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Donaldson                                General Journal
                                                                                          Acct./
  Date                               Account Titles and Explanation                      Sub Acct.   Debit         Credit

  12/2      Allowance for Doubtful Accounts                                                113          3,700
                Accounts Receivable - Iwanaga Plumbing and Heating                       112/190                     3,700
            To record the write-off of an account due to bankruptcy.

  12/9      Payroll Taxes Expense - Selling, Delivery, and Warehouse                       630           350
               FICA Taxes Payable                                                          214                         350
            To record employer's portion of FICA taxes on biweekly payroll.

  12/11     Sales Returns and Allowances                                                   412          4,680
               Accounts Receivable - The Potts Company                                   112/122                     4,680
            To record defective copper tubing returned by customer.

  12/11     Inventory                                                                      120          3,550
               Cost of Goods Sold                                                          505                       3,550
            To record cost of goods returned by Potts Company

  12/11     Accounts Payable - Edward's Plumbing Supplies, Inc.                           201/18        3,550
               Inventory                                                                   120                       3,550
            To record defective copper tubing returned to supplier.

  12/15     Notes Receivable                                                               115         45,200
               Accounts Receivable - Bilder Construction                                 112/180                    45,200
            To record receipt of a 14%, 6-month note for an overdue A/R

  12/23     Payroll Taxes Expense - Selling, Delivery, and Warehouse                       630           415
               FICA Taxes Payable                                                          214                         415
            To record employer's portion of FICA taxes on biweekly payroll.

  12/24     Inventory                                                                      120          2,300
               Accounts Payable - DeKalb Transport                                        201/20                     2,300
            To record freight costs for December, 2003.

  12/26     Dividends Declared - Cash (See Note Below for Calculation)                     321         25,000
              Dividends Payable                                                            228                      25,000
            To record dividends payable that will be paid January 14th
              Note: 2.50/share x 10,000 shares outstanding = 25,000

  12/26     Notes Receivable                                                               115         14,000
              Accounts Receivable - Beverly's Building Products                          112/175                    14,000
            To record receipt of a 12%, 6-month note for an overdue A/R

  12/29     Land                                                                           140         54,000
              Common Stock                                                                 311                      54,000
            To record land acquired in exchange for 600 shares of common stock

  12/31     Office Expense                                                                 728               68
            Delivery Expense                                                               644               74
              Petty Cash                                                                   105                         142
            To record petty cash expended throughout the month

  12/31     Depreciation Expense - Trucks and Lifts (See Note Below for Calculation)       615           350
              Accumulated Depreciation - Trucks and Lifts                                  154                         350
            To record depreciation expense for lift that is sold to Leila Stierman Co.
              Note: Straight Line Method and Half Year Convention Applies
              Initial Value- 7900, Salvage Value - 900, Useful Life- 10 years
              Therefore: (7900-900)/10 = 700*(1/2) = 350

  12/31     Payroll Taxes Expense - Selling, Delivery, and Warehouse                       630          2,120
              FICA Taxes Payable                                                           214                       2,120
            To record payroll tax expenses

 ADJ a.     Bad Debt Expense                                                               712         55,125
              Allowance For Doubtful Accounts                                              113                      55,125
            To record adjusting entry for bad debt expense

 ADJ b.     Office Expense                                                                 728          2,870
              Office Supplies                                                              125                       2,870
            To record office supplies used throughtout year

 ADJ c.     Insurance Expense - Selling                                                    622            705
            Insurance Expense - General                                                    718          2,115
               Prepaid Insurance                                                           130                       2,820
            To record insurance premium expended over 4 months

 ADJ d.     Delivery and Warehouse Wages                                                   628          5,300
              FICA Taxes Payable                                                           214                         360
              Federal Witholding Taxes Payable                                             215                         980
              State Witholding Taxes Payable                                               217                         200
              Salary and Wages Payable                                                     213                       3,760
            To record payroll at December 31, 2003

 ADJ e.     Payroll Tax Expense - Selling, Delivery, Warehouse                             630           360
              FICA Taxes Payable                                                           214                         360
            To record employer's share of FICA taxes payable

 ADJ f.     Interest Expense                                                               805          3,150
               Interest Payable                                                            230                       3,150
            To record mortgage note interest expese

 ADJ f.     Interest Expense                                                               805          1,056
               Discount on Bonds Payable                                                   271                       1,056
            To record interest accrued on bonds payable

 ADJ g.     Interest Receivable                                                            118          1,584
               Interest Revenue                                                            820                       1,584
            To record interest earned on notes receivable at year end

 ADJ g.     Interest Expense                                                               805          1,800
               Interest Payable                                                            230                       1,800
            To record interest accrued on notes payable at year end

 ADJ h.     Warehouse Rental Expense                                                       629          7,260
              Prepaid Rent                                                                 131                       7,260
            To record rent expense accrued throughtout year

 ADJ i.     Utilities Expense                                                              732           860
              Accounts Payable - Northern Electric Co.                                    201/58                       590
              Accounts Payable - City of Rockford                                         201/59                       270
            To record utilities expenses owed at year end

 ADJ j.     Depreciation Expense - Building                                                711         18,920
              Accumulated Depreciation - Building                                          146                      18,920
            Depreciation Expense - Trucks and Lifts                                        615         12,835
              Accumulated Depreciation - Trucks and Lifts                                  154                      12,835
            Depreciation Expense - Furniture and Equipment                                 721          5,620
              Accumulated Depreciation - Furniture and Equipment                           158                       5,620
            To record depreciation expenses and a/d at year end

  ADJ       Income Tax Expense                                                             770         42,532
               Income Tax Payable                                                          255                      42,532
            To record income taxes owed at year end

            Totals - Debits and Credits Should Balance                                               321,449      321,449
  1/10                Purchases Journal - Inventory
                                                                 A/P
                                                              Subsidiary
          Purchase                                             Ledger
Date      Order No.              Account Credited             Acct. No.    Amount
   12/1      315      Edward's Plumbing Supplies, Inc. n/60      18          24,320
   12/5      316      Phoenix Plastics 1/10, n/30                14          52,700
 12/15       317      Smith Pipe Company 1/15, n/60              39          41,200
 12/19       318      (see Cash Disbursements Journal)
 12/22       319      Phoenix Plastics 1/10, n/30                14          48,330
 12/30       320      Oxenford Copperworks 1/10, n/30            35          53,040
                      Total Inventory Purchases                             219,590
                    Sales Journal - Credit Sales
                                                      A/R
                                                    Subsidiary                Cost of Goods
          Invoice                                    Ledger    Acct. Rec. Dr. Sold Dr. and
Date        No.             Accounts Debited        Acct. No. and Sales Cr. Inventory Cr.
   12/1    1201     Beverly's Building Products        175            13,150          10,520
   12/2    1202     Bilder Construction Co.            180            44,900          35,920
   12/3    1203     Coconino Contractors, Inc.         160            10,300           8,240
   12/5    1204     Trudy's Plumbing                   155            26,300          21,040
   12/9    1205     Trudy's Plumbing                   155            24,850          19,880
 12/10     1206     The Potts Company                  122            31,450          25,160
 12/10     1207     Boecker Builders                   117            17,760          14,208
 12/16     1208     A & B Hardware                     143             7,920           6,336
 12/17     1209     Coconino Contractors, Inc.         160            42,780          34,224
 12/29     1210     Boecker Builders                   117            37,840          30,272
                    CGS: 37,840 *.80 = 30,272
 12/30     1211     Swanson Brothers Construction      133            22,650         18,120
                    CGS: 22,650 *.80 = 18,120
 12/31     1212     Trudy's Plumbing                   155            55,770         44,616
                    CGS: 55,770 *.80 = 44,616
                    Total Credit Sales                               335,670        268,536
                                                                 Cash Receipts Journal                                               Sundry Accounts
                                                                                      A/R
                                                                                    Subsidiary                                General
                                                                    Sales          Ledger Acct   Accounts                      Ledger
Date                        Description                Cash Dr. Discounts Dr.          No.     Receivable Cr.   Sales Cr.     Acct. No. √    Dr.
  12/1   Swanson Brothers Construction                   23,569           481          133            24,050
  12/3   The Potts Company                               49,294         1,006          122            50,300
  12/5   Rankin Plumbing Corp.                           72,863         1,487          166            74,350
  12/5   Coconino Contractors, Inc.                      27,800                        160            27,800
  12/8   Boecker Builders                                29,000                        117            29,000
  12/9   Trudy's Plumbing                                15,100                        155            15,100
 12/10   Boecker Builders                                33,920                        117            33,920
 12/10   Cash Sales                                      12,292                                                      12,292
          Related entry for                                                                                                       505 √       9,834
          Inventory & Cost of Goods Sold                                                                                          120 √
 12/10   Trudy's Plumbing                                   25,774           526      155             26,300
 12/18   Trudy's Plumbing                                   24,353           497      155             24,850
 12/30   Boecker Builders                                   17,760                    117             17,760
 12/31   Leila Stierman Co.                                  2,500
          Acumulated Depreciation - Trucks and Lifts                                                                              154 √       4,900
          Loss on sale of asset                                                                                                   825 √         500
          Trucks and Lifts                                                                                                        153 √
         Note: Calculation of Loss on sale of asset: 7900-(4550+350)-2500= 500
 12/31   Cash Sales                                         20,680                                                   20,680
          Related entry for                                                                                                       505 √      16,544
          Inventory & Cost of Goods Sold                                                                                          120 √
         Totals                                            354,905         3,997                     323,430         32,972                  31,778
 √       This column is to be checked when the specific sundry account entry is posted to the account in the general ledger
dry Accounts



