UTD AIS Fall 2016

General Journal - Corrections / Adjustm

Date
12

GL Acct#
30

5800
5900
Explanation: to correct the improper account #

UTD AIS Fall 2016

General Journal - Corrections / Adjustments

Explanation
GJ1
Employee Benefits
Insurance
the improper account #

Posted
Ref
x
x

ments
Debit

Credit
1375
1375

General Ledger Report

UTD AIS Fall 2016
From 1 December 2015 to 31 December 2015
Date

Type

Transaction

Reference

1100 - Cash - Operating

12/1/2015
12/1/2015
PAY
12/1/2015
PAY
12/3/2015
PAY
12/5/2015
PAY
12/5/2015
PAY
12/5/2015
PAY
12/10/2015
PAY
12/15/2015
PAY
12/15/2015
PAY
12/15/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
BT
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015
PAY
12/31/2015

Opening balance
Payment: Vendor 30
Thomas Engineering
Payment: Customer 30
INV-0003
Payment: Dallas Insurance Agency
V710
Payment: Customer 40
INV-0004
Payment: Customer 40
INV-0005
Payment: Customer 10
INV-0001
Payment: Customer 20
INV-0002
Payment: Vendor 30
V457
Payment: Vendor 30
V456
Payment: Freight
Payment: Medical Insurance Co of Texas V654
Bank Transfer from Cash - Operating to Ca
Dec payroll
Landlord
US Treasury
US Treasury
UTD Bank
US Treasury
Thomas Engineering
Total 1100 - Cash - Operating

1110 - Cash - Payroll

12/1/2015
12/30/2015
BT
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015

Opening balance
Bank Transfer from Cash - Operating to Ca
Dec payroll
Employee 10
December Payroll
Employee 20
December Payroll
Employee 30
December Payroll
Employee 30
December Payroll
Total 1110 - Cash - Payroll

1200 - Accounts Receivable

12/1/2015
Opening balance
12/2/2015
INV
Customer 40
12/3/2015
PAY
Payment: Customer 30
12/5/2015
INV
Customer 30
12/5/2015
PAY
Payment: Customer 40
12/5/2015
PAY
Payment: Customer 40
12/10/2015
INV
Customer 40
12/10/2015
PAY
Payment: Customer 10
12/15/2015
PAY
Payment: Customer 20
12/20/2015
INV
Customer 10
12/28/2015
INV
Customer 20
12/31/2015
Total 1200 - Accounts Receivable
1205 - Allowance for Doubtful Accounts

INV-0005
INV-0003
INV-0006
INV-0004
INV-0005
INV-0007
INV-0001
INV-0002
INV-0008
INV-0009

12/1/2015
12/31/2015

Opening balance
Total 1205 - Allowance for Doubtful Accounts

1240 - Notes Receivable

12/1/2015
12/1/2015
PAY
12/31/2015
PAY
12/31/2015

Opening balance
Thomas Engineering - Loan
Thomas Engineering - January Note Payment
Total 1240 - Notes Receivable

1300 - Inventory
12/1/2015
12/2/2015
12/2/2015
12/2/2015
12/2/2015
12/2/2015
12/5/2015
12/6/2015
12/10/2015
12/20/2015
12/28/2015
12/31/2015

Opening balance
Vendor 30 - Inventory Item 10
Vendor 30 - Inventory Item 20
Vendor 30 - Inventory Item 30
Vendor 30 - Inventory Item 40
Customer 40
Customer 30
Vendor 30 - Inventory Item 40
Customer 40
Customer 10
Customer 20
Total 1300 - Inventory

INV
INV
INV
INV

INV

1410 - Prepaid Insurance

12/1/2015
12/1/2015
INV
12/1/2015
INV
12/31/2015

V456
V456
V456
V456

V457

Opening balance
Dallas Insurance Agency - Business InsuraV710
Dallas Insurance Agency - CEO Life Insur V710
Total 1410 - Prepaid Insurance

