Financial Schedules

Pre-Adjustment Trial Balance
December 31, 2014

Account
1100
1110
1130
1200
1205
1230
1240
1300
1410
1500
1505
2100
2150
2160
2165
2170
2180
2190
2200
2220
2700
2710
3100
3120
3200
4100
4180
4190
4500
4700
4800
5100
5200
5300
5400
5600
5700
5800
5900
6000
6100
6250
6300
6400
6500
6600
6700
8000
8100
8200
8250
8400
9000
9100
9200
Description
Cash - Operating Account
Cash - Payroll
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Interest Receivable
Notes Receivable
Inventory
Prepaid Insurance
Fixed Assets - Furniture & Fixtures
Accumulated Depreciation-Fixed Assets
Accounts Payable
Federal Withholding Payable
FICA Payable
Medicare payable
FUTA Payable
TX state SUTA payable
Interest Payable
Federal Income Tax Payable
Current N/P to banks
Notes Payable to Banks
Other Liabilities
Common Stock
Additional Paid-In Capital-Common Stock
Retained Earnings
Sales
Sales Discount
Sales Returns
Cost of Goods Sold
Shrinkage and Waste
Freight and Handling
Accounting Fees
Advertising Expense
Bad Debts Expense
Bank Fees
Depreciation Expense
Dues & Subscription
Employee Benefits
Insurance
Legal Fees
Life Insurance - Administration
Postage
Rent Expense
Repairs & Maintenance Expense
Salaries and Wages
Supplies
Telephone & Utilities
Taxes - Federal Income
Taxes - FUTA Expense
Taxes - FICA Expense
Taxes - Medicare Expense
Taxes - SUTA Expense
Interest Expense
Interest Income
Miscellaneous Income/Expense
277162104.xlsx
Debit
Credit
211,423.53
10.00
136,000.00
2,040.00
350.00
70,000.00
97,500.00
8,500.00
275,500.00
37,829.17
45,150.00
10,400.00
-
45,495.81
112,460.42
65,000.00
8,500.00
495,000.00
116,542.22
553,000.00
337,260.00
4,000.00
5,000.00
19,000.00
4,500.00
1,040.00
185.00
22,329.17
750.00
1,740.00
900.00
9,000.00
800.00
36,000.00
1,545.00
208,800.00
5,655.00
180.00
12,945.60
3,027.60
1,083.00
16,743.72
350.00
1,491,767.62
Trial Balance
1,491,767.62
-
Sales
Less: COGS
Gross Income
Less: Expenses
Net Income
-
553,000.00
337,260.00
215,740.00
355,224.09
139,134.09
General Ledger
Cash - Operating Account
Dec
Ref
12
12
1 Balance Forward
30
30
GJ1
CD
CR
12
31 To correct error- reconciled Cash- Operating Account with Ba GJ4
Cash - Payroll
Dec
12
12
1 Balance Forward
30
30
Ref
GJ1
PR
CD
Account not used
Accounts Receivable
Dec
Ref
12
12
1 Balance Forward
30
30
GJ1
SJ
CR
12
31 Customer 10 account write of
GJ5
12
31 To correct reporting error in customer receivables
GJ6
Allowance for Doubtful Accounts

Dec
1 Balance Forward
277162104.xlsx; General Ledger - Students

Page 2 of 62
Ref
GJ1
12
GJ5
12
31 1.5% of AR balance as Allowance for Doubtful Accounts
GJ7

Page 3 of 62
Interest Receivable
Dec
Ref
1 Balance Forward
12
31 To tie up the Interest Income, Interest Receivable, and Note
GJ8
Notes Receivable
Dec
12
1 Balance Forward
1
Ref
CD
Inventory
Dec
Ref
12
12
1 Balance Forward
30
30
GJ1
SJ
PJ
12
31 Adjust inventory I40 to auditor's count
GJ9
Prepaid Insurance
Dec
Ref
12
1 Balance Forward
30
CD
12
31 Adjust Prepaid Insurance Account for Dec usage
GJ10

Page 4 of 62
Fixed Assets - Furniture and Fixtures

Dec
1 Balance Forward
12
Ref
GJ1
20 To correct data entry error- Fixed asset booked under Account GJ12

Page 5 of 62
Accumulated Depreciation Fixed Assets

Dec
12
1 Balance Forward
30
Ref
GJ1
GJ2
Accounts Payable
Dec
Ref
12
12
12
1 Balance Forward
30
30
30
GJ1
PR
PJ
CD
12
30 To correct data entry error- Advertising bill had incorrect amouGJ11
ACCOUNT NOT ACTIVE
Federal Withholding Payable

Dec
12
12
1 Balance Forward
30
30
Ref
PR
CD
FICA Payable
Dec
12
12
1 Balance Forward
30
30

