-Dec Supplies 1,500.00

A/P 1,500.00
31-Dec Supplies Exp 1,300.00
Supplies 1,300.00

b 1-Apr Building 720,000.00

 Mortgage Payable 720,000.00
31-Dec Depr. Exp 27,000.00
Acc. Depr. 27,000.00

c 31-Dec-24 Wages Expense 3,200.00

Wages Payable 3,200.00
1-Jan-25 Wages Expense 800.00
Wages Payable 3,200.00
Cash 4,000.00

d 1-Oct-24 Notes Receivable 1,000.00

Cash 1,000.00
31-Dec-24 Interest Receivable 30.00
Interest Rev 30.00
1-May-25 Interest Receivable 40.00
Interest Rev 40.00
1-May-25 Cash 1,070.00
Interest Receivable 70.00
Notes Receivable 1,000.00

e 1-Dec Cash 1,500.00

Unearned Rev 1,500.00
31-Dec Unearned Rev 300.00
Consulting Rev 300.00

Journal Entry
Date Account Dr Cr
a 1-Feb-24 Prepaid Insurance 4,800.00
Cash 4,800.00
b 17-May-24 Supplies 2,000.00
A/P 2,000.00
c 31-Aug-24 Vehicle 38,000.00
Cash 38,000.00
d 30-Sep-24 Cash 10,000.00
Notes Payable 10,000.00
e 1-Nov-24 Notes Receivable 1,000.00
Cash 1,000.00
f 20-Nov-24 Cash 5,000.00
Unearned Rev 5,000.00

Journal Entry
Date Account Dr Cr
a 30-Apr-24 Prepaid Insurance 6,000.00
Cash 6,000.00
b 1-Jun-24 Equipment 4,000.00
A/P 4,000.00
c 21-Jul-24 Supplies 2,000.00
Cash 2,000.00
d 31-Aug-24 Cash 8,000.00
Notes Payable 8,000.00
e 1-Dec-24 Notes Receivable 3,000.00
Cash 3,000.00
f 1-Jan-25 Cash 12,000.00
Unearned Rev 12,000.00
Depr/year 1,200.00

Cost 720000
Depr Val 36000

Salary/day 800

Adjusting
Date Account Dr Cr
31-Dec-24 Insurance Exp 4,400.00
Prepaid Insurance 4,400.00
31-Dec-24 Supplies Exp 1,550.00
Supplies 1,550.00
31-Dec-24 Dep'n Exp 3,166.67 Dep/year 3,166.67
Acc. Dep'n 3,166.67
31-Dec-24 Interest Expense 175.00
Interest Payable 175.00
31-Dec-24 Interest Receivable 5.00
Interest Revenue 5.00
31-Dec-24 Unearned Rev 2,500.00
Cleaning Rev 2,500.00

Adjusting
Date Account Dr Cr
31-Mar-25 Insurance Exp 5,500.00
Prepaid Insurance 5,500.00
31-Mar-25 Dep'n Exp 416.67
Acc. Dep'n 416.67
31-Mar-25 Supplies Exp 300.00
Supplies 300.00
31-Mar-25 Interest Exp 513.33
Interest Payable 513.33
31-Mar-25 Interest Receivable 60.00
Interest Revenue 60.00
31-Mar-25 Unearned Rev 9,000.00
Service Rev 9,000.00
3-3A
as of June 30, 2024
Unadjusted TB Adjustments Adjusted TB
Accounts
Dr Cr Dr Cr Dr
Cash 38,000.00 38,000.00
A/R 12,000.00 4,000.00 16,000.00
Supplies 5,000.00 4,700.00 300.00
Prepaid insurance 28,000.00 9,333.33 18,666.67
Computers 214,000.00 214,000.00
A.D - Computers 46,000.00 21,400.00
A/P 8,000.00
Salaries payable 1,500.00
Interest payable 1,250.00
Unearned revenue 15,000.00 10,000.00
Notes payable 30,000.00
Common shares 40,000.00
Retained earnings 87,000.00

Dividends 10,000.00 10,000.00

Security revenue 485,000.00 14,000.00
Salaries expense 320,000.00 1,500.00 321,500.00
Interest expense 1,250.00 1,250.00
Depreciation expense 21,400.00 21,400.00
Supplies expense 4,700.00 4,700.00
Repairs expense 17,000.00 17,000.00
Insurance expense 9,333.33 9,333.33
Rent expense 60,000.00 60,000.00
Income tax expense 7,000.00 7,000.00
Total 711,000.00 711,000.00 52,183.33 52,183.33 739,150.00

