Recording Transactions For GREENPLACE: A Business Report

                           
  P  A  L  E  R                 
Sl.No. Proprietorship Assets Liabilities Expenses Revenue                
                           
1 Bartlett, Drawings Supplies Long Term Loan Payable Rent Expense Service Revenue                
2 Capital Accounts Receivable Salary Payable Supplies Expense                  
3   Cash Accumulated Depreciation Salary Expense                  
4   Equipment Accounts Payable Depreciation Expense                  
5   Prepaid Insurance Unearned Revenue Advertisement Expense                  
6       Insurance Expense                  
7       Interest Expense                  
                           
In the books of GREENPLACE   Trial Balance          
Journal Entries   as on 30 April 2017          
      Dr. Cr.     Dr. Cr.          
Date Particulars Amount Amount   Particulars Amount Amount          
                           
28-04-2017 Supplies A/c. Dr. $1,200     Rent Expense $5,200            
  To, Accounts Payable A/c.   $1,200   Supplies Expense $1,200            
            Long Term Loan Payable   $45,000          
29-04-2017 Rent Expense A/c. Dr. $3,500     Berlett, Drawings $5,000            
  To, Cash A/c.   $3,500   Salary Expense $18,600            
            Salary Payable   $18,400          
30-04-2017 Cash A/c. Dr. $5,600     Service Revenue   $65,000          
  To, Accounts Receivable A/c.   $5,600   Supplies   $4,500            
            Capital   $29,780          
            Depreciation Expense $9,800            
            Accounts Receivable $35,500            
            Cash $20,000            
            Accumulated Depreciation   $25,200          
            Accounts Payable   $25,800          
            Equipment $1,20,000            
            Advertising Expense $7,500            
            Insurance Expense $3,600            
            Interest Expense $3,880            
            Prepaid Insurance $8,600            
            Unearned Revenue   $34,200          
                           
            TOTAL $2,43,380 $2,43,380          
                           
In the books of GREENPLACE                  
Adjusting Entries                  
      Dr. Cr.                  
Date Particulars Amount Amount                  
                           
30-04-2017 Supplies Expense A/c. Dr. $2,500                    
  To, Supplies A/c.   $2,500                  
                           
30-04-2017 Insurance Expense A/c. Dr. $5,000                    
  To, Prepaid Insurance A/c.   $5,000                  
                           
30-04-2017 Unearned Revenue A/c. Dr. $20,000                    
  To, Service Revenue A/c.   $20,000                  
                           
30-04-2017 Depreciation Expense A/c. Dr. $9,800                    
  To, Accumulated Depreciation A/c.   $9,800                  
                           
30-04-2017 Salary Expense A/c. Dr. $2,000                    
  To, Salary Payable A/c.   $2,000                  
                           
                           
Rent Expense A/c. Cr.   Dr. Long Term Loan Payable A/c. Cr.    
Particulars Amount Date  Particulars Amount   Date  Particulars Amount Date  Particulars Amount    
                           
To, Balance b/d 5200 30-04-2017 By, Balance c/d 5200   30-04-2017 To, Balance c/d 45000 30-04-2017 By, Balance b/d 45000    
                           
  5200     5200       45000     45000    
                           
Supplies Expense A/c. Cr.   Dr. Salary Payable A/c. Cr.    
Particulars Amount Date  Particulars Amount   Date  Particulars Amount Date  Particulars Amount    
                           
To, Balance b/d 1200 30-04-2017 By, Balance c/d 3700   30-04-2017 To, Balance c/d 20400 30-04-2017 By, Balance b/d 18400    
To, Supplies A/c. 2500                 By, Salary Expense A/c. 2000    
  3700     3700       20400     20400    
                           
Bartlett, Drawings A/c. Cr.   Dr. Service Revenue A/c. Cr.    
Particulars Amount Date  Particulars Amount   Date  Particulars Amount Date  Particulars Amount    
                           
To, Balance b/d 5000 30-04-2017 By, Balance c/d 5000   30-04-2017 To, Balance c/d 85000 30-04-2017 By, Balance b/d 65000    
                    By, Unearned Revenue A/c. 20000    
  5000     5000       85000     85000    
                           