Page 6 of 62
Ref
PR
CD
Medicare Payable
Dec
12
12
1 Balance Forward
30
30

Page 7 of 62
Ref
PR
CD
FUTA Payable
Dec
1 Balance Forward
TX State SUTA Payable

Dec
Ref
1 Balance Forward
Interest Payable
Dec
Ref
1 Balance Forward
12
31 Recording interest on outstanding balance on line of credit
Federal Income Tax Payable

Dec
Ref
1 Balance Forward
ACCOUNT NOT IN USE

Page 8 of 62
GJ15
Ref
Current NP to Banks
Dec
1 Balance Forward
12
Ref
GJ1
31 Switched the current NP account with the long term NP accou GJ14

Page 9 of 62
Notes Payable to Banks

Dec
Ref
12
1 Balance Forward
30
GJ1
CD
12
31 Switched the current NP account with the long term NP accou GJ14
Other Liabilities
Dec
1 Balance Forward
Ref
GJ1
Common Stock
Dec
1 Balance Forward
Ref
GJ1
Additional Paid-In Capital - CS

Dec
1 Balance Forward
Retained Earnings
Page 10 of 62
Ref
GJ1
Ref
Dec
1 Balance Forward
GJ1
Sales
Dec
12
Ref
1 Balance Forward
30

Page 11 of 62
GJ1
SJ
Sales Discount
Dec
Ref
1 Balance Forward
Sales Returns
Dec
Ref
1 Balance Forward
Cost of Goods Sold

Dec
12
1 Balance Forward
30
Ref
GJ1
SJ
Shrinkage and Waste

Dec
Ref
1 Balance Forward
12
31 Adjust inventory I40 to auditor's count

Page 12 of 62
GJ9
Freight and Handling

Dec
12
1 Balance Forward
30
Ref
CD
Accounting Fees
Dec
Ref
12
12
1 Balance Forward
31
31
12
31 To correct data entry error- Fixed asset booked under Account GJ12

Page 13 of 62
PJ
PJ
Advertising Expense
Dec
Ref
12
1 Balance Forward
30
12
30 To correct data entry error- Advertising bill had incorrect amouGJ11
PJ
Bad Debts Expense

Dec
Ref
1 Balance Forward
12
31 1.5% of AR balance as Allowance for Doubtful Accounts
GJ7
Bank Fees
Dec
Ref
1 Balance Forward
12
30 To correct GJ1 error- posted to wrong acct
GJ3
12
31 To correct error- reconciled Cash- Operating Account with Ba GJ4
Depreciation Expense
Dec
Ref
12
12
1 Balance Forward
30
30
12
31 Corrected error- salary and wage amount was recorded under GJ16

Page 14 of 62
PR
GJ2
Dues & Subscription

Dec
Ref
12
1 Balance Forward
15
GJ1
PJ
12
30 To correct GJ1 error- posted to wrong acct
GJ3
Employee Benefits
Dec
12
1 Balance Forward
30
Ref
GJ1
CD
Insurance
Ref
Dec
1 Balance Forward
12
31
GJ10
Legal Fees
Dec
12
1 Balance Forward
30

Page 15 of 62
Ref
PJ
Life Insurance - Administration

Dec
Ref
1 Balance Forward
12
31 Adjust Prepaid Insurance Account for Dec usage
GJ10
Postage
Dec
Ref
1 Balance Forward
Rent Expense
Dec
12
1 Balance Forward
30
Ref
GJ1
CD
Repairs & Maintenance Expense

Dec
12
1 Balance Forward
15

Page 16 of 62
Ref
PJ

Page 17 of 62
Salaries and Wages

Dec
1 Balance Forward
12
Ref
GJ1
31 Corrected error- salary and wage amount was recorded under GJ16
Supplies
Dec
Ref
1 Balance Forward
Telephone & Utilities

Dec
12
1 Balance Forward
15
Taxes - Federal Income

Dec
1 Balance Forward

Page 18 of 62
Ref
GJ1
PJ
Ref
Taxes - FUTA Expense

Dec
1 Balance Forward
Ref
GJ1
Taxes - FICA Expense

Dec
1 Balance Forward
12
31

Page 19 of 62
Ref
GJ1
CD
Taxes - Medicare Expense

Dec
1 Balance Forward
12
31 Medicare expense was incorrectly placed in SUTA expense
Ref
GJ1
GJ13
Account Not in Use
Taxes - SUTA Expense

Dec
1 Balance Forward
Ref
GJ1
12
31
CD
12
31 Medicare expense was incorrectly placed in SUTA expense
GJ13
Interest Expense
Dec
Ref
12
1 Balance Forward
30
GJ1
CD
12
31 Recording interest on outstanding balance on line of credit
GJ15
Interest Income
Dec
Ref
1 Balance Forward
12
31 To tie up the Interest Income, Interest Receivable, and Note

