correction key

General Journal Page: __________1

Date DescriptionPost Ref. Debit Credit

1 20142 Dec 1 Cash 300 0 0 0 -3 Del Rio, Capital 300 0 0 0 -4 Initial Investments56 2 Prepaid Rent 30 0 0 0 -7 Cash 30 0 0 0 -8 Purchased Prepaid Rent9

10 4 Cash 200 0 0 0 -11 Loans Payable 200 0 0 0 -12 Borrowed Cash1314 6 Furnitures and Fixtures 120 0 0 0 -15 Accounts Payable 120 0 0 0 -16 Acquired F & F on account1718 7 Cash 40 0 0 0 -19 Parking Revenues 40 0 0 0 -20 Received Cash From Parking Revenues2122 9 Del Rio, Withdrawal 12 0 0 023 Cash 12 0 0 024 Withdrawals of cash by the owner2526 10 Accounts Receivable 500 0 0 027 Car Wash Revenues 500 0 0 028 Revenues earned on account2930 11 Land 400 0 0 031 Cash 40 0 0 032 20% Notes Payable 360 0 0 033 Acquired Land issuing a Note3435 12 Accounts Payable 120 0 0 036 25% Notes Payable 120 0 0 037 Issued a promissory note to replace A.P.3839 14 Car Wash Equipment 360 0 0 040 Cash 180 0 0 041 15% Notes Payable 180 0 0 042 Acquired Car wash Equipment issuing a Note4344 15 Advertising Expense 10 0 0 045 Cash 10 0 0 046 Expenses incurred and Paid4748



1 20142 Dec 17 Cash 200 0 0 03 Parking Revenues 40 0 0 04 Car Wash Revenues 160 0 0 05 Revenues Earned and Cash Collected67 18 Accounts Receivable 250 0 0 08 Parking Revenues 100 0 0 09 Car Wash Revenues 150 0 0 0

10 Revenues Earned on account11 -12 20 Notes Receivable 125 0 0 013 Accounts Receivable 125 0 0 014 Received notes from account clients15 -16 21 Supplies 50 0 0 017 Cash 50 0 0 018 Purchased Supplies19 -20 23 Utilities Expense 99 0 0 021 Repairs And Maintenance 23 0 0 022 Cash 122 0 0 023 Expenses incurred and Paid2425 24 Salaries Expense 60 0 0 026 Cash 60 0 0 027 Paid Salaries2829 25 Prepaid Insurance 19 8 0 030 Cash 19 8 0 031 Paid Premiums3233 25 Supplies 10 0 0 034 Accounts Payable 10 0 0 035 Purchased supplies on account3637 26 Cash 120 0 0 038 Unearned Parking Revenues 120 0 0 039 Revenues unearned but Cash collected4041 Cash 100 0 0 042 Unearned Car Wash Revenues 100 0 0 043 Revenues unearned but Cash collected4445 27 Office Equipment 270 0 0 046 25% notes Payable 270 0 0 047 Acquired equipment issuing a note48



1 20142 Dec 29 Supplies 20 0 0 03 Del Rio Capital 20 0 0 04 Additional Investments56 30 Accounts Payable 10 0 0 07 Del Rio Capital 10 0 0 08 Used personal Cash to settle an account9

10 31 Cash 100 0 0 011 Accounts Receivable 20 0 0 012 Parking Revenues 48 0 0 013 Car Wash Revenues 72 0 0 014 Revenues earned and some of cash was collected and some15 on account1617 Cash 5 0 0 018 Supplies 5 0 0 019 Sold Supplies for cash202122232425262728293031323334353637383940414243444546474848

General Journal Page: __________AE


1 20142 Dec 31 Insurance Expense3 Prepaid Insurance45 Rent Expense6 Prepaid Rent78 Supplies Expense9 Supplies

1011 Unearned Parking Revenues12 Parking Revenues1314 Unearned Car Wash Revenues15 Car Wash Revenues1617 Salaries Expense18 Salaries Payable1920 Interest Expense21 Interest Payable2223 Interest Receivable24 Interest Income2526 Uncollectible Accounts27 Allowance for Bad Debts2829 Depr. Expense - F & F30 Depr. Expense - O.E.31 Depr. Expense - C.W.E.32 Accu. Depr. - F & F33 Accu. Depr. - O.E.34 Accu. Depr. - C.W.E.353637383940414243444546474848