1500 - Furniture & Fixtures

12/1/2015
Opening balance
12/31/2015
Total 1500 - Furniture & Fixtures
1505 - Less-Accumulated Depreciation: Furniture & Fixtures
12/1/2015
Opening balance
12/31/2015
Total 1505 - Less-Accumulated Depreciation: Furniture & Fixtures
2100 - Accounts Payable
12/1/2015
12/1/2015
INV
12/1/2015
INV
12/1/2015
INV
12/1/2015
PAY
12/2/2015
INV
12/5/2015
PAY
12/6/2015
INV
12/15/2015
INV
12/15/2015
INV
12/15/2015
INV
12/15/2015
PAY
12/15/2015
PAY
12/30/2015
INV
12/30/2015
INV

Opening balance
Vendor 20
Dallas Insurance Agency
Medical Insurance Co of Texas
Payment: Vendor 30
Vendor 30
Payment: Dallas Insurance Agency
Vendor 30
Bill's Repair & Maint
Clark Rotary
Texas Phone & Utility
Payment: Vendor 30
Payment: Vendor 30
R. Heinlein's Accounting Service
A McCafferty Advertising

V123
V710
V654
V456
V710
V457
V810
V907
V654
V457
V456
V222
VA01

12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/31/2015

INV
INV
PAY
PAY

H Wells Attorney at Law

V723
Freight
Payment: Freight
Payment: Medical Insurance Co of Texas V654
Total 2100 - Accounts Payable

2150 - Federal Withholding Payable

12/1/2015
Opening balance
12/30/2015
PAY
US Treasury - Federal Withholding
12/30/2015
PAY
Employee 10 - Employee 10 - Federal WitDecember Payroll
12/30/2015
PAY
Employee 20 - Employee 20 - Federal WitDecember Payroll
12/30/2015
PAY
Employee 30 - Empoloyee 30 - Federal WiDecember Payroll
12/30/2015
PAY
Employee 30 - Employee 40 - Federal WitDecember Payroll
12/31/2015
Total 2150 - Federal Withholding Payable
2160 - FICA Payable
12/1/2015
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015

Opening balance
US Treasury - FICA - Employee
Employee 10 - Employee 10 - FICA
Employee 20 - Employee 20 - FICA
Employee 30 - Employee 30 - FICA
Employee 30 - Employee 40 - FICA
Total 2160 - FICA Payable

2165 - Medicare Payable

12/1/2015
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015

Opening balance
Employee 10 - Employee 10 - Medicare
Employee 20 - Employee 20 - Medicare
Employee 30 - Employee 30 - Medicare
Employee 30 - Employee 40 - Medicare
US Treasury - Medicare - Employee
Total 2165 - Medicare Payable

2220 - Current N/P to Bank

12/1/2015
Opening balance
12/31/2015
Total 2220 - Current N/P to Bank
2700 - Notes Payable to Bank
12/1/2015
Opening balance
12/30/2015
PAY
UTD Bank - Loan Payment - Dec
12/31/2015
Total 2700 - Notes Payable to Bank
2710 - Other Liabilities
12/1/2015
12/31/2015

Opening balance
Total 2710 - Other Liabilities

3100 - Common Stock

12/1/2015
12/31/2015

Opening balance
Total 3100 - Common Stock

3120 - Additional Paid In Capital

12/1/2015
Opening balance
12/31/2015
Total 3120 - Additional Paid In Capital

December Payroll
December Payroll
December Payroll
December Payroll

December Payroll
December Payroll
December Payroll
December Payroll

3200 - Retained Earnings

12/1/2015
Opening balance
12/31/2015
Total 3200 - Retained Earnings
4100 - Sales
12/1/2015
12/2/2015
12/5/2015
12/10/2015
12/20/2015
12/28/2015
12/31/2015

INV
INV
INV
INV
INV

Opening balance
Customer 40 - Inventory Item 30
Customer 30 - Inventory Item 40
Customer 40 - Inventory Item 20
Customer 10 - Inventory Item 10
Customer 20 - Inventory Item 30
Total 4100 - Sales

INV-0005
INV-0006
INV-0007
INV-0008
INV-0009

4500 - Cost of Goods Sold

12/1/2015
Opening balance
12/2/2015
Customer 40
12/5/2015
Customer 30
12/10/2015
Customer 40
12/20/2015
Customer 10
12/28/2015
Customer 20
12/31/2015
Total 4500 - Cost of Goods Sold
4800 - Freight and handling
12/1/2015
Opening balance
12/30/2015
INV
Freight - Freight
12/31/2015
Total 4800 - Freight and handling
5100 - Accounting
12/1/2015
12/1/2015
INV
12/30/2015
INV
12/31/2015

