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Journal Entry

Date Description Debit Credit


item No. 1
Cash $ 20,000.00 Initial Cash in hand
Capital (OE) $ 20,000.00 Invested in Station
item No. 2
Guarantee deposit $ 20,000.00 Credited to Octane
Cash $ 20,000.00
item No. 3
Equipment $ 12,875.00 Assets
Notes Payble $ 12,875.00 To pay to octane
item No. 4
Merchandise Inventory $ 13,250.00
Prepaid Expences (Rental) $ 1,420.00
Down payment $ 2,575.00
Guarantee deposit $ 17,245.00
item No. 5
Cash $ 2,755.00 Deposited to A/c
Guarantee deposit $ 2,755.00 Increase in owner Eq
item No. 6
Cash $ 7,000.00
Capital (OE) $ 7,000.00 Increase in Capital
item No. 7
Equipment (Furniture) $ 1,650.00 Assets
Cash $ 1,650.00
item No. 8
Prepaid expenses (Insurance) $ 900.00
Cash $ 900.00
item No. 9
Cash $ 69,510.00
sales $ 69,510.00
item No. 10
Cash $ 500.00
Other income $ 375.00 For 3/4 month
deferred revenue $ 125.00 Fron Next 15 days
item No. 11
Inventory $ 44,694.00
Cash $ 44,694.00
item No. 12
Rent expense $ 2,018.00
Cash $ 2,018.00
item # 13
Salaries expense $ 9,450.00
Cash $ 9,450.00 (Cash payment)
item # 14
Utilities expense $ 445.00
Advertising expense $ 690.00
miscellaneous expenses $ 355.00
Cash $ 1,490.00
item # 15
Capital (OE) $ 6,750.00 withdraw by Trevino
Cash $ 6,750.00
item # 16
Accounts Receivable $ 199.00 (widow+reg Cust)
Income from services $ 199.00
item # 17
Capital (OE) $ 79.00
Inventory $ 79.00 as used by himself
item # 18
Inventory $ 1,804.00
Debts to pay $ 1,804.00 Unpaid bills resulting from operation in June for merc
item # 19
Rent expense $ 75.00
Debts to pay $ 75.00 Rent payable figured at $0,04 per gallon
item # 20
Utilities expense $ 425.00
Debts to pay $ 425.00
item # 21
Expenses paid $ 232.00
Wages to pay $ 232.00
item # 22
Sales cost (Inventory Shrinkage) $ 360.00
inventories $ 360.00
$ 220,011.00 $ 220,011.00

Adjustment items
Adjustment item # A1
Rent expense $ 1,420.00 To adjust rental fee for the month of May.
Prepaid expenses $ 1,420.00
Adjustment item # A2
Insurance expense $ 150.00 (900/12)*2
Prepaid expenses $ 150.00 To adjust insurance payment for one year, (2
Adjustment item # A3
Sales cost $ 49,291.00
Inventory $ 49,291.00
Adjustment item # A4
Depreciation expense $ 457.00
Accumulated depreciation $ 457.00
$ 51,318.00 $ 51,318.00
$ 271,329.00 $ 271,329.00
Assets
Cash Capital (OE)
1 $ 20,000.00 $ 20,000.00 2 15 $ 6,750.00 $ 20,000.00 1
l Cash in hand 5 $ 2,755.00 $ 1,650.00 7 17 $ 79.00 $ 7,000.00 6
6 $ 7,000.00 $ 900.00 8 $ 6,829.00 $ 27,000.00
9 $ 69,510.00 $ 44,694.00 11 $ 20,171.00
ted to Octane 10 $ 500.00 $ 2,018.00 12
$ 9,450.00 13
$ 1,490.00 14
$ 6,750.00 15
Notes Payble
$ 99,765.00 $ 86,952.00 4 $ 2,575.00 $ 12,875.00 3
$ 12,813.00 $ 10,300.00

