Financial Analysis: Journal Entries & Trial Balance

This financial analysis assignment presents a comprehensive solution for a student's homework. It begins with detailed journal entries, meticulously recording various transactions with dates, particulars, debits, and credits. The assignment then provides a thorough analysis of inventory, tracking purchases, sales, and balances. Furthermore, it includes an unadjusted trial balance, presenting account descriptions, debits, and credits. The solution encompasses depreciation calculations, insurance expenses, accrued revenue, and other financial elements. Finally, it provides a bibliography of the sources used. This assignment provides a clear and well-organized approach to financial accounting, making it a valuable resource for students. The assignment showcases the student's understanding of accounting principles and their ability to apply them to practical financial scenarios.

Running head: FINANCIAL ANALYSIS
Financial Analysis
Name of the Student:
Name of the University:
Author’s Note

1
FINANCIAL ANALYSIS
Table of Contents
Journal Entries.................................................................................................................................2
Unadjusted Trial Balance................................................................................................................5
Bibliography....................................................................................................................................7

2
FINANCIAL ANALYSIS
Journal Entries
Journal Entries
Date Particulars Debit Credit
3/04/2017 Cash 150.00
Accounts Payable 150.00
15/05/2017 Inventory 750.00
GST Payable 37.50
Accounts Payable 787.50
28/05/2017 Inventory 1,200.00
GST Payable 60.00
Accounts Payable 1,260.00
31/05/2017 Interest Payable 687.50
Interest Expense 62.50
Cash 750.00
Cash 15,750.00
Service Revenue 15,000.00
GST Payable 750.00
1/06/2017 Prepaid Insurance 2,400.00
Cash 2,400.00
20/06/2017 Accounts Payable 2,047.50
Cash 2,047.50
30/06/2017 Cash 5,900.00
Unearned Service Revenue 13,000.00
Service Revenue 18,000.00
GST Payable 900.00
30/06/2017 Cash 740.25
Sales Revenue 705.00
GST Payable 35.25
Cost of Goods Sold 366.60

3
FINANCIAL ANALYSIS
Inventory 366.60
30/06/2017 Rent Expense 3,000.00
Telephone Expense 700.00
Utilities Expense 135.00
Fuel Expense 400.00
GST Payable 61.65
Cash 4,296.65
1/07/2017 Dividend 4,000.00
Cash 4,000.00
2/07/2017 Boating Equipment 9,000.00
GST Payable 450.00
Cash 9,450.00
15/07/2017 Cash 11,600.00
Unearned Service Revenue 1,000.00
Service Revenue 12,000.00
GST Payable 600.00
31/07/2017 Salary Expense 2,000.00
Payroll Tax Payable 150.00
Employee Benefit Withold Payable 118.00
Cash 1,732.00
31/07/2017 Cash 1,732.50
Sales Revenue 1,650.00
GST Payable 82.50
Cost of Goods Sold 858.00
Inventory 858.00
1/08/2017 Inventory 1,800.00
GST Payable 90.00
Cash 1,890.00
15/08/2017 Employee Benefit Expense 131.20
Employee Benefit Withold Payable 118.00
Payroll Tax Payable 150.00
Cash 399.20

4
FINANCIAL ANALYSIS
30/09/2017 Cash 56,880.00
Service Revenue 35,000.00
Sales Revenue 19,000.00
GST Payable 2,880.00
Cost of Goods Sold 1,379.06
Inventory 1,379.06
30/09/2017 Depreciation Expense 2,065.00
Accum. Depr. - Vehicles 900.00
Accum. Depr. - Furniture 450.00
Accum. Depr. - Boating Equipment 715.00
Insurance Expense 800.00
Prepaid Insurance 800.00
Accrued Revenue 1,000.00
Service Revenue 1,000.00
Workings
Purchase Sales Balance
Date
Unit
s
Pric
e Total
Unit
s
Pric
e Total
Unit
s
Pric
e Total
15/05/201
7 100 7.50 750.00 100 7.50 750.00
28/05/201
7 150 8.00
1,200.0
0 250 7.80
1,950.0
0
30/06/201
7 47 7.80 366.60 203 7.80
1,583.4
0
31/07/201
7 110 7.80 858.00 93 7.80 725.40
1/08/2017 200 9.00
1,800.0
0 293 8.62
2,525.4
0
30/09/201
7 160 8.62
1,379.0
6 133 8.62
1,146.3
4

5
FINANCIAL ANALYSIS
Unadjusted Trial Balance
Hiking is Fun, Inc.
Unadjusted Trial
Balance As at
09/30/2017
UNADJUSTED TRIAL
BALANCE
ADJUST
MENTS
ADJUSTED TRIAL
BALANCE
Account Description Debits Credits Debits
Credit
s Debits Credits
Cash
$
87,701.3
0
$
-
$
87,701.3
0
Prepaid Insurance 4,000.00 0.00 800.00 3,200.00
Office Supplies 140.00 0.00 140.00
Inventory 1,146.34 0.00 1,146.34
Vehicles (Equipment)
18,000.0
0 0.00
18,000.0
0
Accumulated
Depreciation - Vehicles 0.00 600.00 900.00
1,500.0
0
Furniture 4,500.00 0.00 4,500.00
Accumulated
Depreciation - Furn. - 150.00 450.00 600.00
Boating Equipment
9
,000.00 - 9,000.00
Accumulated
Depreciation - Boating
Equipment - 715.00 715.00
Interest Payable - 250.00 250.00
Bank Loan -
15,
000.00
15,000.
00
GST Payable -
4,
512.50
4,512.5
0
Common Shares -
10,
000.00
10,000.
00
Dividends
4
,000.00 - 4,000.00
Retained Earnings -
1,
410.00
1,410.0
0
Service Revenue
-
108,
000.00 1,000.
109,000
.00

6
FINANCIAL ANALYSIS
00
Sales Revenues -
5,
235.00
5,235.0
0
Cost of Goods Sold
2
,603.66 - 2,603.66
Telephone Expenses
2
,100.00 - 2,100.00
Utilities Expenses 405.00 - 405.00
Rent Expense
8
,000.00 - 8,000.00
Advertising Expenses 150.00 - 150.00
Fuel Expenses
1
,280.00 - 1,280.00
Salary Expense
2
,000.00 - 2,000.00
Employee benefits
expenses 131.20 - 131.20
Depreciation Expense
2,065.0
0 2,065.00
Insurance Expense 800.00 800.00
Accrued Revenue
1,000.0
0 1,000.00
TOTAL
$
145,157.
50
$
145,157.
50
$
3,865.
00
$
3,865.
00
$
148,222
.50
$
148,22
2.50
Bibliography
Annand, D. and Dauderis, H., 2014. Introduction to Financial Accounting.

7
FINANCIAL ANALYSIS
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting. John
Wiley & Sons.