Jennifer Kiss began her retail business, Kiss Products, on April 1, 2016.

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Jennifer Kiss began her retail business, Kiss Products, on April 1, 2016. A post-closing trial balance was prepared on April 30, 2016 and those balances are posted in the ledgers at May 1.

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Kiss Products uses a perpetual inventory system. During May, Kiss Products entered into the following transactions:

May	3	Purchased merchandise on account from Washington Co., $5,000 terms FOB shipping, 2/10, n/30, with prepaid freight of $150 added to the invoice.
	5	Received cash from Zinc Co. on account, $2,450.
	9	Returned $450 (net of discount) of merchandise purchased on May 3.
	12	Issue Check #4501 to Washington Co. on account for full amount of May 3 purchase.
	13	Issued Check #4502 to Office Station as partial payment toward current balance, $640.
	14	Issued Invoice #2912 to Moon Beam Co. for merchandise sold on account, $9,180, n/30. The cost of merchandise sold was $2,754.
	15	Issued Check #4503 to the receptionist for bi-monthly salary, $750.
	17	Issued Invoice #2913 to Titanium Inc., terms 2/10, n/30, for merchandise sold on account, $8,400. The cost of the merchandise sold was $2,740.
	20	Purchased supplies from Office Station on account, $735, Invoice #4861, terms n/30.
	21	Issued Invoice #2914 to Starlight Inc. for merchandise sold on account, list price $7,000, trade discount 30%. Cost: $1,960
	23	Purchased merchandise on account from Sana Inc., $7,500 terms FOB destination, 2/10, n/30.
	25	Issued Invoice #2915 to Alloy Inc., for merchandise sold on account, $8,200 terms 2/10, n/30. The cost of merchandise sold was $2,410
	26	Received cash from Titanium Inc. on account, for full amount owed.
	27	Received cash from Starlight Inc. on account, $2,500.
	29	Issued Check #4504 in payment of window cleaning, $81.
	30	Issued Check #4505 to the receptionist for bi-monthly salary, $750.
	31	Issued Invoice #2916 to Copper Corp., for merchandise sold on account $6,000. The cost of the merchandise sold was $1,800.
	31	Issued Check #4506 to Jennifer Kiss as a personal withdrawal, $10,500.

Note: You may find it useful to copy and paste the following instructions to a file and print them. Also, in this problem, you will see [More] in many locations. Click on those links for helpful hints and additional instructions. In the special journals and all ledgers, dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

Required:

Journalize each of the May transactions using the following journals. (Posting refrences will be inserted in requirement 2.) [More]

A.	Journal (pg. 6)
B.	Revenue journal (pg. 10) [More]
C.	Cash receipts journal (pg. 12)
D.	Purchases journal (pg. 11) [More]
E.	Cash payments journal (pg. 13)

Post the journal entries to the appropriate ledgers. [More] Posting should be completed in the following order:

A.	Post the entries on journal page 6 to the general ledger. [More]
B.	Post the individual revenue journal entries to the accounts receivable subsidiary ledger. [More]
C.	Post the individual cash receipts journal entries to the accounts receivable subsidiary ledger. [More]
D.	Post the individual purchases journal entries to the accounts payable subsidiary ledger. [More]
E.	Post the individual cash payments journal entries to the accounts payable subsidiary ledger and the appropriate general ledger accounts. [More]

Total each of the columns of the special journals. Verify that total debits equal total credits in each journal.

Post the totals of the special journals to the appropriate general ledger accounts. [More] Special journals must be posted in the following order:

I.	Revenue journal
II.	Cash receipts journal
III.	Purchases journal
IV.	Cash payments journal

Prepare an unadjusted trial balance. [More]

At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (7) and (8).

•	Insurance expired during May is $275.
•	Office supplies on hand on May 31 are $715.
•	Depreciation of office equipment for May is $330.
•	Rent expired during May is $1,600.
•	A physical inventory indicates that $16,086 is actually on hand.

