Hydro Paddle Boards, Inc. CONTENTS General Journal... 1 General Journal (Adjusting Entries)... 6 General Journal (Closing Entries)... 7 General Ledger... 8 Accounts Receivable Ledger... 21 Accounts Payable Ledger... 23 Job Cost Records... 24 Schedule of Accounts Receivable... 28 Schedule of Accounts Payable... 28 Schedule of Employer Payroll Taxes Allocation... 29 Schedule of Unfinished Jobs... 29 Work Sheet... 30 Income Statement... 34 Retained Earnings Statement... 35 Balance Sheet... 36 Post-Closing Trial Balance... 37 Analysis Test... 39 iii
GENERAL JOURNAL PAGE 1 & 2* 2 Jan. 2 Factory Overhead 511 5,040.00 2 3 Rent Expense General 525 2,160.00 3 4 Cash 110 7,200.00 4 5 5 6 2 Advertising Expense Print 512 980.00 6 7 Cash 110 980.00 7 8 8 9 3 Accounts Payable/Hi-Foam Products Company 210/ 16,826.24 9 10 Cash 110 16,826.24 10 11 11 12 3Cash 110 16,693.38 12 13 Sales Discounts 411 168.62 13 14 Accounts Receivable/Calm Waters Board Corp. 111/ 16,862.00 14 15 15 16 4 Employees Income Tax Payable 221 26,353.78 16 17 FICA Tax Payable 222 17,928.88 17 18 Federal Unemployment Tax Payable 223 638.38 18 19 State Unemployment Tax Payable 224 812.44 19 20 Cash 110 45,733.48 20 21 21 22 4 Income Tax Payable 226 14,846.72 22 23 Cash 110 14,846.72 23 24 24 25 4 Accounts Payable/Coco PVC Company 210/ 21,428.00 25 26 Cash 110 21,428.00 26 27 27 28 4 Work in Process/Job 1403 123 7,248.00 28 29 Direct Materials 121 7,248.00 29 30 30 31 4 Work in Process/Job 1403 123 16,240.00 31 32 Employees Income Tax Payable 221 2,436.00 32 33 FICA Tax Payable 222 1,218.00 33 34 Salaries Payable 211 12,586.00 34 35 35 36 4 Work in Process/Job 1403 123 20,300.00 36 37 Factory Overhead 511 20,300.00 37 38 38 39 4 Finished Goods 124 94,830.00 39 40 Work in Process/Job 1403 123 94,830.00 40 41 41 42 5 Accounts Receivable/SaltWaterHut.com 111/ 132,762.00 42 43 Sales 410 132,762.00 43 44 44 45 5 Cost of Goods Sold 501 94,830.00 45 46 Finished Goods 124 94,830.00 46 *Note: More entries per page are shown here than students will achieve in provided forms if lines are skipped between entries. 1
GENERAL JOURNAL PAGE 2 & 3 2 Jan. 8 Factory Overhead 511 2,482.54 2 3 Indirect Materials and Factory Supplies 122 2,482.54 3 4 4 5 9 Property Tax Payable 225 12,642.00 5 6 Cash 110 12,642.00 6 7 7 8 9 Indirect Materials and Factory Supplies 122 4,486.52 8 9 Accounts Payable/GT Matrix Corporation 210/ 4,486.52 9 10 10 11 9 Work in Process/Job 1406 123 11,828.00 11 12 Direct Materials 121 11,828.00 12 13 13 14 10 Cash 110 21,031.56 14 15 Sales Discounts 411 212.44 15 16 Accounts Receivable/Tarpon Sports Ltd. 111/ 21,244.00 16 17 17 18 11 Accounts Payable/Light Hardware, Inc. 210/ 18,200.00 18 19 Cash 110 18,200.00 19 20 20 21 11 Work in Process/Job 1402 123 2,654.28 21 22 Direct Materials 121 2,654.28 22 23 23 24 12 Cash 110 14,429.94 24 25 Accounts Receivable/Go Paddle Sales Company 111/ 14,429.94 25 26 26 27 15 Work in Process/Job 1404 123 4,428.12 27 28 Direct Materials 121 4,428.12 28 29 29 30 16 Indirect Materials and Factory Supplies 122 1,006.00 30 31 Cash 110 1,006.00 31 32 32 33 16 Work in Process/Job 1405 123 6,434.00 33 34 Employees Income Tax Payable 221 965.10 34 35 FICA Tax Payable 222 482.55 35 36 Salaries Payable 211 4,986.35 36 38 16 Work in Process/Job 1405 123 8,042.50 38 39 Factory Overhead 511 8,042.50 39 40 40 41 16 Finished Goods 124 91,891.50 41 42 Work in Process/Job 1405 123 91,891.50 42 43 43 44 16 Cash 110 2,800.00 44 45 Sales 410 2,800.00 45 2
