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Comprehensive Financial Journal for V's Violins Business

School
McMaster University**We aren't endorsed by this school
Course
ACCOUNTING 3
Subject
Accounting
Date
Dec 10, 2024
Pages
2
Uploaded by UltraMetalWren26
Sunday, March 22, 2020 12:45 PM GMT-04:001/2V's ViolinsJOURNALAll DatesDATETRANSACTION TYPE#NAMEMEMO/DESCRIPTIONACCOUNTDEBITCREDIT15/12/2019ExpenseS-4776Staples.Credit Card$141.25to record purchase office supplies.Office supplies$125.00GST/HST Payable$16.25$141.25$141.2517/03/2020Bill Payment (Cheque)Vivian's Violaschequing$4,520.00Accounts Payable (A/P)$4,520.00$4,520.00$4,520.0001/12/2020Depositcash$200,000.00Opening Balance Equity$200,000.00$200,000.00$200,000.0001/12/2020Cheque Expense826Bobert Propertieschequing$30,000.00prepay rent for the yearPrepaid rent$30,000.00$30,000.00$30,000.0001/12/2020ExpenseS-4555Stapleschequing$9,040.00to record purchase equipment.equipment$8,000.00GST/HST Payable$1,040.00$9,040.00$9,040.0001/12/2020BillV-1922Vivian's ViolasAccounts Payable (A/P)$4,520.00to record inventory.Inventory Asset$4,000.00GST/HST Payable$520.00$4,520.00$4,520.0001/12/2020Depositchequing$200,000.00transfer to checking accountcash$200,000.00$200,000.00$200,000.0002/12/2020Inventory Starting ValueSTARTViolin - Opening inventory and valuechequing$800.00Violin - Opening inventory and valueInventory Asset$800.00$800.00$800.0002/12/2020InvoiceVV-186Harry ZhuAccounts Receivable (A/R)$2,796.75to record purchaseInventory Asset$800.00to record purchaseSales of Product Income$2,475.00to record purchaseCost of Goods Sold$800.00GST/HST Payable$321.75$3,596.75$3,596.7504/12/2020InvoiceVV-187Billiam VandutchnameAccounts Receivable (A/R)$3,000.00to record lessons.Sales$3,000.00$3,000.00$3,000.0004/12/2020PaymentVV-187Billiam Vandutchnamechequing$3,000.00Accounts Receivable (A/R)$3,000.00$3,000.00$3,000.0004/12/2020Sales ReceiptVV-188custmerchequing$592.12to record sales.Sales$515.00GST/HST Payable$77.12$592.12$592.1204/12/2020Journal EntryVV-188to record COGS for repairsCost of Goods Sold$24.00to record COGS for repairsInventory Asset$24.00$24.00$24.0005/12/2020BillB-72001Bell CanadaAccounts Payable (A/P)$565.00to record telephone an internet servicesTelephone an internet services$500.00GST/HST Payable$65.00$565.00$565.0006/12/2020Bill Payment (Cheque)828Bell Canadachequing$565.00Accounts Payable (A/P)$565.00$565.00$565.0012/12/2020InvoiceVV-189Mark ZhangAccounts Receivable (A/R)$4,520.00to record sales.Sales$4,000.00GST/HST Payable$520.00$4,520.00$4,520.00
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Sunday, March 22, 2020 12:45 PM GMT-04:002/2DATETRANSACTION TYPE#NAMEMEMO/DESCRIPTIONACCOUNTDEBITCREDIT12/12/2020Journal EntryVV-189to record COGSCost of Goods Sold$1,386.50to record COGSInventory Asset$1,386.50$1,386.50$1,386.5018/12/2020InvoiceVV-190Heidi YanAccounts Receivable (A/R)$1,017.00to record my lessonsSales$900.00GST/HST Payable$117.00$1,017.00$1,017.0020/12/2020Bill Payment (Cheque)830Vivian's Violas$0.00Accounts Payable (A/P)$0.00$0.0001/01/2021Journal Entrymemo 19to record depreciation expense for equipment for one month.Depreciation expense$900.00to record depreciation expense for equipment for one month.Accumulate depreciation$900.00$900.00$900.0001/01/2021Journal Entrymemo 20to record rent expense for one monthRent expense$2,500.00to record rent expense for one monthPrepaid rent$2,500.00$2,500.00$2,500.0002/01/2021Journal Entryclosing sales.closing sales entry.Sales$8,415.00closing sales entry.Income summary$10,890.00closing sales entry.Sales of Product Income$2,475.00$10,890.00$10,890.0002/01/2021Journal Entryclosing expenseclosing expense entryIncome summary$6,110.50closing expense entryDepreciation expense$900.00closing expense entryRent expense$2,500.00closing expense entryTelephone an internet services$500.00closing expense entryCost of Goods Sold$2,210.50$6,110.50$6,110.5002/01/2021Journal Entryclosing incomesummaryclosing income summaryIncome summary$4,779.50closing income summaryRetained Earnings$4,779.50$4,779.50$4,779.50TOTAL$492,467.62$492,467.62
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