Opening balance
Vendor 20 - Fixed Asset
V123
R. Heinlein's Accounting Service - Year-E V222
Total 5100 - Accounting

5200 - Advertising
12/1/2015
12/30/2015
INV
12/31/2015

Opening balance
A McCafferty Advertising - Ad Design
Total 5200 - Advertising

VA01

5400 - Bank Service Charges

12/1/2015
Opening balance
12/31/2015
Total 5400 - Bank Service Charges
5600 - Depreciation
12/1/2015
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/31/2015

Opening balance
Employee 10 - Employee 10 - Gross Pay
Employee 20 - Employee 20 - Gross Pay
Employee 30 - Employee 30 - Gross Pay
Employee 30 - Employee 40 - Gross Pay
Total 5600 - Depreciation

5700 - Dues & Subscriptions

12/1/2015
Opening balance

December Payroll
December Payroll
December Payroll
December Payroll

12/15/2015
12/31/2015

INV

Clark Rotary - Dues - December

Total 5700 - Dues & Subscriptions

V907

5800 - Employee Benefits

12/1/2015
12/1/2015
INV
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
PAY
12/30/2015
12/31/2015

Opening balance
Medical Insurance Co of Texas - Employe V654
Employee 10 - Employee 10 - Health InsuDecember Payroll
Employee 20 - Employee 20 - Health InsuDecember Payroll
Employee 30 - Employee 30 - Health InsuDecember Payroll
Employee 30 - Employee 40 - Health InsuDecember Payroll
to correct improper account #
Total 5800 - Employee Benefits

5900 - Insurance
12/1/2015
12/30/2015
12/31/2015

Opening balance
to correct improper account #
Total 5900 - Insurance

6000 - Legal Expenses

12/1/2015
12/30/2015
INV
12/31/2015

Opening balance
H Wells Attorney at Law - Comfort Letter V723
Total 6000 - Legal Expenses

6300 - Rent
12/1/2015
12/30/2015
12/31/2015

Opening balance
Landlord - Rent
Total 6300 - Rent

PAY

6400 - Repairs and Maintenance

12/1/2015
Opening balance
12/15/2015
INV
Bill's Repair & Maint - Maintenance
V810
12/31/2015
Total 6400 - Repairs and Maintenance
6500 - Salaries & Wages
12/1/2015
12/31/2015

Opening balance
Total 6500 - Salaries & Wages

6700 - Telephone & Utilities

12/1/2015
Opening balance
12/15/2015
INV
Texas Phone & Utility - Dec Phone, Electr V654
12/31/2015
Total 6700 - Telephone & Utilities
8300 - Taxes - FUTA Expense
12/1/2015
Opening balance
12/30/2015
PAY
US Treasury - FICA - Employer
12/31/2015
Total 8300 - Taxes - FUTA Expense
8400 - Taxes - FICA Expense
12/1/2015
Opening balance
12/31/2015
Total 8400 - Taxes - FICA Expense
8450 - Taxes - Medicare Expense
12/1/2015
Opening balance

12/31/2015

Total 8450 - Taxes - Medicare Expense

8500 - Taxes - SUTA Expense

12/1/2015
Opening balance
12/30/2015
PAY
US Treasury - Medicare - Employer
12/31/2015
Total 8500 - Taxes - SUTA Expense
9000 - Interest Expense
12/1/2015
12/31/2015

Opening balance
Total 9000 - Interest Expense

Report

2016
31 December 2015
Debit

Credit

YTD Balance

$352,275.35

$372,107.33
$264,107.33
$190,107.33
$240,107.33
$227,447.33
$239,447.33
$263,447.33
$283,447.33
$308,447.33
$255,947.33
$180,947.33
$176,222.33
$175,722.33
$161,204.33
$158,954.33
$157,224.33
$154,992.33
$151,353.98
$150,831.98
$153,083.20
$153,083.20

