General Journal Colour Coded Entries for All Appliances
General Journal colour coded entries for All Appliances
1. Warehouse wages owing $2,000
31/3/12 / Warehouse wages / 2,000Accrued Expense / 2,000
2. Insurance has been prepaid $1,000 excluding GST
31/3/12 / Insurance / 1,000Prepayments / 1,000
3. Appliance rental revenue $3,000 excluding GST has been received in advance.
31/3/12 / Appliance rental revenue / 3,000Income in advance / 3,000
4. Dividends received $600 is owing
31/3/12 / Dividends received / 600Accrued Income / 600
Depreciation on Delivery Vehicles 20% DV
(In trial balance Delivery Vehicles $65,000; Accumulated depreciation on delivery vehicles $19500)
31/3/12 / Depreciation on Delivery Vehicles / 9,100Accumulated depreciation on Delivery Vehicles / 9,100
Depreciation on Equipment and Fittings 10%p.a straight line
(In trial balance Equipment and Fittings $54,000)
31/3/12 / Depreciation on Equipment and fittings / 5,400Accumulated depreciation on Equipment and Fittings / 5,400
Interest on the loan is 8.5% p.a. (Note in the trial balance Loan 50,000, interest on loan $3,400)
31/3/12 / Interest on loan / 850Accrued Expense / 850
A further $2,300 including GST of bad debts should be written off
31/3/12 / Accounts Receivable / 2,300Bad debts / 2,000
GST / 300
Allowance for doubtful debts adjusted to 2% of accounts receivable
31/3/12 / Doubtful debts / 294Allowance for doubtful debts / 294
Transfer profit for the year $77,656 to Capital
31/3/12 / Income summary profit / 77,656Capital / 77,656
Transfer or close drawings to Capital
31/3/12 / Drawings / 47,000Capital / 47,000
General Ledger accounts
WAREHOUSE WAGES31/3/12 / Balance / 80,000 / Dr
Accrued expense / 2,000 / 82,000 / Dr
Income summary / 82,000 / 0 / Dr
ACCRUED EXPENSES
31/3/12 / Warehouse wages / 2,000 / 2,000 / Cr
Interest on loan / 850 / 2,850 / Cr
INSURANCE
31/3/12 / Balance / 5,800 / Dr
Prepayment / 1,000 / 4,800 / Dr
Income summary / 4,800 / 0
PREPAYMENTS
31/3/12 / Insurance / 1,000 / 1,000 / Dr
APPLIANCE RENTAL REVENUE
31/3/12 / Balance / 68,000 / Cr
Income in advance / 3,000 / 65,000 / Cr
Income summary / 65,000 / 0
INCOME IN ADVANCE
31/3/12 / Appliance rental revenue / 3,000 / 3,000 / Cr
DIVIDENDS RECEIVED
31/3/12 / Balance / 400 / Cr
Accrued Income / 600 / 1,000 / Cr
Income summary / 1,000 / 0
ACCRUED INCOME
31/3/12 / Dividends received / 600 / 600 / Dr
CAPITAL
31/3/12 / Balance / 95,000 / Cr
Income summary profit / 77,656 / 172,656 / Cr
Drawings / 47,000 / 125,656 / Cr
Practice the Capital general ledger account if profit for the year is $53,000 and drawings are $41,000
CAPITAL31/3/13 / Balance / 135,000 / Cr
DEPRECIATION on DELIVERY VEHICLES
31/3/12 / Accum. Deprecn. Delivery Vehicles / 9,100 / 9,100 / Dr
Income Summary / 9,100 / 0
ACCUMULATED DEPRECIATION - DELIVERY VEHICLES
31/3/12 / Balance / 19,500 / Cr
Depreciation - Equipment and Fittings / 9,100 / 28,600 / Cr
DEPRECIATION on EQUIPMENT AND FITTINGS
31/3/12 / Accum. Deprecn. Fittgs & Equip / 5,400 / 5,400 / Dr
Income Summary / 5,400 / 0
ACCUMULATED DEPRECIATION - EQUIPMENT AND FITTINGS
31/3/12 / Balance / 16,200 / Cr
Depreciation - Equipment and Fittings / 5,400 / 21,600 / Cr
ACCOUNTS RECEIVABLE
31/3/12 / Balance / 82,000 / Dr
Bad debts and GST / 2,300 / 79,700 / Dr
BAD DEBTS
31/3/12 / Balance / 4,800 / Dr
Accounts Receivable / 2,000 / 6,800 / Dr
Income Summary / 6,800 / 0 / Dr
DOUBTFUL DEBTS
31/3/12 / Allowance for Doubtful Debts / 294 / 294 / Dr
Income Summary / 294 / 0
ALLOWANCE FOR DOUBTFUL DEBTS
31/3/12 / Balance / 1,300 / Cr
Doubtful Debts / 294 / 1,594 / Cr
Want to practice:
Prepare the journal and ledger entries including relevant closing entries for 20% DV depreciation on delivery vehicles with a cost of $75,000 and accumulated depreciation of $20,000
General Journal:
31/3/13
/General ledger