Service revenues
Guarantee deposit $ 199.00 16
2 $ 20,000.00 $ 17,245.00 4
ase in owner Eq $ 2,755.00 5 $ - $ 199.00
$ 20,000.00 $ 20,000.00 $ 199.00
$ -

Merchandise Inventory
4 $ 13,250.00 $ 79.00 17 Expenses for salaries
11 $ 44,694.00 $ 360.00 22 13 $ 9,450.00
18 $ 1,804.00 $ 49,291.00 A3 21 $ 232.00
$ 59,748.00 $ 49,730.00 $ 9,682.00
$ 10,018.00

Advertising expense
Equipment 14 $ 690.00
3 $ 12,875.00
7 $ 1,650.00
$ 14,525.00

miscellaneous expenses
14 $ 355.00

Prepaid expenses
4 $ 1,420.00 $ 1,420.00 A1
8 $ 900.00 $ 150.00 A2 Depreciation expense
$ 2,320.00 $ 1,570.00 A4 $ 457.00
$ 750.00

Insurance expenses
Other income A2 $ 150.00
$ 375.00 10

draw by Trevino

Accumulated depreciation
$ 457.00 A4
deferred revenue
$ 125.00 10

Wages to pay
$ 232.00 21
id bills resulting from operation in June for merchandise
sales
$ 69,510.00 9
payable figured at $0,04 per gallon

Income expense
12 $ 2,018.00
19 $ 75.00
A1 $ 1,420.00
$ 3,513.00

Utility expenses
14 $ 445.00
20 $ 425.00
just rental fee for the month of May. $ 870.00

just insurance payment for one year, (2 Accounts Receivable


16 $ 199.00

Sales cost
22 $ 360.00
A3 $ 49,291.00
$ 49,651.00 $ -
Debts to pay
$ 1,804.00 18
$ 75.00 19
$ 425.00 20
$ - $ 2,304.00
$ 2,304.00

-
Julio Trevino (Octane Service Station)
Adjusted Trial Balance
June 30
Account Dr Cr
Cash 12,813.00
Accounts Receivable 199.00
Merchandise Inventory 10,018.00
Prepaid expenses 750.00
Equipment 14,525.00
Accumulated depreciation 457.00
Debts to pay 2,304.00
Ammounts to Pay 10,300.00
Wages to pay 232.00
Capital 20,171.00
sales 69,510.00
Other income 375.00
deferred revenue 125.00
Service revenues 199.00
Income expense 3,513.00
Utility expenses 870.00
Sales cost 49,651.00
Expenses for salaries 9,682.00
Advertising expense 690.00
miscellaneous expenses 355.00
Depreciation expense 457.00
Insurance expenses 150.00
Total 103,673.00 103,673.00
-
Income Statement
From 01 May to 30 June
Revenues from sales $ 69,510.00
Other income $ 699.00
Total income $ 70,209.00
Sales cost $ 49,651.00
Gross Profit on Sales $ 20,558.00
Operating expenses
Income expense $ 3,513.00
Utility expenses $ 870.00
Expenses for salaries $ 9,682.00
Advertising expense $ 690.00
miscellaneous expenses $ 355.00
Depreciation expense $ 457.00
Insurance expenses $ 150.00
Total spends $ 15,717.00
Operating income $ 4,841.00
Income Tax 10% $ 484.10 0.1
Net profit $ 4,356.90
Balance sheet
From 01 May to 30 June
Cash $ 12,813.00 Debts to pay $ 2,304.00
Accounts Receivable $ 199.00 Wages to pay $ 232.00
Inventory $ 10,018.00
Expenses paid in advance $ 750.00 Total Current Liabilities $ 2,536.00
Total Current Assets $ 23,780.00
Notes payable LP $ 10,300.00
Equipment $ 14,525.00
Accumulated depreciation $ -457.00 Total Liabilities $ 12,836.00

Total Non-Current Assets $ 14,068.00 Social capital


Capital $ 20,171.00
Utilities (Operations) $ 4,841.00
Total Capital $ 25,012.00
Total Assets $ 37,848.00 Total Liabilities and Capital $ 37,848.00