(Solved Homework): Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month….

Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company’s profit for its first month.

CASH
Date	Description	Debit	Credit	Balance
02-Jan-X8	Balance forward	–	–	–
03-Jan-X8	Journal Page 1	250,000	–	250,000
10-Jan-X8	Journal Page 1	–	75,000	175,000
14-Jan-X8	Journal Page 1	–	15,000	160,000
18-Jan-X8	Journal Page 2	40,000	–	200,000
21-Jan-X8	Journal Page 2		4,000	196,000
26-Jan-X8	Journal Page 2		3,000	193,000
31-Jan-X8	Journal Page 2	26,000	–	219,000



ACCOUNTS RECEIVABLE
Date	Description	Debit	Credit	Balance
02-Jan-X8	Balance forward	–	–	–
06-Jan-X8	Journal Page 1	55,000	–	55,000
18-Jan-X8	Journal Page 2	–	40,000	15,000



LAND
Date	Description	Debit	Credit	Balance
02-Jan-X8	Balance forward	–	–	–
10-Jan-X8	Journal Page 1	75,000	–	75,000



SALARIES PAYABLE
Date	Description	Debit	Credit	Balance
02-Jan-X8	Balance forward	–	–	–
31-Jan-X8	Journal Page 2	–	18,000	18,000



CAPITAL STOCK
Date	Description	Debit	Credit	Balance
02-Jan-X8	Balance forward	–	–	–
03-Jan-X8	Journal Page 1	–	250,000	250,000



REVENUES
Date	Description	Debit	Credit	Balance
02-Jan-X8		–	–	–
06-Jan-X8	Journal Page 1	–	55,000	55,000
31-Jan-X8	Journal Page 2	–	26,000	81,000



SUPPLIES EXPENSE
Date	Description	Debit	Credit	Balance
02-Jan-X8		–	–	–
26-Jan-X8	Journal Page 2	3,000	–	3,000



UTILITIES EXPENSE
Date	Description	Debit	Credit	Balance
02-Jan-X8		–	–	–
21-Jan-X8	Journal Page 2	4,000	–	4,000

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Trial Balance
Account Titles	Debit	Credit
Cash	$219,000
Accounts Receivable	$15,000
Land	$75,000
Salaries Payable		$18,000
Capital Stock		$250,000
Revenues		$81,000
Supplies Expense	$3,000
Utilities Expense	$4,000
Salaries Expense	$33,000
Total	$349,000	$349,000

Salaries Expense = Salaries paid + Salaries Payable = $15000 + $18000 = $33000

Calculation of Company’s profit for first month
Revenues	$81,000
Less : Expenses
Supplies Expense	$3,000
Utilities Expense	$4,000
Salaries Expense	$33,000

Profit	$41,000

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