Page 20 of 62
GJ8
Miscellaneous Income/Expense
Dec
1 Balance Forward

Page 21 of 62
Ref
General Ledger
Account 1100
Debit
424,107.77
Credit
338,669.24
126,000.00
15.00
Debit Balance
424,107.77
85,438.53
211,438.53
Credit Balance
211,423.53
Account 1110
Debit
10.00
Credit
Debit Balance
10.00
13,483.90
13,483.90
Credit Balance
13,473.90
10.00
Account 1130
Account 1200
Debit
137,000.00
128,000.00
8,000.00
Credit
126,000.00
Debit Balance
137,000.00
265,000.00
139,000.00
3,000.00
136,000.00
###
Credit Balance
136,000.00
Account 1205
Debit
Credit
4,000.00
Debit Balance

Page 22 of 62
Credit Balance
4,000.00
3,000.00
1,000.00
1,040.00

Page 23 of 62
2,040.00
Account 1230
Debit
Credit
350.00
Debit Balance
0.00
Credit Balance
350.00
Account 1240
Debit
Credit
70,000.00
Debit Balance
0.00
70,000.00
Credit Balance
Account 1300
Debit
40,500.00
Credit
Debit Balance
40,500.00
76,500.00
137,500.00
Credit Balance
36,000.00
101,500.00
4,000.00
97,500.00
Account 1410
Debit
Credit
10,200.00
1,700.00
Debit Balance
0.00
10,200.00
8,500.00

Page 24 of 62
Credit Balance
Account 1500
Debit
265,500.00
10,000.00
Credit
Debit Balance
265,500.00
275,500.00

Page 25 of 62
Credit Balance
Account 1505
Debit
Credit
15,500.00
22,329.17
Debit Balance
Credit Balance
15,500.00
37,829.17
Account 2100
Debit
Credit
90,000.00
435.00
180,650.00
Debit Balance
227,935.00
2,000.00
Credit Balance
90,000.00
90,435.00
271,085.00
43,150.00
45,150.00
Account 2140
Account 2150
Debit
Credit
Debit Balance
2,150.00
2,150.00
Credit Balance
0.00
2,150.00
0.00
Account 2160
Debit
Credit
Debit Balance
1,078.80
1,078.80

Page 26 of 62
Credit Balance
0.00
1,078.80
0.00
Account 2165
Debit
Credit
Debit Balance
252.30
252.30

Page 27 of 62
Credit Balance
0.00
252.30
0.00
Account 2170
Debit
Credit
Debit Balance
Credit Balance
0.00
Account 2180
Debit
Credit
Debit Balance
Credit Balance
0.00
Account 2190
Debit
Credit
Debit Balance
10,400.00
Credit Balance
0.00
10,400.00
Account 2200
Debit
Credit
Debit Balance
Credit Balance
0.00
Account 2210

Page 28 of 62
Account 2220
Debit
Credit
49,117.68
Debit Balance
3,621.87

Page 29 of 62
Credit Balance
49,117.68
45,495.81
Account 2700
Debit
Credit
112,460.42
Debit Balance
3,621.87
3,621.87
Credit Balance
112,460.42
108,838.55
112,460.42
Account 2710
Debit
Credit
65,000.00
Debit Balance
Credit Balance
65,000.00
Account 3100
Debit
Credit
8,500.00
Debit Balance
Credit Balance
8,500.00
Account 3120
Debit
Credit
495,000.00
Debit Balance
Credit Balance
495,000.00
Account 3200
Debit
Credit
Debit Balance

Page 30 of 62
Credit Balance
116,542.22
116,542.22
Account 4100
Debit
Credit
425,000.00
128,000.00
Debit Balance

Page 31 of 62
Credit Balance
425,000.00
553,000.00
Account 4180
Debit
Credit
Debit Balance
Credit Balance
Account 4190
Debit
Credit
Debit Balance
Credit Balance
Account 4500
Debit
260,760.00
76,500.00
Credit
Debit Balance
260,760.00
337,260.00
Credit Balance
Account 4700
Debit
4,000.00
Credit
Debit Balance
4,000.00

Page 32 of 62
Credit Balance
Account 4800
Debit
Credit
5,000.00
Debit Balance
0.00
5,000.00
Credit Balance
Account 5100
Debit
Credit
10,000.00
19,000.00
10,000.00
Debit Balance
0.00
10,000.00
29,000.00
19,000.00

Page 33 of 62
Credit Balance
Account 5200
Debit
Credit
2,500.00
Debit Balance
0.00
2,500.00
2,000.00
4,500.00
Credit Balance
Account 5300
Debit
Credit
1,040.00
Debit Balance
0.00
Credit Balance
1,040.00
Account 5400
Debit
Credit
Debit Balance
0.00
170.00
170.00
15.00
185.00
Debit
Credit
17,400.00
22,329.17
17,400.00
Debit Balance
0.00
17,400.00
39,729.17
22,329.17

