Question

Paddleboard Adventures, Inc. Chart of Accounts June 2016 Assets Cash Accounts Receivable Prepaid Insurance Paddleboards River Paddleboards Trailer Leasehold Improvements Liabilities Visa Card Payable Dividends Payable Accounts Payable Equity Common Stock Dividends Retained Earnings Revenue Rental Income Clinic Income Expenses Marketing Expense Rent Expense Office Supplies Expense Insurance Expense Contract Labor License & Tax Expense Banking Expense Maintenance Expense Utility Expense Charitable Contributions

Answer 1

In the books of Paddleboard adventures Inc.
Adjusted Trial Balance as on Jun 30
Description	Debit (in $)	Credit (in $)
Accounts Payable		9,200
Accounts Receivable	1,150
Banking Expense	3
Cash	20,913
Charitable contribution	100
Common Stock		25,000
Contract labour	200
Dividend	125
Dividend Payable		125
Insurance expenses	100
Paddle boards	7,000
License & tax expense	200
Maintenance expenses	145
Marketing expenses	250
Office Supplies expense	85
Prepaid expense	1,100
Clinic Income		1,600
Rental income		1,150
Trailer	1,200
Utility expenses	207
Visa Card Payable		88
Rent expenses	1000
River Paddle boards	2,200
Leasehold improvements	1,185
Total	37,163	37,163

In the books of Paddleboard adventures Inc.
Statement of Profit & loss for the month of Jun 30
Description	Amount (in $)	Amount (in $)
Revenue
Clinic Income	1,600
Rental income	1,150
Total Earnings		2,750
Less: Expenses
Banking Expense	3
Charitable contribution	100
Contract labour	200
Insurance expenses	100
License & tax expense	200
Maintenance expenses	145
marketing expenses	250
Office Supplies expense	85
Utility expenses	207
Rent expense	1,000
Total Expenses		2,290
Net Income		460

In the books of Paddleboard adventures Inc.
Balance Sheet as at june 30
Description	Amount (in $)	Description	Amount (in $)
Liabilities		Assets
Common Stock	25000	Cash	20,913
Dividend	-125	Accounts Receivable	1,150
Retained Earnings	460	Prepaid Insurance	1100
		Paddle boards	7000
Accounts Payable	9200	River Paddle boards	2200
Dividend payable	125	Trailer	1,200
Visa card Payable	88	Leasehold Improvements	1185
	34,748	Total	34,748

Workings :

T-accounts

Cash Date Description 01-Jun Common Stock Jun-07 Service revenue (clinic) Jun-12 Common Stock Jun-18 Service revenue(rental) Jun-20 Accounts Receivable Amount Date Description 20000 Jun-02 Rent expense 600 Jun-05 Trailer 5000 Jun-08 Maintenance expenses Jun-09 Insurance expenses 500 Jun-11 marketing expenses Jun-14 Utility expenses Jun-13 Leasehold improvements Jun-17 Charitable contribution Jun-19 License & tax expense Jun-22 Contract labour Jun-23 Maintenance expenses Jun-25 Utility expenses Amount (in $) 1000 1200 500 1200 250 120 685 100 200 200 145 87 Common Stock Date Description Amount Date Description 01-Jun Cash Jun-12 Cash Amount (in $) 20000 5000 Rental income Date Description Amount Date Description Amount (in $) Jun-04 Accounts Receivable Jun-10 Accounts Receivable Jun-18 Cash 250 400 500 Amount (in $) 500 Accounts Receivable Date Description Amount Date Description Jun-20 Cash Jun-04 Service Revenue(rental income) 250 Jun-10 Service Revenue(rental income) 400 Jun-15 Service revenue(clinic) 1000 Paddle boards Date Description Jun-03 Accounts Payable Description Amount (in $) Amount Date 7000 Accounts Payable Date Description Amount Date Description Jun-03 Paddle boards Jun-13 River Paddle boards Amount (in $) 7000 2200 Trailer Date Description Jun-05 Cash Description Amount (in S) Amount Date 1200 Clinic Income Date Description Jun-07 Amount Date Description Jun-07 Cash Jun-15 Accounts Receivable Amount (in S) 600 1000 Maintenance expenses Date Description Amount Date Description Amount (in $) Jun-23 cash 145 Insurance expenses Date Description Jun-09 cash Amount Date Description 1200 Jun-30 Prepaid expense Amount (in S) 1100 marketing expenses Date Description Jun-11 cash Description Amount (in $) Amount Date 250 Description Amount (in $) Utility expenses Date Description Jun-14 cash Jun-25 Cash Amount Date 120 Charitable Contribution Date Description Jun-17 Cash Description Amount (in ) Amount Date 100 License & tax expense Date Description Jun-19 Cash Description Amount (in $) Amount Date 200 Contract labour Date Description Jun-22 Cash Amount Date Description Amount (in $) 200 Office Supplies expense Date Description Jun-24 Visa Card Payable Amount Date Description Amount (in ) 85 Visa Card Payable Date Description Amount (in $) Amount Date Description Jun-24 Office Supplies expense Jun-30 Banking Expense Dividend Date Description Jun-30 Dividend Payable Description Amount (in $) Amount Date 125 Dividend Payable Date Description Amount Date Description Jun-30 Dividend Amount (in $) 125 Prepaid Insurance Date Description Jun-30 Insurance expense Description Amount (in $) Amount Date 1100 Banking Expense Date Description Jun-30 Visa Card Payable Amount Date Description Amount (in $) Rent Expense Date Description Jun-02 cash Description Amount (in $) Amount Date 1000 River Paddle boards Date Description Jun-13 Accounts Payable Description Amount (in S) Amount Date 2200 Description Amount (in $) Leasehold improvements Date Description Jun-08 Cash Jun-16 cash Amount Date 500 685