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FA LAB BOOK 1

The document contains financial records for ABC Inc., including a general journal, trial balance, income statement, and balance sheet for the year ending June 30, 2024. It details various accounts such as cash, accounts receivable, inventory, and expenses, alongside their respective debits and credits. Additionally, it includes adjusting entries and outlines the company's financial position, highlighting total assets, liabilities, and equity.

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saad.chughtai.378
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7 views

FA LAB BOOK 1

The document contains financial records for ABC Inc., including a general journal, trial balance, income statement, and balance sheet for the year ending June 30, 2024. It details various accounts such as cash, accounts receivable, inventory, and expenses, alongside their respective debits and credits. Additionally, it includes adjusting entries and outlines the company's financial position, highlighting total assets, liabilities, and equity.

Uploaded by

saad.chughtai.378
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
You are on page 1/ 24

Date

6/1/2024
6/1/2024
6/1/2024
6/1/2024
6/3/2024
6/3/2024
6/3/2024
6/3/2024
6/3/2024
6/4/2024
6/4/2024
6/4/2024
6/5/2024
6/5/2024
6/5/2024
6/5/2024
6/5/2024
6/5/2024
6/6/2024
6/6/2024
6/7/2024
6/7/2024
6/10/2024
6/10/2024
6/10/2024
6/11/2024
6/11/2024
6/14/2024
6/14/2024
6/16/2024
6/16/2024
6/16/2024
6/16/2024
6/16/2024
6/16/2024
6/16/2024
6/16/2024
6/19/2024
6/19/2024
6/19/2024
6/19/2024
6/19/2024
6/20/2024
6/20/2024
6/20/2024
6/22/2024
6/22/2024
6/26/2024
6/26/2024
6/26/2024
Total
General Journal
Description Debit Credit
Cash $ 90,000,000.00
Capital Stock $ 90,000,000.00
Inventory $ 10,000,000.00
Loan Payable $ 10,000,000.00
Account Receivable $ 1,650,000.00
Sales $ 1,500,000.00
Sales Tax Payable $ 150,000.00
COGS $ 80,000.00
Inventory $ 80,000.00
Equipment $ 150,000.00
Cash $ 110,000.00
Accounts Payable $ 40,000.00
Accounts Payable $ 40,000.00
Cash $ 40,000.00
Equipment $ 350,000.00
Capital Stock $ 350,000.00
Interest Expense $ 250,000.00
Cash $ 250,000.00
Office Furniture $ 200,000.00
Capital Stock $ 200,000.00
Interest Expense $ 500,000.00
Cash $ 500,000.00
Equipment $ 200,000.00
Cash $ 150,000.00
Accounts Payable $ 50,000.00
Accounts Payable $ 60,000.00
Cash $ 60,000.00
Travel Expense $ 300,000.00
Cash $ 300,000.00
Equipment $ 10,000,000.00
Cash $ 4,000,000.00
Accounts Payable $ 6,000,000.00
Withdrawls $ 70,000.00
Cash $ 70,000.00
Loan Payable $ 4,500,000.00
Interest Expense $ 150,000.00
Cash $ 4,650,000.00
Account Receivable $ 880,000.00
Revenue $ 800,000.00
Sales Tax Payable $ 80,000.00
COGS $ 600,000.00
Inventory $ 600,000.00
Computer System $ 450,000.00
Cash $ 150,000.00
Accounts Payable $ 300,000.00
Withdrawls $ 120,000.00
Cash $ 120,000.00
Inventory $ 12,000,000.00
Cash $ 11,000,000.00
Accounts Payable $ 1,000,000.00
$ 132,550,000.00 $ 132,550,000.00
2

101-Cash
Balance
Date Dr Cr Dr Cr Date
6/1/2024 $ 90,000,000.00 $ 68,600,000.00 6/3/2024
6/4/2024 $ 110,000.00 6/19/2024
6/5/2024 $ 40,000.00
6/5/2024 $ 250,000.00
6/7/2024 $ 500,000.00
6/10/2024 $ 150,000.00
6/11/2024 $ 60,000.00 Date
6/14/2024 $ 300,000.00 6/4/2024
6/16/2024 $ 4,000,000.00 6/5/2024
6/16/2024 $ 70,000.00 6/10/2024
6/16/2024 $ 4,650,000.00 6/11/2024
6/20/2024 $ 150,000.00 6/16/2024
6/22/2024 $ 120,000.00 6/20/2024
6/26/2024 $ 11,000,000.00 6/26/2024

103-Equipment
Balance
Date Dr Cr Dr Cr Date
6/4/2024 $ 150,000.00 $ 10,700,000.00 6/20/2024
6/5/2024 $ 350,000.00