Salary Expense A/c. Cr.   Dr. Capital A/c. Cr.    
Particulars Amount Date  Particulars Amount   Date  Particulars Amount Date  Particulars Amount    
                           
To, Balance b/d 18600 30-04-2017 By, Balance c/d 20600   30-04-2017 To, Balance c/d 29780 30-04-2017 By, Balance b/d 29780    
To, Salary Payable A/c. 2000                        
  20600     20600       29780     29780    
                           
Supplies A/c. Cr.   Dr. Accumulated Depreciation A/c. Cr.    
Particulars Amount Date  Particulars Amount   Date  Particulars Amount Date  Particulars Amount    
                           
To, Balance b/d 4500 30-04-2017 By, Supplies Expense A/c. 2500   30-04-2017 To, Balance c/d 35000 30-04-2017 By, Balance b/d 25200    
      By, Balance c/d 2000           By, Depreciation Expense A/c. 9800    
  4500     4500       35000     35000    
                           
Depreciation Expense A/c. Cr.   Dr. Accounts Payable A/c. Cr.    
Particulars Amount Date  Particulars Amount   Date  Particulars Amount Date  Particulars Amount    
                           
To, Balance b/d 9800 30-04-2017 By, Balance c/d 19600   30-04-2017 To, Balance c/d 25800 30-04-2017 By, Balance b/d 25800    
To, Accumulated Depreciation A/c. 9800                        
  19600     19600       25800     25800    
                           
Accounts Receivable A/c. Cr.   Dr. Unearned Revenue A/c. Cr.    
Particulars Amount Date  Particulars Amount   Date  Particulars Amount Date  Particulars Amount    
                           
To, Balance b/d 35500 30-04-2017 By, Balance c/d 35500   30-04-2017 To, Service Revenue A/c. 20000 30-04-2017 By, Balance b/d 34200    
              To, Balance c/d 14200          
  35500     35500       34200     34200    
                           
Cash A/c. Cr.                  
Particulars Amount Date  Particulars Amount                  
                           
To, Balance b/d 20000 30-04-2017 By, Balance c/d 20000                  
                           
  20000     20000                  
                           
Equipment A/c. Cr.                  
Particulars Amount Date  Particulars Amount                  
                           
To, Balance b/d 120000 30-04-2017 By, Balance c/d 120000                  
                           
  120000     120000                  
                           
Advertising Expense A/c. Cr.                  
Particulars Amount Date  Particulars Amount                  
                           
To, Balance b/d 7500 30-04-2017 By, Balance c/d 7500                  
                           
  7500     7500                  
                           
Insurance Expense A/c. Cr.                  
Particulars Amount Date  Particulars Amount                  
                           
To, Balance b/d 3600 30-04-2017 By, Balance c/d 8600                  
To, Prepaid Insurance A/c. 5000                        
  8600     8600                  
                           
Interest Expense A/c. Cr.                  
Particulars Amount Date  Particulars Amount                  
                           
To, Balance b/d 3880 30-04-2017 By, Balance c/d 3880                  
                           
  3880     3880                  
                           
Prepaid Insurance A/c. Cr.                  
Particulars Amount Date  Particulars Amount                  
                           
To, Balance b/d 8600 30-04-2017 By, Insurance Expense A/c. 5000                  
      By, Balance c/d 3600                  
  8600     8600                  
                           
                           
    REPORT SECTION:                      
    Adjustment Worksheet:                      
      Pre-Adjustment Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet  
Amount   Particulars Debit  Credit Debit  Credit Debit  Credit Debit  Credit Debit  Credit  
                           