On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. (Follow the example in chapter 4 of your text.) [More]

A.	Journalize the adjusting entries on page 7 of the journal. [More]
B.	Post the adjusting entries to the general ledger.

Prepare an adjusted trial balance. [More]

10.

Prepare (A) an income statement, (B) a statement of owner’s equity, and (C) a balance sheet. [More]

11.

A.	Prepare the closing entries on page 8 of the journal. [More]
B.	Post the closing entries to the ledger. [More]

12.

Prepare a post-closing trial balance. [More]

Kiss Products

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Merchandise Inventory
14	Office Supplies
15	Prepaid Rent
16	Prepaid Insurance
18	Office Equipment
19	Accumulated Depreciation
	LIABILITIES
21	Accounts Payable
22	Unearned Revenue

	EQUITY
31	Jennifer Kiss, Capital
32	Jennifer Kiss, Drawing
34	Income Summary

	REVENUE
41	Sales
	EXPENSES
51	Cost of Merchandise Sold
52	Salary Expense
53	Rent Expense
54	Office Supplies Expense
55	Depreciation Expense
56	Insurance Expense
59	Miscellaneous Expense

Accounts

Labels

Current assets

Current liabilities

Operating expenses

For the Month Ended May 31, 2016

May 31, 2016

Property, plant, and equipment

Amount Descriptions

Add withdrawals

Decrease in owner’s equity

Gross profit

Increase in owner’s equity

Jennifer Kiss, capital, May 1, 2016

Jennifer Kiss, capital, May 31, 2016

Less withdrawals

Net income

Net income during the month

Net loss

Net loss during the month

Total assets

Total current assets

Total operating expenses

Total liabilities

Total liabilities and owner’s equity

Total property, plant, and equipment

Customer Names

Vendor Names

Alloy Inc.

Office Station

Copper Corp.

Sana Inc.

Moon Beam Co.

Washington Co.

Polar Inc.

Starlight Inc.

Titanium Inc.

Zinc Co.

	1.A. Journalize the appropriate May transactions on journal page 6. (Posting references will be inserted in requirement 2.) [More]
	2.A. Post the journal entries on page 6 to the general ledger. [More]
	(Scroll down for pages 7 and 8 of the journal to complete requirements 8 and 11.)

PAGE 6

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1

1.B. Journalize the appropriate May transactions on revenue journal page 10. (Post refs will be inserted in requirement 2.) [More]

2.B. Post the individual revenue journal entries on page 10 to the accounts receivable subsidiary ledger. [More]

3. Total each of the columns of the revenue journal. Verify that total debits equal total credits.

4. Post the totals of the special journals to the appropriate general ledger accounts. [More] Special journals must be posted in the following order:

I.	Revenue journal
II.	Cash receipts journal
III.	Purchases journal
IV.	Cash payments journal

All dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

Revenue Journal					Page 10
				Accts. Rec. Dr.	Cost of Merch. Sold Dr.
Date	Invoice No.	Account Debited	Post. Ref.	Sales Cr.	Merch. Inventory Cr.
1
2
3
4
5
6
7

1.C. Journalize the appropriate May transactions on cash receipts journal page 12. (Post refs will be inserted in requirement 2.) [More]

2.C. Post the individual cash receipts journal entries on page 12 to the accounts receivable subsidiary ledger. [More]

3. Total each of the columns of the cash receipts journal. Verify that total debits equal total credits.

4. Post the totals of the special journals to the appropriate general ledger accounts. [More] Special journals must be posted in the following order:

I.	Revenue journal
II.	Cash receipts journal
III.	Purchases journal
IV.	Cash payments journal

All dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

Cash Receipts Journal

Page 12

Date

Account Credited

Post. Ref.

Other Accounts Cr.

Accounts Receivable Cr.

Cash Dr.