6/10/2024 $ 200,000.00
6/16/2024 $ 10,000,000.00

Date
501-COGS 6/1/2024
Balance 6/5/2024
Date Dr Cr Dr Cr 6/6/2024
6/3/2024 $ 80,000.00 $ 680,000.00
6/19/2024 $ 600,000.00

Date
105-Inventory 6/5/2024
Balance 6/7/2024
Date Dr Cr Dr Cr 6/16/2024
6/1/2024 $ 10,000,000.00 $ 21,320,000.00
6/3/2024 $ 80,000.00
6/19/2024 $ 600,000.00
6/26/2024 $ 12,000,000.00
Date
6/1/2024
110-Revenue 6/16/2024
Balance
Date Dr Cr Dr Cr
6/3/2024 $ 1,500,000.00 $ 2,300,000.00
6/19/2024 $ 800,000.00
Date
6/3/2024
6/19/2024

210-Sales Tax Payable


Balance
Date Dr Cr Dr Cr
6/14/2024 $ 300,000.00 $ 300,000.00
Date
6/16/2024
6/22/2024

113-Office Furniture
Balance
Date Dr Cr Dr Cr
6/6/2024 $ 200,000.00 $ 200,000.00
102-Accounts Receivable
Balance
Dr Cr Dr Cr
$ 1,650,000.00 $ 2,530,000.00
$ 880,000.00
201-Accounts Payable
Balance
Dr Cr Dr Cr
$ 40,000.00 $ 7,290,000.00
$ 40,000.00
$ 50,000.00
$ 60,000.00
$ 6,000,000.00
$ 300,000.00
$ 1,000,000.00

104-Computer Systems
Balance
Dr Cr Dr Cr
$ 450,000.00 $ 450,000.00

301-Capital Stock
Balance
Dr Cr Dr Cr
$ 90,000,000.00 $ 90,550,000.00
$ 350,000.00
$ 200,000.00

502-Interest Expense
Balance
Dr Cr Dr Cr
$ 250,000.00 $ 900,000.00
$ 500,000.00
$ 150,000.00

203-Loan Payable
Balance
Dr Cr Dr Cr
$ 10,000,000.00 $ 5,500,000.00
$ 4,500,000.00

210-Sales Tax Payable


Balance
Dr Cr Dr Cr
$ 150,000.00 $ 230,000.00
$ 80,000.00

310-Withdrawls
Balance
Dr Cr Dr Cr
$ 70,000.00 $ 190,000.00
$ 120,000.00

503- Travel Expense


Balance
Date Dr Cr Dr Cr
6/14/2024 $ 300,000.00 $ 300,000.00
ABC Inc.
Unadjusted Trial Balan
For the year ended 6-30-
Account Number
101
102
103
104
105
106
201
202
203
301
302
401
501
502
503

ABC Inc.
Adjusting Entries

Date
06/31/2024

06/31/2024

06/31/2024

06/31/2024
ABC Inc.
Unadjusted Trial Balance
For the year ended 6-30-2024
Accounts Dr Cr
Cash $68,600,000.00
Accounts Receivable $2,530,000.00
Inventory $21,320,000.00
Equipment $10,700,000.00
Office Furniture $200,000.00
Computer System $450,000.00
Accounts Payable $7,290,000.00
Loans Payable $5,500,000.00
Sales Tax Payable $230,000.00
Capital $90,550,000.00
Withdrawls $190,000.00
Revenues $2,300,000.00
COGS $680,000.00
Travel Expense $300,000.00
Interest Expense $900,000.00

ABC Inc.
Adjusting Entries

Accounts Dr Cr
Salaries Expense $5,000.00
to Salaries Payable $5,000.00

Cash $500.00
to Unearned Revenue $500.00

Depreciation Expense (Equipment) $10,000.00


Accumulated Depreciation $10,000.00

Depreciation Expense (Office Furniture) $800.00


Accumulated Depreciation $800.00
Revenues

Expenses

Revenues

Gross Profit
Operating Expenses

Operating Profit

Net Income
ABC Inc
Income Statement
Direct Method

Revenues $ 2,300,000.00
$ 2,300,000.00

COGS $ 680,000.00
Depreciation Expense: Office Furniture $ 800.00
Travel Expense $ 300,000.00
Depreciation Expense: Equipment $ 10,000.00
Salaries Expense $ 5,000.00
Interest Expense $ 900,000.00 $ 1,895,800.00
Profit $ 404,200.00