               Cr.




                9,834




                7,900



               16,544
               34,278
                                            Cash Disbursements Journal                                   Sundry Accounts
                                                          A/P
                                                       Subsidiary                                  General
                                                         Ledger      Accounts                       Ledger
Date   Check No.                Payee       Cash Cr.    Acct No.    Payable Dr.    Inventory Cr.   Acct. No.   √   Dr.      Cr.
  12/2   1580      Oxenford Copperworks       26,400      35              26,400
  12/4   1581      Standard Oil Company          810                                                    644 √        810
  12/4   1582      Khatan Steel Corp.          9,900      57              10,000             100
  12/4   1583      Phoenix Plastics           10,486      14              10,700             214
  12/8   1584      Phoenix Plastics            6,750      14               6,750
  12/8   1585      Scooter Gordon                600                                                    610 √        600
  12/9   1586      Smith Pipe Company         37,719      39              38,100             381
 12/11   1587      Payroll Bank Account        3,420                                                    628    √    4,860
                                                                                                        214    √              350
                                                                                                        215    √              900
                                                                                                        217    √              190
 12/11   1588      N. Ill. Communications        399                                                    732    √      399
 12/12   1589      Winnebago County Bank      11,360                                                    215    √    9,573
                                                                                                        214    √    1,787
 12/12   1590      Phoenix Plastics           52,173      14              52,700             527
 12/17   1591      S. White Trucking           1,021                                                    120    √    1,021
 12/18   1592      Pen & Pad                   1,360                                                    125    √    1,360
 12/19   1593      Business Basics, Inc.         600                                                    157    √    6,100
                                                                                                     201/16    √             5,500
 12/23   1594      Payroll Bank Account        4,063                                                    628    √    5,770
                                                                                                        214    √               415
                                                                                                        215    √             1,067
                                                                                                        217    √               225
 12/26   1595      Dionne Schivone            83,000                                                    330    √   83,000
 12/29   1596      Wayne McManus               2,650                                                    140    √    2,650
 12/29   1597      Northern Star                 500                                                    610    √      500
 12/29   1598      Standard Oil                  925                                                    644    √      925
 12/30   1599      Chicago Trust              15,000                                                    135    √   15,000
 12/30   1600      Smith Pipe                 40,788      39              41,200
                   41,200 *.99 = 40,788
 12/31   1601      Petty Cash                   142                                                     105 √        142
                                                Cash Disbursements Journal                                    Sundry Accounts
                                                               A/P
                                                            Subsidiary                                  General
                                                              Ledger      Accounts                       Ledger
Date   Check No.              Payee             Cash Cr.     Acct No.    Payable Dr.    Inventory Cr.   Acct. No.   √    Dr.      Cr.
 12/31   1602    Petty Cash                           75                                                      105   √        75
 12/31   1603    Payroll Bank Account             33,067                                                      627   √    20,000
                                                                                                              727   √    24,900
                                                                                                              215   √              8,196
                                                                                                              217   √              1,517
                                                                                                              214   √              2,120
                 Totals                           343,208                     185,850           1,222                   179,472   20,480
 √     This column is to be checked when the specific sundry account entry is posted to the account in the general ledger
                                          General Ledger
                                                     ,,,,,,,,,,,,,,,,,,,,,,,,                    Balance of Accounts - Deb
                                                                                                 Positive, Credits are Nega
ACCOUNT: Cash                                                                            101
  Date                  Explanation                Ref.     Debit       Credit        Balance
      1/1   Balance                                 √                                   40,620
    11/30   Activity 1/1 to 11/30                           209,310                    249,930
    12/31   Cash Totals from CR Journal            CR       354,905                    604,835
    12/31   Cash Totals From CD Journal            CD                   343,208        261,627
                                                                                       261,627
                                                                                       261,627
                                                                                       261,627




ACCOUNT: Petty Cash                                                                      105
  Date                  Explanation                Ref.     Debit       Credit        Balance
      1/1   Balance                                 √                                      150
    12/31   Decrease Petty Cash                    GJ                           142          8
    12/31   Increase Petty Cash                    CD            142                       150
    12/31   Increase Petty Cash                    CD             75                       225
                                                                                           225




ACCOUNT: Accounts Receivable                                                             112
  Date                  Explanation                Ref.     Debit       Credit        Balance
      1/1 Balance                                   √                                  253,643
          Activity 1/1 - 11/30                               63,777                    317,420
    11/30 Balance                                   √                                  317,420
     12/2                                          GJ                      3,700       313,720
    12/11                                          GJ                      4,680       309,040
    12/15                                          GJ                     45,200       263,840
    12/26 Beverly's Building Products              GJ                     14,000       249,840
    12/31 Sales Journal End of Month Total          S       335,670                    585,510
    12/31 Total from CR Journal                    CR                   323,430        262,080
                                                                                       262,080
                                                                                       262,080
                                           General Ledger
                                                      ,,,,,,,,,,,,,,,,,,,,,,,,                    Balance of Accounts - Deb
                                                                                                  Positive, Credits are Nega
ACCOUNT: Allowance for Doubtful Accounts                                                  113
  Date                  Explanation                 Ref.     Debit       Credit        Balance
      1/1 Balance                                    √                                   13,520
          Activity 1/1 - 11/30                                  8,940                     4,580
    11/30 Balance                                    √                                    4,580
     12/2                                           GJ          3,700                       880
    12/31                                           ADJ                    55,125        56,005
                                                                                         56,005
                                                                                         56,005