Netlock Security
Income Statement
June 30, 2024
Security Revenue 499,000.00

Expenses:
Salaries expense 321,500.00
Interest expense 1,250.00
Depreciation expense 21,400.00
Supplies expense 4,700.00
Repairs expense 17,000.00
Insurance expense 9,333.33
Rent expense 60,000.00
Income before tax 63,816.67
Income tax expense 7,000.00
Income after tax 56,816.67

Netlock Security
Statement of Change in Equity
June 30, 2024
Common Shares Retained Earnings Total
Beg' Balance 40,000.00 87,000.00 127,000.00
Add: Net Income 56,816.67
Less: Dividend 10,000.00
40,000.00 133,816.67 173,816.67
Total 173,816.67

Netlock Security
Balance Sheet
June 30, 2024
Assets Liabilities & Equity
Current Assets Liabilities
Cash 38,000.00 A/P 8,000.00
A/R 16,000.00 Salaries payable 1,500.00
Supplies 300.00 Interest payable 1,250.00
Prepaid insurance 18,666.67 Unearned revenue 5,000.00
Total CA 72,966.67 Notes payable 30,000.00
Total Liabilities 45,750.00
Non-current Assets
Computers 214,000.00 146,600.00 Equity
A.D - Computers 67,400.00 Common shares 40,000.00
Total NCA 146,600.00 Retained earnings 133,816.67
Total Equity 173,816.67

Total Assets 219,566.67 Total Liabilites & Equity 219,566.67

Adjusted TB
Cr

67,400.00
8,000.00
1,500.00
1,250.00
5,000.00
30,000.00
40,000.00
87,000.00 Adjusting Entries
Date Account Dr
a Supplies expense 4,700.00
499,000.00 Supplies
b Insurance expense 9,333.33
Prepaid insurance
c Dep'n expense 21,400.00
A.D - Computers
d Interest expense 1,250.00
Interest payable
e Unearned rev 10,000.00
Security rev
739,150.00 f Salaries expense 1,500.00
Salaries payable
g A/R 4,000.00
Security rev

Closing Entries
Date Account Dr
30-Jun Security Revenue 499,000.00
Income Summary
30-Jun Income Summary 442,183.33
Salaries expense
Interest expense
Depreciation expense
Supplies expense
Repairs expense
Insurance expense
 Rent expense
Income tax expense
30-Jun Income Summary 56,816.67
Retained Earnings
30-Jun Retained Earnings 10,000.00
Dividend
 Cr

4,700.00

9,333.33
Dep/year 21400
21,400.00

1,250.00

10,000.00

1,500.00

4,000.00

Cr

499,000.00

321,500.00
1,250.00
21,400.00
4,700.00
17,000.00
9,333.33
60,000.00
7,000.00

56,816.67

10,000.00
 Closing Journal
Date Account Dr Cr
31-Dec-24 Consulting Revenue 350,000.00
Income Summary 350,000.00
31-Dec-24 Income Summary 299,000.00
Wages exp 140,000.00
Interest exp 4,000.00
Dep'n exp 9,000.00
Repairs exp 12,000.00
Insurance exp 26,000.00
Rent exp 96,000.00
Income tax exp 12,000.00
31-Dec-24 Income Summary 51,000.00
Retained Earnings 51,000.00
31-Dec-24 Retained Earnings 2,000.00
Dividends 2,000.00
1A
Journal Entries
Date Account Dr Cr
7-May Inventory 1000
A/P 1000
10-May A/P 250
Inventory 250
14-May A/P 750
Cash 735
Inventory 15

1B
Journal Entries
Date Account Dr Cr
28-Aug Inventory 5000
A/P 5000
3-Sep A/P 400
Inventory 400
10-Sep A/P 4600
Cash 4462
Inventory 138

2A
Journal Entries
Date Account Dr Cr
6-Jan A/R 3000
Sales Revenue 3000
COGS 1200
Inventory 1200
11-Jan Sales Returns 100
A/R 100
 Inventory 40
COGS 40
15-Jan Cash 2842
Sales Discounts 58
A/R 2900

2B
Journal Entries
Date Account Dr Cr
14-Jul A/R 1000
Sales Revenue 1000
COGS 700
Inventory 700
19-Jul Sales Returns 200
A/R 200
21-Jul Cash 776
Sales Discounts 24
A/R 800

3A Perpetual
Journal Entries
Date Account Dr Cr
1-Feb Inventory 3400 2/10,n/30
A/P 3400
2-Feb Inventory 200
Cash 200
5-Feb A/P 400
Inventory 400
9-Feb A/P 3000
Cash 2940
Inventory 60
11-Feb A/R 3500 2/10,n/30
Sales Rev 3500
COGS 1600
 Inventory 1600
14-Feb Inventory 2500 1/15,n/30
A/P 2500
19-Feb A/R 1500 2/10,n/30
Sales Rev 1500
COGS 600
Inventory 600
21-Feb A/P 2500
Cash 2475
Inventory 25
24-Feb Cash 3500
A/R 3500
25-Feb Sales Returns 100
A/R 100
Inventory 40
COGS 40
28-Feb Cash 1372
Sales Discounts 28
A/R 1400