ABC Inc
Income Statement
MultiStep Income Statement

Revenues $ 2,300,000.00
Less:COGS $ 680,000.00
$ 1,620,000.00

Depreciation Expense: Office Furniture $ 800.00


Depreciation Expense: Equipment $ 10,000.00
Travel Expense $ 300,000.00
Salaries Expense $ 5,000.00 $ 315,800.00

$ 1,304,200.00
Interest Expense $ 900,000.00
$ 404,200.00
ABC Inc
Balance Sheet

Accounts
Current Assets Cash $ 68,600,500.00
Accounts Receivable $ 2,530,000.00
Inventory $ 21,320,000.00
Non-Current Assets Equipment $ 10,700,000.00
Accumulated Depreciation : Equipment $ 10,000.00
Office Furniture $ 200,000.00
Accumulated Depreciation : Office Furniture $ 800.00
Computer System $ 450,000.00
Total Current and Non-Current Assets $ 103,789,700.00

Current Liabilities Accounts Payable $ 7,290,000.00


Sales Tax Payable $ 230,000.00
Unearned Revenue $ 500.00
Salaries Payable $ 5,000.00
Non Current Liabilities Loans Payable $ 5,500,000.00
Total Current and Non-Current Liabilities $ 13,025,500.00

Equity Capital $ 90,550,000.00


Net Income $ 404,200.00
Withdrawls $ 190,000.00
Total Equity $ 90,764,200.00

Total Equity and Liabilities $ 103,789,700.00


$ 103,150,500.00

$ 639,200.00

$ 7,525,500.00
$ 5,500,000.00
ABC In
Unadjusted Tr
For the year ende
Account Number
101
102
103
104
107
105
108
106
201
202
203
204
301
302
401
402
501
505
502
506
503
504
ABC Inc.
Unadjusted Trial Balance
For the year ended 6-30-2024
Accounts Dr Cr
Cash $68,600,500.00
Accounts Receivable $2,530,000.00
Inventory $21,320,000.00
Equipment $10,700,000.00
Accumulated Depreciation : Equipment $10,000.00
Office Furniture $200,000.00
Accumulated Depreciation : Office Furniture $800.00
Computer System $450,000.00
Accounts Payable $7,290,000.00
Loans Payable $5,500,000.00
Sales Tax Payable $230,000.00
Salaries Payable $5,000.00
Capital $90,550,000.00
Withdrawls $190,000.00
Revenues $2,300,000.00
Unearned Revenue $500.00
COGS $680,000.00
Depreciation Expense (Office Furniture) $800.00
Travel Expense $300,000.00
Depreciation Expense (Equipment) $10,000.00
Salaries Expense $5,000.00
Interest Expense $900,000.00
$105,886,300.00 $105,886,300.00
Abc Inc
Closing Entries
Income Summary Account
Accounts Dr CR
Revenues $ 2,300,000.00
Income Summary $ 2,300,000.00

Income Summary $ 1,895,800.00


COGS $ 680,000.00
Depreciation Expense (Office Furniture) $ 800.00
Travel Expense $ 300,000.00
Depreciation Expense (Equipment) $ 10,000.00
Salaries Expense $ 5,000.00
Interest Expense $ 900,000.00

Income Summary $ 190,000.00


Withdrawls $ 190,000.00

Capital $ 214,200.00
Income Summary $ 214,200.00

Abc Inc
Closing Entries
Direct Method
Accounts Dr Cr
Revenues $ 2,300,000.00
Capital $ 2,300,000.00

Capital $ 1,895,800.00
COGS $ 680,000.00
Depreciation Expense (Office Furniture) $ 800.00
Travel Expense $ 300,000.00
Depreciation Expense (Equipment) $ 10,000.00
Salaries Expense $ 5,000.00
Interest Expense $ 900,000.00

Capital $ 214,200.00
Drawings $ 214,200.00
Income Summary
$ 2,300,000.00
$ 1,895,800.00
$ 190,000.00

$ 214,200.00
Account Number
101
102
103
104
107
105
108
106
201
202
203
204
402
301
ABC Inc.
Post-Closing Trial Balance
For the year ended 6-30-2024
Accounts Dr Cr
Cash $ 68,600,500.00
Accounts Receivable $ 2,530,000.00
Inventory $ 21,320,000.00
Equipment $ 10,700,000.00
Accumulated Depreciation : Equipment $ 10,000.00
Office Furniture $ 200,000.00
Accumulated Depreciation : Office Furniture $ 800.00
Computer System $ 450,000.00
Accounts Payable $ 7,290,000.00
Loans Payable $ 5,500,000.00
Sales Tax Payable $ 230,000.00
Salaries Payable $ 5,000.00
Unearned Revenue $ 500.00
Capital $ 90,764,200.00

$ 103,800,500.00 $ 103,800,500.00

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