ACCOUNT: Notes Receivable                                                                 115
  Date                  Explanation                 Ref.     Debit       Credit        Balance
      1/1 Balance                                    √                                   40,000
          Payment                                    √                     40,000             0
          Loan - Platteville Plumbers                √        45,000                     45,000
    11/30 Balance - Platteville Plumbers             √                                   45,000
    12/15 Bilder Construction                       GJ        45,200                     90,200
    12/26 Beverly's Building Products               GJ        14,000                    104,200
                                                                                        104,200
                                                                                        104,200


ACCOUNT: Interest Receivable                                                              118
  Date                Explanation                   Ref.     Debit       Credit        Balance
      1/1 Balance                                    √                                      580
          Received Payment                           √                           580          0
    11/30 Balance                                    √                                        0
    12/31                                           ADJ         1,584                     1,584
                                                                                          1,584
                                                                                          1,584
                                           General Ledger
                                                      ,,,,,,,,,,,,,,,,,,,,,,,,                 Balance of Accounts - Deb
                                                                                               Positive, Credits are Nega
ACCOUNT: Inventory                                                                     120
  Date                  Explanation                 Ref.     Debit       Credit     Balance
      1/1 Balance                                    √                               450,960
          Activity 1/1 - 11/30                       √        81,000                 531,960
    11/30 Balance                                    √                               531,960
    12/10                                           CR                      9,834    522,126
    12/11                                           GJ          3,550                525,676
    12/11                                           GJ                      3,550    522,126
    12/17                                           CD          1,021                523,147
    12/24                                           GJ          2,300                525,447
    12/31 Month End Sales Journal                    S                   268,536     256,911
    12/31 Record Inventory for Cash Sale            CR                    16,544     240,367
    12/31 Inventory Credit From CD                  CD                     1,634     238,733
    12/31 Total From Purchases Journal               P       219,590                 458,323
                                                                                     458,323
                                                                                     458,323
                                                                                     458,323
                                                                                     458,323
                                                                                     458,323
                                                                                     458,323




ACCOUNT: Office Supplies                                                               125
  Date                    Explanation               Ref.     Debit       Credit     Balance
      1/1 Balance                                    √                                   470
          Activity 1/1 - 11/30                       √          1,850                  2,320
    11/30 Balance                                    √                                 2,320
    12/18                                           CD          1,360                  3,680
    12/31                                           ADJ                     2,870        810
                                                                                         810




ACCOUNT: Prepaid Insurance                                                             130
  Date                  Explanation                 Ref.     Debit       Credit     Balance
      1/1 Balance                                    √                                 2,560
          Activity 1/1 - 11/30                       √          8,460                 11,020
    11/30 Balance                                    √                                11,020
    12/31                                           ADJ                     2,820      8,200
                                                                                       8,200
                                                                                       8,200
                                      General Ledger
                                                 ,,,,,,,,,,,,,,,,,,,,,,,,                 Balance of Accounts - Deb
                                                                                          Positive, Credits are Nega
ACCOUNT: Prepaid Rent                                                             131
  Date                  Explanation            Ref.     Debit       Credit     Balance
      1/1 Balance                               √                                 3,630
          Activity 1/1 - 11/30                  √        21,780                  25,410
    11/30 Balance                               √                                25,410
    12/31                                      ADJ                     7,260     18,150
                                                                                 18,150
                                                                                 18,150




ACCOUNT: Bond Sinking Fund                                                        135
  Date                  Explanation            Ref.     Debit       Credit     Balance
      1/1 Balance                               √                               130,000
      7/1                                      CD        15,000                 145,000
    12/30 Chicago Trust                        CD        15,000                 160,000
                                                                                160,000
                                                                                160,000




ACCOUNT: Land                                                                     140
  Date                  Explanation            Ref.     Debit       Credit     Balance
      1/1 Balance                               √                                43,000
    12/29 Land Acquired                        GJ        54,000                  97,000
    12/29 Acquisition of Land                  CD         2,650                  99,650
                                                                                 99,650
                                                                                 99,650




ACCOUNT: Buildings                                                                145
  Date                  Explanation            Ref.     Debit       Credit     Balance
         1/1 Balance                            √                               306,000
                                                                                306,000
                                                                                306,000




ACCOUNT: Accum. Depr. - Buildings                                                 146
  Date                  Explanation            Ref.     Debit       Credit     Balance
      1/1 Balance                               √                                73,040
    12/31                                      ADJ                    18,920     91,960
                                                                                 91,960
                                        General Ledger
                                                   ,,,,,,,,,,,,,,,,,,,,,,,,                    Balance of Accounts - Deb
                                                                                               Positive, Credits are Nega



ACCOUNT: Trucks and Lifts                                                              153
  Date                 Explanation               Ref.     Debit       Credit        Balance
      1/1 Balance                                 √                                   78,400
    12/31 Record Sale of Lift                    CR                      7,900        70,500
                                                                                      70,500
                                                                                      70,500




ACCOUNT: Accum. Depr. - Trucks and Lifts                                               154
  Date                 Explanation               Ref.     Debit       Credit        Balance
      1/1 Balance                                 √                                   39,540
    12/31 Depreciation Adjustment For Sale       GJ                           350     39,890
    12/31 Restate A.D. for sold lift             CR          4,900                    34,990
    12/31                                        ADJ                    12,835        47,825
                                                                                      47,825




ACCOUNT: Furniture and Equipment                                                       157
  Date                 Explanation               Ref.     Debit       Credit        Balance
      1/1 Balance                                 √                                   32,800
    12/19                                        CD          6,100                    38,900
                                                                                      38,900
                                                                                      38,900




ACCOUNT: Accum. Depr. - Furniture and Equipment                                        158
  Date                 Explanation               Ref.     Debit       Credit        Balance
      1/1 Balance                                 √                                   13,200
    12/31                                        ADJ                     5,620        18,820
                                                                                      18,820
                                          General Ledger
                                                     ,,,,,,,,,,,,,,,,,,,,,,,,                    Balance of Accounts - Deb
                                                                                                 Positive, Credits are Nega
ACCOUNT: Notes Payable                                                                   200
  Date                    Explanation              Ref.     Debit       Credit        Balance
         1/1 Balance - renewed 12/31/02             √                                   15,000
                                                                                        15,000
                                                                                        15,000




ACCOUNT: Accounts Payable                                                                201
  Date                   Explanation               Ref.     Debit       Credit        Balance
      1/1 Balance                                   √                                   86,352
          Activity 1/1 - 11/30                      √                     40,498       126,850
    11/30 Balance                                   √                                  126,850
    12/11                                          GJ          3,550                   123,300
    12/19                                          CD                     5,500        128,800
    12/24                                          GJ                     2,300        131,100
    12/31 Month End Purchases Total                 P                   219,590        350,690
    12/31 Total from CD Journal                    CD       185,850                    164,840
    12/31                                          ADJ                          860    165,700
                                                                                       165,700
                                                                                       165,700




ACCOUNT: Salaries and Wages Payable                                                      213
  Date                   Explanation               Ref.     Debit       Credit        Balance
      1/1 Balance                                   √                                    1,906
          Activity 1/1 - 11/30                                 1,906                         0
    11/30 Balance                                   √                                        0
    12/31                                          ADJ                     3,760         3,760
                                                                                         3,760
                                                                                         3,760




ACCOUNT: FICA Taxes Payable                                                              214
  Date                   Explanation               Ref.     Debit       Credit        Balance
      1/1 Balance                                   √                                      781
          Activity 1/1 - 11/30                      √                      1,006         1,787
    11/30 Balance                                   √                                    1,787
     12/9                                          CD                           350      2,137
     12/9                                          GJ                           350      2,487
    12/12                                          CD          1,787                       700
    12/23                                          GJ                        415         1,115
    12/23                                          CD                        415         1,530
    12/31 FICA Payable For Yr End - Employer       GJ                      2,120         3,650
    12/31 FICA Payable For Yr End - Employee       CD                      2,120         5,770
    12/31                                          ADJ                       360         6,130
    12/31                                          ADJ                       360         6,490
                                      General Ledger
                                                 ,,,,,,,,,,,,,,,,,,,,,,,,                    Balance of Accounts - Deb
                                                                                             Positive, Credits are Nega




