Ais Project

DECEMBER REPORTS
and
SCHEDULES
Student Company
Bank Reconciliation
December 31, 2012
Bank
Statement
First Bank: Cash Operating A/C #5551234

Unadjusted Bank Balance, 12/31/12
General Ledger
165,124.48
Add:
Deposits in Transit
155,355.13
2,281.65
2,281.65
Deduct:
Outstanding Checks:
Check #
2014
2015
2016
2017
2018
2019
$
$
$
$
$
$
Amount
5,000.00
2,250.00
1,730.00
2,108.00
493.00
500.00
$ (12,081.00)
Adjustments:
Bank Service Fee
Adjusted Balance, 12/31/12
(30.00)
$ 155,325.13
$
$
155,325.13
-
Student Company
Bank Reconciliation
December 31, 2012
Bank
Statement
First Bank: Payroll A/C #5551235
General Ledger
2,920.25
Unadjusted Bank Balance, 12/31/12

Add:
Deposits in Transit
10.00
Deduct:
Outstanding Checks:
Check #
1046 $
Amount
2,910.25
$
(2,910.25)
Adjustments:
Adjusted Balance, 12/31/12
10.00
$
$
10.00
-
Student Company
Accounts Receivable Aging Report
December 31, 2012
Customer
Customer 10
Customer 20
Customer 30
Customer 40
Total
Total Due
$8,000.00
$41,000.00
$48,000.00
$36,000.00
$133,000.00
0-30Days
$8,000.00
$21,000.00
$48,000.00
$36,000.00
$113,000.00
31-60Days
61-90Days
>90Days
20,000.00
$ 20,000.00
Student Company
Inventory Reconciliation Report
December 31, 2012
Item
Item 10
Item 20
Item 30
Item 40
Total
Quantity
10
3
0
17
30
$
$
$
$
Cost
1,000.00
1,500.00
2,000.00
4,000.00
$
$
$
$
$
Total
10,000.00
4,500.00
68,000.00
82,500.00
Student Company
Fixed Asset Report
December 31, 2012
Item
Item 10
Item 20
Item 30
Item 40
Total
Cost
200,000.00
15,500.00
50,000.00
10,000.00
Accumlated
Depreciation
$
33,000.00
3,500.00
1,125.00
204.17
275,500.00
37,829.17
General Ledgar Balance A/C 1500 Fixed Assets:

General Ledgar Balance A/C 1500 Accumulated Depreciation:
Conclusion: Subsidiary Ledgar Agrees w/ General Ledger
Accumulated Depreciation- Year to Date
Accumulated Depreciation- Beginning of Year
Difference = Depreciation Expense for Year
Net Book value

167,000.00
12,000.00
48,875.00
9,795.83
237,670.83
$
$
275,500.00
37,829.17
$
37,829.17
$
15,500.00
$
22,329.17
Note: Agree to account 5600
NOTE: Company only books depreciation once a year ( in December)
Student Company
Accounts Payable Aging Report
December 31, 2012
Account
Vendor 20
Vendor 40
Vendor 50
Vendor 60
Vendor 70
Total Due
0-30 Days
31-60 Days
$ 10,000.00 $ 10,000.00
$ 6,545.00 $ 6,545.00
$ 20,000.00 $ 20,000.00
$ 9,000.00 $ 9,000.00
$
365.00 $
365.00
$ 45,910.00 $ 45,910.00 $
-
61-90 Days
>90 Days
Student Company Adjusted Trial Balance December 31, 2012

Pre-Adjusted Trial Balance
Account
1100
1110
1130
1200
1205
1230
1240
1300
1410
1500
1505
2100
2150
2160
2165
2170
2180
2190
2200
2220
2700
2710
3100
3120
3200
4100
4180
4190
4500
4700
4800
5100
5200
5300
5400
5600
5700
5800
5900
6000
6100
6250
6300
6400
6500
6600
6700
8000
8100
8200
8250
8400
9000
9100
9200
Description
Cash - Operating Account
Cash - Payroll
Petty Cash
Accounts Receivable
Allowance for Doubtful Accounts
Interest Receivable
Notes Receivable
Inventory
Prepaid Insurance
Fixed Assets - Furniture & Fixtures
Accumulated Depreciation-Fixed Assets
Accounts Payable
Federal Withholding Payable
FICA Payable
Medicare payable
FUTA Payable
TX state SUTA payable
Interest Payable
Federal Income Tax Payable
Current N/P to banks
Notes Payable to Banks
Other Liabilities
Common Stock
Additional Paid-In Capital-Common Stock
Retained Earnings
Sales
Sales Discount
Sales Returns
Cost of Goods Sold
Shrinkage and Waste
Freight and Handling
Accounting Fees
Advertising Expense
Bad Debts Expense
Bank Fees
Depreciation Expense
Dues & Subscription
Employee Benefits
Insurance
Legal Fees
Life Insurance - Administration
Postage
Rent Expense
Repairs & Maintenance Expense
Salaries and Wages
Supplies
Telephone & Utilities
Taxes - Federal Income
Taxes - FUTA Expense
Taxes - FICA Expense
Taxes - Medicare Expense
Taxes - SUTA Expense
Interest Expense
Interest Income
Miscellaneous Income/Expense
Debit
155,355.13
10.00
133,000.00
72,718.35
86,500.00
12,000.00
265,500.00
720.00
3,000.00
338,760.00
5,000.00
30,000.00
1,500.00
39,659.17
500.00
1,500.00
9,000.00
27,000.00
1,545.00
187,000.00
5,665.00
1,278.00
11,594.00
2,958.00
1,069.20
5,416.75
1,398,248.60
Credit
Adjustments
Debit
2,000.00
660.00
375.00
37,829.17
42,910.00
43,660.19
90,278.26
60,000.00
5,000.00
495,000.00
56,570.98
565,000.00
Credit
10,000.00
Adjusted Trial Balance