3B
Journal Entries
Date Account Dr Cr
1-Mar A/R 1500 2/10,n/30
Sales Rev 1500
COGS 800
Inventory 800
3-Mar Inventory 2800 2/10,n/30
A/P 2800
5-Mar Sales Returns 200
A/R 200
9-Mar Cash 1274
Sales Discounts 26
A/R 1300
16-Mar Inventory 500 1/5,n/15
A/P 500
18-Mar Inventory 50
Cash 50
22-Mar A/R 3000 2/10,n/30
Sales Rev 3000
COGS 1100
Inventory 1100
24-Mar A/P 500
 Cash 500
31-Mar Cash 2940
Sales Discounts 60
A/R 3000
Periodic
Journal Entries
Date Account Dr Cr
1-Feb Purchase 3400
A/P 3400
2-Feb Purchase 200
Cash 200
5-Feb A/P 400
Purchase Returns 400
9-Feb A/P 3000
Cash 2940
Purchase Discounts 60
11-Feb A/R 3500
Sales Rev 3500
14-Feb Purchase 2500
 A/P 2500
19-Feb A/R 1500
Sales Rev 1500
21-Feb A/P 2500
Cash 2475
Purchase Discounts 25
24-Feb Cash 3500
A/R 3500
25-Feb Sales Returns 100
A/R 100
28-Feb Cash 1372
Sales Discounts 28
A/R 1400
28-Feb Inventory 743
COGS 4872
Purchase 5615
 3A
Cost 300
Price 449
Discounted price 399
Discounted price 2 349
Discounted price 3 269

LCNRV is an accounting method to estimate the actual value/price for an inventory

Adjusting Entries
Date Account Dr Cr
31-Dec COGS 31
Inventory 31

3B
Adjusting Entries
Date Account Dr Cr
31-Dec COGS 50
Inventory 50
Proceeding year
Journal Entries
Date Account Dr Cr
6-Apr Cash 550
Sales Rev 550
COGS 550
Inventory 550

Inventory Turnover
2027 80.77 2600 1300
2028 58.95 3800 1900

Days sales in Inventory

2027 4.52
2028 6.19
Inventory Turnover
2027 4.47 22800 11400
2028 4.89 22100 11050

Days sales in Inventory

2027 81.59
2028 74.69
1A
Purchase Price 32,000
Delivery 2,000
Insurance for delivery 200
Insurance for oven 750
Training costs 1,000
Installation 1,500
Damaged walls 400

Asset Cost 35,700

1B
Purchase Price 2,500
Delivery 500
Sales Tax REFUNDABLE 300
Insurance for delivery 50
Installation 300
Repair machine 1,000
Employee training 800

Asset Cost 3,350

2A
Straight Line
Cost
Residual Value
Depreciation Val

Depr/year
Depr/month

Unit of Production
Cost
Residual Value
Depreciation Val

Depr/km

Cost
Residual Value
Depr. Value

SL
Depr/year
Depr/month

UOP
Depr/units

DDB
Depr. Rate
 25,000.00 Journal Entry
5,000.00 Date Account Dr Cr
20,000.00 31-Mar-24 Vehicle 25,000.00
Cash 25,000.00
4,000.00 31-Dec-24 Depr Expense 3,000.00
333.33 Acc. Depr 3,000.00
31-Dec-25 Depr Expense 4,000.00
Acc. Depr 4,000.00
31-Dec-26 Depr Expense 4,000.00
Acc. Depr 4,000.00
31-Dec-27 Depr Expense 4,000.00
Acc. Depr 4,000.00
31-Dec-28 Depr Expense 4,000.00
Acc. Depr 4,000.00
31-Mar-29 Depr Expense 1,000.00
Acc. Depr 1,000.00

25,000.00 Journal Entry

5,000.00 Date Account Dr Cr
20,000.00 31-Dec-24 Depr Expense 2,000.00
Acc. Depr 2,000.00
0.20 31-Dec-25 Depr Expense 4,000.00
Acc. Depr 4,000.00
31-Dec-26 Depr Expense 5,000.00
Acc. Depr 5,000.00
31-Dec-27 Depr Expense 4,400.00
Acc. Depr 4,400.00
31-Dec-28 Depr Expense 3,600.00
Acc. Depr 3,600.00
31-Dec-29 Depr Expense 1,000.00
Acc. Depr 1,000.00