GENERAL JOURNAL PAGE 3,4,5 2 Jan. 16 Cost of Goods Sold 501 2,000.00 2 3 Finished Goods 124 2,000.00 3 4 4 5 17 Factory Overhead 511 2,235.00 5 6 Indirect Materials and Factory Supplies 122 2,235.00 6 7 7 8 17 Work in Process/Job 1407 123 8,440.00 8 9 Direct Materials 121 8,440.00 9 10 10 11 17 Travel and Entertainment Expense 527 285.24 11 12 Cash 110 285.24 12 13 13 14 18 Allowance for Doubtful Accounts 112 4,346.00 14 15 Accounts Receivable/Blue Runner Sports Dealers 111/ 4,346.00 15 16 16 17 18 Accounts Receivable/A.J. Outfitters Company 111/ 128,648.10 17 18 Sales 410 128,648.10 18 19 19 20 18 Cost of Goods Sold 501 91,891.50 20 21 Finished Goods 124 91,891.50 21 22 22 23 22 Direct Materials 121 20,464.32 23 24 Accounts Payable/K.C. Epoxy Supply Company 210/ 20,464.32 24 25 25 26 22 Work in Process/Job 1408 123 4,936.20 26 27 Direct Materials 121 4,936.20 27 28 28 29 24 Accounts Payable/GT Matrix Corporation 210/ 4,486.52 29 30 Cash 110 4,486.52 30 31 31 32 25 Work in Process/Job 1402 123 3,320.00 32 33 Employees Income Tax Payable 221 498.00 33 34 FICA Tax Payable 222 249.00 34 35 Salaries Payable 211 2,573.00 35 36 36 37 25 Work in Process/Job 1402 123 4,150.00 37 38 Factory Overhead 511 4,150.00 38 39 39 40 25 Finished Goods 124 88,694.28 40 41 Work in Process/Job 1402 123 88,694.28 41 42 42 43 26 Accounts Receivable/Calm Waters Board Corporation 111/ 124,172.00 43 44 Sales 410 124,172.00 44 46 26 Cost of Goods Sold 501 88,694.28 46 47 Finished Goods 124 88,694.28 47 3
GENERAL JOURNAL PAGE 5 & 6 2 Jan. 26 Work in Process/Job 1408 123 7,280.00 2 3 Employees Income Tax Payable 221 1,092.00 3 4 FICA Tax Payable 222 546.00 4 5 Salaries Payable 211 5,642.00 5 6 6 7 26 Work in Process/Job 1408 123 9,100.00 7 8 Factory Overhead 511 9,100.00 8 9 9 10 26 Finished Goods 124 21,316.20 10 11 Work in Process/Job 1408 123 21,316.20 11 12 12 13 29 Accounts Receivable/ Four Oceanic Designers 111/ 29,842.68 13 14 Sales 410 29,842.68 14 15 15 16 29 Cost of Goods Sold 501 21,316.20 16 17 Finished Goods 124 21,316.20 17 18 18 19 29 Accounts Payable/D H20 Corp. 210/ 37,244.00 19 20 Cash 110 37,244.00 20 21 21 22 29 Cash 110 45,883.22 22 23 Accounts Receivable/HP SUP Inc. 111/ 45,883.22 23 24 24 25 29 Postage Expense General 523 1,000.00 25 26 Cash 110 1,000.00 26 27 27 28 29 Telephone Expense 526 500.00 28 29 Cash 110 500.00 29 30 30 31 29 Advertising Expense Internet 513 2,000.00 31 32 Cash 110 2,000.00 32 33 33 34 29 Electricity Expense 514 2,108.00 34 35 Factory Overhead 511 6,324.00 35 36 Cash 110 8,432.00 36 38 31 Work in Process/Job 1404 123 2,000.00 38 39 Employees Income Tax Payable 221 300.00 39 40 FICA Tax Payable 222 150.00 40 41 Salaries Payable 211 1,550.00 41 42 42 43 31 Work in Process/Job 1404 123 2,500.00 43 44 Factory Overhead 511 2,500.00 44 4
