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ASSETS

Adjusting Entries Closing Entries


Cash Inventory Equipment Account Debit Credit
$ 10,000 $ 3,000 $ 30,000 $ 1,500 $ 5,000 Account Debit Credit Apline Semiconductors Alpine Semiconductors Account
$ 20,000 $ 1,200 $ 4,000 $ 3,000 $ 6,000 ### Cash $ 20,000 Income Statement Statement of Stockholders' Equity
$ 9,000 $ 6,000 $ 2,300 $ 11,000 Common Stock $ 20,000 Supplies Expense $ 1,000 For the Month Ending Nov 30, 2017 For the Month Ended Nov 30, 2017 Sales Revenue
$ 5,000 $ 3,000 $ 2,500 Supplies $ 1,000 Income Summary
$ 5,000 $ 10,000 $ 2,000 Prepaid Rent $ 3,000 Sales Revenue $ 42,000 Common Stock Retained Earnings Total
$ 8,000 $ 1,000 $ 800 Cash $ 3,000 Unearned Revenue $ 4,000 Cost of Goods Sold $ 12,100 Balance, November 1 $ 40,000 $ 5,000 $ 45,000 Income Summary
$ 5,000 $ 10,000 $ 21,900 Sales Revenue $ 4,000 Gross Profit $ 29,900 Issuses of Common Stock $ 28,000 $ 28,000 Cost of Goods Sold
$ 8,000 $ 2,000 Cash $ 9,000 Net Income $ 10,825 $ 10,825 Salaries and Wages Expense
$ 9,000 Notes Payable $ 9,000 COGS $ 800 Salaries and Wages Expense $ 14,000 Less: Dividends $ (1,000) $ (1,000) Supplies Expense
$ 6,000 Inventory $ 800 Supplies Expense $ 1,000 Balance at November 31 $ 68,000 $ 14,825 $ 82,825 Rent Expense
$ 48,800 Rent Expense $ 1,000 Intrest Expense
Prepaid Insurance $ 1,000 Intrest Expense $ 75 Advertising Expense
Cash $ 1,000 Intrest Expense $ 75 Advertising Expense $ 2,000 Insurance Expense
Prepad Insurance Supplies Intrest Payable $ 75 Insurance Expense $ 100 Depreciation Expense
$ 1,200 $ 100 $ 3,000 $ 1,000 ### Cash $ 5,000 Depreciation Expense $ 900
Prepaid Rent $ 1,100 $ 2,000 Sales Revenue $ 5,000 Rent Expense $ 1,000
$ 3,000 $ 1,000 Prepaid Rent $ 1,000 Net Income $ 10,825 Alpine Semiconductors
$ 2,000 COGS $ 1,500 Statement of Cash Flow
Inventory $ 1,500 Depreciation Expense $ 900 For the Month ended Nov 30, 2017
Accumulated Depreciation $ 900 Operating Activities
### Supplies $ 3,000 Net Income $ 10,825
Delivery Truck Accumulated Depreciation Accounts Payable $ 3,000 Insurance Expense $ 100 Adjustments to Reconcile Net Income:
Accounts Receivable $ 15,000 $ 900 Prepaid Insurance $ 100 Alpine Semiconductors Depreciation Expense $ 900
$ 5,000 $ 5,000 $ 15,000 $ 900 ### Equipment $ 6,000 Balance Sheet Accounts Receivable $ (8,000)
$ 8,000 Cash $ 6,000 Salaries and Wages Expense $ 4,000 As of Nov 30, 2017 Prepaid Insurance $ (1,100)
$ 8,000 Salaries and Wages Payable $ 4,000 Prepaid Rent $ (2,000)
### Cash $ 5,000 Assets Supplies $ (2,000)
Accounts Receivable $ 5,000 Current Assets Inventory $ 8,100
Sales Revenue $ 10,000 Cash $ 48,800 Accounts Payable $ 9,000
Accounts Receivable $ 8,000 Salaries and Wages Payable $ 4,000
COGS $ 3,000 Adjusted Trial Balance Inventory $ 21,900 Interest Payable $ 75
LIABILITIES Inventory $ 3,000 Account Title Debit Credit Supplies $ 2,000 Unearned Revenue $ 4,000
Cash $ 48,800 Prepaid Rent $ 2,000 Net Cash Provided by Operating Activities $ 23,800
Notes Payable Accounts Payable Unearned Revenue ### Cash $ 8,000 Accounts Receivable $ 8,000 Prepaid Insurance $ 1,100
$ 9,000 $ 3,000 $ 3,000 $ 4,000 $ 8,000 Unearned Revenue $ 8,000 Inventory $ 21,900 Total Current Assets $ 83,800 Investing Activities
$ 9,000 $ 4,000 $ 4,000 Supplies $ 2,000 Delivery Truck $ (15,000)
$ 5,000 ### Cash $ 5,000 Prepaid Rent $ 2,000 Fixed Assets Equipment $ (6,000)
$ 9,000 Accounts Receivable $ 5,000 Prepaid Insurance $ 1,100 Delivery Truck $ 15,000 Net Cash Provided by (Used For) Investing Activities $ (21,000)
Delivery Truck $ 15,000 Equipment $ 11,000
### Accounts Payable $ 3,000 Equipment $ 11,000 Less: Accumulated Depreciation $ (900) Financing Activities
Cash $ 3,000 Accumulated Depreciation $ 900 Total Assets $ 108,900 Borrowing Cash through Notes Payable $ 9,000
Accounts Payable $ 9,000 Issuing of Common Stock $ 28,000
Intrest Payable Salaries and Wages Payable Cash $ 8,000 Salaries and Wages Payable $ 4,000 Liabilities and Stockholders' Equity Paying Dividends $ (1,000)
$ 75 $ 4,000 Common Stock $ 8,000 Intrest Payable $ 75 Current Liabilities Net Cash Provided From Investing Activities $ 36,000
$ 75 $ 4,000 Unearned Revenue $ 4,000 Accounts Payable $ 9,000
### Inventory $ 4,000 Notes Payable $ 9,000 Salaries and Wages Payable $ 4,000 Net Increase in Cash $ 38,800
Accounts Payable $ 4,000 Common Stock $ 68,000 Unearned Revenue $ 4,000 Cash Balance at Nov 1, 2017 $ 10,000
Retained Earnings $ 4,000 Interest Payable $ 75 Cash Balance at Nov 31, 2017 $ 48,800
### Accounts Receivable $ 8,000 Sales Revenue $ 42,000 Total Current Liabilities $ 17,075
Sales Revenue $ 8,000 COGS $ 12,100
Salaries and Wage Expense $ 14,000 Long-Term Liabilities
COGS $ 2,300 Advertising Expense $ 2,000 Note Payable $ 9,000
Inventory $ 2,300 Supplies Expense $ 1,000 Total Liabilities $ 26,075
Intrest Expense $ 75
### Salaries and Wages Expense $ 10,000 Rent Expense $ 1,000 Stockholders' Equity
OWNER'S EQUITY Cash $ 10,000 Depreciation Expense $ 900 Common Stock $ 68,000
Insurance Expense $ 100 Retained Earnings $ 14,825
### Retained Earnings $ 1,000 Total $ 140,975 $ 140,975 Total Stockholders' Equity $ 82,825
Common Stock Sales Revenue COGS Cash $ 1,000 Total Liabilities and Stockholders' Equity $ 108,900
$ 40,000 $ 5,000 $ 1,500
$ 20,000 $ 10,000 $ 3,000 ### Delivery Truck $ 15,000
$ 8,000 $ 8,000 $ 2,300 Cash $ 10,000
$ 68,000 $ 9,000 $ 2,500 Accounts Payable $ 5,000
$ 6,000 $ 2,000
$ 4,000 $ 800 ### Cash $ 9,000
$ 42,000 $ 12,100 Sales Revenue $ 9,000