Debit
Credit
155,355.13
10.00
133,000.00
4,000.00
1,000.00
3,000.00
11,705.55
4,000.00
3,000.00
660.00
330.00
10,000.00
17,330.00
1,000.00
17,000.00
1,054.00
11,705.55
1,398,248.60
49,124.55
1,054.00
375.00
49,124.55
Net Income (Loss)
doc.xls
73,093.35
82,500.00
11,000.00
275,500.00
Adjusted Trial Balance
720.00
3,000.00
338,760.00
4,000.00
5,000.00
20,000.00
4,500.00
660.00
330.00
22,329.17
500.00
1,500.00
1,000.00
9,000.00
27,000.00
1,545.00
204,000.00
5,665.00
224.00
12,648.00
2,958.00
1,069.20
17,122.30
1,413,989.15
2,660.00
37,829.17
45,910.00
43,660.19
90,278.26
71,705.55
5,000.00
495,000.00
56,570.98
565,000.00
Balance Sheet
720.00
3,000.00
338,760.00
4,000.00
5,000.00
20,000.00
4,500.00
660.00
330.00
22,329.17
500.00
1,500.00
1,000.00
9,000.00
27,000.00
1,545.00
204,000.00
5,665.00
224.00
12,648.00
2,958.00
1,069.20
17,122.30
375.00
1,413,989.15
Income Statement
Debit
Credit
Debit
155,355.13
10.00
133,000.00
2,660.00
73,093.35
82,500.00
11,000.00
275,500.00
37,829.17
45,910.00
43,660.19
90,278.26
71,705.55
5,000.00
495,000.00
56,570.98
730,458.48
848,614.15
(118,155.67)
683,530.67
(118,155.67)
Credit
565,000.00
375.00
565,375.00
General Ledger
Account 1100

Dec
12
12
1 Balance Forward
30
30
Ref
GJ1
CD
CR
Debit
372,107.33
Credit
359,313.85
142,561.65
Debit Balance
372,107.33
12,793.48
155,355.13
Credit Balance
Debit Balance
10.00
Credit Balance
Account 1110
Cash - Payroll
Dec
12
12
1 Balance Forward
30
30
Ref
GJ1
PR
CD
Debit
10.00
Credit
13,594.50
13,594.50
13,584.50
10.00
Account 1130
Account not used
Account 1200
Accounts Receivable
Dec
12
12
1 Balance Forward
30
30
Ref
GJ1
SJ
CR
Debit
137,000.00
137,000.00
Credit
141,000.00
Debit Balance
137,000.00
274,000.00
133,000.00
Credit Balance
Debit Balance
Credit Balance
2,000.00
Account 1205

Dec
1 Balance Forward
12
31
doc.xls; General Ledger - Students
Ref
Debit
GJ1
Credit
2,000.00
GJ4
660.00
Page 2 of 25
2,666.00
Account 1230
Interest Receivable
Dec
Ref
Debit
Credit
1 Balance Forward
12
31
GJ4
375.00
CR
Debit Balance
0.00
Credit Balance
375.00
375.00
Account 1240
Notes Receivable
Dec
Ref
Debit
12
12
1 Balance Forward
1
31
CD
CR
75,000.00
12
31
CR
2,281.65
12
31
CR
Credit
2,281.65
Debit Balance
0.00
75,000.00
72,718.35
Credit Balance
75,000.00
1,906.65
73,093.35
Account 1300
Inventory
Dec
Ref
12
12
1 Balance Forward
30
30
GJ1
SJ
PJ
12
31
GJ6
Debit
29,500.00
Credit
Debit Balance
29,500.00
78,000.00
135,000.00
Credit Balance
48,500.00
86,500.00
4,000.00
82,500.00
Account 1410
Prepaid Insurance
Dec
Ref
12
1 Balance Forward
30
CD
12
31
GJ7
Debit
Credit
12,000.00
1,000.00
Debit Balance
0.00
12,000.00
Credit Balance
11,000.00
Account 1500
Fixed Assets - Furniture and Fixtures

Dec
1 Balance Forward
12
31
Ref
GJ1
Debit
265,500.00
GJ8
10,000.00
Page 3 of 25
Credit
Debit Balance
265,500.00
275,500.00
Credit Balance
Account 1505
Accumulated Depreciation Fixed Assets

Dec
12
1 Balance Forward
30
Ref
Debit
Credit
15,500.00
22,329.17
Debit Balance
Credit Balance
15,500.00
37,829.17
Ref
Debit
Credit
108,000.00
375.00
177,910.00
Debit Balance
Credit Balance
108,000.00
108,375.00
286,285.00
42,910.00
GJ1
GJ2
Account 2100
Accounts Payable
Dec
12
12
12
1 Balance Forward
30
30
30
GJ1
PR
PJ
CD
12
31 To update PJ total
PJ
243,375.00
3,000.00
45,910.00
Account 2140
ACCOUNT NOT ACTIVE
Account 2150
Federal Withholding Payable

