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Cash Mortgage payableDec 1 45,750 43,500 Bal. 45,750 43,500

Accounts receivable Capital stockDec 1 139,200 450,000 Bal. 139,200 450,000

Allowance for doubtful accounts Retained earnings 2,550 Dec 1 13,695 2,550 Bal. 13,695

Inventory DividendsDec 1 104,850 Dec 1 12,000 Bal. 104,850 Bal. 12,000

Land SalesDec 1 78,000 745,000 Bal. 78,000 745,000

Buildings Sales discountsDec 1 315,000 Dec 1 24,750 Bal. 315,000 Bal. 24,750

Accumulated depreciation - Buildings Sales returns 31,500 Dec 1 Dec 1 14,400 31,500 Bal. Bal. 14,400

Long-term investments PurchasesDec 1 12,150 Dec 1 521,130 Bal. 12,150 Bal. 521,130

Notes payable - short term Purchases discounts 24,000 Dec 1 12,150 24,000 Bal. 12,150

Accounts payable Freight-in 119,000 Dec 1 Dec 1 10,500 119,000 Bal. Bal. 10,500

Mortgage payable Selling expenseDec 1 Dec 1 94,050

Bal. Bal. 94,050

Capital stock Advertising expenseDec 1 Dec 1 12,000

Bal. Bal. 12,000

Retained earnings Insurance expenseDec 1 Dec 1 2,100

Bal. Bal. 2,100

Dividends Office expenseDec 1 28,800 Bal. 28,800

Sales Supplies expenseDec 1 Dec 1 3,450

Bal. Bal. 3,450

Sales discounts Real estate and payroll taxesDec 1 19,305 Bal. 19,305

Sales returns Interest revenue 1,335 Dec 1

1,335 Bal.

Purchases Interest expenseDec 1 5,295 Bal. 5,295

Purchases discountsDec 1

Bal.

Freight-in

Great Victory Co.Work Sheet

For Year Ended December 31, 2013

Trial BalanceDebit Credit

Cash 45,750Accounts Receivable 139,200Allowance for Doubtful Accounts 2,550Inventory 104,850Interest ReceivablePrepaid InsuranceSupplies on HandLong-Term Investments 12,150Land 78,000Buildings 315,000Accumulated Depreciation Buildings 31,500Accounts Payable 119,000Selling Expense PayableReal Estate and Payroll TaxesPayableInterest PayableIncome Taxes Payable (0.30x$29,535)Notes Payable Short-Term 24,000Mortage Payable 43,500Capital Stock, $10 par 450,000Retained Earnings, Dec 31, 2012 13,695Dividens 12,000Sales 745,000Sales Discounts 24,750Sales Returns 14,400Interest Revenue 1,335Purchases 521,130Purchase Discounts 12,150Freight-In 10,500Cost of Goods SoldReal Estate and Payroll TaxesTaxes Expense 19,305Selling Expense Payable 94,050Supplies Expense 3,450

Doubtful Accounts ExpenseDepreciation Expense BuildingsIncome Tax ExpenseAdvertising Expense 12,000Insurance Expense 2,100Interest Expense 5,295Office Expense 28,800

1,442,730 1,442,730



Adjustmen Adjustment Trial BalanceDebit Credit Debit Credit

45,750139,200

(b) 3,700 6,250(a) 31,065 135,915

(g) 360 360(f) 1,290 1290(e) 1,050 1050

12,15078,000

315,000

(c) 15,750 47,250119,000

(d) 6,075 6,075

(h) 1,170 1,170(i) 240 240

(j) 8,861 8,86124,00043,500

450,00013,695

12,000745,000

24,75014,400

(g) 360 1,695(a) 521,130

(a) 12,150(a) 10,500

(a) 488,415 488,415

(h) 1,170 20,475(d) 6,075 100,125

(e) 1,050 2,400

(b) 3,700 3700

(c) 15,750 15,750(j) 8,861 8,861

12,000(f) 1,290 810

(i) 240 5,53528,800

570,126 570,126 1,466,736 1,466,736

Adjusting Entries

GENERAL JOURNAL

Date Account Titles and Explanation Debit 2013 Inventory 31,065

a) Dec. 31 Purchase Discounts 12,150Cost of Goods Sold 488,415 Purchases Freight-In

