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Date Account Debit Credit: T Accounts Cash

The document records transactions from May 1-31 for Tan Capital. It shows debits and credits to various accounts including cash, equipment, supplies, accounts payable, accounts receivable, revenue, salaries expense, utilities expense, rent expense, and capital. At the end, a trial balance and basic financial statements including a balance sheet and income statement are presented to summarize the company's financial position and performance for the period.

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Fiona Solacito
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32 views

Date Account Debit Credit: T Accounts Cash

The document records transactions from May 1-31 for Tan Capital. It shows debits and credits to various accounts including cash, equipment, supplies, accounts payable, accounts receivable, revenue, salaries expense, utilities expense, rent expense, and capital. At the end, a trial balance and basic financial statements including a balance sheet and income statement are presented to summarize the company's financial position and performance for the period.

Uploaded by

Fiona Solacito
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Date Account debit credit T ACCOUNTS

1-May Cash 900,000.00


Tan Capital 900,000.00 Cash
Debit Credit
3-May Equipment 50,000.00 900,000.00 10,000.00
A/P 50,000.00 20,000.00 20,000.00
110,000.00 10,000.00
5-May Supplies 10,000.00 35,000.00
Cash 10,000.00 40,000.00
1,030,000.00 115,000.00
9-May A/P 20,000.00 915,000.00
Cash 20,000.00
Equipment
13-May A/R 60,000.00 Debit Credit
Revenue 60,000.00 50,000.00

18-May Salary Exp 10,000.00


Cash 10,000.00

23-May Cash 20,000.00 50,000.00 -


A/R 20,000.00 50,000.00

27-May Cash 110,000.00 Supplies


Revenue 110,000.00 Debit Credit
10,000.00
30-May Util Exp 25,000.00
A/P 25,000.00

31-May Rent Exp 35,000.00


Cash in Bank 35,000.00 10,000.00 -

31-May Tan, Drawing 40,000.00


Cash 40,000.00 A/R
Debit Credit
60,000.00 20,000.00

60,000.00 20,000.00
40,000.00

Salary Exp
Debit Credit

# General Information
10,000.00

10,000.00 -

Util Exp.
Debit Credit
25,000.00

25,000.00 -
25,000.00

Rent Exp
Debit Credit
35,000.00

35,000.00 -

# General Information
T ACCOUNTS TRIAL BALANCE

Tan Capital Debit


Debit Credit Cash 915,000.00
40,000.00 900,000.00 A/R 40,000.00
Equipment 50,000.00
Supplies 10,000.00
Salary Exp 10,000.00
Util Exp 25,000.00
40,000.00 900,000.00 Rent Exp 35,000.00
860,000.00 A/P
Capital
A/P Revenue
Debit Credit Total 1,085,000.00
20,000.00 50,000.00
25,000.00
-

20,000.00 75,000.00
55,000.00

Revenue
Debit Credit
- 60,000.00
110,000.00

- 170,000.00

# General Information
AL BALANCE Balance Sheet

Credit
Current Asset Current Liabilities
Cash 915,000.00 A/P
A/R 40,000.00
Supplies 10,000.00 Shareholder's Equity
Total 965,000.00 Capital
Drawing
Non Current Asset Earnings/Income
55,000.00 Equipment 50,000.00 Total
860,000.00
170,000.00 Total Assets 1,015,000.00 Total Liabilites & SHE
1,085,000.00

# General Information
Income Statement

Revenue 170,000.00
55,000.00 Less Exp:
Salary Exp 10,000.00
Util Exp 25,000.00
900,000.00 Rent Exp 35,000.00 70,000.00
(40,000.00) Income 100,000.00
100,000.00
960,000.00

1,015,000.00

# General Information
STATEMENT OF FINANCIAL POSITION

2020

Asset
Current Asset
Cash 915,000.00
Accounts Recievable 40,000.00
Inventory
Notes Recievable
Other Assets 10,000.00
Total current assets 965,000.00
Non-Current Asset
Land
Building
Accumulated Depreciation
Net building
Machine and Equipments 50,000.00
Accumulated Depreciation
Net Equipment
Furnitures and Fixtures
Accumulated Depreciation
Net Furnitures and Fixtures 0.00
Leasehold Improvement
Total non-current assets 50,000.00
Total Asset 1,015,000.00
Liabilities
Current
Accounts payable 55,000.00
Accrued expense
utilities payable
Current Proportion of Long Term Debt
total curret liabilities 55,000.00
Non current
Loans Payable
total non-current liablities
Total Liabilities
owners equity 900,000.00
earnings 100,000.00

Total equity 1,000,000.00


drawings 40,000.00
Total Liabilities and Equity 1,015,000.00
DATE PARTICULARS DEBIT CREDIT
1-May cash 900,000.00
capital 900,000.00
3-May equip 50,000.00
Acc. p 50,000.00
5-May supplies 10,000.00
cash 10,000.00
9-May Acc. p 20,000.00
cash 20,000.00
13-May AR 60,000.00
revenue 60,000.00
18-May salaries 10,000.00
cash 10,000.00
23-May cash 20,000.00
AR 20,000.00
27-May cash 110,000.00
revenue 110,000.00
30-May utilities exp. 25,000.00
AP 25,000.00
31-May rent exp. 35,000.00
cash in bank 35,000.00
31-May drawings 40,000.00
cash 40,000.00

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