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Exercise 2-General Ledger

The document provides a chart of accounts for Sony Enterprise with beginning balances as of December 31, 2003. The chart includes 23 accounts across assets, liabilities, equity, income and expenses. The accounts track items like cash, accounts receivable, inventory, fixed assets, accounts payable, retained earnings, sales, cost of sales, and expenses. All account balances are on the normal or expected side for the type of account.

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Terefe Dube
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79 views

Exercise 2-General Ledger

The document provides a chart of accounts for Sony Enterprise with beginning balances as of December 31, 2003. The chart includes 23 accounts across assets, liabilities, equity, income and expenses. The accounts track items like cash, accounts receivable, inventory, fixed assets, accounts payable, retained earnings, sales, cost of sales, and expenses. All account balances are on the normal or expected side for the type of account.

Uploaded by

Terefe Dube
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Exercise 2

Maintain the following chart of accounts for Sony Enterprise and insert the beginning
balances as at period 12: 12/01/03 through 12/31/03. All accounts have their balances
into their normal balance side.
Account No. Account Title Account Type Balance
1001 Cash at bank (A/C No. 5300) Cash 110,000
1002 Petty cash Cash 2,600
1010 Accounts receivable A/R 18,800
1010-01 Allowance for doubtful accounts A/R 2,000
1011 Prepaid insurance Other current asset 6,400
1012 Supplies Other current asset 3,600
1013 Inventory-House utensils Inventory 16,500
1014 Inventory-Office machineries Inventory 22,000
1101 Office equipment and machineries Fixed Asset 180,000
1101-01 Accumulated depreciation-Office Accumulated depreciation 54,000
equipment & machineries
1102 Building Fixed Assets 600,000
1102-01 Accumulated depreciation- Building Accumulated depreciation 90,000
2001 Accounts payable A/P 26,000
2002 Income tax payable Other current liability 8,200
2003 Withholding tax payable Other current liability 5,000
2004 Sales tax payable Other current liability 4,900
2101 Mortgage payable Non-current liability 120,000
3001 Capital stock Equity doesn’t close 300,000
3002 Retained earnings Equity retained earnings 349,800
3003 Dividend Equity doesn’t close -
4001 Sales-House utensils Income -
4001-01 Sales returns and allowance-house Income -
utensils
4001-02 Sales discount- house utensils Income -
4002 Sales-Office machineries Income -
4002-01 Sales return and allowance-Office Income -
machineries
4002-02 Sales discount- Office machineries Income -
4101 Interest income Income -
5001 Cost of sales-House utensils Cost of sales -
5002 Cost of sales-Office equipment Cost of sales -
6001 Salary expense Expense -
6002 Insurance expense Expense -
6003 Supplies expense Expense -
6004 Depreciation expense-Office Expense -
equipment and machinery
6005 Depreciation expense-Building Expense -
6006 Advertising expense Expense -
6007 Miscellaneous expense Expense -

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