Page 34 of 62
Credit Balance
Account 5600
Credit Balance
Account 5700
Debit
170.00
750.00
Credit
170.00
Debit Balance
170.00
920.00
Credit Balance
750.00
Account 5800
Debit
1,595.00
145.00
Credit
Debit Balance
1,595.00
1,740.00
Credit Balance
Account 5900
Debit
Credit
900.00
Debit Balance
0.00
Credit Balance
900.00
Account 6000
Debit
9,000.00
Credit
Debit Balance
0.00
9,000.00

Page 35 of 62
Credit Balance
Account 6100
Debit
Credit
800.00
Debit Balance
0.00
Credit Balance
800.00
Account 6250
Debit
Credit
Debit Balance
0.00
Credit Balance
Account 6300
Debit
33,000.00
3,000.00
Credit
Debit Balance
33,000.00
36,000.00
Credit Balance
Account 6400
Debit
1,545.00
Credit
Debit Balance
0.00
1,545.00

Page 36 of 62
Credit Balance

Page 37 of 62
Account 6500
Debit
191,400.00
Credit
17,400.00
Debit Balance
191,400.00
Credit Balance
208,800.00
Account 6600
Debit
Credit
Debit Balance
0.00
Credit Balance
Account 6700
Debit
5,300.00
355.00
Credit
Debit Balance
5,300.00
5,655.00
Credit Balance
Account 8000
Debit
Credit
Debit Balance
0.00
Credit Balance
Account 8100
Page 38 of 62
Debit
180.00
Credit
Debit Balance
180.00
Credit Balance
Account 8200
Debit
11,866.80
1,078.80
Credit
Debit Balance
11,866.80
12,945.60

Page 39 of 62
Credit Balance
Account 8250
Debit
2,775.30
Credit
252.30
Debit Balance
2,775.30
Credit Balance
3,027.60
Account 8300
Account 8400
Debit
1,083.00
Credit
252.30
Debit Balance
1,083.00
Credit Balance
1,335.30
252.30
1,083.00
Account 9000
Debit
5,872.45
471.27
Credit
10,400.00
Debit Balance
5,872.45
6,343.72
Credit Balance
16,743.72
Account 9100
Debit
Credit
Debit Balance
0.00
350.00

Page 40 of 62
Credit Balance
350.00
Account 9200
Debit
Credit
Debit Balance
0.00

Page 41 of 62
Credit Balance
Account Receivable Subsidiary Ledger

Accounts Receivable Account 1200
C 10
Customer 10
Credit Terms: Net 30

Credit Limit: $25,000
Ref
Dec
Debit
Credit
1 Balance Forward (from November)

12
10
CR
12
GJ5
12
20 Inv 1204
SJ
17,000.00
3,000.00
8,000.00
Debit Balance Credit Balance

20,000.00
3,000.00
8,000.00
C 20
Customer 20

Ref
Dec
Debit
Credit
1 Balance Forward (from October)

45,000.00
12
28
SJ
12
31
CR
24,000.00
69,000.00
25,000.00
44,000.00
C 30
Customer 30

Ref
Dec
12
12

3
5 Inv 1202
CR
SJ
Debit
Credit
60,000.00
48,000.00

60,000.00
48,000.00
C40
Customer 40

Ref
Dec
12
12
12

4 Inv 1201
5
10 Inv 1203
277162104.xlsx; Subsidiary Ledger-AR
Debit
SJ
CR
12,000.00
SJ
36,000.00
Credit
24,000.00

12,000.00
24,000.00
36,000.00
Inventory Subsidiary Ledger

Inventory Account 1300
I 10
Item 10
Current Cost: $1,000
Preferred Vendor: Vendor 30

Retail Sales Price: $2,000 (Price Increase from $1,500)
Stock Item
Dec
12
12
1 Balance Forward
3
20
Ref
PJ
SJ
Debit
10,000.00
Credit

5,000.00
15,000.00
4,000.00
11,000.00
Quantity
Debit
Debit
Balance
Credit Balance
5.00
15.00
11.00
Credit
10.00
4.00
I 20
Item 20

Stock Item
Dec
12
12
1 Balance Forward
3
10
Ref
PJ
SJ
Debit
15,000.00
Credit

6,000.00
21,000.00
18,000.00
3,000.00
Quantity
Debit
Debit
Balance
Credit Balance
4.00
14.00
2.00
Credit
10.00
12.00
I 30
Item 30

Stock Item
Dec
12
12
12
1 Balance Forward
3
4
28
Ref
PJ
SJ
SJ
Debit
12,500.00
Credit

17,500.00
30,000.00
7,500.00
22,500.00
15,000.00
7,500.00
Quantity
Debit
Debit
Balance
Credit Balance
7.00
12.00
9.00
3.00
Credit
5.00
3.00
6.00
I 40
Item 40

Stock Item
Dec
12
12
12
12
1 Balance Forward
3
5
6
31
Ref
PJ
SJ
PJ
GJ9
277162104.xlsx; Subsidiary Ledger-Inventory
Debit
40,000.00
60,000.00
Credit