b) 31 Doubtful Accounts Expense 3,700 Allowance for Doubtful Accounts

c 31 Depreciation Expense, Building 15,750 Accumulated Depreciation, Building

d 31 Selling Expense 6,075 Selling Expense Payable

e) 31 Supplies on Hand 1,050 Supplies Expense

f) 31 Prepaid Insurance 1,290 Insurance Expense

g 31 Interest Receivable 360 Interest Revenue

h 31 Real Estate and Payroll Taxes 1,170 Real Estate and Payroll Taxes Payable

i 31 Interest Expense 240 Interest Payable

j 31 Income Tax 8,861 Income Tax Payable

Adjusting Entries

Credit

521,13010,500

3,700

15,750

6,075

1,050

1,290

360

1,170

240

8,861

Cash Mortgage payableDec 1 45,750 Bal. 45,750

Accounts receivable Capital stockDec 1 139,200 Bal. 139,200

Allowance for doubtful accounts Retained earnings 2,550 Dec 1

3,700 Dec 31 b) 6,250 Bal.

Inventory DividendsDec 1 104,850 Dec 1

a) Dec 31 31,065 Bal.

Bal. 135,915

Land SalesDec 1 78,000 Bal. 78,000

Buildings Sales discountsDec 1 315,000 Dec 1

Bal. 315,000 Bal.

Accumulated depreciation - Buildings Sales returns 31,500 Dec 1 Dec 1

15,750 Dec 31 c) Bal.

47,250 Bal.

Long-term investments PurchasesDec 1 12,150 Dec 1

Bal. 12,150 Bal.

Notes payable - short term Purchases discounts 24,000 Dec 1

24,000 Bal. a) Dec 31

Accounts payable Freight-in 119,000 Dec 1 Dec 1

119,000 Bal.

Bal.

Mortgage payable Selling expense 43,500 Dec 1 Dec 1 94,050 43,500 Bal. d) Dec 31 6,075

Bal. 100,125

Capital stock Advertising expense 450,000 Dec 1 Dec 1 12,000 450,000 Bal. Bal. 12,000

Retained earnings Insurance expense 13,695 Dec 1 Dec 1 2,100 13,695 Bal. 1,290

Bal. 810

Dividends Office expense 12,000 Dec 1 28,800 12,000 Bal. 28,800

Sales Supplies expense 745,000 Dec 1 Dec 1 3,450 745,000 Bal. 1,050

Bal. 2,400

Sales discounts Real estate and payroll taxes 24,750 Dec 1 19,305 24,750 h) Dec 31 1,170

Bal. 20,475

Sales returns Interest revenue 14,400 1,335 14,400 360

1,695

Purchases Interest expense 521,130 Dec 1 5,295

521,130 Dec 31 a) i) Dec 31 240 - Bal. 5,535

Purchases discounts Cost of goods sold 12,150 Dec 1 a) Dec 31 488,415

12,150 Bal. 488,415 - Bal.

Freight-in Bad debt expense 10,500 b) Dec 31 3,700

10,500 Dec 31 a) Bal. 3,700 -

Selling expense Depreciation expense - buildingc) Dec 31 15,750

Bal. 15,750

Advertising expense Accrued selling expenses 6,075 Dec 31 d) 6,075 Bal.

Insurance expense Suppliese) Dec 31 1,050

Dec 31 f) Bal. 1,050

Office expense Prepaid insurancef) Dec 31 1,290

Bal. 1,290

Supplies expense Interest receivableg) Dec 31 360

Dec 31 e) Bal. 360

Real estate and payroll taxes Real estate and payroll taxes payable 1,170 Dec 31 h) 1,170 Bal.

Interest revenue Interest payableDec 1 240 Dec 31 i)

Dec 31 g) 240 Bal.

Bal.

Interest expense Income tax expensej) Dec 31 8,861

Bal. 8,861

Cost of goods sold Income tax payable 8,861 Dec 31 j) 8,861 Bal.