$5,200   Rent Expense $5,200   $5,000   $10,200   $10,200        
$1,200   Supplies Expense $1,200   $2,500   $3,700   $3,700        
$45,000   Long Term Loan Payable   $45,000       $45,000       $45,000  
$5,000   Berlett, Drawings $5,000       $5,000       $5,000    
$18,600   Salary Expense $18,600   $2,000   $20,600   $20,600        
$18,400   Salary Payable   $18,400   $2,000   $20,400       $20,400  
$65,000   Service Revenue   $65,000   $20,000   $85,000   $85,000      
$4,500   Supplies   $4,500     $2,500 $2,000       $2,000    
$29,780   Capital   $29,780       $29,780       $29,780  
$9,800   Depreciation Expense $9,800   $9,800   $19,600   $19,600        
$35,500   Accounts Receivable $35,500       $35,500       $35,500    
$20,000   Cash $20,000       $20,000       $20,000    
$25,200   Accumulated Depreciation   $25,200   $9,800   $35,000       $35,000  
$25,800   Accounts Payable   $25,800       $25,800       $25,800  
$1,20,000   Equipment $1,20,000       $1,20,000       $1,20,000    
$7,500   Advertising Expense $7,500       $7,500   $7,500        
$3,600   Insurance Expense $3,600       $3,600   $3,600        
$3,880   Interest Expense $3,880       $3,880   $3,880        
$8,600   Prepaid Insurance $8,600     $5,000 $3,600       $3,600    
$34,200   Unearned Revenue   $34,200 $20,000     $14,200       $14,200  
                           
    TOTAL $2,43,380 $2,43,380 $39,300 $39,300 $2,55,180 $2,55,180 $69,080 $85,000 $1,86,100 $1,70,180  
$2,500   Add:Profit             $15,920     $15,920  
$5,000   GRAND TOTAL $2,43,380 $2,43,380 $39,300 $39,300 $2,55,180 $2,55,180 $85,000 $85,000 $1,86,100 $1,86,100  
$20,000                          
                           
DATA SECTION:     REPORT SECTION:                  
      Adjustment Worksheet:                
List of Accounts:       Pre-Adjustment Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Particulars Amount   Particulars Debit  Credit Debit  Credit Debit  Credit Debit  Credit Debit  Credit
                           
Rent Expense $5,200   Rent Expense $5,200   $5,000   $10,200   $10,200      
Supplies Expense $1,200   Supplies Expense $1,200   $2,500   $3,700   $3,700      
Long Term Loan Payable $45,000   Long Term Loan Payable   $45,000       $45,000       $45,000
Berlett, Drawings $5,000   Berlett, Drawings $5,000       $5,000       $5,000  
Salary Expense $18,600   Salary Expense $18,600   $2,000   $20,600   $20,600      
Salary Payable $18,400   Salary Payable   $18,400   $2,000   $20,400       $20,400
Service Revenue $65,000   Service Revenue   $65,000   $20,000   $85,000   $85,000    
Supplies   $4,500   Supplies   $4,500     $2,500 $2,000       $2,000  
Capital $29,780   Capital   $29,780       $29,780       $29,780
Depreciation Expense $9,800   Depreciation Expense $9,800   $9,800   $19,600   $19,600      
Accounts Receivable $35,500   Accounts Receivable $35,500       $35,500       $35,500  
Cash $20,000   Cash $20,000       $20,000       $20,000  
Accumulated Depreciation $25,200   Accumulated Depreciation   $25,200   $9,800   $35,000       $35,000
Accounts Payable $25,800   Accounts Payable   $25,800       $25,800       $25,800
Equipment $1,20,000   Equipment $1,20,000       $1,20,000       $1,20,000  
Advertising Expense $7,500   Advertising Expense $7,500       $7,500   $7,500      
Insurance Expense $3,600   Insurance Expense $3,600       $3,600   $3,600      
Interest Expense $3,880   Interest Expense $3,880       $3,880   $3,880      
Prepaid Insurance $8,600   Prepaid Insurance $8,600     $5,000 $3,600       $3,600  
Unearned Revenue $34,200   Unearned Revenue   $34,200 $20,000     $14,200       $14,200
                           
Additional Information:     TOTAL $2,43,380 $2,43,380 $39,300 $39,300 $2,55,180 $2,55,180 $69,080 $85,000 $1,86,100 $1,70,180
Supplies Consumed within the period $2,500   Add:Profit             $15,920     $15,920
Prepaid insurance expired $5,000   GRAND TOTAL $2,43,380 $2,43,380 $39,300 $39,300 $2,55,180 $2,55,180 $85,000 $85,000 $1,86,100 $1,86,100
Unearned revenue earned $20,000                        
Depreciation charged $9,800                        
                           