ACCOUNT: Federal Withholding Taxes Payable                                           215
  Date                  Explanation            Ref.     Debit       Credit        Balance
      1/1 Balance                               √                                    5,148
          Activity 1/1 - 11/30                  √                      4,425         9,573
    11/30 Balance                               √                                    9,573
     12/9                                      CD                           900     10,473
    12/12                                      CD          9,573                       900
    12/23                                      CD                      1,067         1,967
    12/31 F W/H Payable                        CD                      8,196        10,163
    12/31                                      ADJ                       980        11,143
                                                                                    11,143
                                                                                    11,143




ACCOUNT: State Withholding Taxes Payable                                             217
  Date                  Explanation            Ref.     Debit       Credit        Balance
      1/1 Balance                               √                                    1,595
          Activity 1/1 - 11/30                  √                           891      2,486
    11/30 Balance                               √                                    2,486
     12/9                                      CD                        190         2,676
    12/23                                      CD                        225         2,901
    12/31 S W/H Payable                        CD                      1,517         4,418
    12/31                                      ADJ                       200         4,618
                                                                                     4,618
                                                                                     4,618
                                                                                     4,618
                                                                                     4,618


ACCOUNT: Federal Unemployment Taxes Payable                                          224
  Date                  Explanation            Ref.     Debit       Credit        Balance
      1/1 Balance                               √                                      216
          Activity 1/1 - 11/30                                              184        400
    11/30 Balance                               √                                      400
                                                                                       400
                                                                                       400
                                                                                       400


ACCOUNT: State Unemployment Taxes Payable                                            226
  Date                  Explanation            Ref.     Debit       Credit        Balance
      1/1 Balance                               √                                    1,323
          Activity 1/1 - 11/30                                         1,277         2,600
    11/30 Balance                               √                                    2,600
                                                                                     2,600
                                                                                     2,600
                                              General Ledger
                                                         ,,,,,,,,,,,,,,,,,,,,,,,,                 Balance of Accounts - Deb
                                                                                                  Positive, Credits are Nega


ACCOUNT: Dividends Payable                                                                228
  Date                   Explanation                   Ref.     Debit       Credit     Balance
      1/1 Balance                                       √                                23,100
          Activity 1/1 - 11/30                                   23,100                       0
    11/30 Balance                                       √                                     0
    12/26 Dividends to be paid on Jan 14                GJ                    25,000     25,000
                                                                                         25,000




ACCOUNT: Interest Payable                                                                 230
  Date                   Explanation                   Ref.     Debit       Credit     Balance
      1/1 Balance                                       √                                15,165
          Activity 1/1 - 11/30                                   15,165                       0
    11/30 Balance                                       √                                     0
    12/31                                              ADJ                     3,150      3,150
    12/31                                              ADJ                     1,800      4,950
                                                                                          4,950
                                                                                          4,950

ACCOUNT: Income Taxes Payable                                                             255
  Date                    Explanation                  Ref.     Debit       Credit     Balance
      1/1 Balance                                       √                                15,789
          Activity 1/1 - 11/30                                   15,789                       0
    11/30 Balance                                       √                                     0
    12/31                                              ADJ                    42,532     42,532
                                                                                         42,532


ACCOUNT: Mortgage Notes Payable                                                           265
  Date                   Explanation                   Ref.     Debit       Credit     Balance
      1/1 Balance                                       √                                43,000
      7/1 Increased Mortgage                           CR                     70,000    113,000
    11/30 Balance                                       √                               113,000
                                                                                        113,000
                                                                                        113,000




ACCOUNT: Bonds Payable                                                                    270
  Date                    Explanation                  Ref.     Debit       Credit     Balance
         1/1 Balanced (issued Mar. 1, 1997)             √                               275,000
                                                                                        275,000
                                                                                        275,000
                                                                                        275,000
                                           General Ledger
                                                      ,,,,,,,,,,,,,,,,,,,,,,,,                 Balance of Accounts - Deb
                                                                                               Positive, Credits are Nega
ACCOUNT: Discount on Bonds Payable                                                     271
  Date                 Explanation                  Ref.     Debit       Credit     Balance
      1/1 Balance                                    √                                 4,400
    12/31                                           ADJ                     1,056      3,344
                                                                                       3,344
                                                                                       3,344


ACCOUNT: Common Stock - $30 State Value                                                311
  Date                 Explanation                  Ref.     Debit       Credit     Balance
      1/1 Balance (6,300 shares issued)              √                               189,000
    12/29 Common Stock Issued for Land              GJ                     54,000    243,000
                                                                                     243,000
                                                                                     243,000




ACCOUNT: Additional Paid-In Capital                                                    312
  Date                 Explanation                  Ref.     Debit       Credit     Balance
         1/1 Balance                                 √                               256,400
                                                                                     256,400
                                                                                     256,400
                                                                                     256,400




ACCOUNT: Retained Earnings                                                             320
  Date                 Explanation                  Ref.     Debit       Credit     Balance
         1/1 Balance                                 √                               362,748
                                                                                     362,748
                                                                                     362,748
                                                                                     362,748




ACCOUNT: Dividends Declared - Cash                                                     321
  Date                 Explanation                  Ref.     Debit       Credit     Balance
          Balance                                                                          0
    12/26 Dividends to be paid on Jan 14             GJ       25,000                  25,000
                                                                                      25,000
                                                                                      25,000




ACCOUNT: Dividends Declared - Stock                                                    322
  Date                 Explanation                  Ref.     Debit       Credit     Balance
            Balance                                                                        0
                                                                                           0
                                                                                           0
                                                                                           0
                                     General Ledger
                                                ,,,,,,,,,,,,,,,,,,,,,,,,               Balance of Accounts - Deb
                                                                                       Positive, Credits are Nega


ACCOUNT: Treasury Stock                                                         330
  Date                Explanation             Ref.     Debit       Credit   Balance
      1/1 Balance (700 shares)                 √                              44,610
    12/26 Purch Treasury Stock                CD        83,000               127,610
                                                                             127,610
                                                                             127,610




ACCOUNT: Income Summary                                                         350
  Date                 Explanation            Ref.     Debit       Credit   Balance
          Balance                                                                  0
                                                                                   0
                                                                                   0
                                                                                   0




ACCOUNT: Sales                                                                  401
  Date                 Explanation            Ref.     Debit       Credit   Balance
    11/30 Balance                              √                           5,234,940
    12/31 Sales Journal Total                  S                   335,670 5,570,610
    12/31 Total from CR Journal               CR                    32,972 5,603,582
                                                                           5,603,582
                                                                           5,603,582
                                                                           5,603,582




ACCOUNT: Sales Returns and Allowances                                           412
  Date                 Explanation            Ref.     Debit       Credit   Balance
    11/30 Balance                              √                               9,380
    12/11                                     GJ          4,680               14,060
                                                                              14,060
                                                                              14,060
                                                                              14,060


ACCOUNT: Sales Discounts                                                        413
  Date                 Explanation            Ref.     Debit       Credit   Balance
    11/30 Balance                              √                              73,044
    12/31 Total from CR Journal               CR          3,997               77,041
                                                                              77,041
                                                                              77,041
                                                                              77,041
                                          General Ledger
                                                     ,,,,,,,,,,,,,,,,,,,,,,,,                Balance of Accounts - Deb
                                                                                             Positive, Credits are Nega