Bad debt expense



Account Titles Income Statement Balace Sheet

Debit Credit Debit Credit

Cash 45,750Accounts Receivable 139,200Allowance for Doubtful Accounts 6,250Inventory 135,915Interest Receivable 360Prepaid Insurance 1,290Supplies on Hand 1,050Long-Term Investments 12,150Land 78,000Buildings 315,000Accumulated Depreciation Buildings 47,250Accounts Payable 119,000Selling Expense Payable 6,075Real Estate and Payroll TaxesPayable 1,170Interest Payable 240Income Taxes Payable (0.30x$29,535) 8,861Notes Payable Short-Term 24,000Mortage Payable 43,500Capital Stock, $10 par 450,000

Retained Earnings, Dec 31, 2013 13,695Dividens 12,000Sales 745,000Sales Discounts 24,750Sales Returns 14,400Interest Revenue 1,695Cost of Goods Sold 488,415Real Estate and Payroll TaxesTaxes Expense 20,475Selling Expense Payable 100,125Supplies Expense 2,400Doubtful Accounts Expense 3,700Depreciation Expense Buildings 15,750Income Tax Expense 8,861Advertising Expense 12,000Insurance Expense 810Interest Expense 5,535Office Expense 28,800

726,021 746,695 740,715 720,041Net Income 20,674 20,674

746,695 746,695 740,715 740,715

GREAT VICTORY Co.Retained Earnings Statement

For the Month Ended December 31, 2013

Beginning retained earnings $ 13,695 Add: Net income 20,675 Less : Dividends 12,000 Ending retained earnings $ 22,370

GREAT VICTORY Co.Balance Sheet

December 31, 2013

AssetsCurrent assets

CashAccounts receivable $ 139,200 Less: Allowance for doubtful accounts 6,250 Interest receivableSuppliesPrepaid insuranceInventory

Total current assets

Non-current assetsLong-term investmentsProperty, plant and equipment

LandBuildings 315,000 Less : Accumulated depreciation 47,250 Total non-current assets

Total assets

Liabilites and Stockholders' Equity

LiabilitiesCurrent liabilities

Notes payable - short termAccounts payableInterest payableReal estate and payroll taxes payableIncome tax payableAccrued selling expenses Total current liabilities

Long-term liabilitiesMortgage payable Total liabilities

Stockholders' equityCapital stockRetained earnings

Total stockholders' equity

Total liabilities and stockholders' equity

GREAT VICTORY Co.Balance Sheet

December 31, 2013

Assets

$ 45,750

132,950 360 1,050 1,290 135,915

$ 317,315

12,150

78,000

267,750 357,900

$ 675,215

Liabilites and Stockholders' Equity

$ 24,000 119,000 240 1,170 8,861 6,075

$ 159,346

43,500 $ 202,846

450,000 22,370

472,370

$ 675,215

GREAT VICTORY Co.Post-closing Trial Balance

December 31, 2013

Interest Revenue 1,695Sales 745,000 Retained Earnings

Retained Earnings 726,021 Cost of Goods Sold Advertising Expense Insurance Expense Interest Expense Office Expense Sales Discount Sales Returns Selling Expense Real Estate and Payroll Taxes Supplies Expense Doubtful Accounts Expense Depreciation Expense, Buildings Income Tax Expense

Retained Earnings 12,000 Devidens

GREAT VICTORY Co.Post-closing Trial Balance

December 31, 2013

746,695

488,41512,000

8105,535

28,80024,75014,400

100,12520,475

2,4003,700

15,7508,861

12,000

GENERAL JOURNAL

Date Account Titles and Explanation Debit 2013 Closing Entries

a) Dec. 31 Sales 745,000 Income Summary ( to close revenue account)

b) 31 Income Summary 39,150 Sales discounts Sales returns ( to close revenue account)

c) 31 Income Summary 488,415 Cost of goods sold ( to close cost of goods account)

d) 31 Income Summary 180,360 Selling expense Advertising expense Insurance expense Office expense Supplies expense Depreciation expense - Buildings Real estate and payroll taxes ( to close operating expenses account)

e) 31 Interest revenue 1,695 Income Summary ( to close other revenue account)

f) 31 Income Summary 9,235 Interest expense Bad debt expense ( to close other expenses account)

g) 31 Income Summary 8,861 Income tax expense ( to close income tax expense account)

h) 31 Income Summary 20,675 Retained Earnings ( to close net income to retained earnings )

i) 31 Retained Earnings 12,000 Dividends ( to close dividends to retained earnings )

Credit

745,000

24,750 14,400

488,415

100,125 12,000 810 28,800 2,400 15,750 20,475

1,695

5,535 3,700

8,861

20,675

12,000

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