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LAUSANNE BUREAU Trial balance At December 31, 2017 in CHF Debit Credit Cash Accounts receivable 80,500 52,000 Inventory of of
Mod velevant 5. June 3rd, 2018- LAUSANNE BUREAU receives an important order from EHL to provide office-supplies for an amount
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Answer #1
Journal entries
Date Account Title Debit Credit
Jan 1,2018 Cash 320000
Borrowings fromBCV 320000
15-Mar Accounts payable 22450
Utilities payable 5645
Cash 28095
1-Apr Delivery van 54000
Cash(54000/3) 18000
Accounts payable 36000
13-Apr Dividend expense 15000
Dividend payable 15000
3-Jun J/ Entry
During Office supplies inventory 650000
the sem. Cash 650000
Cash(987000*70%) 690900
Accounts receivables(bal.) 296100
Sales revenue 987000
COGS 620000
Office supplies inventory 620000
Salaries expense 324000
Cash 324000
(6000*9*6 mths.)
30-Jun Interest expense 2560
Interest payable 2560
(320000*1.6%/2)
Depreciation expense 2250
Acc. Dep.-Delivery Van 2250
(54000/6*3/12)
3002905 3002905
Ledger Accounts Net Balances
Date Account Title Debit Credit Debit Credit
30-Jun Acc. Dep.-Delivery Van 2250 2250
Acc. Dep.-Building 597000 597000
Beginning balance 22450
15-Mar Accounts payable 22450
1-Apr Accounts payable 36000 36000
Beginning balance 52000
the sem. Accounts receivables 296100 348100
Jan 1,2018 Borrowings fromBCV 320000 320000
Building & equipment 634000 634000
Beginning balance 80500
Jan 1,2018 Cash 320000
15-Mar Cash 28095
the sem. Cash 650000
the sem. Cash 324000
1-Apr Cash(54000/3) 18000
During Cash(987000*70%) 690900 71305
During COGS 620000 620000
Common stock 64000 64000
1-Apr Delivery van 54000 54000
30-Jun Depreciation expense 2250 2250
13-Apr Dividend expense 15000 15000
13-Apr Dividend payable 15000 15000
30-Jun Interest expense 2560 2560
30-Jun Interest payable 2560 2560
Beginning balance 185120
During Office supplies inventory 650000
the sem. Office supplies inventory 620000 215120
Property & Maint.Payable 23450 23450
During Salaries expense 324000 324000
Sales revenue 987000 987000
Retained Earnings 239075 239075
Beginning balance 5645
15-Mar Utilities payable 5645 0
3954525 3954525 2286335 2286335
Trial balance as at Jun 30,2018
Cash 71305
Accounts receivables 348100
Office supplies inventory 215120
Building & equipment 634000
Acc. Dep.-Building 597000
Delivery van 54000
Acc. Dep.-Delivery Van 2250
Accounts payable 36000
Property & Maint.Payable 23450
Interest payable 2560
Dividend payable 15000
Borrowings fromBCV 320000
Common stock 64000
Retained Earnings 239075
Sales revenue 987000
COGS 620000
Salaries expense 324000
Depreciation expense 2250
Interest expense 2560
Dividend expense 15000
Totals 2286335 2286335
Income statement
Sales revenue 987000
Less:COGS 620000
Gross profit 367000
Less: Operating expenses:
Salaries expense 324000
Depreciation expense 2250
Interest expense 2560 328810
Net Income 38190
Statement of retained earnings
Beginning balance 239075
Add: Semester Net Income 38190
Less: Dividends 15000
Ending retained Earnings 262265
Statement of Stockholders' equity
Common stock 64000
Retained earnings 262265
Total ST.Equity 326265
Balance sheet as at June 30, 2018
Current assets
Cash 71305
Accounts receivables 348100
Office supplies inventory 215120
Total Current assets 634525
Building & equipment 634000
Acc. Dep.-Building -597000 37000
Delivery van 54000
Acc. Dep.-Delivery Van -2250 51750
Total assets 723275
Liabilities & Stockholders' equity
Current liabilities
Accounts payable 36000
Property & Maint.Payable 23450
Interest payable 2560
Dividend payable 15000
Total Current liabilities 77010
Borrowings fromBCV 320000
Total Liabilities 397010
ST.Equity
Common stock 64000
Retained Earnings 262265
Total ST.Equity 326265
Total Liabilities & Stockholders' equity 723275
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