Dec
12
12
1 Balance Forward
30
30
Ref
PR
CD
Debit
Credit
Debit Balance
Credit Balance
0.00
1,730.00
0.00
Debit Balance
Credit Balance
0.00
1,054.00
0.00
Debit Balance
Credit Balance
0.00
246.50
0.00
1,730.00
1,730.00
Account 2160
FICA Payable
Dec
12
12
1 Balance Forward
30
30
Ref
PR
CD
Debit
Credit
1,054.00
1,054.00
Account 2165
Medicare Payable
Dec
12
12
1 Balance Forward
30
30
Ref
PR
CD
Debit
Credit
246.50
246.50
Page 4 of 25
Account 2170
FUTA Payable
Dec
Ref
Debit
Credit
Debit Balance
Credit Balance
0.00
Ref
Debit
Credit
Debit Balance
Credit Balance
0.00
Ref
Debit
Credit
Debit Balance
Credit Balance
0.00
Ref
Debit
Credit
Debit Balance
Credit Balance
0.00
1 Balance Forward
Account 2180
TX State SUTA Payable

Dec
1 Balance Forward
Account 2190
Interest Payable
Dec
1 Balance Forward
Account 2200
Federal Income Tax Payable

Dec
1 Balance Forward
Account 2210
ACCOUNT NOT IN USE
Account 2220
Current NP to Banks
Dec
1 Balance Forward
Ref
Debit
GJ1
Page 5 of 25
Credit
43,660.19
Debit Balance
Credit Balance
43,660.19
Account 2700

Dec
12
1 Balance Forward
30
Ref
Credit
93,516.51
Debit Balance
Credit Balance
93,516.51
90,278.26
Debit Balance
GJ1
Credit
60,000.00
Credit Balance
60,000.00
GJ11
11,705.55
GJ1
CD
Debit
3,238.25
Account 2710
Other Liabilities
Dec
1 Balance Forward
12
31
Ref
Debit
71,705.55
Account 3100
Common Stock
Dec
1 Balance Forward
Ref
Debit
Credit
5,000.00
Debit Balance
Credit Balance
5,000.00
Ref
Debit
Credit
495,000.00
Debit Balance
Credit Balance
495,000.00
Ref
Debit
Credit
56,570.98
Debit Balance
Credit Balance
56,570.98
Ref
Debit
Credit
425,000.00
140,000.00
Debit Balance
Credit Balance
425,000.00
565,000.00
GJ1
Account 3120
Additional Paid-In Capital - CS

Dec
1 Balance Forward
GJ1
Account 3200
Retained Earnings
Dec
1 Balance Forward
GJ1
Account 4100
Sales
Dec
12
1 Balance Forward
30
GJ1
SJ
Page 6 of 25
Account 4180
Sales Discount
Dec
12
1 Balance Forward
30
Ref
CR
Debit
Credit
720.00
Debit Balance
Credit Balance
720.00
Account 4190
Sales Returns
Dec
12
Ref
1 Balance Forward
30
SJ
Debit
Credit
3,000.00
Debit Balance
Credit Balance
3,000.00
Account 4500
Cost of Goods Sold

Dec
12
1 Balance Forward
30
Ref
Debit
260,760.00
78,000.00
Credit
Debit Balance
260,760.00
338,760.00
Credit Balance
Ref
Debit
Credit
Debit Balance
Credit Balance
GJ1
SJ
Account 4700
Shrinkage and Waste

Dec
1 Balance Forward
12
31
GJ6
4,000.00
4,000.00
Account 4800
Freight and Handling

Dec
12
1 Balance Forward
30
Ref
CD
Debit
Credit
Debit Balance
0.00
5,000.00
Credit Balance
Credit
Debit Balance
0.00
10,000.00
30,000.00
Credit Balance
5,000.00
Account 5100
Accounting Fees
Dec
Ref
12
12
1 Balance Forward
31
31
PJ
PJ
12
31
GJ8
Debit
10,000.00
20,000.00
10,000.00
Page 7 of 25
20,000.00
Account 5200
Advertising Expense
12
1 Balance Forward
30
PJ
1,500.00
Debit Balance
0.00
1,500.00
12
31
PJ
3,000.00
4,500.00
Dec
Ref
Debit
Credit
Credit Balance
Account 5300
Bad Debts Expense

Dec
Ref
Debit
Credit
1 Balance Forward
12
31
GJ4
660.00
Debit Balance
0.00
Credit Balance
660.00
Account 5400
Bank Fees
Dec
Ref
Debit
Credit
1 Balance Forward
12
31
GJ3
Depreciation Expense
Dec
330.00
Ref
Debit
330.00
17,000.00
22,329.17
Debit Balance
0.00
Credit Balance
330.00
Credit
Debit Balance
330.00
17,330.00
39,659.17
12
12
1 Balance Forward
30
30
GJ1
PR
GJ2
12
31
GJ3
330.00
39,329.17
12
31
GJ9
17,000.00
22,329.17
Account 5600
Credit Balance
Account 5700
Dues & Subscription