500,000.00
100,000.00
400,000.00
Depr. Exp
Year #Months SL UOP DDB
100,000.00 2024 6\12 50,000.00 30,000.00 125,000.00
8,333.33 2025 12\12 100,000.00 110,000.00 187,500.00
2026 12\12 100,000.00 120,000.00 87,500.00
2027 12\12 100,000.00 100,000.00 -
10.00 2028 6\12 50,000.00 40,000.00 -
400,000.00 400,000.00 400,000.00

50%
Double Declining Balance
Cost 25,000.00 Year #months
Residual Value 5,000.00 2024 9\12
2025 12\12
Depreciation rate 40% 2026 12\12
2027 12\12
2028 12\12
2029 3\12

Journal Entry
Date Account
31-Dec-24 Depr Expense

31-Dec-25 Depr Expense

31-Dec-26 Depr Expense

31-Dec-27 Depr Expense

Year #months Beg. BV Depr. Rate Depr. Exp Ed. BV

2024 6\12 500,000.00 50% 125,000.00 375,000.00
2025 12\12 375,000.00 50% 187,500.00 187,500.00
2026 12\12 187,500.00 50% 87,500.00 100,000.00
2027 12\12 100,000.00 50% - 100,000.00
2028 6\12 100,000.00 50% - 100,000.00
 Beg. BV Depr. Rate Depr. Exp Ed. BV
25,000.00 40% 7,500.00 17,500.00
17,500.00 40% 7,000.00 10,500.00
10,500.00 40% 4,200.00 6,300.00
6,300.00 40% 1,300.00 5,000.00
5,000.00 40% - 5,000.00
5,000.00 40% - 5,000.00

Journal Entry
Account Dr Cr
7,500.00
Acc. Depr 7,500.00
7,000.00
Acc. Depr 7,000.00
4,200.00
Acc. Depr 4,200.00
1,300.00
Acc. Depr 1,300.00
3A
Journal Entries Cost
Date Account Dr Cr Residual Val
1-Apr-24 Vehicle 110,000.00 Depr. Val
Cash 110,000.00 Depr/year
31-Dec-24 Depr. Expense 7,500.00
Acc. Depr 7,500.00
1-Oct-25 Depr. Expense 7,500.00
Acc. Depr 7,500.00
1-Oct-25 Cash 106,000.00
Acc. Depr 15,000.00
Vehicle 110,000.00
Gain on Sale 11,000.00
If $75,000
1-Oct-25 Cash 75,000.00
Acc. Depr 15,000.00
Loss on Sale 20,000.00
Vehicle 110,000.00

3B
Journal Entries Cost
Date Account Dr Cr Residual Val
1-Jul-24 Vehicle 8,000.00 Depr. Val
Cash 8,000.00 Depr/year
31-Dec-24 Depr. Expense 600.00
Acc. Depr 600.00
31-Oct-25 Depr. Expense 1,000.00
Acc. Depr 1,000.00
31-Oct-25 Cash 7,600.00
Acc. Depr 1,600.00
Vehicle 8,000.00
Gain on Sale 1,200.00
If $3,000
45961 Cash 3,000.00
Acc. Depr 1,600.00
Loss on Sale 3,400.00
Vehicle 8,000.00
110,000.00
10,000.00
100,000.00
10,000.00

8,000.00
2,000.00
6,000.00
1,200.00
 SL UOP
2024 Depr. Exp 12,000.00 12,000.00
2025 Depr. Exp 24,000.00 30,000.00
2026 Depr. Exp 18,000.00 24,000.00
Acc Depr on Date of Sale 54,000.00 66,000.00
Gain/Loss on Sale 4,000.00 16,000.00

SL UOP
2024 Depr. Exp 4,500.00 2,400.00
2025 Depr. Exp 6,000.00 4,800.00
2026 Depr. Exp 3,000.00 3,600.00
Acc Depr on Date of Sale 13,500.00 10,800.00
Gain/Loss on Sale - 3,500.00 - 6,200.00
DDB
30,000.00 Cost 150,000.00
48,000.00 Residual Val 30,000.00
21,600.00 Depr. Val 120,000.00
99,600.00
49,600.00 SL
Depr/year 24,000.00

UOP
Depr/hrs 60.00

DDB
Depr Rate 40%

2024 6\12 150,000.00 40% 30,000.00 120,000.00

2025 12\12 120,000.00 40% 48,000.00 72,000.00
2026 9\12 72,000.00 40% 21,600.00 50,400.00

DDB
11,250.00 Cost 45,000.00
11,250.00 Residual Val 9,000.00
3,750.00 Depr. Val 36,000.00
26,250.00
9,250.00 SL
Depr/year 6,000.00

UOP
Depr/km 0.24

DDB
Depr Rate 33%

2024 9\12 45,000.00 33% 11,250.00 33,750.00

2025 12\12 33,750.00 33% 11,250.00 22,500.00
2026 6\12 22,500.00 33% 3,750.00 18,750.00