12,000.00
52,000.00
32,000.00
20,000.00
80,000.00
4,000.00
76,000.00
Quantity
Debit
Credit
10.00
8.00
15.00
1.00
Debit
Balance
Credit Balance
3.00
13.00
5.00
20.00
19.00
Fixed Asset Subsidiary Ledger

Fixed Assets - Furnitures and Fixtures Account 1500
Item 10
F10
Purchase Date:
March 1, 2013
Disposal Date:
n/a
Vendor:
Vendor 20
Dec
1 Balance Forward
12
30
Depreciation Method:
Salvage Value:
Ref
Debit
Straight Line Annual Depreciati $

18,000.00
$
20,000.00 Useful Life
10 Years
Credit
200,000.00
GJ
Item 20
Salvage Value:
Ref
Debit
Straight Line Annual Depreciati $

3,000.00
$
500.00 Useful Life
5 Years
Credit
15,500.00
GJ
Item 30
Debit
Accumulated Depreciation
Debit
Credit
Credit Balance
Balance
500.00
500.00
3,000.00
3,500.00
F30
October 1, 2014
Disposal Date:
n/a
Vendor:
Vendor 20
Dec
1 Balance Forward
12
30
Salvage Value:
Ref
Debit
Straight Line
5000
Credit
Annual Depreciati
Useful Life
Debit Balance
50,000.00
4,500.00
10 Years
Credit Balance
Debit
Credit
GJ
1,125.00
Item 40
Purchase Date:
Debit
Credit
Balance
Credit Balance
15,000.00
15,000.00
18,000.00
33,000.00
F20
Purchase Date:
November 2, 2013
Disposal Date:
n/a
Vendor:
Vendor 20
Dec
1 Balance Forward
12
30
Purchase Date:
Debit
1,125.00
F40
December 2, 2014
Disposal Date:
n/a
Vendor:
Vendor 20
Dec
1 Balance Forward
12
30
12
30
Salvage Value:
Ref
Debit
PJ
GJ
277162104.xlsx; Subsidiary Ledger-Fixed Assets
Straight Line
200
Credit
10,000.00
Annual Depreciati
Useful Life
Debit Balance
2450
4 Years
Credit Balance
Debit
Credit
###
204.17
204.17
Account Payable Subsidiary Ledger

Accounts Payable Account 2100
Vendor 10
Medical Insurance Vendor
Ref
Dec
12
12
1 Balance Forward
30
30
PR
CD
Vendor 20
Fixed Asset Vendor
Ref
Dec
1 Balance Forward
2
12
PJ
Vendor 30
Inventory Vendor
Ref
Dec
12
12
12
12
1 Balance Forward
1
3
6
15
GJ1
CD
PJ
PJ
CD
Vendor 40
General Supplies & Misc. Vendors
Ref
Dec
12
1 Balance Forward
15 Repair Bill V 810
277162104.xlsx; Subsidiary Ledger-AP Page 45 of 62
PJ

12
12
15 Dues V 907
30 Advertising Bill VA01
PJ
PJ

Vendor 50
Accounting Vendor
Ref
Dec
12
1 Balance Forward
30 Accounting Bill V 222
PJ
Vendor 60
Legal Vendor
Ref
Dec
12
1 Balance Forward
30 Legal Bill V723
PJ
Vendor 70
Telephone and Utilities Vendor
Ref
Dec
12
1 Balance Forward
15 Utilities Bill V654
PJ
V10
Credit Terms: Net 30 days
Debit
Credit
Debit Balance
435.00
###
Credit Balance
435.00
-
V20
Credit Terms: 2/10, Net 30
Debit
Credit
Debit Balance
Credit Balance
10,000.00
10,000.00
V30
Debit
Credit
Debit Balance
###
77,500.00
60,000.00
137,500.00
Credit Balance
90,000.00
77,500.00
137,500.00
-
V40
Debit
Credit
Debit Balance
1,545.00
Credit Balance
1,545.00
750.00
4,500.00
2,295.00
6,795.00
V50
Debit
Credit
Debit Balance
19,000.00
Credit Balance
19,000.00
V60
Debit
Credit
Debit Balance
9,000.00
Credit Balance
9,000.00
V70
Debit
Credit
Debit Balance
355.00
Credit Balance
355.00
Salaries and Wages Subsidiary Ledger