Dec
12
1 Balance Forward
15
Ref
PJ
Debit
Credit
Debit Balance
0.00
500.00
Credit Balance
Credit
Debit Balance
1,375.00
1,500.00
Credit Balance
500.00
Account 5800
Employee Benefits
Dec
12
1 Balance Forward
30
Ref
GJ1
CD
Debit
1,375.00
125.00
Account 5900
Page 8 of 25
Insurance
Dec
Ref
Debit
Credit
1 Balance Forward
12
31
GJ7
1,000.00
Debit Balance
0.00
Credit Balance
1,000.00
Account 6000
Legal Fees
Dec
12
Ref
1 Balance Forward
30
PJ
Debit
Credit
Debit Balance
0.00
9,000.00
Credit Balance
9,000.00
Account 6100
Life Insurance - Administration

Dec
Ref
Debit
Credit
Debit Balance
0.00
Credit Balance
Ref
Debit
Credit
Debit Balance
0.00
Credit Balance
Ref
Debit
24,750.00
2,250.00
Credit
Debit Balance
24,750.00
27,000.00
Credit Balance
Ref
Debit
Credit
Debit Balance
0.00
1,545.00
Credit Balance
1 Balance Forward
Account 6250
Postage
Dec
1 Balance Forward
Account 6300
Rent Expense
Dec
12
1 Balance Forward
30
GJ1
CD
Account 6400
Repairs & Maintenance Expense

Dec
12
1 Balance Forward
15
PJ
1,545.00
Page 9 of 25
Account 6500
Salaries and Wages

Dec
1 Balance Forward
12
31
Ref
GJ1
Debit
187,000.00
GJ9
17,000.00
Credit
Debit Balance
187,000.00
Credit Balance
204,000.00
Account 6600
Supplies
Dec
Ref
Debit
Credit
Debit Balance
0.00
Credit Balance
Ref
Debit
5,300.00
365.00
Credit
Debit Balance
5,300.00
5,665.00
Credit Balance
Ref
Debit
Credit
Debit Balance
0.00
Credit Balance
Ref
Debit
224.00
1,054.00
Credit
Debit Balance
224.00
1,278.00
Credit Balance
1 Balance Forward
Account 6700

Dec
12
1 Balance Forward
15
GJ1
PJ
Account 8000
Taxes - Federal Income

Dec
1 Balance Forward
Account 8100

Dec
12
1 Balance Forward
30
GJ1
CD
12
31
GJ10
1,054.00
224.00
Account 8200

Dec
1 Balance Forward
12
31
Ref
GJ1
GJ10
Debit
11,594.00
1,054.00
Page 10 of 25
Credit
Debit Balance
11,594.00
12,648.00
Credit Balance
Account 8250

Dec
12
1 Balance Forward
30
Ref
GJ1
CD
Debit
2,711.50
246.50
Credit
Debit Balance
2,711.50
2,958.00
Credit Balance
Account 8300
Account Not in Use

Account 8400

Dec
1 Balance Forward
Ref
Debit
1,069.20
Credit
Debit Balance
1,069.20
Credit Balance
Ref
Credit
Debit Balance
5,016.65
5,416.75
Credit Balance
GJ1
Account 9000
Interest Expense
12
1 Balance Forward
30
GJ1
CD
Debit
5,016.65
400.10
12
31
GJ11
11,705.55
Dec
17,122.30
Account 9100
Interest Income
Dec
Ref
Debit
Credit
1 Balance Forward
12
31
GJ5
Debit Balance
0.00
375.00
Credit Balance
375.00
Account 9200
Miscellaneous Income/Expense
Dec
Ref
Debit
1 Balance Forward
Page 11 of 25
Credit
Debit Balance
0.00
Credit Balance
Account Receivable Subsidiary Ledger

Accounts Receivable Account 1200
C 10
Customer 10
Credit Terms: 2/10, Net 30

Credit Limit: $15,000
Ref
Dec
12
1 Balance Forward (from November)

10
CR
12
31 Inv 1204
SJ
Debit
Credit
20,000.00
8,000.00
Debit Balance
20,000.00
-
Credit Balance
8,000.00
C 20
Customer 20

Ref
Dec
12
12
12
1 Balance Forward (from October)

15
28 Inv 1205
30 CM 01
CR
SJ
SJ
Debit
Credit
25,000.00
24,000.00
3,000.00
Debit Balance
45,000.00
20,000.00
44,000.00
41,000.00
Credit Balance
C 30
Customer 30

Ref
Dec
12
12
1 Balance Forward (from November)

3
5 Inv 1202
CR
SJ
Debit
Credit
60,000.00
48,000.00
Debit Balance
60,000.00
48,000.00
Credit Balance
C40
Customer 40

Ref
Dec
12
12
12
1
2
5
10
Balance Forward (from November)

Inv 1201
Open Balance
Inv 1203
doc.xls; Subsidiary Ledger-AR
SJ
CR
SJ
Debit
Credit
24,000.00
36,000.00
36,000.00
Debit Balance
12,000.00
36,000.00
36,000.00
Credit Balance
Inventory Subsidiary Ledger

Inventory Account 1300
I 10
Item 10
Current Cost: $1,000
Preferred Vendor: Vendor 30

Retail Sales Price: $2,000 (Price Increase from $1,500)
Stock Item
Dec
12
12
Ref
1 Balance Forward
3
20
PJ
SJ
Debit
Credit
10,000.00
4,000.00
Quantity
Debit Balance
4,000.00
14,000.00
10,000.00
Credit Balance
Debit
Credit
10.00
4.00
Debit Balance
4.00
14.00
10.00
Credit Balance
I 20
Item 20