Salaries and Wages Expense Retained Earnings Advertising Expense COGS $ 2,500
$ 10,000 $ 1,000 $ 5,000 $ 2,000 Inventory $ 2,500
$ 4,000 $ 4,000 $ 2,000
$ 14,000 ### Advertising Expense $ 2,000
Cash $ 2,000

### Cash $ 6,000


Sales Revenue $ 6,000
Supplies Expense Intrest Expense Rent Expense
$ 1,000 $ 75 $ 1,000 COGS $ 2,000
$ 1,000 $ 75 $ 1,000 Inventory $ 2,000

Depreciation Expense Insurance Expense


$ 900 $ 100
$ 900 $ 100
Closing Entries

Debit Credit

$ 42,000
$ 42,000
 Income Summary $ 10,825
$ 31,175 Retained Earnings $ 10,825
$ 12,100
$ 14,000
$ 1,000 Post Closing Trial Balance
$ 1,000 Account Title Debit Credit
$ 75 Cash $ 48,800
$ 2,000 Accounts Receivable $ 8,000
$ 100 Inventory $ 21,900
$ 900 Supplies $ 2,000
Prepaid Rent $ 2,000
Prepaid Insurance $ 1,100
Delivery Truck $ 15,000
Equipment $ 11,000
Accumulated Depreciation $ 900
Accounts Payable $ 9,000
Salaries and Wages Payable $ 4,000
Intrest Payable $ 75
Unearned Revenue $ 4,000
Notes Payable $ 9,000
Common Stock $ 68,000
Retained Earnings $ 14,825
Total $ 109,800 $ 109,800
ASSETS