Salaries and Wages Account 6500
Salaried: $3,750 per month; Firm pays 25% of medical insurance
W-4 Filed, Married, 0
Employee 10
Dec
12
1 Balance Forward
30
Ref
PR
PR
$450.00 / period
Zero Balance Check:
Federal W/H
4,950.00
450.00
Social Security
2,557.50
232.50
Medicare
598.13
54.38
Medical
Insurance
1,320.00
120.00
Net Pay
31,824.37
2,893.12
45,000.00
5,400.00
2,790.00
652.51
1,440.00
34,717.49
Dec
12
1 Balance Forward
30
Ref
PR
PR
$217.00 / period
Zero Balance Check:
12
1 Balance Forward
30
Ref
PR
PR
Zero Balance Check:
12
1 Balance Forward
30
$120
Federal W/H
4,950.00
450.00
Social Security
2,557.50
232.50
Medicare
598.13
54.38
45,000.00
5,400.00
2,790.00
652.51
1,440.00
$600 / period
0.062
P30
0.0145
Net Pay
31,824.38
2,893.12
34,717.50
Check #
1046
$75
51,700.00
4,700.00
Federal W/H
6,600.00
600.00
Social Security
3,205.40
291.40
Medicare
749.64
68.14
Medical
Insurance
825.00
75.00
56,400.00
7,200.00
3,496.80
817.78
900.00
Gross
Net Pay
40,319.96
3,665.46
43,985.42
Check #
1047
56400-7200-3496.8-817.8-900-43985.4

W-4 Filed, Married 4
Dec
1045
45000-5400-2790-652.5-1440-34717.5
2014 Total
Employee 40
P20
0.0145
41,250.00
3,750.00

W-4 Filed, Single 0
Dec
0.062
Medical
Insurance
1,320.00
120.00
Gross
2014 Total
Employee 30
Check #
45000-5400-2790-652.5-1440-34717.5

W-4 Filed, Married, 0
Employee 20
$120/period
41,250.00
3,750.00
Gross
2014 Total
0.062
P10
0.0145
Ref
PR
PR
2014 Total
Zero Balance Check:
277162104.xlsx; Subsidiary Ledger - Wages&Sal
$650.00 / period
0.062
P40
0.0145
$120
57,200.00
5,200.00
Federal W/H
7,150.00
650.00
Social Security
3,546.40
322.40
Medicare
829.40
75.40
Medical
Insurance
1,320.00
120.00
62,400.00
7,800.00
3,868.80
904.80
1,440.00
Gross
62400-7800-3868.8-904.8-1440-48386.4
Net Pay
44,354.20
4,032.20
48,386.40
Check #
1048
General Journal
Date
GL Acct#
Explanation
GJ1
1100 Cash - Operating Account
1110 Cash - Payroll
1200 Accounts Receivable
1205 Allowance for Doubtful Accounts
1300 Inventory
1500 Fixed Assets - Furniture and Fixtures
1505 Accumulated Depreciation-Fixed Assets
2100 Accounts Payable
2220 Current N/P to banks
2700 Notes Payable to Banks
2710 Other Liabilities
3100 Common Stock
3120 Additional Paid-In Capital-Common Stock
3200 Retained Earnings
4100 Sales
4500 Cost of Goods Sold
5700 Bank Fees
5800 Employee Benefits
6300 Rent Expense
6500 Salaries and Wages
6700 Telephone & Utilities
8100 Taxes - FUTA Expense
8200 Taxes - FICA Expense
8250 Taxes - Medicare Expense
8400 Taxes - SUTA Expense
9000 Interest Expense
109,620
To input beginning balances. Input by GL Clerk
12
30
GJ2
5600 Depreciation Expense
1505
7,105
To record annual Depreciation Expense per Fixed Asset Subledger
12
30
GJ3
5400 Bank Fees
277162104.xlsx; General Journal
Page 52 of 62
General Journal
Date
GL Acct#
Explanation
5700 Dues and Subscriptions
To correct GJ1 error- posted to wrong acct
GJ4
12
31
5400 Bank Fees
1100 Cash- Operating Account
To correct error- reconciled Cash- Operating Account with Bank Statement
GJ5
12
31
1200 Accounts Receivable
Customer 10 account write of
GJ6
12
31
1200 Accounts Receivable- Customer 10
1200 Accounts Receivable- Customer 30
To correct reporting error in customer receivables
GJ7
5300 Bad Debt Expense
1.5% of AR balance as Allowance for Doubtful Accounts
12
31
GJ8
12
31
1230 Interest Receivable
9100 Interest Income
To tie up the Interest Income, Interest Receivable, and Note Receivable Accounts
GJ9
12
31
4700 Shrinkage and Waste
1300 Inventory
Adjust inventory I40 to auditor's count
GJ10
12
31
6100 Life Insurance- Administration
5900 Insurance
1410 Prepaid Insurance
Adjust Prepaid Insurance Account for Dec usage
GJ11
12
30
5200 Advertising Expense
2100 Accounts Payable
To correct data entry error- Advertising bill had incorrect amount
Page 53 of 62
General Journal
Date
GL Acct#
Explanation
GJ12
12
31
1500 Fixed Assets- Furniture and Fixtures
5100 Accounting Fees
To correct data entry error- Fixed asset booked under Accounting Fees
GJ13
8250 Taxes- Medicare Expense
8400 Taxes- SUTA Expense
Medicare expense was incorrectly placed in SUTA expense
12
31
GJ14
12
31
2220 Current NP to Banks
2700 Notes Payable to Banks
Switched the current NP account with the long term NP account
GJ15
12
31
9000 Interest Expense
2190 Interest Payable
Recording interest on outstanding balance on line of credit
GJ16
12
31
6500 Saleries & Wages
5600 Depreciation Expense
Corrected error- salary and wage amount was recorded under depreciation expense
Page 54 of 62
Posted
Ref
Debit
Credit
424,107.77
10.00
137,000.00
4,000.00
40,500.00
265,500.00
15,500.00
90,000.00
49,117.68
112,460.42
65,000.00
8,500.00
495,000.00
116,542.22
425,000.00
260,760.00
170.00
1,595.00
33,000.00
191,400.00
5,300.00
180.00
11,866.80
2,775.30
1,083.00
5,872.45
1,381,120.32
22,329.17
22,329.17
1,381,120.32
22,329.17
22,329.17
170.00
Page 55 of 62
Posted
Ref
Debit
Credit
170.00
15.00
3,000.00
8,000.00
1,040.00
350.00
4,000.00
800.00
900.00
2,000.00
15.00
3,000.00
8,000.00
1,040.00
350.00
4,000.00
1,700.00
2,000.00
Page 56 of 62
Posted
Ref
Debit
Credit
10,000.00
252.30
3,621.87
10,400.00
17,400.00
10,000.00
252.30
3,621.87
10,400.00
17,400.00
Page 57 of 62
Cash Receipts Journal