Stock Item
Dec
12
12
Ref
1 Balance Forward
3
10
PJ
SJ
Debit
Credit
15,000.00
18,000.00
Quantity
Debit Balance
7,500.00
22,500.00
4,500.00
Credit Balance
Debit
Credit
10.00
12.00
Debit Balance
5.00
15.00
3.00
Credit Balance
I 30
Item 30

Stock Item
Dec
Ref
12
12
1 Balance Forward
3
28
PJ
SJ
12
31
SJ
Debit
Credit
10,000.00
12,000.00
Quantity
Debit Balance
14,000.00
24,000.00
12,000.00
12,000.00
Credit Balance
Debit
Credit
5.00
6.00
Debit Balance
7.00
12.00
6.00
6.00
Credit Balance
I 40
Item 40

Stock Item
Dec
12
12
12
12
Ref
1 Balance Forward
3
5
6
31
doc.xls; Subsidiary Ledger-Inventory
PJ
SJ
PJ
GJ6
Debit
Credit
40,000.00
32,000.00
60,000.00
4,000.00
Debit Balance
4,000.00
44,000.00
12,000.00
72,000.00
68,000.00
Quantity
Credit Balance
Debit
Credit
10.00
8.00
15.00
1.00
Debit Balance
1.00
11.00
3.00
18.00
17.00
Credit Balance
Fixed Asset Subsidiary Ledger

Fixed Assets - Furnitures and Fixtures Account 1500
Item 10
Purchase Date:
Disposal Date:
Vendor:
Dec
12
F10
March 1, 2011
n/a
Vendor 20
1 Balance Forward
30
Depreciation Method:
Salvage Value:
Ref
Debit
November 2, 2011
n/a
Vendor 20
1 Balance Forward
30
Salvage Value:
Ref
Debit
GJ
Straight Line Annual Depreciation

$ 20,000.00 Useful Life
Credit
Debit Balance
200,000.00
Item 20
Purchase Date:
Disposal Date:
Vendor:
Dec
12
Disposal Date:
Vendor:
Dec
12
Disposal Date:
Vendor:
Dec
12
12
Debit
Accumulated Depreciation
Credit
Debit Balance
15,000.00
18,000.00
Credit Balance
15,000.00
33,000.00
Credit
Debit Balance
500.00
3,000.00
Credit Balance
500.00
3,500.00
F20
GJ
Debit
F30
October 1, 2012
n/a
Vendor 20
1 Balance Forward
30
Straight Line
Salvage Value:
Ref
Debit
5000
Credit
GJ
Annual Depreciation
Useful Life
Debit Balance
50,000.00
Item 40
Purchase Date:
18,000.00
10 Years
Credit Balance
Straight Line Annual Depreciation $

3,000.00
$
500.00 Useful Life
5 Years
Credit
Debit Balance
Credit Balance
15,500.00
Item 30
Purchase Date:
4,500.00
10 Years
Credit Balance
Debit
Credit
Debit Balance
1,125.00
Credit Balance
1,125.00
F40
December 2, 2012
n/a
Vendor 20
1 Balance Forward
30
30
doc.xls; Subsidiary Ledger-Fixed Assets
Straight Line
Salvage Value:
Ref
Debit
PJ
GJ
200
Credit
10,000.00
Annual Depreciation
Useful Life
Debit Balance
10,000.00
2,450.00
4 Years
Credit Balance
Debit
Credit
204.17
Debit Balance
Credit Balance
204.17
Account Payable Subsidiary Ledger

Accounts Payable Account 2100
V10
Vendor 10
Credit Terms: Net 30 days

Medical Insurance Vendor

Ref
Dec
12
12
1 Balance Forward
30
30
Debit
PR
CD
Credit
Debit Balance
375.00
375.00
Credit Balance
375.00
-
V20
Vendor 20

Fixed Asset Vendor

Ref
Dec
1 Balance Forward
2
12
Debit
PJ
Credit
Debit Balance
Credit Balance
10,000.00
10,000.00
V30
Vendor 30

Inventory Vendor
Ref
Dec
12
12
12
12
1 Balance Forward
1
3
6
15
Debit
CD
PJ
PJ
CD
Credit
Debit Balance
108,000.00
75,000.00
60,000.00
135,000.00
Credit Balance
108,000.00
75,000.00
135,000.00
-
V40
Vendor 40

General Supplies & Misc. Vendors
12
12
12
1
15
15
30
Balance Forward
Repair Bill V 810
Dues V 907
Advertising Bill VA01
Ref
PJ
PJ
PJ
1,545.00
500.00
1,500.00
Credit Balance
1,545.00
2,045.00
3,545.00
12
31 Advertising Bill VA01
PJ
3,000.00
6,545.00
Dec
doc.xls; Subsidiary Ledger-AP
Page 15 of 25
Debit
Credit
Debit Balance
Account Payable Subsidiary Ledger

Accounts Payable Account 2100
V50
Vendor 50
Credit Terms: Net 30

Accounting Vendor
Ref
Dec
12
1 Balance Forward
30 Accounting Bill V 222
Debit
PJ
Credit
Debit Balance
20,000.00
Credit Balance
20,000.00
V60
Vendor 60

Legal Vendor
Ref
Dec
12
1 Balance Forward
30 Legal Bill V723
Debit
PJ
Credit
Debit Balance
9,000.00
Credit Balance
9,000.00
V70
Vendor 70