ACCOUNT: Cost of Goods Sold                                                           505
  Date                Explanation                  Ref.     Debit       Credit    Balance
    11/30 Balance                                   √                            3,648,722
    12/10                                          CR          9,834             3,658,556
    12/11                                          GJ                      3,550 3,655,006
    12/31 Month End Sales Journal                   S       268,536              3,923,542
    12/31 CGS for Cash Sale                        CR        16,544              3,940,086
                                                                                 3,940,086
                                                                                 3,940,086


ACCOUNT: Advertising Expense                                                          610
  Date                 Explanation                 Ref.     Debit       Credit    Balance
    11/30 Balance                                   √                                6,578
     12/8                                          CD            600                 7,178
    12/29 Northern Star                            CD            500                 7,678
                                                                                     7,678
                                                                                     7,678




ACCOUNT: Depreciation Expense - Trucks and Lifts                                      615
  Date                 Explanation                 Ref.     Debit       Credit    Balance
    11/30 Balance                                                                        0
    12/31 Depreciation Adjustment For Sale         GJ           350                    350
    12/31                                          ADJ       12,835                 13,185
                                                                                    13,185




ACCOUNT: Insurance Expense - Selling                                                  622
  Date                 Explanation                 Ref.     Debit       Credit    Balance
    11/30 Balance                                                                        0
    12/31                                          ADJ           705                   705
                                                                                       705
                                                                                       705




ACCOUNT: Sales Salaries and Commissions                                               627
  Date                 Explanation                 Ref.     Debit       Credit    Balance
    11/30 Balance                                   √                              132,990
    12/31 Sales Salaries and Comm. Paid            CD        20,000                152,990
                                                                                   152,990
                                                                                   152,990
                                           General Ledger
                                                      ,,,,,,,,,,,,,,,,,,,,,,,,               Balance of Accounts - Deb
                                                                                             Positive, Credits are Nega
ACCOUNT: Delivery and Warehouse Wages                                                628
  Date                 Explanation                  Ref.     Debit       Credit   Balance
    11/30 Balance                                    √                             110,616
     12/9                                           CD          4,860              115,476
    12/23                                           CD          5,770              121,246
    12/31                                           ADJ         5,300              126,546
                                                                                   126,546
                                                                                   126,546
                                                                                   126,546




ACCOUNT: Warehouse Rental Expense                                                    629
  Date                 Explanation                  Ref.     Debit       Credit   Balance
    11/30 Balance                                    √                                   0
    12/31                                           ADJ         7,260                7,260
                                                                                     7,260
                                                                                     7,260




ACCOUNT: Payroll Taxes Expense - Selling, Delivery,                                  630
       and Warehouse
  Date                 Explanation                  Ref.     Debit       Credit   Balance
    11/30 Balance                                    √                              15,915
     12/9                                           GJ            350               16,265
    12/23                                           GJ            415               16,680
    12/31 Payroll Taxes Expense For Yr End          GJ          2,120               18,800
    12/31                                           ADJ           360               19,160
                                                                                    19,160
                                                                                    19,160




ACCOUNT: Delivery Expense                                                            644
  Date                 Explanation                  Ref.     Debit       Credit   Balance
    11/30 Balance                                    √                              17,732
     12/4                                           CD            810               18,542
    12/29 Standard Oil                              CD            925               19,467
    12/31 Delivery Expenses - Petty Cash            GJ             74               19,541
                                                                                    19,541
                                                                                    19,541




ACCOUNT: Depreciation Expense - Buildings                                            711
  Date                 Explanation                  Ref.     Debit       Credit   Balance
    11/30 Balance                                    √                                   0
    12/31                                           ADJ       18,920                18,920
                                                                                    18,920
                                                                                    18,920
                                                                                    18,920
                                            General Ledger
                                                       ,,,,,,,,,,,,,,,,,,,,,,,,               Balance of Accounts - Deb
                                                                                              Positive, Credits are Nega



ACCOUNT: Bad Debt Expense                                                             712
  Date                 Explanation                   Ref.     Debit       Credit   Balance
    11/30 Balance                                     √                                   0
    12/31                                            ADJ       55,125                55,125
                                                                                     55,125
                                                                                     55,125
                                                                                     55,125




ACCOUNT: Insurance Expense - General                                                  718
  Date                 Explanation                   Ref.     Debit       Credit   Balance
    11/30 Balance                                     √                                   0
    12/31                                            ADJ         2,115                2,115
                                                                                      2,115
                                                                                      2,115
                                                                                      2,115




ACCOUNT: Depreciation Expense - Furniture and Equipment                               721
  Date                 Explanation                   Ref.     Debit       Credit   Balance
    11/30 Balance                                     √                                   0
    12/31                                            ADJ         5,620                5,620
                                                                                      5,620
                                                                                      5,620
                                                                                      5,620




ACCOUNT: Office and Administrative Salaries                                           727
  Date                 Explanation                   Ref.     Debit       Credit   Balance
    11/30 Balance                                     √                             689,516
    12/31 Office and Admin. Salaries Paid            CD        24,900               714,416
                                                                                    714,416
                                                                                    714,416
                                                                                    714,416




ACCOUNT: Office Expense                                                               728
  Date                 Explanation                   Ref.     Debit       Credit   Balance
    11/30 Balance                                     √                               1,540
    12/31 Office Expenses - Petty Cash               GJ             68                1,608
    12/31                                            ADJ         2,870                4,478
                                                                                      4,478
                                                                                      4,478
                                  General Ledger
                                             ,,,,,,,,,,,,,,,,,,,,,,,,               Balance of Accounts - Deb
                                                                                    Positive, Credits are Nega



ACCOUNT: Payroll Taxes Expense - Office and Administrative                  730
  Date              Explanation            Ref.     Debit       Credit   Balance
    11/30 Balance                           √                              67,001
                                                                           67,001
                                                                           67,001
                                                                           67,001
                                                                           67,001




ACCOUNT: Utilities Expense                                                  732
  Date              Explanation            Ref.     Debit       Credit   Balance
    11/30 Balance                           √                              16,270
    12/11                                  CD            399               16,669
    12/31                                  ADJ           860               17,529
                                                                           17,529
                                                                           17,529
                                                                           17,529




ACCOUNT: Income Tax Expense                                                 770
  Date              Explanation            Ref.     Debit       Credit   Balance
    11/30 Balance                           √                              72,000
    12/31                                  ADJ       42,532               114,532
                                                                          114,532
                                                                          114,532
                                                                          114,532




ACCOUNT: Interest Expense                                                   805
  Date              Explanation            Ref.     Debit       Credit   Balance
    11/30 Balance                           √                              24,570
    12/31                                  ADJ         3,150               27,720
    12/31                                  ADJ         1,056               28,776
    12/31                                  ADJ         1,800               30,576
                                                                           30,576
                                                                           30,576
                                                                           30,576
                                           General Ledger
                                                      ,,,,,,,,,,,,,,,,,,,,,,,,                  Balance of Accounts - Deb
                                                                                                Positive, Credits are Nega
ACCOUNT: Interest Revenue                                                               820
   Date                 Explanation                 Ref.     Debit       Credit     Balance
     11/30 Balance                                   √                                 3,150
     12/31                                          ADJ                     1,584      4,734
                                                                                       4,734
                                                                                       4,734
                                                                                       4,734
                                                                                       4,734




ACCOUNT: Gain or (Loss) on Sale of Assets                                               825
   Date                 Explanation                 Ref.     Debit       Credit     Balance
     11/30 Balance                                   √                                     0
     12/31 Loss on sale                             CR            500                   (500)
                                                                                        (500)
                                                                                        (500)
                                                                                        (500)


ACCOUNT:
   Date                 Explanation                 Ref.     Debit       Credit     Balance
     11/30 Balance                                   √                                     0