$2,891.25
$3,372.00
$3,706.50
$4,548.25
$14,518.00

$10.00
$14,528.00
$11,636.75
$8,264.75
$4,558.25
$10.00
$10.00

$108,000.00
$74,000.00
$50,000.00
$12,660.00
$12,000.00
$24,000.00
$20,000.00
$25,000.00
$52,500.00
$75,000.00
$4,725.00
$500.00
$14,518.00
$2,250.00
$1,730.00
$2,232.00
$3,638.35
$522.00
$2,251.22
$133,251.22

$14,518.00

$14,518.00

$24,000.00
$50,000.00
$48,000.00
$12,000.00
$24,000.00
$33,000.00
$20,000.00
$25,000.00
$9,400.00
$24,000.00
$138,400.00

$131,000.00

$155,000.00
$179,000.00
$129,000.00
$177,000.00
$165,000.00
$141,000.00
$174,000.00
$154,000.00
$129,000.00
$138,400.00
$162,400.00
$162,400.00

$0.00

$0.00

-$3,100.00
-$3,100.00

$2,251.22
$2,251.22

$0.00
$74,000.00
$71,748.78
$71,748.78

$74,000.00
$74,000.00

$18,000.00
$6,000.00
$12,000.00
$76,000.00

$31,000.00
$46,000.00
$61,000.00
$71,000.00
$106,000.00
$94,000.00
$66,000.00
$118,500.00
$100,500.00
$94,500.00
$82,500.00
$82,500.00

$7,680.00
$4,980.00
$12,660.00

$0.00

$0.00
$7,680.00
$12,660.00
$12,660.00

$0.00

$0.00

$265,500.00
$265,500.00

$0.00

$0.00

-$15,500.00
-$15,500.00

$15,000.00
$15,000.00
$10,000.00
$35,000.00
$12,000.00
$28,000.00
$52,500.00

$127,500.00

$11,000.00
$12,660.00
$500.00
$108,000.00
$75,000.00
$12,660.00
$52,500.00
$1,500.00
$550.00
$530.00
$52,500.00
$75,000.00
$20,000.00
$1,500.00

-$108,000.00
-$119,000.00
-$131,660.00
-$132,160.00
-$24,160.00
-$99,160.00
-$86,500.00
-$139,000.00
-$140,500.00
-$141,050.00
-$141,580.00
-$89,080.00
-$14,080.00
-$34,080.00
-$35,580.00

$7,600.00
$4,725.00
$4,725.00
$500.00
$253,385.00

$188,065.00

-$43,180.00
-$47,905.00
-$43,180.00
-$42,680.00
-$42,680.00

$236.00
$217.00
$851.00
$426.00
$1,730.00

$0.00
$1,730.00
$1,494.00
$1,277.00
$426.00
$0.00
$0.00

$217.00
$248.00
$310.00
$341.00
$1,116.00

$0.00
$1,116.00
$899.00
$651.00
$341.00
$0.00
$0.00

$1,730.00

$1,730.00

$1,116.00

$1,116.00

$261.00
$261.00

$261.00

$0.00
-$50.75
-$108.75
-$181.25
-$261.00
$0.00
$0.00

$0.00

$0.00

-$43,660.19
-$43,660.19

$3,638.35
$3,638.35

$0.00

-$93,516.51
-$89,878.16
-$89,878.16

$0.00

$0.00

-$60,000.00
-$60,000.00

$0.00

$0.00

-$5,000.00
-$5,000.00

$0.00

$0.00

-$495,000.00
-$495,000.00

$50.75
$58.00
$72.50
$79.75

$0.00

-$87,459.28
-$87,459.28

$24,000.00
$48,000.00
$33,000.00
$9,400.00
$24,000.00
$138,400.00

-$425,000.00
-$449,000.00
-$497,000.00
-$530,000.00
-$539,400.00
-$563,400.00
-$563,400.00

$0.00

$261,500.00
$273,500.00
$301,500.00
$319,500.00
$325,500.00
$337,500.00
$337,500.00

