Accounting Principle: Journal Entries, General Ledger, Adjusted Trial Balance, Income Statement, Retained Earnings Statement, Balance Sheet

This article covers Accounting Principle through Journal Entries, General Ledger, Adjusted Trial Balance, Income Statement, Retained Earnings Statement, Balance Sheet. It includes solved assignments, essays, dissertation and more. The subject is not mentioned.

Running head: ACCOUNTING PRINCIPLE
Accounting Principle
Name of the Student:
Name of the University:
Author’s Note:

1ACCOUNTING PRINCIPLE
Table of Contents
Journal Entries:................................................................................................................................2
General Ledger:...............................................................................................................................3
Adjusted Trial Balance:...................................................................................................................7
Income Statement:...........................................................................................................................7
Retained Earnings Statement:..........................................................................................................8
Balance Sheet:.................................................................................................................................8
Bibliography:.................................................................................................................................10

2ACCOUNTING PRINCIPLE
Journal Entries:
In the books of ……
Journal Entries
Dr. Cr.
Date Particulars
Amoun
t
Amoun
t
December
Transactions:
06-Dec
Salaries & Wages Payable
A/c. Dr. $1,000
Salaries & Wages Expenses
A/c. Dr. $600
To, Cash A/c. $1,600
08-Dec Cash A/c. Dr. $1,900
To, Accounts Receivable A/c. $1,900
10-Dec Cash A/c. Dr. $6,300
To, Sales Revenue A/c. $6,300
Cost of Goods Sold A/c. Dr. $4,100
To, Inventory A/c. $4,100
13-Dec Inventory A/c. Dr. $9,000
To, Accounts Payable A/c. $9,000
15-Dec Supplies A/c. Dr. $2,000
To, Cash A/c. $2,000
18-Dec Accounts Receivable A/c. Dr.
$12,00
0
To, Sales Revenue A/c.
$12,00
0
Cost of Goods Sold A/c. Dr. $8,000
To, Inventory A/c. $8,000
20-Dec
Salaries & Wages Expenses
A/c. Dr. $1,800
To, Cash A/c. $1,800
23-Dec Accounts Payable A/c. Dr. $9,000

3ACCOUNTING PRINCIPLE
To, Cash A/c. $9,000
27-Dec Cash A/c. Dr.
$11,64
0
Sales Discounts A/c. Dr. $360
To, Accounts Receivable A/c.
$12,00
0
Adjustment Entries:
31-Dec
Salaries & Wages Expense
A/c. Dr. $800
To,
Salaries & Wages Payable
A/c. $800
Depreciation Expense A/c. Dr. $200
To, Accumulated Depreciation -
Equipment A/c. $200
Supplies Expense A/c. Dr. $1,700
To, Supplies A/c. $1,700
General Ledger:
Dr. Cash A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
01-Dec To, Balance b/d $7,200
06-
Dec By, Salaries & Wages Payable A/c. $1,000
08-Dec To, Accounts Receivable A/c. $1,900 By, Salaries & Wages Expenses A/c. $600
10-Dec To, Sales Revenue A/c. $6,300
15-
Dec By, Supplies A/c. $2,000
27-Dec To, Accounts Receivable A/c. $11,640
20-
Dec By, Salaries & Wages Expenses A/c. $1,800
23-
Dec By, Accounts Payable A/c. $9,000
31-
Dec By, Balance c/d $12,640
$27,040 $27,040
Dr. Accounts Receivable A/c. Cr.
Date Particulars Amoun Date Particulars Amoun

4ACCOUNTING PRINCIPLE
t t
01-Dec To, Balance b/d $4,600
08-
Dec By, Cash A/c. $1,900
18-Dec To, Sales Revenue A/c. $12,000
27-
Dec By, Cash A/c. $11,640
By, Sales Discounts A/c. $360
31-
Dec By, Balance c/d $2,700
$16,600 $16,600
Dr. Inventory A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
01-Dec To, Balance b/d $12,000
10-
Dec By, Cost of Goods Sold A/c. $4,100
13-Dec To, Accounts Payable A/c. $9,000
18-
Dec By, Cost of Goods Sold A/c. $8,000
31-
Dec By, Balance c/d $8,900
$21,000 $21,000
Dr. Supplies A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
01-Dec To, Balance b/d $1,200
31-
Dec By, Supplies Expense A/c. $1,700
15-Dec To, Cash A/c. $2,000 By, Balance c/d $1,500
$3,200 $3,200
Dr. Equipment A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
01-Dec To, Balance b/d $22,000
31-
Dec By, Balance c/d $22,000
$22,000 $22,000
Dr. Accumulated Depreciation - Equipment A/c. Cr.
Date Particulars Amoun Date Particulars Amoun