1.D. Journalize the appropriate May transactions on purchases journal page 11. (Post refs will be inserted in requirement 2.) [More]

2.D. Post the individual purchases journal entries on page 11 to the accounts payable subsidiary ledger. [More]

3. Total each of the columns of the purchases journal. Verify that total debits equal total credits.

4. Post the totals of the special journals to the appropriate general ledger accounts. [More] Special journals must be posted in the following order:

I.	Revenue journal
II.	Cash receipts journal
III.	Purchases journal
IV.	Cash payments journal

All dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

Purchases Journal								Page 11
Date	Account Credited	Post. Ref.	Accounts Payable Cr.	Office Supplies Dr.	Merch. Inventory Dr.	Other Accounts Dr.	Post. Ref.	Amount
1
2
3
4
5

1.E. Journalize the appropriate May transactions on cash payments journal page 13. (Post refs will be inserted in requirement 2.) [More]

2.E. Post the individual cash payments journal entries on page 13 to the accounts payable subsidiary ledger and the appropriate general ledger accounts.[More]

3. Total each of the columns of the purchases journal. Verify that total debits equal total credits.

4. Post the totals of the special journals to the appropriate general ledger accounts. [More] Special journals must be posted in the following order:

I.	Revenue journal
II.	Cash receipts journal
III.	Purchases journal
IV.	Cash payments journal

All dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

Cash Payments Journal						Page 13
Date	Ck. No.	Account Debited	Post. Ref.	Other Accounts Dr.	Accounts Payable Dr.	Cash Cr.
1
2
3
4
5
6
7
8

2. Posting should be completed in the following order:

	A. Post the entries on journal page 6 to the general ledger. [More]
	(Requirements B – D are posting of individual entries from the revenue, cash receipts and purchases journals to the subsidiary ledgers only.)
	E. Post the individual entries on cash payments journal to the accounts payable subsidiary ledger and the appropriate general ledger accounts. [More]

4. Post the totals of the special journals to the appropriate general ledger accounts. [More] Special journals must be posted in the following order:

I.	Revenue journal
II.	Cash receipts journal
III.	Purchases journal
IV.	Cash payments journal

8.B. Post the adjusting entries to the ledger.

11.B. Post the closing entries to the ledger. You are NOT required to enter a 0 (zero) to indicate closed accounts. Simply leave the cell blank.

Be sure to enter the account number in the post ref column of the journal.

All dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

General Ledger
Account: Cash							Account No. 11
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X			8,000.00
2
3

Account: Accounts Receivable							Account No. 12
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X			3,400.00
2
3

Account: Merchandise Inventory							Account No. 13
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X			16,100.00
2
3
4
5

Account: Office Supplies							Account No. 14
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X			1,350.00
2
3

Account: Prepaid Rent							Account No. 15
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X			3,200.00
2

Account: Prepaid Insurance							Account No. 16
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X			1,500.00
2

Account: Office Equipment							Account No. 18
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X			12,500.00

Account: Accumulated Depreciation							Account No. 19
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X				330.00
2

Account: Accounts Payable							Account No. 21
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X				920.00
2
3
4

Account: Unearned Revenue							Account No. 22
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X				2,500.00

Account: Jennifer Kiss, Capital							Account No. 31
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1	May 1	Balance	X				42,300.00
2
3

Account: Jennifer Kiss, Drawing							Account No. 32
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2

Account: Income Summary							Account No. 34
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2
3

Account: Sales							Account No. 41
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2

Account: Cost of Merchandise Sold							Account No. 51
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2
3

Account: Salary Expense							Account No. 52
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2
3

Account: Rent Expense							Account No. 53
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2

Account: Office Supplies Expense							Account No. 54
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2

Account: Depreciation Expense							Account No. 55
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2

Account: Insurance Expense							Account No. 56
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2

Account: Miscellaneous Expense							Account No. 59
Date		Item	Post Ref	Debit	Credit	Balance
Date		Item	Post Ref	Debit	Credit	Debit	Credit
1
2

2. Posting should be completed in the following order:

	B. Post the individual revenue journal entries to the accounts receivable subsidiary ledger. [More]
	C. Post the individual cash receipts journal entries to the accounts receivable subsidiary ledger. [More]
	D. Post the individual purchases journal entries to the accounts payable subsidiary ledger. [More]
	E. Post the individual cash payments journal entries to the accounts payable subsidiary ledger and the appropriate general ledger accounts. [More]
	Scroll down for the Accounts Payable Subsidiary Ledger. (Requirement A is not included here because the subsidiary ledgers are not impacted.)