GENERAL JOURNAL PAGE 6 & 7 2 Jan. 31 Work in Process/Job 1407 123 8,440.00 2 3 Employees Income Tax Payable 221 1,266.00 3 4 FICA Tax Payable 222 633.00 4 5 Salaries Payable 211 6,541.00 5 6 6 7 31 Work in Process/Job 1407 123 10,550.00 7 8 Factory Overhead 511 10,550.00 8 9 9 10 31 Work in Process/Job 1406 123 2,320.00 10 11 Employees Income Tax Payable 221 348.00 11 12 FICA Tax Payable 222 174.00 12 13 Salaries Payable 211 1,798.00 13 14 14 15 31 Work in Process/Job 1406 123 2,900.00 15 16 Factory Overhead 511 2,900.00 16 17 17 18 31 Factory Overhead 511 28,640.00 18 19 Sales Salaries Expense 517 23,950.00 19 20 Officers Salaries Expense 518 14,280.00 20 21 Office Salaries Expense 519 12,620.25 21 22 Employees Income Tax Payable 221 11,923.54 22 23 FICA Tax Payable 222 5,961.77 23 24 Salaries Payable 211 61,604.94 24 25 25 26 31 Factory Overhead* 511 10,230.34 26 27 Payroll Taxes Expense General 522 6,966.48 27 28 FICA Tax Payable 222 9,414.32 28 29 Federal Unemployment Tax Payable 223 1,004.19 29 30 State Unemployment Tax Payable 224 6,778.31 30 31 31 32 31 Cash 110 132,762.00 32 33 Accounts Receivable/SaltWaterHut.com 111/ 132,762.00 33 34 34 35 31 Cash 110 39,426.00 35 36 Accounts Receivable/Fiji Stand-Up Paddle Board Co. 111/ 39,426.00 36 38 31 Salaries Payable 211 97,281.29 38 39 Cash 110 97,281.29 39 40 40 41 31 Direct Materials 121 16,428.00 41 42 Accounts Payable/Light Hardware, Inc. 210/ 16,428.00 42 43 43 44 44 *For a breakdown of calculations, see schedule of employer payroll taxes allocation on page 29. 5
GENERAL JOURNAL PAGE 8 1 20-- Adjusting Entries 1 2 Jan. 31 Factory Overhead 511 2,628.00 2 3 Insurance Expense Selling 515 122.50 3 4 Insurance Expense General 516 537.60 4 5 Prepaid Insurance 131 3,288.10 5 6 6 7 31 Office Supplies Expense 521 500.00 7 8 Office Supplies 132 500.00 8 9 9 10 31 Factory Overhead 511 1,284.00 10 11 Depreciation Expense Office Equipment 520 739.40 11 12 Accumulated Depreciation Factory Equipment 162 1,284.00 12 13 Accumulated Depreciation Office Equipment 164 739.40 13 14 14 15 31 Factory Overhead 511 450.00 15 16 Patents 172 450.00 16 17 17 18 31 Factory Overhead 511 970.00 18 19 Property Tax Expense 524 274.52 19 20 Property Tax Payable 225 1,244.52 20 21 21 22 31 Cost of Goods Sold 501 2,741.38 22 23 Factory Overhead 511 2,741.38 23 24 24 25 31 Uncollectible Accounts Expense 528 13,412.00 25 26 Allowance for Doubtful Accounts 112 13,412.00 26 27 27 28 31 Income Tax Expense 710 13,573.75 28 29 Income Tax Payable 226 13,573.75 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 38 38 39 39 40 40 41 41 42 42 43 43 44 44. 6
GENERAL JOURNAL PAGE 9 DATE 1 20-- Closing Entries 1 2 Jan. 31 Sales 410 418,224.78 2 3 Income Summary 313 418,224.78 3 4 4 5 31 Income Summary 313 397,864.16 5 6 Sales Discounts 411 381.06 6 7 Cost of Goods Sold 501 301,473.36 7 8 Advertising Expense Print 512 980.00 8 9 Advertising Expense Internet 513 2,000.00 9 10 Electricity Expense 514 2,108.00 10 11 Insurance Expense Selling 515 122.50 11 12 Insurance Expense General 516 537.60 12 13 Sales Salaries Expense 517 23,950.00 13 14 Officers Salaries Expense 518 14,280.00 14 15 Office Salaries Expense 519 12,620.25 15 16 Depreciation Expense Office Equipment 520 739.40 16 17 Office Supplies Expense 521 500.00 17 18 Payroll Taxes Expense General 522 6,966.48 18 19 Postage Expense General 523 1,000.00 19 20 Property Tax Expense 524 274.52 20 21 Rent Expense General 525 2,160.00 21 22 Telephone Expense 526 500.00 22 23 Travel and Entertainment Expense 527 285.24 23 24 Uncollectible Accounts Expense 528 13,412.00 24 25 Income Tax Expense 710 13,573.75 25 26 26 27 31 Income Summary 313 20,360.62 27 28 Retained Earnings 312 20,360.62 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 38 38 39 39 40 40 41 41 42 42 43 43 44 44 7