PennFoster06155200 – Graded Project (J&L Accounting, Inc)

PennFoster06155200 – Graded Project (J&L Accounting, Inc) in $67 only (Instant Download)PennFoster06155200 - Graded Project (J&L Accounting, Inc)

J & L Accounting, Inc. Post-Closing Trial Balance December 31, 2012 BALANCE ACCOUNT TITLE DEBIT CREDIT Cash, Business Checking 20,500.00 Accounts Receivable – Prepaid Rent – Vehicles 48,000.00 Accumulated Depreciation, Vehicles 12,000.00 Equipment 3,600.00 Accumulated Depreciation, Equipment 600.00 Accounts Payable Common Stock 38,000.00 Retained Earnings 21,500.00 Dividends Service Revenue Advertising Expense Rent Expense Office Supplies Expense Telephone Expense Utilities Expense Depreciation Expense TOTALS $72,100.00 $72,100.00 J & L Accounting, Inc. Balance Sheet As of December 31, 2012 ASSETS Cash, Business Checking 20,500.00 Accounts Receivable – Prepaid Rent – Vehicles 48,000.00 Less: Accumulated Depreciation, Vehicles 12,000.00 36,000.00 Equipment 3,600.00 Less: Accumulated Depreciation, Equipment 600.00 3,000.00 TOTAL ASSETS $59,500.00 LIABILITIES Accounts Payable – TOTAL LIABILITIES – STOCKHOLDERS’ EQUITY Common Stock 38,000.00 Retained Earnings 21,500.00 TOTAL STOCKHOLDERS’ EQUITY 59,500.00 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $59,500.00 J & L Accounting, Inc. Income Statement For the Month Ending December 31, 2012 REVENUES Service Revenue 10,275.00 EXPENSES Advertising Expense 2,300.00 Rent Expense 1,000.00 Office Supplies Expense 300.00 Telephone Expense 750.00 Utilities Expense 3,200.00 Depreciation Expense 1,100.00 TOTAL EXPENSES 8,650.00 NET INCOME $1,625.00 J & L Accounting, Inc. Statement of Retained Earnings For the Month Ending December 31, 2012 Retained Earnings, December 1, 2012 19,875.00 Add: Net Income 1,625.00 Subtotal 21,500.00 Less: Dividends – Retained Earnings, December 31, 2012 $21,500.00

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