5ACCOUNTING PRINCIPLE
t t
31-Dec To, Balance c/d $2,400
01-
Dec By, Balance b/d $2,200
31-
Dec By, Depreciation Expense A/c. $200
$2,400 $2,400
Dr. Accounts Payable A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
23-Dec To, Cash A/c. $9,000
01-
Dec By, Balance b/d $4,500
13-
Dec By, Inventory A/c. $9,000
31-Dec To, Balance c/d $4,500
$13,500 $13,500
Dr. Salaries & Wages Payable A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
06-Dec To, Cash A/c. $1,000
01-
Dec By, Balance b/d $1,000
31-Dec To, Balance c/d $800
31-
Dec By, Salaries & Wages Expense A/c. $800
$1,800 $1,800
Dr. Common Stock A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
31-Dec To, Balance c/d $30,000
01-
Dec By, Balance b/d $30,000
$30,000 $30,000
Dr. Retained Earnings A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
31-Dec To, Balance c/d $9,300
01-
Dec By, Balance b/d $9,300

6ACCOUNTING PRINCIPLE
$9,300 $9,300
Dr. Cost of Goods Sold A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
10-Dec To, Inventory A/c. $4,100
31-
Dec By, Balance c/d $12,100
18-Dec To, Inventory A/c. $8,000
$12,100 $12,100
Dr. Depreciation Expense A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
31-Dec To, Accum Depr.- Equipment A/c. $200
31-
Dec By, Balance c/d $200
$200 $200
Dr. Salaries & Wages Expense A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
06-Dec To, Cash A/c. $600
31-
Dec By, Balance c/d $3,200
20-Dec To, Cash A/c. $1,800
31-Dec To, Salaries & Wages Payable A/c. $800
$3,200 $3,200
Dr. Supplies Expense A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
31-Dec To, Supplies A/c. $1,700
31-
Dec By, Balance c/d $1,700
$1,700 $1,700
Dr. Sales Discount A/c. Cr.
Date Particulars Amoun Date Particulars Amoun

7ACCOUNTING PRINCIPLE
t t
27-Dec To, Accounts Receivable A/c. $360
31-
Dec By, Balance c/d $360
$360 $360
Dr. Sales Revenue A/c. Cr.
Date Particulars
Amoun
t Date Particulars
Amoun
t
31-Dec To, Balance c/d $18,300
10-
Dec By, Cash A/c. $6,300
18-
Dec By, Accounts Receivable A/c. $12,000
$18,300 $18,300
Adjusted Trial Balance:
In the Books of……
Trial Balance
as on 31 December
Particulars Amount Amount
Cash $12,640
Accounts Receivable $2,700
Inventory $8,900
Supplies $1,500
Equipment $22,000
Accum Depr. - Equipment $2,400
Accounts Payable $4,500
Salaries & Wages Payable $800
Common Stock $30,000
Retained Earnings $9,300
Cost of Goods Sold $12,100
Depreciation Expense $200
Salaries & Wages Expense $3,200
Supplies Expense $1,700
Sales Revenue $18,300

8ACCOUNTING PRINCIPLE
Sales Discount $360
TOTAL $65,300 $65,300
Income Statement:
In the books of….
Income Statement
for the period ended 31 December
Particulars Amount
Sales Revenue $18,300
Less: Sales Discount -$360
Net Sales $17,940
Cost of Goods Sold -$12,100
GROSS PROFIT $5,840
Other Revenue $0
TOTAL REVENUE $5,840
Expenses:
Depreciation Expense -$200
Salaries & Wages Expense -$3,200
Supplies Expense -$1,700
Total Expenses -$5,100
Net Profit for the period $740
Retained Earnings Statement:
In the books of….
Retained Earnings Statement
for the period ended 31 December
Particulars Amount
Balance as on 1 December $9,300
Add: Net Profit for the period $740

9ACCOUNTING PRINCIPLE
Balance as on 31 December $10,040
Balance Sheet:
In the books of….
Balance Sheet
as on 31 December
Particulars Amount
Current Assets:
Cash $12,640
Accounts Receivable $2,700
Inventory $8,900
Supplies $1,500
Total Current Assets $25,740
Non-Current Assets:
Equipment $22,000
Accum Depr. - Equipment -$2,400
Total Non-Current Assets $19,600
TOTAL ASSETS $45,340
Current Liabilities:
Accounts Payable $4,500
Salaries & Wages Payable $800
Total Current Liabilities $5,300
Non-Current Liabilities: $0
TOTAL LIABILITIES $5,300
Equity:
Common Stock $30,000
Retained Earnings $10,040
TOTAL EQUITY $40,040
TOTAL LIABILITIES & EQUITY $45,340

10ACCOUNTING PRINCIPLE

11ACCOUNTING PRINCIPLE
Bibliography:
Scott, W.R., 2015. Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall
Williams, J., 2014. Financial accounting. McGraw-Hill Higher Education