Chemalite Case

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Journal Entries for Jan 1, 2003 to Dec 31, 2003
1/2| Cash| | 375000| |
| | Capital Stock| | 375000|
1/2| Patent| | 125000| |
| | Capital Stock| | 125000|
1/15| Inc. Expenses| | 7500| |
| | Cash| | 7500|
6/15| PPE| | 62500| |
| | Cash| | 62500|
6/24| Inventory| | 75000| |
| | Cash| | 75000|
7/1| Service Expense| | 23750| |
| | Cash| | 23750|
12/31| Account Receivables| | 69500| |
| Cash| | 685000| |
| | Sales| | 754500|
12/31| Inventory| | 175000| |
| | Cash| | 175000|
12/31| Advertising Expense| | 22500| |
| | Cash| | 22500|
12/31| Salary Expense| | 80000| |
| | Cash| | 80000|
12/31| Manufacturing Expense| | 350000| |
| | Cash| | 350000|
12/31| PPE| | 150000| |
| | Cash| | 150000|
12/31| Interest Expense| | 750| |
| | Cash| | 750|
12/31| Depreciation Expense| | 10625| |
| | Accum. Depreciation| | 10625|
| To record depreciation expense for Jul-Dec((150,000+62,500 -0)/10)*1/2 years| 12/31| COGS| | 195000| |
| | Cash| | 195000|
12/31| Patent Amortization| | 25000| |
| | Accum. Amortization| | 25000|
| To record amortization expense for Jan – Dec((125000-0)/5)*1 year| 12/31| Cash| | 90000| |
| | Sales| | 90000|

T – Accounts
Cash
1 /2| 375000| 7500| 1/15|
12/31| 685000| 62500| 6/15|
12/31| 90000| 75000| 6/24|
| | 23750| 7/1|
| | 175000| 12/31|
| | 22500| 12/31|
| | 80000| 12/31|
| | 350000| 12/31|
| | 150000| 12/31|
| | 750| 12/31|
| | 195000| 12/31|
| 8000| | |

Balance Sheet
Cash| 8000| |
Account Receivables| 69500| |
Inventory| 250000| |
Patent| 125000| |
Property Plant & Equipment| 212500| |
Capital Stock| | 500000|
Sales Revenue| | 844500|
Accum. Depreciation and Ammortization| | 35625|
| |...
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