Date Account Title Ref Debit Credit

1-Oct Cash 100,000

Share Capital - Ordinary 100,000
1-Oct Office Equipment 50,000
Notes Payable 50,000
2-Oct Cash 12,000
Unearned Revenue 12,000
3-Oct Rent Expense 9,000
Cash 9,000
4-Oct Prepaid Insurance 6,000
Cash 6,000
5-Oct Advertising Supplies 25,000
Account Payable 25,000
20-Oct Dividend 5,000
Cash 5,000
26-Oct Salary expense 40,000
Cash 40,000
30-Oct Cash 28,000
Account Receivable 72,000
Service Revenue 100,000
Adjusting Entries
31-Oct Advertising Supplies Expense 15,000
Advertising Supplies 15,000
31-Oct Insurance Expense 500
Prepaid Insurance 500
31-Oct Depreciation Expense 400
Accumulated Depreciation 400
31-Oct Unearned Revenue 4,000
Service Revenue 4,000
31-Oct Account Receivable 2,000
Service Revenue 2,000
31-Oct Interest Expense 500
General Journal
Interest Payable 500
31-Oct Salaries Expense 6,000
Salaries Payable 6,000
31-Oct Bad Debt Expense 1,600
Allowance for Doubtful Account 1,600
Closing Entries
31-Oct Service Revenue 106,000
Income Summary 106,000
31-Oct Income Summary 73,000
Rent Expense 9,000
Salary Expense 46,000
Advertising Supplies Expense 15,000
Insurance Expense 500
Depreciation Expense 400
Interest Expense 500
Bad Debt Expense 1,600
31-Oct Income Summary 33,000
Retained Earning 33,000
31-Oct Retained Earning 5,000
Dividen 5,000
1-Oct 100,000 3-Oct 9,000 31-Oct 4,000 2-Oct 12,000
2-Oct 12,000 4-Oct 6,000
30-Oct 28,000 20-Oct 5,000
26-Oct 40,000
80,000 8,000
1-Oct 100,000 3-Oct 9,000
100,000 9,000
1-Oct 50,000 4-Oct 6,000 31-Oct 500
50,000 5,500
1-Oct 50,000 5-Oct 25,000 31-Oct 15,000
50,000 10,000
Cash
Share Capital
Office Equipment
Notes Payable
Unearned Revenue
Rent Expense
Prepaid Insurance
Advertising Supplies
5-Oct 25,000 30-Oct
31-Oct
31-Oct
25,000
20-Oct 5,000 31-Oct 15,000
5,000 15,000
26-Oct 40,000 31-Oct 500
31-Oct 6,000
46,000 500
30-Oct 72,000 31-Oct 400
31-Oct 2,000
74,000 400
Account Payable
Dividend
Salary Expense
Account Receivable
Service Revenue
Advertising Supplies Expense
Insurance Expense
Depreciation Expense
100,000 31-Oct 400 31-Oct 1,600
4,000
2,000
106,000 400 1,600
31-Oct 500
500
31-Oct 500
500
31-Oct 6,000
6,000
Accumulated Depreciation
Interest Expense
Interest Payable
Salaries Payable
Bad Debt Expense
Allowance for Doubtful Account
Service Revenue
Advertising Supplies Expense
Insurance Expense
Depreciation Expense
31-Oct 1,600
1,600
Bad Debt Expense
Allowance for Doubtful Account
Debit Credit
Cash 80,000
Accout Receivable 74,000
Allowance for Doubtful Account 1,600
Advertising Supplies 10,000
Prepaid Insurance 5,500
Office Equipment 50,000
Accumulated Depreciation 400
Account Payable 25,000
Unearned Revenue 8,000
Notes Payable 50,000
Interest Payable 500
Salaries Payable 6,000
Share Capital 100,000
Dividen 5,000
Service Revenue 106,000 done
Rent Expense 9,000
Salary Expense 46,000
Advertising Supplies Expense 15,000
Insurance Expense 500
Depreciation Expense 400
Interest Expense 500