Balance of all Debits and Credits. Should be zero after all entries are posted.
Balance of Accounts - Debits are
Positive, Credits are Negative




             261,627




                225




             262,080
Balance of Accounts - Debits are
Positive, Credits are Negative




             (56,005)




             104,200




               1,584
Balance of Accounts - Debits are
Positive, Credits are Negative




             458,323




                810




               8,200
Balance of Accounts - Debits are
Positive, Credits are Negative




              18,150




             160,000




              99,650




             306,000




             (91,960)
Balance of Accounts - Debits are
Positive, Credits are Negative




              70,500




             (47,825)




              38,900




             (18,820)
Balance of Accounts - Debits are
Positive, Credits are Negative




             (15,000)




            (165,700)




              (3,760)




              (6,490)
Balance of Accounts - Debits are
Positive, Credits are Negative




             (11,143)




              (4,618)




                (400)




              (2,600)
Balance of Accounts - Debits are
Positive, Credits are Negative




             (25,000)




              (4,950)




             (42,532)




            (113,000)




            (275,000)
Balance of Accounts - Debits are
Positive, Credits are Negative




               3,344




            (243,000)




            (256,400)




            (362,748)




              25,000




                   0
Balance of Accounts - Debits are
Positive, Credits are Negative




             127,610




                    0




           (5,603,582)




              14,060




              77,041
Balance of Accounts - Debits are
Positive, Credits are Negative




           3,940,086




               7,678




              13,185




                705




             152,990
Balance of Accounts - Debits are
Positive, Credits are Negative




             126,546




               7,260




              19,160




              19,541




              18,920
Balance of Accounts - Debits are
Positive, Credits are Negative




              55,125




               2,115




               5,620




             714,416




               4,478
Balance of Accounts - Debits are
Positive, Credits are Negative




              67,001




              17,529




             114,532




              30,576
Balance of Accounts - Debits are
Positive, Credits are Negative




              (4,734)




                500




                   0
         Accounts Receivable Subsidiary Ledger
ACCOUNT: Boecker Builders                                                    117
  Date            Explanation              Invoice #   Debit    Credit  Balance
   11/30 Balance                               √                          62,920
    12/8                                 1050 & 1071             29,000   33,920
   12/10                                        1071             33,920        0
   12/10                                        1207   17,760             17,760
   12/29                                        1210   37,840             55,600
   12/30                                        1207             17,760   37,840
                                                                          37,840
                                                                          37,840


ACCOUNT: The Potts Company                                                   122
  Date             Explanation             Invoice #   Debit    Credit  Balance
   11/30 Balance                               √                          50,300
    12/3                                        1128             50,300        0
   12/10                                        1206   31,450             31,450
   12/11                                        1206              4,680   26,770
                                                                          26,770
                                                                          26,770


ACCOUNT: Swanson Brothers Construction                                       133
  Date            Explanation              Invoice #   Debit    Credit  Balance
   11/30 Balance                               √                          24,050
    12/1                                        1120             24,050        0
   12/30                                        1211   22,650             22,650
                                                                          22,650
                                                                          22,650

ACCOUNT: A & B Hardware                                                       143
  Date             Explanation             Invoice #   Debit    Credit   Balance
   12/16                                        1208    7,920               7,920
                                                                            7,920
                                                                            7,920
                                                                            7,920



ACCOUNT: Trudy's Plumbing                                                    155
  Date              Explanation            Invoice #   Debit    Credit  Balance
   11/30 Balance                               √                          15,100
    12/5                                        1204   26,300             41,400
    12/9                                        1106             15,100   26,300
    12/9                                        1205   24,850             51,150
   12/10                                        1204             26,300   24,850
   12/18                                        1205             24,850        0
   12/31                                        1212   55,770             55,770
                                                                          55,770
                                                                          55,770
          Accounts Receivable Subsidiary Ledger


ACCOUNT: Coconino Contractors, Inc                                                160
  Date            Explanation                   Invoice #   Debit    Credit  Balance
   11/30 Balance                                    √                          27,800
    12/3                                             1203   10,300             38,100
    12/5                                             1091             27,800   10,300
   12/17                                             1209   42,780             53,080
                                                                               53,080
                                                                               53,080
                                                                               53,080



ACCOUNT: Rankin Plumbing Corp.                                                    166
  Date             Explanation                  Invoice #   Debit    Credit  Balance
   11/30 Balance                                    √                          74,350
    12/5                                             1129             74,350        0
                                                                                    0
                                                                                    0


ACCOUNT: Beverly's Building Products                                              175
  Date               Explanation                Invoice #   Debit    Credit  Balance
   11/30 Balance                                    √                          14,000
    12/1                                             1201   13,150             27,150
   12/26 Note Payable Issued for Over-Due A/R        1119             14,000   13,150
                                                                               13,150
                                                                               13,150



ACCOUNT: Bilder Construction Company                                              180
  Date             Explanation                  Invoice #   Debit    Credit  Balance
   11/30 Balance                                    √                          45,200
    12/2                                             1202   44,900             90,100
   12/15                                             1120             45,200   44,900
                                                                               44,900
                                                                               44,900
                                                                               44,900



ACCOUNT: Iwanaga Plumbing and Heating                                             190
  Date             Explanation                  Invoice #   Debit    Credit  Balance
   11/30 Balance                                    √                           3,700
    12/2 Write-Off                                    780              3,700        0
                                                                                    0
                                                                                    0
                                                                                    0
          Accounts Receivable Subsidiary Ledger


ACCOUNT:
  Date                 Explanation                Invoice #    Debit     Credit    Balance
                                                                                          0
                                                                                          0
                                                                                          0
                                                                                          0


ACCOUNT:
  Date                 Explanation                Invoice #    Debit     Credit    Balance
                                                                                          0
                                                                                          0
                                                                                          0
                                                                                          0

BALANCE: Should equal the accounts receivable control account once all entries are posted
Total Accounts
 Receivable




        37,840




        26,770




        22,650




         7,920




        55,770
Total Accounts
 Receivable




        53,080




             0




        13,150




        44,900




             0
Total Accounts
 Receivable




             0




             0

      262,080
         Accounts Payable Subsidiary Ledger                                  Total Accounts
                                                                                Payable
ACCOUNT: Phoenix Plastics                                               14
  Date        Explanation    Purchase Order #   Debit     Credit  Balance
   11/30 Balance                    √                               17,450
    12/4                           313          10,700               6,750
    12/5 1/10, n/30                316                     52,700   59,450
    12/8                           299           6,750              52,700
   12/12                           316          52,700                   0
   12/22 1/10, n/30                319                     48,330   48,330
                                                                    48,330
                                                                    48,330
                                                                    48,330          48,330


ACCOUNT: Business Basics, Inc.                                          16
  Date        Explanation    Purchase Order #   Debit     Credit  Balance
   12/19 n/30                      318                      5,500    5,500
                                                                     5,500
                                                                     5,500            5,500



ACCOUNT: Edward's Plumbing Supplies, Inc.                               18
  Date        Explanation  Purchase Order #     Debit     Credit  Balance
   11/30 Balance                  √                                 20,050
    12/1 n/60                    315                       24,320   44,370
   12/11                         315              3,550             40,820
                                                                    40,820
                                                                    40,820          40,820



ACCOUNT: DeKalb Transport                                               20
  Date        Explanation    Purchase Order #   Debit     Credit  Balance
   12/24 n/30                      J9                       2,300    2,300
                                                                     2,300
                                                                     2,300            2,300