All dates must be entered in Mon DD format. (November 9 would be entered as Nov. 9)

Accounts Receivable Subsidiary Ledger
Customer name: Alloy Inc.
Date		Item	Post Ref	Debit	Credit	Balance
1

Customer name: Copper Corp.
Date		Item	Post Ref	Debit	Credit	Balance
1

Customer name: Moon Beam Co.
Date		Item	Post Ref	Debit	Credit	Balance
1

Customer name: Starlight Inc.
Date		Item	Post Ref	Debit	Credit	Balance
1
2

Customer name: Titanium Inc.
Date		Item	Post Ref	Debit	Credit	Balance
1
2

Customer name: Zinc Co.
Date		Item	Post Ref	Debit	Credit	Balance
1	May 1	Balance	X			3,400.00
2

Accounts Payable Subsidiary Ledger
Vendor name: Office Station
Date		Item	Post Ref	Debit	Credit	Balance
1	May 1	Balance	X			920.00
2
3

Customer name: Sana Inc.
Date		Item	Post Ref	Debit	Credit	Balance
1

Customer name: Washington Co.
Date		Item	Post Ref	Debit	Credit	Balance
1
2
3

Prepare an unadjusted trial balance. [More]

Kiss Products

UNADJUSTED TRIAL BALANCE

May 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Merchandise Inventory
4	Office Supplies
5	Prepaid Rent
6	Prepaid Insurance
7	Office Equipment
8	Accumulated Depreciation
9	Accounts Payable
10	Unearned Revenue
11	Jennifer Kiss, Capital
12	Jennifer Kiss, Drawing
13	Income Summary
14	Sales
15	Cost of Merchandise Sold
16	Salary Expense
17	Rent Expense
18	Office Supplies Expense
19	Depreciation Expense
20	Insurance Expense
21	Miscellaneous Expense
22	Totals

Prepare an adjusted trial balance. [More]

Kiss Products

ADJUSTED TRIAL BALANCE

May 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Merchandise Inventory
4	Office Supplies
5	Prepaid Rent
6	Prepaid Insurance
7	Office Equipment
8	Accumulated Depreciation
9	Accounts Payable
10	Unearned Revenue
11	Jennifer Kiss, Capital
12	Jennifer Kiss, Drawing
13	Income Summary
14	Sales
15	Cost of Merchandise Sold
16	Salary Expense
17	Rent Expense
18	Office Supplies Expense
19	Depreciation Expense
20	Insurance Expense
21	Miscellaneous Expense
22	Totals

Prepare a post-closing trial balance. [More]

Kiss Products

POST-CLOSING TRIAL BALANCE

May 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Merchandise Inventory
4	Office Supplies
5	Prepaid Rent
6	Prepaid Insurance
7	Office Equipment
8	Accumulated Depreciation
9	Accounts Payable
10	Unearned Revenue
11	Jennifer Kiss, Capital
12	Jennifer Kiss, Drawing
13	Income Summary
14	Totals

A. Prepare an income statement. [More]

Kiss Products

Income Statement


1
2
3
4
5
6
7
8
9
10
11
12

10.B. Prepare a statement of owner’s equity. [More]

Kiss Products

Statement of Owner’s Equity


1
2
3
4
5

C. Prepare a balance sheet. [More]

Kiss Products

Balance Sheet


1	Assets
2
3
4
5
6
7
8
9
10
11
12
13
14
15	Liabilities
16
17
18
19
20	Owner’s Equity
21
22

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