Cash Inventory
$ 10,000 $ 3,000 $ 30,000 $ 1,500
$ 20,000 $ 1,200 $ 4,000 $ 3,000
$ 9,000 $ 6,000 $ 2,300
$ 5,000 $ 3,000 $ 2,500
$ 5,000 $ 10,000 $ 2,000
$ 8,000 $ 1,000 $ 800
$ 5,000 $ 10,000 $ 21,900
$ 8,000 $ 2,000
$ 9,000
$ 6,000
$ 48,800

Prepad Insurance
$ 1,200 $ 100
Prepaid Rent $ 1,100
$ 3,000 $ 1,000
$ 2,000

Delivery Truck
Accounts Receivable $ 15,000
$ 5,000 $ 5,000 $ 15,000
$ 8,000
$ 8,000

LIABILITIES

Notes Payable Accounts Payable


$ 9,000 $ 3,000 $ 3,000
$ 9,000 $ 4,000
$ 5,000
$ 9,000
Intrest Payable Salaries and Wages Payable
$ 75 $ 4,000
$ 75 $ 4,000

OWNER'S EQUITY

Common Stock Sales Revenue


$ 40,000 $ 5,000
$ 20,000 $ 10,000
$ 8,000 $ 8,000
$ 68,000 $ 9,000
$ 6,000
$ 4,000
$ 42,000

Salaries and Wages Expense Retained Earnings


$ 10,000 $ 1,000 $ 5,000
$ 4,000 $ 4,000
$ 14,000

Supplies Expense Intrest Expense


$ 1,000 $ 75
$ 1,000 $ 75
Depreciation Expense Insurance Expense
$ 900 $ 100
$ 900 $ 100
Equipment
$ 5,000
$ 6,000
$ 11,000

Supplies
$ 3,000 $ 1,000
$ 2,000

Accumulated Depreciation
$ 900
$ 900

Unearned Revenue
$ 4,000 $ 8,000
$ 4,000
COGS
$ 1,500
$ 3,000
$ 2,300
$ 2,500
$ 2,000
$ 800
$ 12,100

Advertising Expense
$ 2,000
$ 2,000

Rent Expense
$ 1,000
$ 1,000
Alpine Semiconductors
Income Statement
For the Month Ending Nov 30, 2017

Sales Revenue $ 42,000


Cost of Goods Sold $ 12,100
Gross Profit $ 29,900
Alpine Semiconductors
Salaries and Wages Expense $ 14,000 Statement of Stockholders' Equity
Supplies Expense $ 1,000 For the Month Ended Nov 30, 2017
Rent Expense $ 1,000
Intrest Expense $ 75 Common Stock Retained Earnings Total
Advertising Expense $ 2,000 Balance, November 1 $ 40,000 $ 5,000 $ 45,000
Insurance Expense $ 100 Issuses of Common Stock $ 28,000 $ 28,000
Depreciation Expense $ 900 Net Income $ 10,825 $ 10,825
Less: Dividends $ (1,000) $ (1,000)
Net Income $ 10,825 Balance at November 31 $ 68,000 $ 14,825 $ 82,825

Alpine Semiconductors
Balance Sheet
As of Nov 30, 2017

Assets
Current Assets Alpine Semiconductors
Cash $ 48,800 Statement of Cash Flow
Accounts Receivable $ 8,000 For the Month ended Nov 30, 2017
Inventory $ 21,900 Operating Activities
Supplies $ 2,000 Net Income $ 10,825
Prepaid Rent $ 2,000 Adjustments to Reconcile Net Income:
Prepaid Insurance $ 1,100 Depreciation Expense $ 900
Total Current Assets $ 83,800 Accounts Receivable $ (8,000)
Prepaid Insurance $ (1,100)
Fixed Assets Prepaid Rent $ (2,000)
Delivery Truck $ 15,000 Supplies $ (2,000)
Equipment $ 11,000 Inventory $ 8,100
Less: Accumulated Depreciation $ (900) Accounts Payable $ 9,000
Total Assets $ 108,900 Salaries and Wages Payable $ 4,000
Interest Payable $ 75
Liabilities and Stockholders' Equity Unearned Revenue $ 4,000
Current Liabilities Net Cash Provided by Operating Activities $ 23,800
Accounts Payable $ 9,000
Salaries and Wages Payable $ 4,000 Investing Activities
Unearned Revenue $ 4,000 Delivery Truck $ (15,000)
Interest Payable $ 75 Equipment $ (6,000)
Total Current Liabilities $ 17,075 Net Cash Provided by (Used For) Investing Activities $ (21,000)