Telephone and Utilities Vendor

Ref
Dec
12
1 Balance Forward
15 Utilities Bill V654
doc.xls; Subsidiary Ledger-AP
PJ
Page 16 of 25
Debit
Credit
365.00
Debit Balance
Credit Balance
365.00
Salaries and Wages Subsidiary Ledger

Salaries and Wages Account 6500
Salaried: $3,000 per month; Firm pays 25% of medical insurance
W-4 Filed, Married, 0
Employee 10
Dec
12
1 Balance Forward
30
Ref
PR
PR
Zero Balance Check:
0.062
33,000.00
3,000.00
Federal W/H
2,596.00
236.00
Social Security
2,046.00
186.00
Medicare
478.50
43.50
Medical
Insurance
1,155.00
105.00
Net Pay
26,724.50
2,429.50
36,000.00
2,832.00
2,232.00
522.00
1,260.00
29,154.00
Gross
2012 Total
Employee 20
12
1 Balance Forward
30
Ref
PR
PR
Zero Balance Check:
$217.00 / period
0.062
38,500.00
3,500.00
Federal W/H
2,387.00
217.00
Social Security
2,387.00
217.00
42,000.00
2,604.00
2,604.00
Gross
2012 Total
Employee 30
12
1 Balance Forward
30
Ref
PR
PR
Zero Balance Check:
$851.00 / period
0.062
55,000.00
5,000.00
Federal W/H
9,361.00
851.00
Social Security
3,410.00
310.00
60,000.00
10,212.00
3,720.00
Gross
2012 Total
Employee 40
12
1 Balance Forward
30
2012 Total
Zero Balance Check:
doc.xls; Subsidiary Ledger - Wages&Sal
1045
P20
0.0145
$105
Medicare
558.25
50.75
Medical
Insurance
1,155.00
105.00
Net Pay
32,012.75
2,910.25
609.00
1,260.00
34,923.00
Check #
1046
P30
0.0145
$60
Medicare
797.50
72.50
Medical
Insurance
660.00
60.00
Net Pay
40,771.50
3,706.50
870.00
720.00
44,478.00
Check #
1047
60000-10212-3720-870-720-44478

W-4 Filed, Married 4
Dec
Check #
+42000-2604-2604-609-1260-34923

W-4 Filed, Single 0
Dec
$105/period
36000-2832-2232-522-1260-29154

W-4 Filed, Married, 2
Dec
P10
0.0145
$236.00 / period
Ref
PR
PR
$426.00 / period
0.062
60,500.00
5,500.00
Federal W/H
4,686.00
426.00
Social Security
3,751.00
341.00
66,000.00
5,112.00
4,092.00
Gross
66000-5122-4092-957-1260-54579
P40
0.0145
$105
Medicare
877.25
79.75
Medical
Insurance
1,155.00
105.00
Net Pay
50,030.75
4,548.25
957.00
1,260.00
54,579.00
Check #
1048
General Journal
GL Acct#
Date
1100
1110
1200
1205
1300
1500
1505
2100
2220
2700
2710
3100
3120
3200
4100
4500
5600
5800
6300
6500
6700
8100
8200
8250
8400
9000
Posted
Ref
Explanation
GJ1
Cash - Payroll
Accounts Receivable
Inventory
Fixed Assets - Furniture and Fixtures
Accumulated Depreciation-Fixed Assets
Accounts Payable
Current N/P to banks
Other Liabilities
Common Stock
Additional Paid-In Capital-Common Stock
Retained Earnings
Sales
Cost of Goods Sold
Bank Fees
Employee Benefits
Rent Expense
Salaries and Wages
Interest Expense
109,520
Debit
Credit
372,107.33
10.00
137,000.00
2,000.00
29,500.00
265,500.00
15,500.00
108,000.00
43,660.19
93,516.51
60,000.00
5,000.00
495,000.00
56,570.98
425,000.00
260,760.00
330.00
1,375.00
24,750.00
187,000.00
5,300.00
224.00
11,594.00
2,711.50
1,069.20
5,016.65
1,304,247.68
1,304,247.68
To input beginning balances. Input by GL Clerk
12
30
GJ2
5600 Depreciation Expense
1505 Accumulated Depreciation
22,329.17
22,329.17
22,329.17
22,329.17
7,105
To record 2012 Depreciation Expense per Fixed Asset Subledger
GJ3
5400 Bank Fees
5600 Depreciation
To correct opening entry previously recorded to wrong account
330.00
GJ4
5300 Bad Debt Expense
1205 Allowance for Accounts
To record adjustment for doubtful accounts
660.00
GJ5
1100 Cash
9100 Interest Income
1240 Notes Receivable
To record amortized interest payment
2,281.65
GJ6
4700 Shrinkage Expense
1300 Inventory
To record shrinkage found in inventory count
4,000.00
GJ7
5900 Insurance Expense
1410 Prepaid Insurance
To record expiration of December's prepaid insurance
1,000.00
12
12
12
12
12
31
31
31
31
31
GJ8
doc.xls; General Journal
Page 18 of 25
330.00
660.00
375.00
1,906.65
4,000.00
1,000.00
General Journal
Posted
Ref
GL Acct#
Explanation
1500 Fixed Assets
5100 Accounting Fees
To correct FA purchase previously posted to incorrect account
Date
12
31
Debit
10,000.00
10,000.00
GJ9
6500 Salaries and Wages
5600 Depreciation Expense
To correct salaries and wages previously posted to wrong account
17,000.00
GJ10
8200 FICA Expense
2710 FUTA Expense
To correct FICA expense previously posted to wrong account
1,054.00
GJ11
9000 Interest Expense
2710 Other Liabilites
To record accrued interest on line of credit
11,705.55
12
12
12
31
31
31
17,000.00
1,054.00
11,705.55
92,689.54
Page 19 of 25
Credit
92,689.54
General Journal
Date
GL Acct#
Posted
Ref
Explanation
Page 20 of 25
Debit
Credit
Payroll Journal
DEBIT
Employee
Name
Date
EMPLOYEE:
12
30
12
30
12
30
12
30
Employee 10
Employee 20
Employee 30
Employee 40
Total
Posted
Ref
Acct #
Gross Pay
6500
Federal
Withholding
2150
FICA
(6.2%)
2160
Medicare
Withheld
(1.45%)
2165
Medical
Insurance
$80 Single
$140 Married
Firm pays 25%
2100
Net Pay
1110
3,000.00
3,500.00
5,000.00
5,500.00
236.00
217.00
851.00
426.00
186.00
217.00
310.00
341.00
43.50
50.75
72.50
79.75
105.00
105.00
60.00
105.00
2,429.50
2,910.25
3,706.50
4,548.25
17,000.00
1,730.00
1,054.00
246.50
375.00
13,594.50
Zero Balance Check:

