2 - Gray Co

2 - Gray Co - January 2009 Date General Journal Account...

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January 2009 $0 $0 $0 Assets = Liabilities + Owners' Equity General Journal Date Account Debit Credit + Beg Balance 0 Beg Balance 0 Beg Balance 0 Current Balance 0 Current Balance 0 Current Balance 0 + Beg Balance 0 The following accounts are currently in Gray Co.'s Current Balance 0 Cash Inventory Equipment + Note Payable Common Stock Beg Balance 0 Current Balance 0 Gray Co., Inc. Trial Balance Balance Sheet Account Name Debit Credit Cash Inventory Assets: Equipment Cash Note Payable Inventory Common Stock Equipment Total Total Assets Liabilities: Note Payable Total Liabilities These reports are developed from Equity: the balances in the accounts. Common Stock Total Equity Note + Common + Dr Cash Cr Dr Payable Cr Dr Stock Cr Dr Inventory Cr General Ledger : Dr Equipment Cr
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February 2009 $18,000 $8,000 $10,000 Assets = Liabilities + Owners' Equity General Journal Date Account Debit Credit + Beg Balance 6,000 Beg Balance 8,000 Beg Balance 10,000 Current Balance 8,000 Current Balance 10,000 Beg Balance 0 Beg Balance 0 Current Balance 6,000 Current Balance 0 Sales Beg Balance 0 Beg Balance 0 Current Balance 0 Current Balance 0 Cost of Goods Wages + Beg Balance 0 Beg Balance 0 Beg Balance 7,000 Current Balance 0 Current Balance 0 Current Balance 7,000 Rent Interest Beg Balance 0 Beg Balance 0 + Beg Balance 5,000 Current Balance 0 Current Balance 0 Current Balance 5,000 Gray Co., Inc. Gray Co., Inc. Pre-Closing Trial Balance Calculation of Balance Sheet Income Statement Account Name Debit Credit Retained Earnings as of Cash Feb. 28 for the Balance Sheet Accounts Rec. nting Cycle Assets: Sales Revenue Inventory Retained Earnings ransaction Cash Cost of Goods Sold Equipment Feb. 1 Beg Balance Accounts Rec. Gross Profit Note Payable Entries Inventory Expenses: Interest Payable Plus Feb. Net Income g Trial Balance Equipment Wages Expense Common Stock atement Total Assets Rent Expense Ret. Earnings Retained Earnings as ined Earnings Bal. Interest Expense Sales Revenue of Feb. 28 for Bal. Sht. heet
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2 - Gray Co - January 2009 Date General Journal Account...

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