ACCOUNT: Oxenford Copperworks                                           35
  Date        Explanation Purchase Order #      Debit     Credit  Balance
   11/30 Balance                 √                                  26,400
    12/2                        280             26,400                   0
   12/30 1/10, n/30             320                        53,040   53,040
                                                                    53,040          53,040
           Accounts Payable Subsidiary Ledger                                            Total Accounts
                                                                                            Payable

ACCOUNT: Smith Pipe Company                                                    39
  Date        Explanation Purchase Order #            Debit     Credit   Balance
   11/30 Balance                 √                                         38,100
    12/9                        314                    38,100                   0
   12/15 1/15, n/60             317                               41,200   41,200
   12/30 Payment                317                    41,200                   0
                                                                                0                     0



ACCOUNT: Ron & Rod's Plumbing Products                                          44
  Date       Explanation   Purchase Order #           Debit     Credit    Balance
   11/30 Balance                  √                                         14,850
                                                                            14,850
                                                                            14,850              14,850


ACCOUNT: Khatan Steel Corp.                                                     57
  Date       Explanation    Purchase Order #          Debit     Credit    Balance
   11/30 Balance                   √                                        10,000
    12/4                          312                  10,000                    0
                                                                                 0
                                                                                 0                    0


ACCOUNT: Northern Electric Co.                                                58
  Date       Explanation       Purchase Order #       Debit     Credit  Balance
   12/31 ADJ - End of the year                                      590      590
                                                                             590
                                                                             590                   590



ACCOUNT: City of Rockford                                                     59
  Date       Explanation       Purchase Order #       Debit     Credit  Balance
   12/31 ADJ - End of the year                                      270      270
                                                                             270
                                                                             270                   270


BALANCE: Should equal the accounts payable control account once all entries are posted        165,700
                                                        ROCKFORD CORPORATION
      Enter data in Trial Balance and                  TEN - COLUMN WORK SHEET
       Adjustments columns ONLY                                 12/31/2003
                                            TRIAL BALANCE           ADJUSTMENTS         ADJ. TRIAL BALANCE     INCOME STATEMENT   BALANCE SHEET
                ACCOUNT TITLES               DR.        CR.          DR.      CR.         DR.         CR.         DR.      CR.      DR.
101   Cash                                   261,627                                      261,627                                   261,627
105   Petty Cash                                 225                                            225                                     225
112   Accounts Receivable                    262,080                                      262,080                                   262,080
113   Allowance for Doubtful Accounts                         880              55,125                   56,005
115   Notes Receivable                       104,200                                      104,200                                  104,200
118   Interest Receivable                                             1,584                   1,584                                  1,584
120   Inventory                              458,323                                      458,323                                  458,323
125   Office Supplies                          3,680                            2,870           810                                    810
130   Prepaid Insurance                       11,020                            2,820         8,200                                  8,200
131   Prepaid Rent                            25,410                            7,260       18,150                                  18,150
135   Bond Sinking Fund                      160,000                                      160,000                                  160,000
140   Land                                    99,650                                        99,650                                  99,650
145   Buildings                              306,000                                      306,000                                  306,000
146   Accum. Depr. - Buildings                           73,040                18,920                   91,960
153   Trucks and Lifts                        70,500                                        70,500                                  70,500
154   Accum. Depr. - Trucks and Lifts                    34,990                12,835                   47,825
157   Furniture and Equipment                 38,900                                        38,900                                  38,900
158   Accum. Depr. - Furniture and Equip.                13,200                 5,620                   18,820
200   Notes Payable                                      15,000                                         15,000
201   Accounts Payable                                  164,840                   860                  165,700
213   Salaries and Wages Payable                                                3,760                    3,760
214   FICA Taxes Payable                                  5,770                   720                    6,490
215   Federal Withholding Taxes Payable                  10,163                   980                   11,143
217   State Withholding Taxes Payable                     4,418                   200                    4,618
224   Federal Unemployment Taxes Pay.                       400                                            400
226   State Unemployment Taxes Pay.                       2,600                                          2,600
228   Dividends Payable                                  25,000                                         25,000
230   Interest Payable                                                          4,950                    4,950
255   Income Taxes Payable                                                     42,532                   42,532
265   Mortgage Notes Payable                            113,000                                        113,000
270   Bonds Payable                                     275,000                                        275,000
271   Discount on Bonds Payable                4,400                            1,056         3,344                                  3,344
311   Common Stock                                      243,000                                        243,000
312   Additional Paid-In Capital                        256,400                                        256,400
320   Retained Earnings                                 362,748                                        362,748
321   Dividends Declared - Cash               25,000                                        25,000                                  25,000
322   Dividends Declared - Stock
330   Treasury Stock                         127,610                                      127,610                                  127,610
                                                            ROCKFORD CORPORATION
      Enter data in Trial Balance and                      TEN - COLUMN WORK SHEET
       Adjustments columns ONLY                                     12/31/2003
                                              TRIAL BALANCE               ADJUSTMENTS       ADJ. TRIAL BALANCE     INCOME STATEMENT           BALANCE SHEET
                ACCOUNT TITLES                 DR.         CR.             DR.      CR.        DR.         CR.         DR.       CR.            DR.
401   Sales                                              5,603,582                                       5,603,582             5,603,582
412   Sales Returns and Allowances               14,060                                         14,060                  14,060
413   Sales Discounts                            77,041                                         77,041                  77,041
505   Cost of Goods Sold                      3,940,086                                      3,940,086               3,940,086
610   Advertising Expense                         7,678                                           7,678                  7,678
615   Depreciation Expense - Trucks & Lifts         350                    12,835               13,185                  13,185
622   Insurance Expense - Selling                                             705                   705                    705
627   Sales Salaries and Commissions            152,990                                        152,990                 152,990
628   Delivery and Warehouse Wages              121,246                     5,300              126,546                 126,546
629   Warehouse Rental Expense                                              7,260                 7,260                  7,260
630   Payroll Tax Exp. - Sell, Del, & Whse       18,800                       360               19,160                  19,160
644   Delivery Expense                           19,541                                         19,541                  19,541
711   Depreciation Expense - Buildings                                     18,920               18,920                  18,920
712   Bad Debt Expense                                                     55,125               55,125                  55,125
718   Insurance Expense - General                                           2,115                 2,115                  2,115
721   Depreciation Expense - Furn & Equip                                   5,620                 5,620                  5,620
727   Office and Administrative Salaries        714,416                                        714,416                 714,416
728   Office Expense                              1,608                     2,870                 4,478                  4,478
730   Payroll Tax Expense - Office & Admin       67,001                                         67,001                  67,001
732   Utilities Expense                          16,669                       860               17,529                  17,529
770   Income Tax Expense                         72,000                    42,532              114,532                 114,532
805   Interest Expense                           24,570                     6,006               30,576                  30,576
820   Interest Revenue                                            3,150               1,584                  4,734                 4,734
825   Gain or Loss on Sale of Assets                500                                             500                    500

      Totals                                  7,207,181    7,207,181      162,092   162,092   7,355,267   7,355,267   5,409,064   5,608,316   1,946,203
      Net Income - To Close Income Summary to Retained Earnings                                                        199,252
      Totals                                                                                                          5,608,316   5,608,316   1,946,203
Enter data in Trial Balance and
 Adjustments columns ONLY

