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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 Total Liab&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 ansaction Cash Cost of Goods Sold Equipment Feb. 1 Beg Balance al Entry & Post 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 ned Earnings Bal. Interest Expense Sales Revenue of Feb. 28 for Bal. Sht.
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