Accounting Entries For Grains LTD

Entries for the year 2010
Date
7/1/2010
11/15/2010
7/1/2010
Particulars
Cash
Debit
Credit
($)
($)
20,000
Common Stock
10,000
Additional Paid-In Capital
10,000
Cash
40,000
Common Stock
10,000
Additional Paid-In Capital
30,000
SG&A
3200
Cash
2010(9/1-12/1)
Rent Expense
3200
8000
Cash
9/1/2010
Security Deposit
8000
4000
Cash
9/1/2010
Interest Receivable
4000
67
Interest Income
11/1/2010
Office Equipment
67
14800
Cash
12/31/2010
Depreciation Expense
14800
659
Accumulated Depreciation
2010
Office Supplies
659
1200
Account Payable
2010
Accounts Payable
1200
900
Cash
2010
SG&A
900
300
Office Supplies
2010
Cash
Revenue
300
132560
132560
2010
COGS
103500
Cash
7/1/2010
Prepaid Insurance
103500
2300
Cash
12/31/2010
Insurance Expense
2300
1150
Prepaid Insurance
2010
2010
Utility Expense
1150
1800
Cash
1600
Utility Payable
200
Advertising Expense
70000
Cash
7/1/2010
Cash
70000
30000
Notes Payable
12/31/2010
Interest Expense
Interest Payable
30000
1350
1350
Date
Particulars
Debit ($)
2011
Rent Expense
Cash
24000
Interest Receivable
Interest Income
203
3952
Office Supplies
Accounts Payable
600
Accounts Payable
Cash
700
SG&A
Office Supplies
700
Cash
Revenue
Unearned Revenue
1410000
Prepaid Expense
COGS
Cash
108168
911832
Insurance Expense
Prepaid Insurance
1150
3200
7/1/2011
Prepaid Insurance
Cash
1600
12/31/2011
Insurance Expense
Prepaid Insurance
200
1/2011
Utility Payable
Cash
Utility Expense
Cash
Utility Payable
3870
2011
2011
2011
2011
2011
2011
6/30/2011
2011
Credit ($)
24000
203
3952
600
700
700
1257650
152350
1020000
1150
3200
1600
200
3720
150
2011
12/15/2011
2011
6/30/2011
12/31/2011
Advertising Expense
Cash
150000
Dividends Declared
Dividends Payable
30000
Salary Expense
Cash
100000
Wage Expense
Cash
Wages Payable
70000
Notes Payable
Cash
10000
Interest Expense
Interest Payable
Cash
1350
1350
Interest Expense
Interest Payable
900
150000
30000
100000
64000
6000
10000
2700
900
Date
Particulars
Debit ($)
2012
Rent Expense
Cash
24000
2012
2012
2012
2012
1/2/2012
2012
2012
2012
2012
Interest Receivable
Income
Credit ($)
24000
Interest
214
214
3952
Office Supplies
Accounts Payable
1500
Accounts Payable
Cash
1400
SG&A
Office Supplies
1900
COGS
Prepaid Expense
108168
Unearned Revenue
Revenue
152350
COGS
Cash
1415500
Cash
(160*1800 subscription)
Unearned Revenue
288000
Cash
(2,304,500-288,000)
Unearned Revenue
(288,000*1/4)
Revenue
2016500
3952
1500
1400
1900
108168
152350
1415500
288000
72000
2088500
2012
320000
Advertising Expense
Cash
1/15/2012
320000
30000
Dividends Payable
Cash
11/1/2012
1/2012
2012
6/30/2012
12/31/2012
30000
Dividends
Cash
2000
Wages Payable
Cash
6000
Salary Expense
Cash
100000
Wage Expense
Cash (124000-6000)
Wages Payable
140000
Notes Payable
Cash
10000
Interest Expense
Interest Payable
Cash
900
900
Interest Expense
Interest Payable
450
2000
6000
100000
118000
22000
10000
1800
450
1. Depreciation for the 2010, 2011, and 2012 is calculated as follws:

For computer and software, depreciation per year = (9440-800)/3=2880
For other equipment, depreciation per year = (14800-9440)/5=1072
For 2010, depreciation=2880/6+1072/6 = 658.667
For 2011 and 2012, depreciation=2880+1072 = 3952
2. Interest on security is annually compounded hence the interest is calculated on the basis of
principal amount + last years interest.
3. Income tax is ignored.
4. All numbers have been rounded to the nearest dollar.
5. All the amounts are in USD.

Accounting Entries For Grains LTD

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Entries for the year 2010

Additional Paid-In Capital

Additional Paid-In Capital

Entries for the year 2011

Entries for the year 2012

1. Depreciation for the 2010, 2011, and 2012 is calculated as follws:

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