Month April April April April April April May May

Description Initial Capital Deposit to National Additional Capital Office Furniture Insurance Premium Opening oil and grease Inventory

Waltham Oil and Lube Journal Entry from April - July Journal Entry Cash Capital Deposit - National A / C Cash Cash Capital Office Furniture Cash Pre-paid Insurance Cash Oil and Grease Inventory Deposit - National A / C Uniform and Other Inventory Deposit - National A / C Equipment Deposit - National A / C Notes Payable Lease Rental Expense Deposit - National A / C Depreciation Expense Accumulated Depreciation Cash Sales from Services Cash Sales from Parking Oil and Grease Inventory Cash Employee Salary Expense Cash Utilities Expense

Debit 40000 40000

Credit 40000 40000

10000 10000 6000 6000 1200 1200 6320 6320 4130 4130 75000 25200 49800 1500 1500 3900 3900 105300 105300 3300 3300 8230 8230 34560 34560 1700 Opening Inventory Bought Closing cost of goods Withdrawls cost of goods 4350

Uniform and Other Operating Inventory Equipment

May May - July May - July May - July May - July May - July May - July

Lease Rental for May Depreciation Revenue from Oil and Lubrication Service Revenue from Parking Oil and Grease Inventory Employee Payroll Utilities

Cash May - July May - July June - July May - July May - July May - July May - July May - July May - July May - July May - July May - July Miscellaneous Expense Equipment Payments Lease Payments Dues from Overnight Parkers Dues from Servicing Payments Due to Employees Payments Due to Utilities Insurance Expense Inventory Expense Knight's Personal Expense Pre-paid Revenue Family Use Miscellaneous Expense Cash Notes Payable Cash Lease Rental Expense Cash AR - Overnight Parkers Sales from Parking AR - Servicing Sales from Services Salary Expense Salary Payable Utilities Expense Utilities Payable Insurance Expense Pre-paid Insurance Cost of Goods / Service Inventory Drawings Cash Cash Deferred Parking Revenue Drawings Inventory 340 26400 2490 6600

1700 6600 2490 26400 340 730 730 2100 2100 350 350 300 300 12940 12940 4500 4500 400 400 450 450

Opening Inventory

cost of goods Withdrawls cost of goods

10450 8230 5290 13390 450 12940

Cash Capital Fixed Assets Pre-paid Expense Inventory Notes Payable Accounts Payable Sales Account Receivables Expenses Rental Expense Depreciation Expense Utilities Expense Salary Expense Miscellaneous Expense Insurance Expense Cost of Goods / Inventory Expense Deferred Revenue Drawings

Waltham Oil and Lube Trial Balance as of 31st July Debit Credit 159,000 131,680 50,000 81,000 3,900 41,200 37,450 18,680 13,390 2,490 49,800 2,450 109,670 1,070 27,900 3,900 2,050 36,660 6,600 300 12,940 400 4,950

Closing Balance 27,320 50,000 77,100 3,750 5,290 47,310 2,450 109,670 1,070 27,900 3,900 2,050 36,660 6,600 300 12,940 400 4,950 209,830 209,830 -

Waltham Oil and Lube - Balance Sheet as of 31st July Asset Liabilities and Owner's Equity Cash Inventory Pre-paid Expenses Account Receivables Fixed Assets 27,320 5,290 3,750 1,070 77,100 Notes Payable Accounts Payable Deferred Revenue Knight's Capital Retained Earnings 47,310 2,450 400 50,000 14,370 114,530

TOTAL

114,530 Waltham Oil and Lube Income Statement May to July

Sales Expenses Cost of Goods Other Expenses Net Income Drawings Balance to RE

109,670 12,940 77,410 19,320 4950 14,370