General Ledger and Summery Income Statement:561026 – My Assignment Help : Samples & Case Study Review Sample

Question:

Discuss about the General Ledger and Summery Income Statement.

Answer:

ACCOUNT

Amortization of Organization Costs

ACCOUNT NO.

753

DATE

DESCRIPTION

POST.REF.

DEBIT

CREDIT

BALANCE

DEBIT

CREDIT

Dec

Organization Cost

181

ACCOUNT

Income Tax Expense

ACCOUNT NO.

801

DATE

DESCRIPTION

POST.REF.

DEBIT

CREDIT

BALANCE

DEBIT

CREDIT

		Cash													ACCOUNT NO.						101


DATE		DESCRIPTION	POST.REF.	DEBIT					CREDIT					BALANCE
DATE		DESCRIPTION	POST.REF.	DEBIT					CREDIT					DEBIT					CREDIT
2016
Jan.	1	Balance	✔											176	0	0	0	00
Jan.	5	Cash	101	101	0	0	0	0						277	0	0	0	0
Jan.	5	5% Preferred Stock	301						100	0	0	0	0	177	0	0	0	0
Jan.	5	Capital Excess of Par	302						1	0	0	0	0	176	0	0	0	0
Jan.	15	Estimated Income Tax	205	17	0	0	0	0						193	0	0	0	0
Jan.	15	Cash	101						17	0	0	0	0	176	0	0	0	0







		Accounts Receivable													ACCOUNT NO.						103


DATE		DESCRIPTION	POST.REF.	DEBIT					CREDIT					BALANCE
DATE		DESCRIPTION	POST.REF.	DEBIT					CREDIT					DEBIT					CREDIT
2016
Jan.	1	Balance	✔											170	0	0	0	00





		Allowance for Doubtful Accounts													ACCOUNT NO.							104


DATE		DESCRIPTION	POST.REF.	DEBIT					CREDIT					BALANCE
DATE		DESCRIPTION	POST.REF.	DEBIT					CREDIT					DEBIT					CREDIT
2016
Jan.	1	Balance	✔																5	0	0	0	00

The Texas Company
Summary Income Statement
Year Ended December 31, 2016


	Sales						2,800	0	0	0	00
	Cost of Sales:
	Purchase	1,880	0	0	0	00
	Add: Opening Inventory	150	0	0	0	0
		2,030	0	0	0	0
	Less: Closing Inventory	130	0	0	0	0
							1,900	0	0	0	0
	Gross Profit						900	0	0	0	0
	Gain on Early Retirement of Bonds Payable						2	3	3	3	3
	Total Income						902	3	3	3	3
	Other Expenses:










The Texas Company
Statement of Retained Earnings
Year Ended December 31, 2016