$0.00

$0.00
$4,725.00
$4,725.00

$0.00

$0.00
$11,000.00
$31,000.00
$31,000.00

$1,500.00
$1,500.00

$0.00

$0.00
$1,500.00
$1,500.00

$0.00

$0.00

$330.00
$330.00

$0.00

$0.00
$3,500.00
$7,500.00
$12,500.00
$18,000.00
$18,000.00

$0.00

$0.00

$12,000.00
$28,000.00
$18,000.00
$6,000.00
$12,000.00
$76,000.00

$4,725.00
$4,725.00

$11,000.00
$20,000.00
$31,000.00

$3,500.00
$4,000.00
$5,000.00
$5,500.00
$18,000.00

$0.00

$550.00
$550.00

$0.00

$550.00
$550.00

$1,375.00
$1,875.00

$375.00

$0.00
$500.00
$395.00
$290.00
$230.00
$125.00
$1,500.00
$1,500.00

$0.00

$1,375.00
$0.00

$1,375.00
$0.00
$0.00

$0.00

$0.00
$7,600.00
$7,600.00

$0.00

$24,750.00
$27,000.00
$27,000.00

$1,500.00
$1,500.00

$0.00

$0.00
$1,500.00
$1,500.00

$0.00

$0.00

$198,000.00
$198,000.00

$0.00

$5,300.00
$5,830.00
$5,830.00

$1,116.00
$1,116.00

$0.00

$210.00
$1,326.00
$1,326.00

$0.00

$0.00

$12,276.00
$12,276.00

$500.00
$105.00
$105.00
$60.00
$105.00

$7,600.00
$7,600.00

$2,250.00
$2,250.00

$530.00
$530.00

$2,871.00

$0.00

$0.00

$2,871.00

$261.00
$261.00

$0.00

$990.00
$1,251.00
$1,251.00

$0.00

$0.00

$5,016.65
$5,016.65

Student Company
Bank Reconciliation Operating Account
December 31,2015
First Bank: Cash Opertaing A/C #5551234
Unadjusted Bank Balance, 12/31/15
Add:
Deposits in Transit

Bank Statement
162,760.98

2,251.22

-11,959.00

General Ledger
153,083.20

30.00

153,053.20

2,251.22

Deduct:
Outstanding Checks
Check #
2014
2015
2016
2017
2018
2019

Amount
$
4,725.00
$
2,250.00
$
1,730.00
$
2,232.00
$
522.00
$
500.00

Adjustments:
Bank Service Fee
Adjusted Balance, 12/30/15

153,053.20

Student Company
Bank Reconciliation Operating Payroll
December 31,2015
First Bank: Cash Payroll A/C #5551235
Unadjusted Bank Balance, 12/31/15
Add:
Deposits in Transit

Bank Statement
$
3,382.00
$

General Ledger
$
10.00

Deduct:
Outstanding Checks
Check #
1046

Amount
$
3,372.00

-3,372.00

Adjustments:
Bank Service Fee
Adjusted Balance, 12/30/15

$
$

10.00

10.00

Student Company
Fixed Assest Report
December 31,2015

Item
10
20
30
40
Total

$
$
$
$
$

Cost
200,000.00
15,500.00
50,000.00
11,000.00
276,500.00

Accumulated Depreciation
$
33,000.00
$
3,500.00
$
1,125.00
$
225.00
$
37,850.00

General Ledger Balance A/C 1500 Fixed Assest

General Ledger Balance A/C 1500 Accumulated Depreciation
Conclusion: Subsidiary Ledger Agrees w/ General Ledger
Accumulated Depreciation - Year to Date
Accumulated Depreciation - Beginning of the Year
Difference = Depreciation Expense for Year

$
$
$
$
$

Net Book Value

167,000.00
12,000.00
48,875.00
10,775.00
238,650.00

$
$

276,500.00
37,850.00

$
$
$

37,850.00
15,500.00
22,350.00

Student Company
Accounts Receivable Aging Report
December 31,2015
Customer
Customer
Customer
Customer
Customer

Total Due
10
20
30
40
Total

$
$
$
$
$

44,000.00
56,000.00
36,000.00
136,000.00

0-30 Days
$
$
$
$

24,000.00
56,000.00
36,000.00
116,000.00

31-60 Days

61-90 Days

20,000.00

20,000.00

90 days

Student Company
Accounts Payable Aging Report
December 31,2015
Account
Vendor 20
Vendor 40
Vendor 50
Vendor 60
Vendor 70
Total

$
$
$
$
$
$

Total Due
11,000.00
5,595.00
20,000.00
7,600.00
345.00 $
44,540.00 $

0-30 Dyas
31-60 Days
###
###
###
###
345.00
44,540.00 $
-

61-90 Days

>90 Days