Bad Debt Expense 1,600
297,500 297,500
31-Oct-11
Trial Balance
Pioneer Advertising Agency Inc
Service Revenue 106,000
Expenses:
Rent Expense 9,000
Salary Expense 46,000
Advertising Supplies Expense 15,000
Insurance Expense 500
Depreciation Expense 400
Interest Expense 500
Bad Debt Expense 1,600
Total Expense 73,000
Net Income 33,000
Pioneer Advertising Agency Inc
Income Statement
For The Month Ended Oct 31, 2011
Retained Earning, Oct 1,2011 -
Add Net Income 33,000
33,000
Less Dividend 5,000
Retained Earning, Oct 31,2011 28,000
Pioneer Advertising Agency Inc
Retained Earning Statement
For The Month Ended Oct 31, 2011
Office Equipment 50,000
Accumulated Depreciation 400 49,600
Prepaid Insurance 5,500
Advertising Supplies 10,000
Accout Receivable 74,000
Allowance for Doubtful Account 1,600 72,400
Cash 80,000
Total Assets 217,500
Equity
Share Capital 100,000
Retained Earning 28,000
Total Equity 128,000
Liabilities
Notes Payable 50,000
Account Payable 25,000
Unearned Revenue 8,000
Interest Payable 500
Salaries Payable 6,000
Total Liabilities 89,500
Total Equity n Liabilities 217,500
Pioneer Advertising Agency Inc
Statement of Financial Position
31-Oct-11
Equity n Liabilities
Assets
1-Oct 100,000 3-Oct 9,000 31-Oct 4,000 2-Oct 12,000
2-Oct 12,000 4-Oct 6,000
30-Oct 28,000 20-Oct 5,000
26-Oct 40,000
80,000 8,000
1-Oct 100,000 3-Oct 9,000 9,000
100,000 -
1-Oct 50,000 4-Oct 6,000 31-Oct 500
50,000 5,500
1-Oct 50,000 5-Oct 25,000 31-Oct 15,000
50,000 10,000
Office Equipment Prepaid Insurance
Notes Payable Advertising Supplies
Cash Unearned Revenue
Share Capital Rent Expense
5-Oct 25,000 31-Oct 106,000 30-Oct
31-Oct
31-Oct
25,000
20-Oct 5,000 5,000 31-Oct 15,000
- -
26-Oct 40,000 46,000 31-Oct 500
31-Oct 6,000
- -
30-Oct 72,000 31-Oct 400
31-Oct 2,000
74,000 -
Salary Expense Insurance Expense
Account Receivable Depreciation Expense
Account Payable Service Revenue
Dividend Advertising Supplies Expense
100,000 31-Oct 400 31-Oct 1,600
4,000
2,000
- 400 -
15,000 31-Oct 500 500
-
500 31-Oct 500 All Exp 9,000
46,000
15,000
500
400
500 500
1,600
Net Income 33,000
400 31-Oct 6,000
-
Dividen 5,000
6,000
Income Summary
Retained Earnings
Insurance Expense Interest Payable
Depreciation Expense Salaries Payable
Allowance for Doubtful Account
Service Revenue Accumulated Depreciation Bad Debt Expense
Advertising Supplies Expense Interest Expense
1,600
31-Oct 1,600
1,600
Revenue 106,000
1-Oct -
Net Income 33,000
28,000
Income Summary
Retained Earnings
Allowance for Doubtful Account
Bad Debt Expense
Debit Credit
Cash 80,000
Accout Receivable 74,000
Allowance for Doubtful Account 1,600
Advertising Supplies 10,000
Prepaid Insurance 5,500
Office Equipment 50,000
Accumulated Depreciation 400
Account Payable 25,000
Unearned Revenue 8,000
Notes Payable 50,000
Interest Payable 500
Salaries Payable 6,000
Share Capital 100,000
Retained Earnings 28,000
219,500 219,500
Pioneer Advertising Agency Inc
Post Closing Trial Balance
31-Oct-11