Spring 2024 Lake County Lift Problem.xlsx

	A	B	C	D	G	H	I	J	K	L	P	Q
1					December Journal Entries
2	Nov 30 balances
3					Trans #	Date or Summary	Acct #	Account Names	Debit amount	Credit Amount
4	Account #	Account Name	Debit	Credit	1	12/2/22	602	Wages Payable	14,780
5	401	Cash - checking	43,943				401	Cash		14,780
6	402	Cash - money market	103,992
7	403	Accounts receivable	82,950		2	12/2/22	603	FICA and medicare payable	2,261
8	404	Allowance for bad debts		171			604	Payroll tax withholding	1,478		Debits	Credits
9	501	Inventory --Lifts	128,450				401	Cash		3,739	3,349,161	3,349,161
10	505	Inventory- Lift parts	37,528
11	510	Supplies	1,350		3	12/2/22	605	State sales tax payable	4,090
12	511	Prepaid Expenses	1,500				401	Cash		4,090
13	520	Land	120,000
14	530	Buildings	450,000		4	Summary	601	Accounts Payable	38,000
15	531	Accumulated depreciation-buildings		120,000			210	Purchase discounts taken		360
16	532	Barge	73,000				401	Cash		37,640
17	533	Accumulated depreciation-barge		21,900
18	534	Trucks	112,000		5	Summary	401	Cash	10,185
19	535	Accumulated depreciation-trucks		26,000			403	Accounts Receivable	72,765
20	600	Customer deposits					101	Lift Sales		79,000
21	601	Accounts payable		41,700			605	State sales taxes payable		3,950
22	602	Wages payable		14,780
23	603	FICA and medicare payable		2,261	6	Summary	201	Cost of Sales - Lifts	32,460
24	604	Payroll tax withholding		1,478			501	Inventory - Lifts		32,460
25	605	State sales tax payable		4,090
26	606	Federal income tax payable			7	Summary	401	Cash	16,065
27	607	Estimated liabilities		11,000			102	Lift Installation Labor Revenue		15,300
28	608	Accrued interest payable					605	State sales taxes payable		765
29	610	Notes payable		109,000
30	611	Mortgage payable		269,000	8	Summary	501	Inventory - Lifts	47,500
31	612	Installment contracts payable					601	Accounts Payable		47,500
32	700	Common Stock		15,000
33	701	Paid in excess of par		195,000	9	Summary	401	Cash	18,795
34	702	Retained earnings		214,700			105	Lift Part Sales		17,900
35	703	Dividends declared					605	State Sales Tax Payable		895
36	704	Prior period adjustment
37	101	Lift Sales		897,327	10	Summary	206	Lift Parts Purchases	8,523
38	102	Lift Installation Labor Revenue		94,380			601	Accounts Payable		8,523
39	105	Lift Part Sales		137,690
40	109	Interest revenue			11	Summary	401	Cash	73,274
41	110	Gain/loss on fixed asset sales					403	Accounts Receivable		73,274
42	201	Cost of sales-lifts	362,900
43	205	Lift Parts Cost of Goods Sold			12	Summary	319	Advertising Expense	1,400
44	206	Lift Parts Purchases	89,200				320	Supplies Expense	500
45	210	Purchase discounts taken		4,140			322	Freight in	1,695
46	311	Salaries expense	112,000				314	Utilities Expense	2,100
47	312	Labor expense	228,000				401	Cash		5,695
48	313	Payroll tax expense	26,011
49	314	Utilities expense	20,700		13	12-15-22	404	Allowance for Bad Debts	500
50	315	Insurance expense	44,100				403	Accounts Receivable		500
51	316	Maintenance expense	16,900								Debits	Credits
52	317	Fuel expense	8,800		14	Summary	311	Salaries Expense	14,000		3,349,161	3,349,161
53	318	Property tax expense	11,000				603	FICA and medicare payable		1,071
54	319	Advertising expense	42,340				604	Payroll Tax Withholding		1,400
55	320	Supplies expense	9,870				602	Wages payable		11,529
56	321	Professional fees expense	10,420
57	322	Freight in	5,500				313	Payroll tax expense	1,071
58	323	Interest expense	28,190				603	FICA and medicare payable		1,071
59	324	Bad debt expense	8,973
60	331	Depreciation expense-building			15	Summary	312	Labor Expense	16,000
61	333	Depreciation expense-barge					603	FICA and medicare payable		1,224
62	335	Depreciation expense-trucks					604	Payroll Tax Withholding		1,600
63	399	Income tax expense					602	Wages payable		13,176
64
65		Totals	2,179,617	2,179,617			313	Payroll tax expense	1,224
66							603	FICA and medicare payable		1,224
67	999	Income Summary
68					16	Summary	602	Wages Payable	24,705
69							401	Cash		24,705
70
71					17	12-20-22	611	Mortgage Payable	860
72							323	Interest Expense	1,190
73							401	Cash		2,050
74
75					18	12-21-22	607	Estimated Liabilities	11,000
76							318	Property Tax Expense	2,183
77							401	Cash		13,183
78
79					19	12-22-22	335	Depreciation Expense - Trucks	5,000
80							535	Accumulated Depreciation - Trucks		5,000
81
82							401	Cash	14,250
83							535	Accumulated Depreciation - Truck	15,000
84							110	Gain/loss on fixed asset sales		4,250
85							534	Trucks		25,000
86
87					20	12-23-22	534	Trucks	52,000
88							401	Cash		10,000
89							612	Installment Contracts Payable		42,000
90
91					21	12-30-22	703	Dividends declared	15,000
92							401	Cash		15,000
93
94					22	12-31-22	321	Professional fees expense	3,000
95							601	Accounts Payable		3,000
96
97					23	12-31-22	324	Bad Debt Expense	728		Debits	Credits
98							404	Allowance for Bad Debt		728	3,349,161	3,349,161
99
100					24	12-31-22	401	Cash	1,000