                             BALANCE SHEET
          ACCOUNT TITLES                CR.
Cash
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts          56,005
Notes Receivable
Interest Receivable
Inventory
Office Supplies
Prepaid Insurance
Prepaid Rent
Bond Sinking Fund
Land
Buildings
Accum. Depr. - Buildings                 91,960
Trucks and Lifts
Accum. Depr. - Trucks and Lifts          47,825
Furniture and Equipment
Accum. Depr. - Furniture and Equip.      18,820
Notes Payable                            15,000
Accounts Payable                        165,700
Salaries and Wages Payable                3,760
FICA Taxes Payable                        6,490
Federal Withholding Taxes Payable        11,143
State Withholding Taxes Payable           4,618
Federal Unemployment Taxes Pay.             400
State Unemployment Taxes Pay.             2,600
Dividends Payable                        25,000
Interest Payable                          4,950
Income Taxes Payable                     42,532
Mortgage Notes Payable                  113,000
Bonds Payable                           275,000
Discount on Bonds Payable
Common Stock                            243,000
Additional Paid-In Capital              256,400
Retained Earnings                       362,748
Dividends Declared - Cash
Dividends Declared - Stock
Treasury Stock
Enter data in Trial Balance and
 Adjustments columns ONLY

                             BALANCE SHEET
          ACCOUNT TITLES                CR.
Sales
Sales Returns and Allowances
Sales Discounts
Cost of Goods Sold
Advertising Expense
Depreciation Expense - Trucks & Lifts
Insurance Expense - Selling
Sales Salaries and Commissions
Delivery and Warehouse Wages
Warehouse Rental Expense
Payroll Tax Exp. - Sell, Del, & Whse
Delivery Expense
Depreciation Expense - Buildings
Bad Debt Expense
Insurance Expense - General
Depreciation Expense - Furn & Equip
Office and Administrative Salaries
Office Expense
Payroll Tax Expense - Office & Admin
Utilities Expense
Income Tax Expense
Interest Expense
Interest Revenue
Gain or Loss on Sale of Assets

Totals                                  1,746,951
                                          199,252
Net Income - To Close Income Summary to Retained Earnings
Totals                                  1,946,203
               SCHEDULE OF ACCOUNTS RECEIVABLE
                                          Balance Due
      Boecker Builders                          37,840
      The Potts Company                         26,770
      Swanson Brothers Construction             22,650
      A & B Hardware                             7,920
      Trudy's Plumbing                          55,770
      Coconino Contractors, Inc                 53,080
      Rankin Plumbing Corp.
      Beverly's Building Products               13,150
      Bilder Construction Company               44,900
      Iwanaga Plumbing and Heating

      Totals                                   262,080
END
               SCHEDULE OF ACCOUNTS PAYABLE
                                         Balance Owed
      Phoenix Plastics                           48,330
      Business Basics, Inc.                       5,500
      Edward's Plumbing Supplies, Inc.           40,820
      DeKalb Transport                            2,300
      Oxenford Copperworks                       53,040
      Smith Pipe Company
      Ron & Rod's Plumbing Products             14,850
      Khatan Stell Corp.
      Northern Electric Co.                        590
      City of Rockford                             270

      Totals                                    165,700




END
                                              Rockford Corporation
                                               Income Statement
                                     For the Year Ended December 31, 2003
Revenues:                                                                                    Enter appropriate accoun
   Sales                                                                         5,603,582
   Sales Returns and Allowances                                         14,060
   Sales Discounts                                                      77,041      91,101
     Net Sales                                                                   5,512,481
   Cost of Goods Sold                                                            3,940,086
     Gross Profit (loss)                                                         1,572,395

Selling Expenses
     Advertising Expense                                       7,678
     Depreciation Expense - Trucks and Lifts                  13,185
     Insurance Expense - Selling                                 705
     Sales Salaries and Commissions                          152,990
     Delivery and Warehouse Wages                            126,546
     Warehouse Rental Expense                                  7,260
     Payroll Taxes Exp. - Selling, Delivery, and Warehouse    19,160
     Delivery Expense                                         19,541
        Total Selling Expenses                                         347,065

Administrative Expenses
   Depreciation Expense - Buildings                           18,920
   Bad Debt Expense                                           55,125
   Insurance Expense - General                                 2,115
   Depreciation Expense - Furniture and Equipment              5,620
   Office and Administrative Salaries                        714,416
   Office Expense                                              4,478
   Payroll Taxes Expense - Office and Administrative          67,001
   Utilities Expense                                          17,529
      Total Administrative Expenses                                    885,204

    Total Operating Expenses                                                     1,232,269

Income From Operations                                                            340,126

Other Revenues and Gains
   Interest income                                                       4,734
   Gains on Sale of Assets                                                          4,734

Other Expenses and Losses
   Interest Expense                                                     30,576
   Losses on Sale of Assets                                                500     31,076

Income before Income taxes                                                        313,784

    Federal and State Income Tax Expense                                          114,532

Net Income                                                                        199,252

Earnings per Share                                                                  35.63
   Number of shares outstanding (1):                           5,592
                                Rockford Corporation
                                 Income Statement
                       For the Year Ended December 31, 2003
(1) Provided in case
Enter appropriate account balances
          in shaded cells only
                                           Rockford Corporation
                                      Statement of Retained Earnings
                                 For the Year Ended December 31, 2003
Retained Earnings at Beginning of Year                          362,748

Net Income                                                     199,252

Dividends Declared*                                              25,000

Retained Earnings at End of Year                               537,000




*Enter dividends as a positive value
                                                Rockford Corporation
                                                  Balance Sheet
                                      For the Year Ended December 31, 2003
Current Assets:
     Cash (including Petty Cash)                                          261,852    Enter appropriate account balan
     Accounts Receivable                                      262,080
     Allowance for Doubtful Accounts                           56,005      206,075
     Notes Receivable                                                      104,200
     Interest Receivable                                                     1,584
     Inventory                                                             458,323
     Office Supplies                                                           810
     Prepaid Insurance                                                       8,200
     Prepaid Rent                                                           18,150
        Total Current Assets                                             1,059,194

Investments:                                                                         Enter all accounts with normal bal
     Bond Sinking Fund                                                    160,000      positive amounts. Thus, Allowa
                                                                                          Doubtful Accounts, Accumula
Property, Plant and Equipment                                                        Depreciation, etc. will be entered a
    Land                                                       99,650                    values. Excel will then perform
    Buildings                                      306,000                                      approprate subtraction.
       less Accum. Depr. - Buildings                91,960    214,040
    Trucks and Lifts                                70,500
       less Accum. Depr. - Trucks and Lifts         47,825     22,675
    Furniture and Equipment                         38,900
    Accum. Depr. - Furniture and Equip.             18,820     20,080
       Total Property, Plant and Equipment                                356,445

       Total Assets                                                      1,575,639

Current Liabilities
     Notes Payable                                                         15,000
     Accounts Payable                                                     165,700
     Salaries and Wages Payable                                             3,760
     Payroll Taxes Payable                                                 25,251
     Dividends Payable                                                     25,000
     Interest Payable                                                       4,950
     Income Taxes Payable                                                  42,532
        Total Current Liabilities                                         282,193

Long Term Liabilities
    Mortgage Notes Payable                                    113,000
    Bonds Payable                                  275,000
    Discount on Bonds Payable                        3,344    271,656
       Total Long Term Liabilities                                        384,656

Stockholders' Equity
     Common Stock                                             243,000
     $30 Stated Value, 10,000 Shares Authorized,
     600 Shares Issued, 5592 Shares Outstanding
     Additional Paid-In Capital                                256,400
     Retained Earnings                                         537,000
       Subtotal                                              1,036,400

     Less Treasury Stock                                      127,610

        Total Stockholders' Equity                                        908,790

     Total Liabilities and Stockholders' Equity                          1,575,639
          Rockford Corporation
            Balance Sheet
For the Year Ended December 31, 2003
Enter appropriate account balances
          in shaded cells only




Enter all accounts with normal balances as
  positive amounts. Thus, Allowance for
     Doubtful Accounts, Accumulated
Depreciation, etc. will be entered as positive
    values. Excel will then perform the
           approprate subtraction.

				
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