DEBIT
Date
12
12
12
12
Description
3 Customer
5 Customer
10 Customer
31 Customer
30
40
10
20
Total
Zero Balance Check:

0 = 126,000-126,000
277162104.xlsx; Cash Receipts Journal
Cash
1100
60,000.00
24,000.00
17,000.00
25,000.00
126,000.00
CREDIT
Sales
Discount
Accounts Receivable
A/R
Subsidiary
Acct
C30
C40
C10
C20
4180
Amount
60,000.00
24,000.00
17,000.00
25,000.00
126,000.00
1200
Posted
Ref
Other Account
GL Acct
#
Posted
Ref
Amount
Sales Journal
DEBIT
Date
12
12
12
12
12
Description
4 Customer
5 Customer
10 Customer
20 Customer
28 Customer
40
30
40
10
20
Total
Zero Balance Check:

128,000-128,000 = 0
76,500-76,500 = 0
277162104.xlsx; Sales Journal
Invoice/
Credit
Memo #
1201
1202
1203
1204
1205
A/R
Subsidiary
Acct
C40
C30
C40
C30
C20
Posted
Ref
CREDIT
Accounts
Receivable
Sales Return
1200
4190
12,000.00
48,000.00
36,000.00
8,000.00
24,000.00
128,000.00
COGS
4500
7,500.00
32,000.00
18,000.00
4,000.00
15,000.00
76,500.00
Inventory
Subsidiary
Acct
I30
I40
I20
I10
I30
Posted
Ref
Inventory
1300
7,500.00
32,000.00
18,000.00
4,000.00
15,000.00
Sales
4100
12,000.00
48,000.00
36,000.00
8,000.00
24,000.00
76,500.00
128,000.00
Purchases Journal
DEBIT
Other Acct
Date
12
12
2
3
12
12
12
12
12
12
12
15
15
15
30
30
30
Vendor
Vendor
Invoice #
Inventory
1300
GL Acct #
Amount
Vendor 20 - Fixed Asset

V123
1500
Vendor 30
V456
77,500.00
10 Units - Item 10, 10 Units - Item 20, 5 Units-Item 30, 10 Units item 40
Vendor 30
V457
60,000.00
15 Units - Item 40
Repair Bill
V810
6400
Dues
V907
5700
Phone Bill
V654
6700
Accounting Bill
V222
5100
Advertising Bill
VA01
5200
Legal Bill
V723
6000
10,000.00
Total
45,150.00
Zero Balance Check:

0=137,500+43,150-180,650
277162104.xlsx; Purchases Journal
137,500.00
1,545.00
750.00
355.00
19,000.00
4,500.00
9,000.00
CREDIT
ACCOUNTS PAYABLE - 2100
Posted Ref
A/P Subs.
Acct #
Amount
Posted
Ref
V20
V30
10,000.00
77,500.00
V30
60,000.00
V40
V40
V70
V50
V40
V60
1,545.00
750.00
355.00
19,000.00
4,500.00
9,000.00
182,650.00
Cash Disbursement Journal

