Brownings Manufacturing Company

General Journal
Dec 31, 2006

Journal

1) A/R 2,562,000
Sales

Sales return & allow 19,200

A/R

Sales Discount 49,200

A/R

2) Manufacture plant & equipment 144,000

Cash

Prepaid manufacture tax & insurance 78,000

Cash

Material inventory 825,000

A/P

Supplies 66,000
A/P

Direct manufacture labor 492,000

Indirect manufacture labor 198,000
Social,secur, tax 49,200
Power,heat,light 135,600
Cash

Work in process inventory 874,800

Direct manuf labor
Indirect manuf labor
Social,secur, tax
Power,heat,light

Selling administration expense 522,000

Cash

3) Depreciation exp - manufacture building & Equipment 140,400

Accumulated depr - manuf bld & eqp

Taxes and insurance expense 52,800

Prepaid tax and insurance
 Supplies used 61,200
Supplies

Material Used 811,000

Material Inventory

WIP inventory 1,065,400

Depreciation exp - manufacture building & Equipment
Taxes and insurance expense
Supplies used
Material Used

4) Finished good inventory 1,901,952

WIP inv

5) Cost of good sold 1,806,624

FG inv

6) Cash 264,000
Bank notes payable

Interest exp 38,400

Cash

7) Cash 2,604,000
A/R

8) A/P 788,400
Cash

Income tax payable 9,000

Cash

9) Income tax expense 58,000

Income tax payable
Cash

10) Retained earnings 36,000

Dividend Payable
Dividend Payable 36,000
Cash
2,562,000

19,200

49,200

144,000

78,000

825,000

66,000

874,800

492,000
198,000
49,200
135,600

522,000

140,400

52,800
 61,200

811,000

140,400
52,800
61,200
811,000

1,901,952

1,806,624

264,000

38,400

2,604,000

788,400

9,000

5,800
52,200

36,000

36,000
 Brownings Manufacturing Company
General Ledger
Dec 31, 2006

100,001 cash and marketable securities

Date D K
beginning balaced, dec 31, 2005 118,440
Friday, December 02, 2005 144,000
Friday, December 02, 2005 78,000
Friday, December 02, 2005 874,800
Friday, December 02, 2005 522,000
Tuesday, December 06, 2005 264,000
Tuesday, December 06, 2005 38,400
Wednesday, December 07, 2005 2,604,000
Thursday, December 08, 2005 788,400
Thursday, December 08, 2005 9,000
Friday, December 09, 2005 52,200
Saturday, December 10, 2005 36,000
Total 2,986,440 2,542,800
Balance 443,640

100,002 Account Receivable

Date D K
beginning balaced, dec 31, 2005 311,760
Thursday, December 01, 2005 2,562,000
Thursday, December 01, 2005 19,200
Thursday, December 01, 2005 49,200
Wednesday, December 07, 2005 2,604,000
Total 2,873,760 2,672,400
Balance 201,360

100,003 materials inventory

Date D K
beginning balaced, dec 31, 2005 110,520
Friday, December 02, 2005 825,000
Saturday, December 03, 2005 811,000
Total 935,520 811,000
Balance 124,520

100,004 WIP Inventories

Date D K
beginning balaced, dec 31, 2005 172,200
Friday, December 02, 2005 874,800
Saturday, December 03, 2005 1,065,400
Sunday, December 04, 2005 1,901,952
Total 2,112,400 1,901,952
Balance 210,448

100,005 Finish goods inventory

Date D K
beginning balaced, dec 31, 2005 257,040
Sunday, December 04, 2005 1,901,952
Wednesday, December 05, 2018 1,806,624
Total 2,158,992 1,806,624
Balance 352,368

100,005 Supplies inventory

Date D K
beginning balaced, dec 31, 2005 17,280
Friday, December 02, 2005 66,000
Monday, December 03, 2018 61,200
Total 83,280 61,200
Balance 22,080

100,006 Prepaid taxes and insurance

Date D K
Beginning balance 66,720
Friday, December 02, 2005 78,000
Saturday, December 03, 2005 52,800
Total 144,720 52,800
Balance 91,920

101,001 Manufacturing Plant and equipment

Date D K
Beginning Balance 2,678,400
Friday, December 02, 2005 144,000
Total 2,822,400 -
Balance 2,822,400