Long-Term Liabilities Financing Activities


Note Payable $ 9,000 Borrowing Cash through Notes Payable $ 9,000
Total Liabilities $ 26,075 Issuing of Common Stock $ 28,000
Paying Dividends $ (1,000)
Stockholders' Equity Net Cash Provided From Investing Activities $ 36,000
Common Stock $ 68,000
Retained Earnings $ 14,825 Net Increase in Cash $ 38,800
Total Stockholders' Equity $ 82,825 Cash Balance at Nov 1, 2017 $ 10,000
Total Liabilities and Stockholders' Equity $ 108,900 Cash Balance at Nov 31, 2017 $ 48,800
Alpine Semiconductors
Income Statement
For the Month Ending Nov 30, 2017

Sales Revenue $ 42,000


Cost of Goods Sold $ 12,100
Gross Profit $ 29,900

Salaries and Wages Expense $ 14,000


Supplies Expense $ 1,000
Rent Expense $ 1,000
Intrest Expense $ 75
Advertising Expense $ 2,000
Insurance Expense $ 100
Depreciation Expense $ 900

Net Income $ 10,825


Alpine Semiconductors
Balance Sheet
As of Nov 30, 2017

Assets
Current Assets
Cash $ 48,800
Accounts Receivable $ 8,000
Inventory $ 21,900
Supplies $ 2,000
Prepaid Rent $ 2,000
Prepaid Insurance $ 1,100
Total Current Assets $ 83,800

Fixed Assets
Delivery Truck $ 15,000
Equipment $ 11,000
Less: Accumulated Depreciation $ (900)
Total Assets $ 108,900

Liabilities and Stockholders' Equity


Current Liabilities
Accounts Payable $ 9,000
Salaries and Wages Payable $ 4,000
Unearned Revenue $ 4,000
Interest Payable $ 75
Total Current Liabilities $ 17,075

Long-Term Liabilities
Note Payable $ 9,000
Total Liabilities $ 26,075

Stockholders' Equity
Common Stock $ 68,000
Retained Earnings $ 14,825
Total Stockholders' Equity $ 82,825
Total Liabilities and Stockholders' Equity $ 108,900
Alpine Semiconductors
Statement of Stockholders' Equity
For the Month Ended Nov 30, 2017

Common Stock Retained Earnings Total


Balance, November 1 $ 40,000 $ 5,000 $ 45,000
Issuses of Common Stock $ 28,000 $ 28,000
Net Income $ 10,825 $ 10,825
Less: Dividends $ (1,000) $ (1,000)
Balance at November 31 $ 68,000 $ 14,825 $ 82,825
Alpine Semiconductors
Statement of Cash Flow
For the Month ended Nov 30, 2017
Operating Activities
Net Income $ 10,825
Adjustments to Reconcile Net Income:
Depreciation Expense $ 900
Accounts Receivable $ (8,000)
Prepaid Insurance $ (1,100)
Prepaid Rent $ (2,000)
Supplies $ (2,000)
Inventory $ 8,100
Accounts Payable $ 9,000
Salaries and Wages Payable $ 4,000
Interest Payable $ 75
Unearned Revenue $ 4,000
Net Cash Provided by Operating Activities $ 23,800

Investing Activities
Delivery Truck $ (15,000)
Equipment $ (6,000)
Net Cash Provided by (Used For) Investing Activities $ (21,000)

Financing Activities
Borrowing Cash through Notes Payable $ 9,000
Issuing of Common Stock $ 28,000
Paying Dividends $ (1,000)
Net Cash Provided From Investing Activities $ 36,000

Net Increase in Cash $ 38,800


Cash Balance at Nov 1, 2017 $ 10,000
Cash Balance at Nov 31, 2017 $ 48,800
Closing Entries

Account Debit Credit

Sales Revenue $ 42,000


Income Summary $ 42,000

Income Summary $ 31,175
Cost of Goods Sold $ 12,100
Salaries and Wages Expense $ 14,000
Supplies Expense $ 1,000
Rent Expense $ 1,000
Intrest Expense $ 75
Advertising Expense $ 2,000
Insurance Expense $ 100
Depreciation Expense $ 900
Income Summary $ 10,825
Retained Earnings $ 10,825

Post Closing Trial Balance


Account Title Debit Credit
Cash $ 48,800
Accounts Receivable $ 8,000
Inventory $ 21,900
Supplies $ 2,000
Prepaid Rent $ 2,000
Prepaid Insurance $ 1,100
Delivery Truck $ 15,000
Equipment $ 11,000
Accumulated Depreciation $ 900
Accounts Payable $ 9,000
Salaries and Wages Payable $ 4,000
Intrest Payable $ 75
Unearned Revenue $ 4,000
Notes Payable $ 9,000
Common Stock $ 68,000
Retained Earnings $ 14,825
Total $ 109,800 $ 109,800

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