In the books of GREENPLACE   In the books of GREENPLACE   In the books of GREENPLACE            
INCOME STATEMENT   STATEMENT OF CHANGE IN EQUITY   BALANCE SHEET            
for the period ended 30 April,2017   for the period ended 30 April,2017   As on 30 April,2017            
                           
Particulars Amount   Particulars Amount   Particulars Amount            
                           
Service Revenue $85,000   Opening Balance of Capital $29,780   CURRENT ASSETS:              
      Add: Net Profit for the period $15,920   Supplies $2,000            
TOTAL REVENUE $85,000     $45,700   Accounts Receivable $35,500            
      Less: Berlett, Drawings -$5,000   Prepaid Insurance $3,600            
Rent Expense -$10,200         Cash $20,000            
Supplies Expense -$3,700   Closing Balance of Capital $40,700   Total Current Assets $61,100            
Salary Expense -$20,600                        
Depreciation Expense -$19,600         NON-CURRENT ASSETS:              
Advertising Expense -$7,500         Equipment $1,20,000            
Insurance Expense -$3,600         Accumulated Depreciation -$35,000            
Interest Expense -$3,880         Total Non-Current Assets $85,000            
                           
TOTAL EXPENSES -$69,080         TOTAL ASSETS $1,46,100            
                           
NET PROFIT for the period $15,920         CURRENT LIABILITIES:              
            Salary Payable $20,400            
            Accounts Payable $25,800            
            Unearned Revenue $14,200            
            Total Current Liabilities $60,400            
                           
            NON-CURRENT LIABILITIES:              
            Long Term Loan Payable $45,000            
            Total Non-Current Liabilities $45,000            
                           
            TOTAL LIABILITIES $1,05,400            
                           
            Capital:              
            Capital Balance  $40,700            
            TOTAL CAPITAL $40,700            
                           
            TOTAL LIABILITIES & CAPITAL $1,46,100            
                           
                           
In the books of GREENPLACE   In the books of GREENPLACE   In the books of GREENPLACE            
INCOME STATEMENT   STATEMENT OF CHANGE IN EQUITY   BALANCE SHEET            
for the period ended 30 April,2017   for the period ended 30 April,2017   As on 30 April,2017            
                           
Particulars Amount   Particulars Amount   Particulars Amount            
                           
Service Revenue $85,000   Opening Balance of Capital $29,780   CURRENT ASSETS:              
      Add: Net Profit for the period $15,920   Supplies $2,000            
TOTAL REVENUE $85,000     $45,700   Accounts Receivable $35,500            
      Less: Berlett, Drawings -$5,000   Prepaid Insurance $3,600            
Rent Expense -$10,200         Cash $20,000            
Supplies Expense -$3,700   Closing Balance of Capital $40,700   Total Current Assets $61,100            
Salary Expense -$20,600                        
Depreciation Expense -$19,600         NON-CURRENT ASSETS:              
Advertising Expense -$7,500         Equipment $1,20,000            
Insurance Expense -$3,600         Accumulated Depreciation -$35,000            
Interest Expense -$3,880         Total Non-Current Assets $85,000            
                           
TOTAL EXPENSES -$69,080         TOTAL ASSETS $1,46,100            
                           
NET PROFIT for the period $15,920         CURRENT LIABILITIES:              
            Salary Payable $20,400            
            Accounts Payable $25,800            
            Unearned Revenue $14,200            
            Total Current Liabilities $60,400            
                           
            NON-CURRENT LIABILITIES:              
            Long Term Loan Payable $45,000            
            Total Non-Current Liabilities $45,000            
                           
            TOTAL LIABILITIES $1,05,400            
                           
            Capital:              
            Capital Balance  $40,700            
            TOTAL CAPITAL $40,700            
                           
            TOTAL LIABILITIES & CAPITAL $1,46,100            
                           
                           
                           
Particulars   Amount                      
                           
Current Assets A 61100                      
Current Liabilities B 60400                      
                           
Current Ratio C=A/B 1.012                      
                           
                           
                           
Particulars   Amount                      
                           
Total Liabilities A 105400                      
Total Assets B 146100                      
                           
Debt Ratio C=A/B 0.721                      
                           
                           

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