0=17,000-1,730-1,054-246.50-375-13,594.50
doc.xls; Payroll Journal
CREDIT
Posted to
Subledger V10
Check No.
1045
1046
1047
1048
Cash Receipts Journal

DEBIT
Description
Date
Cash
1100
12
12
12
12
12
3
5
10
15
31
Customer 30
Customer 40
Customer 10
Customer 20
Note Payment
Total
60,000.00
35,280.00
20,000.00
25,000.00
2,281.65
142,561.65
Zero Balance Check:

0 = 142561.65+720-141,000-2281.65
doc.xls; Cash Receipts Journal
CREDIT
Sales Discount
4180
720.00
Accounts Receivable 1200

A/R
Subsidiary
Acct
C30
C40
C10
C20
Amount
60,000.00
36,000.00
20,000.00
25,000.00
Other Account
Posted
Ref
GL Acct #
1240
720.00
141,000.00
Amount
Posted
Ref
2,281.65
2,281.65
Sales Journal
DEBIT
Description
Date
12
12
12
12
12
12
2
5
10
20
28
30
Customer 40
Customer 30
Customer 40
Customer 10
Customer 20
Customer 20
Invoice/
A/R
Credit Memo Subsidiary
#
Acct
1201
1202
1203
1204
1205
CM01
Total
Zero Balance Check:

137,000+3,000-140,000 = 0
78,000-78,000 = 0
doc.xls; Sales Journal
C40
C30
C40
C10
C20
C20
Posted
Ref
CREDIT
Accounts
Receivable
Sales Return
1200
4190
24,000.00
48,000.00
36,000.00
8,000.00
24,000.00
(3,000.00)
3,000.00
137,000.00
3,000.00
COGS
4500
12,000.00
32,000.00
18,000.00
4,000.00
12,000.00
78,000.00
Inventory
Subsidiary
Acct
Posted
Ref
I30
I40
I20
I10
I30
Inventory
1300
12,000.00
32,000.00
18,000.00
4,000.00
12,000.00
Sales
4100
24,000.00
48,000.00
36,000.00
8,000.00
24,000.00
78,000.00
140,000.00
Purchases Journal
DEBIT
Other Acct
Date
12
12
2
3
12
12
12
12
12
12
12
15
15
15
30
30
30
Vendor
Vendor
Invoice #
Inventory
1300
GL Acct #
Amount
Vendor 20 - Fixed Asset

V123
1500 10,000.00
Vendor 30
V456
75,000.00
10 Units - Item 10, 10 Units - Item 20, 5 Units-Item 30, 10 Units item 40
Vendor 30
V457
60,000.00
15 Units - Item 40
Repair Bill
V810
6400 1,545.00
Dues
V907
5700
500.00
Phone Bill
V654
6700
365.00
Accounting Bill
V222
5100 20,000.00
Advertising Bill
VA01
5200 1,500.00
Legal Bill
V723
6000 9,000.00
Total
Zero Balance Check:
0=135,000+42,910-177,910
doc.xls; Purchases Journal
135,000.00
42,910.00
CREDIT
ACCOUNTS PAYABLE - 2100
Posted
Ref
A/P Subs.
Acct #
Amount
V20
V30
10,000.00
75,000.00
V30
60,000.00
V40
V40
V70
V50
V40
V60
1,545.00
500.00
365.00
20,000.00
1,500.00
9,000.00
177,910.00
Posted
Ref
Cash Disbursement Journal

CREDIT
DEBIT
Other Accounts
ACCOUNTS PAYABLE - 2100
Date
12
12
12
12
12
12
12
12
12
12
12
12
1
1
5
15
30
30
30
30
30
30
30
30
Check #
2010
2011
2012
2013
2014
2015
n/a
2016
2017
2018
2019
2020
Description
Vendor 30
Loan (Promissory Note)
Insurance (Life, General)
Vendor 30
Freight Bill
Rent
Transfer to Payroll
Federal Withholding
FICA
Medicare
Medical Insurance
First Bank (Note Payable)
Zero Balance Check:

