ABC Carpet
Template for Financial Acctg Step 2 Step 3 Step 4 Report Step 5 Report
Comp Name Netflix B Posting to T Accounts "piggy bank" C Summarizing on Trial Balance as at Nov 30,2016 D Income Statement or Profit and Loss statement E. Preparing Financial Statements
Month March XXXXXXXXXX Step 1 Jan 1 "transaction" - John susbcribe to Netflix. 8.99 T Accounts Trial Balance Debit Credit For the Period Ending March 31 A. Balance Sheet as of March 31,2017
A Recording transactions/ Passing Journal Entries Cash/Bank 8.99 Date Cash/Bank Debit Credit Net Balance Step 3 Sales A 23.98 Assets = Liabilities
Exchange? Subscription fee 8.99 Description Month Ended Jan 2022 Less: Cost of Sales B xx
Date Journal Entries Debit Credit Business Jan 1 Subscription fee - Sales (JK) 8.99 Gross Profit C = A-B xx
Saturday, January 01, 2022 Cash/Bank $ 8.99 Transaction Jan 1 Subscription renewal ( Sahil) 14.99 Expenses D Computer 10,000
Language Subscription fee (revenue) $ 8.99 2 accounts impacted Rent xx
$ 8.99 $ 8.99 Advertising etc xx
Thursday, March 02, 2017 Jan 2 - Mr Sahil renwed subscriotion for family plan 14.99 Transaction
Cash/Bank $ XXXXXXXXXX
Subscription fee (revenue) $ XXXXXXXXXX Shares Capital 10,000
$ XXXXXXXXXX $ XXXXXXXXXX Add - Net profit
Saturday, March 04, 2017 Balance sheet balances $ 10,000 $ 10,000
Total Expenses D
Net profit Gross Profit - Expenses XX
Thursday, March 09, 2017 total 23.98 - 0 23.98 DR Cash 23.98 E E= C-D
Subscription fee (Revenue) Debit Credit Net Balance
Jan 1 Cash/Bank (JK) 8.99
Jan-22 Cash/Bank (Sahil) 14.99
March 11,2017 - 0 23.98 XXXXXXXXXX CR Subscription Sales Revenue 23.98
A/P Debit Credit Net Balance
Opening Balance DR Computer at Netflix 10,000.00
March 15,2017
CR Share capital (Sale of shares in stock exchange) 10000
- 0 - 0 5,500.00 CR A/P
March 16,2017 A/R Debit Credit Net Balance
Opening Balance 300.00
March 19,2017
300.00 - 0 300.00 DR A/R
March 22,2017 Revenue Debit Credit Net Balance
March 24,2017 - 0 4,000.00 CR Revenue
Vacuum Debit Credit Net Balance
March 28,2017
- 0 - 0 - 0 DR Vacuum - 0
Salaries Debit Credit Net Balance
March 29,2017
- 0 - 0 - 0 DR Salaries
Vaccum Repair Debit Credit Net Balance
March 31,2017
March 31,2017 - 0 - 0 500.00 DR Vacuum Repai
Heat Bill Debit Credit Net Balance
March 31,2017 - 0 - 0 100.00 DR Heat Bill
Telephone Bill Debit Credit Net Balance
- 0 50.00 DR Telephone Bill
Interest Debit Credit Net Balance
- 0 75.00 DR Interest
Dividends Debit Credit Net Balance
- 0 700.00 DR Dividends
Bank Loan Debit Credit Net Balance
Opening Bal 2,000.00
2,000.00
Shares Debit Credit Net Balance
Opening Bal 100
- 0
Retained earnings Debit Credit
Opening Balance 5,700 Balances! 10,023.98 10,023.98