pAnswerJournal EntryFrom 01 May to 31 JulyJournal EntryUp to 30 JuneTrial BalanceAs of July' 31Balance Sheet As on 30-AprEntryAccountAmount in $EntryAccountAmount in $Sl. No.AccountAmount in $AssetsLiabilities & Owners EquityDebitCreditDebitCreditDebitCreditCurrent Assest1Oil and Grease Inventory (A)63201Cash400001Cash25420Cash2800Owner's Equity50000Security Deposit (A)6320Owner Equity400002Cheque400Prepaid Insurance12002Uniform and Other Operating Supplies Inventory (A)41302Security deposit to National400003Prepaid Insurance900Total Current Assest4000Security Deposit (A)4130Cash400004Office Furniture6000Fixed Assets3Equipment (A)750003Office Furniture60005Security deposit to National4350Security Deposit to National40000Security Deposit (A)25200Cash60006Equipment75000Office Furniture6000Accounts Payable (L)498004Cash100007Oil and Grease Inventory5290Total Fixed Assets460004Pre Paid Rent (A)1500Owner Equity100008Uniform and Other Supplies4130Total Assets50000Total Liabilities & Owners Equity50000Cash (A)15005Prepaid Insurance12009Accounts Payable473105Cash (A)105300Cash120010Prepaid rent0Sales from CarServices 10530011Sales / revenue from service106030Balance Sheet As on July'316Cash (A)3300Trial BalanceAs of 30 June12Parking Revenue 3640AssetsLiabilities & Owners EquitySales from Parking Space (3300Sl. No.AccountAmount in $13Wages Expenses36660Current AssestCurrent Liabilities7Oil and Grease Inventory (A)8230DebitCredit14Dividend4500Cash25420Accounts Payable47310Cash (A)82301Cash280015Utilities Expenses2050Cheque400Accrued Wages21008Wages Expenses (E)345602Prepaid Insurance120016Misslleneous Expense6600Prepaid Insurance900Accrued Expenses350Cash (A)345603Office Furniture600017Lease / rent Expenses27900Oil and Grease Inventory5290Deferred revenue4009Utilities Expenses (E)17004Security deposit to National4000018Account Receivable 1070Uniform and Other Supplies4130Cash (A)17005Owner Equity5000019Accrued Wages2100Account Receivable 1070Total Current Liabilities5016010Misslleneous Expense (E)6600Total500005000020Accrued Expenses350Total Current Assest37210Cash (A)660021Deferred revenue400Fixed Assets11Lease Expenses (E)2640022Depreciation Expenses3900Equipment75000Cash (A)2640023Accumulated Depreciation3900Office Furniture600012Account Payable (L)249024Insurance Expenses300Accumulated Depreciation-3900Owner's Equity50000Cash (A)249025Owner Equity / Capital50000Security deposit to National4350Retained Earnings1850013Dividend 450026Cost of Good Sold9260Total Fixed Assets81450Cash (A)450027Total213730213730Total Assets11866011866014Account Receivable (A)340Sales from Parking 340Answer: 2

1. Capital: $ 500002. Accumulated Depreciation: $ 39003. Prepaid Assets: $ 9004. Cash Balance: $ 254205. Account Receivable: $ 10706. Liabilities: $ 50160Income Statement01 May to 31 Jul15Account Receivable (A)730Revenue from Service106030Sales from Services730Revenue from Parking Rent364016Wages Expenses(E)2100Total Revenue109670Accrued Wages (L)2100Cost of Goods Sold926017Utilities Expenses(E)350Gross Margin100410Accrued Expenses (L)350Operating Expenses18Cheque400Answer: 3

1. Withdrawals: $ 45002. Cost of Sales: $ 92603. Parking Revenue: $ 36404. Lease Expenses: $ 279005. Total Revenue: $ 109670Wages Expenses36660Deferred revenue (L)400Utilities Expenses205019Depreciation Expenses (E)3900Misslleneous Expense6600Accumulated Depreciation (A)3900Lease / rent Expenses2790020Insurance Expenses (E)300Depreciation Expenses3900Prepaid Insurance (A)300Insurance Expenses30021Rent Expenses (E)1500Total operating expenses77410Prepaid Rent (A)1500Total Income2300022Cost of Goods Sold (E)9260Dividend4500Inventory (A)9260Total retained earnings18500Answer 4:we have considered a cheque of $ 400 as Account receivables in current statement.$ 340 receivable from overnight parkers may go into bad debts.The cash T account is -Cash280015001053008230330034560170066002640024904500To balance 25420111400111400