0=359313.85-243375-114238.25-1700.60
doc.xls; Cash Disbursement Journal
Cash
1100
A/P Subs.
Acct #
Amount
Posted
Ref
108,000.00 V30
75,000.00
12,000.00
135,000.00 V30
5,000.00
2,250.00
13,594.50
1,730.00
2,108.00
493.00
500.00 V10
3,638.35
108,000.00
359,313.85
243,375.00
135,000.00
375.00
GL Acct #
Amount
Other Accounts
Posted
Ref
1240
1410
75,000.00
12,000.00
4800
6300
1110
2150
2160
2165
5800
2700
5,000.00
2,250.00
13,594.50
1,730.00
1,054.00
246.50
125.00
3,238.25
GL Acct #
Amount
Posted
Ref
114,238.25
8200
8250
1,054.00
246.50
9000
400.10
1,700.60
Internal Control Analysis

Control
Control Owner
Frequency
Brief description
of the control that
exists or needs to
be implemented
This is the person

responsible for
the control and
who would
ultimately be
reprimanded if
the control did
not occur or
function
appropriately.
Chief Accountant
How often
the
control
occurs
(i.e.
yearly,
monthly,
weekly,
daily)
Describe how the control is / or

should be evidenced and
completed.
Describe how the control is

reviewed and how that
review is or should be
documented.
Monthly
At the end of the month the chief

accountant should reconcile the
subsidiary batch totals to the
general ledger account to assure
the totals match
Hash Total
Comparison
Data Clerk
Weekly
When posting transactions the

entry clerk should compare the
acct numbers in and assure the
hatch totals in subsidiary ledger
and general ledger are tied to the
general journal.
This control is reviewed and

documented by completing
end of month reconciliation
of accounts with subsidiary
ledgers. This would include a
AP reconciliation, AR
reconciliation, Inventory
Reconciliation, as well as
bank reconciliations.
The control process would be
a sign-off by the data clerk to
assure data was posted to the
correct account and that data
was not duplicated or
omitted.
Recording of Cash
receipts in C/R
Journal
Treasurer
Daily
Every time a cash is received

from a customer the treasurer
should make documentation in
the C/R Journal to account for
the receipts. There is a
separation of duty between the
mailroom preparing the
remittance list and the Treasurer
preparing and making the
deposit.
Automated
Accuracy checks
in Financial
Process
Chief Accountant
Daily
The chief accountant should have

limits set-up for accounts prevent
unusually high/low entries to be
flagged and require approval
after being flagged.
Comparison of
G/L totals/batch
total
Documentation and execution
Control Review Process
The data clerk will examine

the C/R journal and post the
cash receipt to the correct
general ledger account. At
the end of the month the
Chief accountant will
reconcile the GL account with
the subsidiary account, and
bank accounts will be
reconciled against the cash
account to confirm all entries
were correctly posted to the
correct account.
Control owner should be
notified of erroneous entry
and be able to approve/deny,
increasing accuracy and
expediting month end
process.

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DECEMBER REPORTS

First Bank: Cash Operating A/C #5551234

First Bank: Payroll A/C #5551235

Unadjusted Bank Balance, 12/31/12

General Ledgar Balance A/C 1500 Fixed Assets:

Net Book value

NOTE: Company only books depreciation once a year ( in December)

Student Company Adjusted Trial Balance December 31, 2012

Adjusted Trial Balance

Net Income (Loss)

Adjusted Trial Balance

Cash - Operating Account

Allowance for Doubtful Accounts

doc.xls; General Ledger - Students

Fixed Assets - Furniture and Fixtures

doc.xls; General Ledger - Students

Accumulated Depreciation Fixed Assets

Federal Withholding Payable

doc.xls; General Ledger - Students

TX State SUTA Payable

Federal Income Tax Payable

doc.xls; General Ledger - Students

Notes Payable to Banks

Additional Paid-In Capital - CS

doc.xls; General Ledger - Students

Cost of Goods Sold

Shrinkage and Waste

Freight and Handling

doc.xls; General Ledger - Students

Bad Debts Expense

Dues & Subscription

Life Insurance - Administration

Repairs & Maintenance Expense

doc.xls; General Ledger - Students

Salaries and Wages

Telephone & Utilities

Taxes - Federal Income

Taxes - FUTA Expense

Taxes - FICA Expense

doc.xls; General Ledger - Students

Taxes - Medicare Expense

Account Not in Use

Taxes - SUTA Expense

doc.xls; General Ledger - Students

Account Receivable Subsidiary Ledger

Credit Terms: 2/10, Net 30

1 Balance Forward (from November)

Credit Terms: 2/10, Net 30

1 Balance Forward (from October)

Credit Terms: 2/10, Net 30

1 Balance Forward (from November)

Credit Terms: 3/10, Net 30

Balance Forward (from November)

doc.xls; Subsidiary Ledger-AR

Inventory Subsidiary Ledger

Preferred Vendor: Vendor 30

Preferred Vendor: Vendor 30

Preferred Vendor: Vendor 30

Preferred Vendor: Vendor 30

doc.xls; Subsidiary Ledger-Inventory

Fixed Asset Subsidiary Ledger

Straight Line Annual Depreciation

Straight Line Annual Depreciation $