general journal friedlan p3-18

General Journal

Date

2(adjusting) Fiscal 2017





Reference Number

General Journal

Transaction

Dr. Unearned Revenue (Liability -) Cr. Sales (Shareholders' Equity +, revenue +)To adjust the recognized revenue that was paid for in 2016

Dr. Wage Expense (Shareholders' Equity -, Expenses +) Cr. Wages Payable (Liability +)To adjust the wage expenses for year 2017

Dr. Long term debt (Liability -) Cr. Long term debt - Current (Liability +)Toadjust the current portion of Long term debt

Dr. Tax Expense (Shareholders' Equity -, Expenses +) Cr. Taxes Payable ( Liability +)To adjust the tax expense for year 2017

Dr. Depreciation Expenses (Shareholders' Equity -, Expenses +) Cr. Accumulated Depreciation (Asset -)To adjust the depreciation expenses for year 2017

General Journal

Debit Credit

$1,218,750 $1,218,750

$35,250 $35,250

$1,125,000 $1,125,000

$42,000 $42,000

$1,563,000 $1,563,000

General Journal

Date

1 Fiscal 2017

2(a) Fiscal 2017

2(b) Fiscal 2017


3 May-17

5(a) Fiscal 2017

5(b) Fiscal 2017


6 Fiscal 2017


Reference Number

7 Fiscal 2017

8(a) Fiscal 2017

8(b) Fiscal 2017

9(a) Fiscal 2017

9(b) Fiscal 2017

10 Fiscal 2017

11 Fiscal 2017

12(a) Fiscal 2017

12(b) Fiscal 2017



14 Fiscal 2017

15 (closing) June 30, 2017.

General Journal

Transaction

Dr. Property, Plant and Equipment (Asset +) Cr. Long Term Debt (Liability +) Cr. Common Shares (Shareholders' Equity +) Cr. Cash (Asset -)To record the purchase of the Arena

Dr. Cash (Asset +)Dr. Account Receivable (Asset +) Cr. Sales (Shareholders' Equity +, revenue +)To record the revenue earned in the Fiscal 2017 from renting ice and pro-shop & restaurant sales

Dr. Cash (Asset +) Cr. Account Receivable (Asset -)To record the collection of credit from customers

Dr. Unearned Revenue (Liability -) Cr. Sales (Shareholders' Equity +, revenue +)To adjust the recognized revenue that was paid for in 2016

Dr. Cash (Asset +) Cr. Unearned Revenue (Liability +)To record the Leagues renting deposit

Dr. Wages Payable (Liability -) Cr. Cash (Asset -)To record the wages paid for Fiscal 2016

Dr. Wage Expense (Shareholders' Equity -, Expenses +) Cr. Cash (Asset -)To record the wage expenses for year 2017

Dr. Wage Expense (Shareholders' Equity -, Expenses +) Cr. Wages Payable (Liability +)To adjust the wage expenses for year 2017

Dr. Long term debt - Current (Liability -) Cr. Cash (Asset -)To record the payment of current portion of Long term debt

Dr. Long term debt (Liability -) Cr. Long term debt - Current (Liability +)Toadjust the current portion of Long term debt

Dr. Interest Expense (Shareholders' Equity -, Expenses +)Dr. Interest Payable (Liability -) Cr. Cash (Asset -)To record the payment of interest of this year and last year

Dr. Inventory (Asset+) Cr. Accounts Payable (Liability +)To record the purchase of inventory on credit

Dr. Accounts Payable (Liability -) Cr. Cash (Asset -)To record the payment of credit to suppliers

Dr. Utilities Expense (Shareholders' Equity -, Expenses +) Cr. Accounts Payable (Liability +)To record the utilities expense on credit

Dr. Accounts Payable (Liability -) Cr. Cash (Asset -)To record the payment of credit to suppliers

Dr. Cost of Sales (Shareholders' Equity -, Expenses +) Cr. Inventory (Asset -)To record the Cost of products sold in the pro shops and food and drink sold in the restaurants

Dr. Other Expenses (Shareholders' Equity -, Expenses +) Cr. Cash (Asset -)To record the other expenses for year 2017

Dr. Taxes Payable (Liability -) Cr. Cash (Asset -)To record the payment of taxes owed for year 2016

Dr. Tax Expense (Shareholders' Equity -, Expenses +) Cr. Cash (Asset -)To record the tax expense for year 2017

Dr. Tax Expense (Shareholders' Equity -, Expenses +) Cr. Taxes Payable ( Liability +)To adjust the tax expense for year 2017

Dr. Depreciation Expenses (Shareholders' Equity -, Expenses +) Cr. Accumulated Depreciation (Asset -)To adjust the depreciation expenses for year 2017

Dr. Other Expenses (Shareholders' Equity -, Expenses +) Cr. Sales (Shareholders' Equity +, Revenue +)To record the trading ice time for other expenses for year 2017

Dr. Revenue Cr. Cost of Sales Cr. Wage Expense Cr. Interest Expense Cr. Utilities Expense Cr. Other Expense Cr. Tax Expense Cr. Depereciation Expense Cr. Retained EarningsTo close income statement accounts to retained earnings of the period ending June 30, 2017.

General Journal

Debit Credit

$4,750,000 $1,875,000 $1,253,000 $1,622,000

$5,701,250 $625,000

$6,326,250

$614,000 $614,000

$1,218,750 $1,218,750

$1,310,000 $1,310,000

$21,250 $21,250

$1,040,750 $1,040,750

$35,250 $35,250

$937,500 $937,500

$1,125,000 $1,125,000

$531,750 $31,250

$563,000

$756,000 $756,000

$750,000 $750,000

$1,969,000 $1,969,000

$1,938,000 $1,938,000

$765,000 $765,000

$375,000 $375,000

$115,000 $115,000

$64,000 $64,000

$42,000 $42,000

$1,563,000 $1,563,000

$26,000 $26,000

$7,571,000 $765,000

$1,076,000 $531,750

$1,969,000 $401,000 $106,000

$1,563,000 $1,159,250

General Journal

Date

15 (closing) June 30, 2017.

Reference Number

General Journal

Transaction

Dr. Revenue Cr. Cost of Sales Cr. Wage Expense Cr. Interest Expense Cr. Utilities Expense Cr. Other Expense Cr. Tax Expense Cr. Depereciation Expense Cr. Retained EarningsTo close income statement accounts to retained earnings of the period ending June 30, 2017.

General Journal

Debit Credit

$7,571,000 $765,000

$1,076,000 $531,750

$1,969,000 $401,000 $106,000

$1,563,000 $1,159,250

general journal friedlan p3-18

Documents