CREDIT
ACCOUNTS PAYABLE - 2100
Date
12
12
12
12
12
12
12
12
12
12
12
12
1
1
5
15
30
30
30
30
30
30
30
30
Check #
2010
2011
2012
2013
2014
2015
n/a
2016
2017
2018
2019
2020
Description
Vendor 30
Loan (Promissory Note)
Insurance (Life, General)
Vendor 30
Freight Bill
Rent
Transfer to Payroll
FICA
Medical Insurance
Medicare
Federal Withholding
First Bank (Note Payable)
Cash
1100
90,000.00 V30
70,000.00
10,200.00
137,500.00 V30
5,000.00
3,000.00
13,483.90
2,157.60
580.00 V10
504.60
2,150.00
4,093.14
338,669.24
Zero Balance Check:

0=338669.24-227935-108931.88-1802.38
277162104.xlsx; Cash Disbursement Journal
A/P Subs.
Acct #
Amount
90,000.00
137,500.00
435.00
227,935.00
DEBIT
Other Accounts
Posted
GL Acct #
Ref
Amount
Other Accounts
Posted
GL Acct #
Ref
Amount
Posted
Ref
1240
1410
70,000.00
10,200.00
4800
6300
1110
2160
5800
2165
2150
2700
5,000.00
3,000.00
13,483.90
1,078.80
145.00
252.30
2,150.00
3,621.87
108,931.87
8200
1,078.80
8250
252.30
9000
471.27
1,802.37
Payroll Journal
DEBIT
Employee
Name
Date
EMPLOYEE:
12
30 Employee
12
30 Employee
12
30 Employee
12
30 Employee
10
20
30
40
Total
Posted
Ref
Acct #
Gross Pay
6500
Federal
Withholding
2150
FICA
(6.2%)
2160
Medicare
Withheld
(1.45%)
2165
Medical
Insurance
$100 Single
$160 Married
Firm pays 25%
2100
Net Pay
1110
3,750.00
3,750.00
4,700.00
5,200.00
450.00
450.00
600.00
650.00
232.50
232.50
291.40
322.40
54.38
54.38
68.14
75.40
120.00
120.00
75.00
120.00
2,893.12
2,893.12
3,665.46
4,032.20
17,400.00
2,150.00
1,078.80
252.30
435.00
13,483.90
Zero Balance Check:

0=17,400-2150-1,078.8-252.3-435-13,483.9
277162104.xlsx; Payroll Journal
CREDIT
Posted to
Subledger V10
Check No.
1045
1046
1047
1048

Financial Schedules

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Financial Schedules

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Pre-Adjustment Trial Balance

December 31, 2014

31 To correct error- reconciled Cash- Operating Account with Ba GJ4

Account not used

31 Customer 10 account write of

31 To correct reporting error in customer receivables

Allowance for Doubtful Accounts

277162104.xlsx; General Ledger - Students

31 Customer 10 account write of

31 1.5% of AR balance as Allowance for Doubtful Accounts

277162104.xlsx; General Ledger - Students

31 To tie up the Interest Income, Interest Receivable, and Note

31 Adjust inventory I40 to auditor's count

31 Adjust Prepaid Insurance Account for Dec usage

277162104.xlsx; General Ledger - Students

Fixed Assets - Furniture and Fixtures

277162104.xlsx; General Ledger - Students

Accumulated Depreciation Fixed Assets

30 To correct data entry error- Advertising bill had incorrect amouGJ11

ACCOUNT NOT ACTIVE

Federal Withholding Payable

277162104.xlsx; General Ledger - Students

277162104.xlsx; General Ledger - Students

TX State SUTA Payable

31 Recording interest on outstanding balance on line of credit

Federal Income Tax Payable

ACCOUNT NOT IN USE

277162104.xlsx; General Ledger - Students

Notes Payable to Banks

Additional Paid-In Capital - CS

277162104.xlsx; General Ledger - Students

Cost of Goods Sold

Shrinkage and Waste

31 Adjust inventory I40 to auditor's count

277162104.xlsx; General Ledger - Students

Freight and Handling

277162104.xlsx; General Ledger - Students

30 To correct data entry error- Advertising bill had incorrect amouGJ11

Bad Debts Expense

31 1.5% of AR balance as Allowance for Doubtful Accounts

30 To correct GJ1 error- posted to wrong acct

31 To correct error- reconciled Cash- Operating Account with Ba GJ4

277162104.xlsx; General Ledger - Students

Dues & Subscription

30 To correct GJ1 error- posted to wrong acct

277162104.xlsx; General Ledger - Students

Life Insurance - Administration

31 Adjust Prepaid Insurance Account for Dec usage

Repairs & Maintenance Expense

277162104.xlsx; General Ledger - Students

277162104.xlsx; General Ledger - Students

Salaries and Wages

Telephone & Utilities

Taxes - Federal Income

277162104.xlsx; General Ledger - Students

Taxes - FUTA Expense

Taxes - FICA Expense

277162104.xlsx; General Ledger - Students

Taxes - Medicare Expense

31 Medicare expense was incorrectly placed in SUTA expense

Account Not in Use

Taxes - SUTA Expense