101,002 Accumulated Depreciation Plant and Equipment

Date D K
Beginning Balance 907,200
Friday, December 02, 2005 140,400
Total - 1,047,600
Balance 1,047,600

200,001 Account Payable

Date D K
Beginning Balance 185,760
Friday, December 02, 2005 825,000
Friday, December 02, 2005 66,000
 Thursday, December 08, 2005 788,400
Total 788,400 1,076,760
Balance 288,360

200,002 Bank Notes Payable

Date D K
Beginning Balance 288,840
Tuesday, December 06, 2005 264,000
Total - 552,840
Balance 552,840

200,002 Income Taxes Payable

Date D K
Beginning Balance 9,000
Thursday, December 08, 2005 9,000
Friday, December 09, 2005 5,800
Total 9,000 14,800
Balance 5,800

300,001 Capital Stock

Date D K
Beginning Balance 1,512,000
Total - 1,512,000
Balance 1,512,000

300,002 Retained Earnings

Date D K
Beginning Balance 829,560
Less net income (retained earnings current years) 105,000
Monday, December 10, 2018 36,000
Total 141,000 829,560
Balance 688,560

400,001 Sales
Date D K
Beginning balance 2,295,600
Saturday, December 01, 2018 2,562,000
Total - 4,857,600
Balance 4,857,600

400,002 Sales Return and Allowence

Date D K
Beginning Balance 17,640
Friday, December 02, 2005 19,200
Total 36,840 -
Balance 36,840
400,003 Sales Discount
Date D K
Beginning Balance 43,920
Friday, December 02, 2005 49,200
Total 93,120 -
Balance 93,120

500,001 COGS
Date D K
1,568,280
Monday, December 05, 2005 1,806,624
Total 3,374,904 -
Balance 3,374,904

500,002 Selling and administrative expense

Date D K
437,160
Friday, December 02, 2005 522,000
Total 959,160 -
Balance 959,160

500,003 Interest expense

Date D K
34,080
Friday, December 02, 2005 38,400
Total 72,480 -
Balance 72,480

500,004 Income tax expense

Date D K
89,520
Friday, December 09, 2005 58,000
Total 147,520 -
Balance 147,520
d Equipment
 Brownings Manufacturing Company
Work Sheet
Dec 31, 2006

Trial Balance Income statement

Code Account
Dr Cr Dr
100,001 cash and marketable securities 443,640
100,002 Account Receivable 201,360
100,003 materials inventory 124,520
100,004 WIP Inventories 210,448
100,005 Finish goods inventory 352,368
100,006 Prepaid taxes and insurance 91,920
100,007 Supplies inventory 22,080
101,001 Manufacturing Plant and equipment 2,822,400
101,002 Accumulated Depreciation Plant and Equipment 1,047,600
200,001 Account Payable 288,360
200,002 Bank Notes Payable 552,840
200,002 Income Taxes Payable 5,800
300,001 Capital Stock 1,512,000
300,002 Retained Earnings 688,560
400,001 Sales 4,857,600
400,002 Sales Return and Allowence 36,840 36,840
400,003 Sales Discount 93,120 93,120
500,001 COGS 3,374,904 3,374,904
500,002 Selling and administrative expense 959,160 959,160
500,003 Interest expense 72,480 72,480
500,004 Income tax expense 147,520 147,520
Total 8,952,760 8,952,760 4,684,024
Profit 173,576
Income statement Balance Sheet
Cr Dr Cr
443,640
201,360
124,520
210,448
352,368
91,920
22,080
2,822,400
1,047,600
288,360
552,840
5,800
1,512,000
688,560
4,857,600

4,857,600 4,268,736 4,095,160

173,576
 Brownings Manufacturing Company
COST Of Goods Solds
Dec 31, 2006

Finished Goods Inventory, Beginning

Work in Process Inventory, Beginning
Materials Used
Add: Factory Expenses
Direct Manufacturing Labor
Factory Overhead:
Indirect Manufacturing Labor 198,000
Power, Heat, and Light 135,600
Depreciation of Plant 140,400
Social Security Taxes 49,200
Taxes and Insurance 52,800
Supplies 61,200

Less: Work in Process Inventory, Ending

Cost of Good Sold Manufactured
Cost of Good Available for Sale
Less: Finished Goods Inventory, Ending
Cost of Good Sold
 257,040
172,200
811,000

492,000

637,200
2,112,400
(210,448)
1,901,952
2,158,992
(352,368)
1,806,624