Mea Cuppa - Financial Report

Mea Cuppa

Journal Entries

No.

Date

Description

Debit

Credit

1)

July 1, 20X4

Cash

$65,000

            Share Capital

$65,000

Issuance of Share Capital

2)

July 1, 20X4

Cash

$44,000

Notes Payable

$44,000

Issued note payable for Loan

3)

July 1, 20X4

Prepaid Rent

$22,056

Cash

$22,056

Paid for rental 3 months in advance

4)

July 1, 20X4

Deposits

$1,350

                Cash

$1,350

Paid for utilities security deposit

5)

July 1, 20X4

Prepaid Insurance

$1,409

                Cash

$1,409

Purchased an annual business general liability insurance

6)

July 1, 20X4

Fixtures and fittings

$25,070

                Cash

$25,070

Paid for renovation, designer fees, fixtures and fittings

7)

July 1, 20X4

Equipment

$19,756

                Cash

$19,756

Purchase of Equipment

8)

July 1, 20X4

Inventory/Supplies

$8,538

                Accounts Payable

$8,538

Purchased Inventory/Supplies on account

9)

July 1, 20X4

Advertising Expense

$2,611

            Accounts Payable

$2,611

Accrued Advertising fees

10)

July 6, 20X4

Accounts Payable

$2,611

                Cash

$2,611

Paid outstanding advertising fees

11)

July 6, 20X4

Accounts Payable

$5,996

Cash

$5,996

Paid payments to various suppliers

12)

July 8, 20X4

Cash

$7,583

Sales Revenue

$7,583

Weekly Cash Sales (1-7 July)

13)

July 8, 20X4

Accounts Receivable

$1,957

Sales Revenue

$1,957

Billed corporate customers for events (1-7 July)

14)

July 8, 20X4

Wages Expense

$920

Cash

$920

Paid part-timers wages (1-7 July)

15)

July 10, 20X4

Inventory/Supplies

$3,991

Accounts Payable

$3,991

Purchased Inventory/Supplies on account

16)

July 13, 20X4

Accounts Payable

$4,145

Cash

$4,145

Paid payments to various suppliers

17)

July 15, 20X4

Cash

$1,388

Accounts Receivable

$1,388

Received payments from corporate customers

18)

July 15, 20X4

Wages Expense

$1,000

Cash

$1,000

Paid part-timers wages (8-14 July)

19)

July 15, 20X4

Accounts Receivable

$2,099

Sales Revenue

$2,099

Billed corporate customers for events (8-14 July)

20)

July 15, 20X4

Cash

$8,094

Sales Revenue

$8,094

Weekly cash sales (8-14 July)

21)

July 16, 20X4

Inventory/Supplies

$4,281

Accounts Payable

$4,281

Purchased Inventory/Supplies on account

22)

July 18, 20X4

Cash

$1,837

Accounts Receivable

$1,837

Received payments from corporate customers

23)

July 21, 20X4

Inventory/Supplies

$4,948

Accounts Payable

$4,948

Purchased Inventory/Supplies on account

24)

July 22, 20X4

Wages Expense

$1,104

Cash

$1,104

Paid part-timers wages (15-21 July)

25)

July 22, 20X4

Cash

$8,920

Sales Revenue

$8,920

Weekly cash sales (15-21 July)

26)

July 22, 20X4

Accounts Receivable

$2,568

Sales Revenue

$2,568

Billed corporate customers for events (15-21 July)

27)

July 25, 20X4

Accounts Payable

$4,158

Cash

$4,158

Paid payments to various suppliers

28)

July 26, 20X4

Cash

$2,189

Accounts Receivable

$2,189

Received payments from corporate customers

29)

July 28, 20X4

Inventory/Supplies

$1,260

Accounts Payable

$1,260

Purchased Inventory/Supplies on account

30)

July 29, 20X4

Wages Expense

$1,208

Cash

$1,208

Paid part-timers wages (22-28 July)

31)

July 29, 20X4

Accounts Receivable

$2,720

Sales Revenue

$2,720

Billed corporate customers for events (22-28 July)

32)

July 29, 20X4

Cash

$9,163

Sales Revenue

$9,163

Weekly cash sales (22-28 July)

33)

July 30, 20X4

Accounts Receivable

$432

Sales Revenue

$432

Billed corporate customers for events

34)

July 30, 20X4

Wages Expense

$2,600

Cash

$2,600

Paid full-timer barista wages (July)

35)

July 30, 20X4

Accounts Payable

$328

Cash

$328

Paid payment to Manikam Enterprises (supplier)

36)

July 30, 20X4

Cash

$289

Accounts Receivable

$289

Received payments from corporate customer

37)

July 31, 20X4

Cash

$1,417

Sales Revenue

$1,417

Cash sales (29-31 July)

38)

July 31, 20X4

Utilities Expense

$1,187

Accounts Payable

$1,187

Utilities expenses incurred

39)

July 31, 20X4

Internet Expense

$274

Accounts Payable

$274

Internet expenses incurred

40)

July 2, 20X4

Others expense

$420

Cash

$420

Bought flowers and plants to design the place

41)

July 3, 20X4

Others expense

$184

Cash

$184

Bought magazines and books as equipment

Mea Cuppa

Adjusting Entries

No.

Date

Description

Debit

Credit

1)

July 31, 20X4

 Interest Expense

$110

 Interest Payable

$110

Interest Payable for Loan

2)

July 31, 20X4

 Depreciation Expense

$417.83

 Accm Depreciation - Fix & Fittings

$417.83

To Record Depreciation Expense

3)

July 31, 20X4

 Depreciation Expense

$370.43

 Accm Depreciation - Equipment

$370.43

To Record Depreciation Expense

4)

July 31, 20X4

 Wages Expense

$544

 Wages Payable

$544

To Accrue for Part-timers wages (29-31 July)

5)

July 31, 20X4

 Rent Expense

$7,352

 Prepaid Rent

$7,352

To Record Rent Expense

6)

July 31, 20X4

 Insurance Expense

$117.42

 Prepaid Insurance

$117.42

To Record Insurance Expense

7)

July 31, 20X4

 Accounting Fees Expense

$313

 Accounts Payable

$313

To record accountant fees

8)

July 31, 20X4

 Bad Debt Expense

$432

 Accounts Receivable

$432

To Write off Bad Debt Expenses

9)

July 31, 20X4

 Bank Fees and Charges

$8

 Cash

$8

Paid Bank Expenses

10)

July 31, 20X4

 Inventory/Supplies Expense

$20,390

 Inventory/Supplies

$20,390

To record supplies used

Mea Cuppa

Closing Entries

No.

Date

Description

Debit

Credit

1)

July 31, 20X4

Sales Revenue

$44,953

Retained Earnings

$44,953

To Close Off Revenue Account

2)

July 31, 20X4

Retained Earnings

$41,562.68

Advertising Expense

$2,611

Internet Expense

$274

Wages Expense

$7,376

Utilities Expense

$1,187

Rent Expense

$7,352

Insurance Expense

$117.42

Depreciation Expense

$788.26

Interest Expense

$110

Bad Debt Expense

$432

Bank Fees and Charges

$8

Accounting Fees Expense

$313

Inventory/Supplies Expense

$20,390

Others Expense

$604

To Close Off Expense Accounts