General Journal Page: __________AE


1 20142 Dec 31 Insurance Expense 5 5 03 Prepaid Insurance 5 5 045 Rent Expense 6 0 0 06 Prepaid Rent 6 0 0 078 Supplies Expense 65 0 0 09 Supplies 65 0 0 0

1011 Unearned Parking Revenues 10 0 0 012 Parking Revenues 10 0 0 01314 Unearned Car Wash Revenues 20 0 0 015 Car Wash Revenues 20 0 0 01617 Salaries Expense 400 0 0 018 Salaries Payable 400 0 0 01920 Interest Expense 38 2 9 1 6721 Interest Payable 38 2 9 1 672223 Interest Receivable 2 6 0 4 1724 Interest Income 2 6 0 4 172526 Uncollectible Accounts 12 9 0 027 Allowance for Bad Debts 12 9 0 02829 Depr. Expense - F & F 5 0 0 030 Depr. Expense - O.E. 3 6 6 6 6731 Depr. Expense - C.W.E. 9 6 6 6 6732 Accu. Depr. - F & F 5 0 0 033 Accu. Depr. - O.E. 3 6 6 6 6734 Accu. Depr. - C.W.E. 9 6 6 6 67353637383940414243444546474848

General Journal Page: __________CE


1 20142 Dec 31 Parking Revenues 902 0 0 03 Car Wash Revenues 238 0 0 04 Interest Income 2 6 0 4 175 Income Summary 1142 6 0 4 1767 Income Summary 733 0 7 5 018 Utilities Expense 99 0 0 09 Repairs And Maintenance 23 0 0 0

10 Insurance Expense 5 5 011 Salaries Expense 460 0 0 012 Rent Expense 6 0 0 013 Advertising Expense 10 0 0 014 Depr. Expense - F & F 5 0 0 015 Depr. Expense - O.E. 3 6 6 6 6716 Depr. Expense - C.W.E. 9 6 6 6 6717 Bad Debts Expense 12 9 0 018 Miscellaneous Expense 65 0 0 019 Interes Expense 38 2 9 1 672021 Income Summary 409 5 2 9 1622 Del Rio, Capital 409 5 2 9 162324 Del Rio, Capital 12 0 0 025 Del Rio, Withdrawals 12 0 0 026 201427 Jan 1 Interest Income 2 6 0 4 1728 Interest Receivable 2 6 0 4 172930 Interest Payable 38 2 9 1 6731 Interest Expense 38 2 9 1 673233 Salaries Payable 400 0 0 034 Salaries Expense 400 0 0 0353637383940414243444546474848

Worksheet

Trial Balance Adjustments Adjusted Trial Balance

101 Cash P 541 200102 Accounts Receivable 345 200102A Allowance for BAD Debts103 Interest Receivable104 Prepaid Insurance 19 800105 Prepaid Rent 30 00106 Supplies 75 000107 Office Equipment 270 000107A Accu. Depr. – Office Equipt.108 Car Wash Equipment 360 000108A Accu. Depr. – Car Wash

Equipt.109 Land 400 000110 Furnitures and Fixtures 120 000110A Accu. Depr. – F & F111 Interest Receivable

201 Accounts Payable202 15% Notes Payable P 180

000203 20% Notes Payable 360 000204 25% Notes Payable 390 000205 Loans Payable 200 000206 Salaries Payable207 Interest Payable208 Unearned Parking Revenues 120 000209 Unearned Car Washing

Revenues100 000

301 Del Rio’s Capital 330 000302 Del Rio’s Withdrawal 12 000303 Income Summary

401 Car Wash Revenues402 Parking Revenues403 Interest Receivable

501 Utilities Expense 882 000502 Repairs And Maintenance 228 000503 Insurance Expense504 Salaries Expense 600 000505 Rent Expense506 Advertising Expense 10 000507 Depreciation Expense –

Office Equipt508 Depreciation Expense – C.W.

Equit509 Depreciation Expense – F &

F510 Bad Debts Expense511 Miscellaneous Expense512 Interest ExpenseTotal 279 000 279 000

correction key

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