JournalDate

Account TitleGeneral

Sales CreditCash

month day Debt Credit Debt Credit

Totals $ - $ - $ - $ - $ -

Doc. No.

Post ref.

Proving Journal

Debit column totals Credit column totals

general $ - $ - sales $ - cash $ - $ -

totals $ - $ -

Proving Cash

Cash on hand at the beginning of the month $ -

Plus total cash received during the month $ -

Subtotal $ -

Less total cash paid during the month $ -

cash balance at the end of the month $ -

Checkbook balance on the next check stub

Account: Account No.

Date Item Post Ref Debit CreditBalance

Account: Account No.

Date Item Post Ref Debit CreditBalance

Account: Account No.

Date Item Post Ref Debit CreditBalance

Account: Account No.

Date Item Post Ref Debit CreditBalance

Account: Account No.

Date Item Post Ref Debit CreditBalance

Account: Account No.

Date Item Post Ref Debit CreditBalance

Account: Account No.

Date Item Post Ref Debit CreditBalance

Account No.Balance

Account No.Balance

Account No.Balance

Account No.Balance

Account No.Balance

Account No.Balance

Account No.Balance

Carol's ClosetWorksheet

For Year Ended December 31, 20--

Account TitleTrial Balance Adjustments

Debit Credit Debit CreditCash $ 28,548.25 Petty Cash $ 500.00 Accounts Receivable $ 32,518.28 Allow. for Uncoll. Accts. $ 155.25 Merchandise Inventory $ 229,282.36 Supplies-Office $ 6,128.25 Supplies-Store $ 4,218.36 Prepaid Insurance $ 12,000.00 Office Equipment $ 28,187.25 Acc. Depr. -Office Equipment $ 5,158.25 Store Equipment $ 42,841.05 Acc. Depr. -Store Equipment $ 12,483.25 Accounts Payable $ 21,543.20 Federal Income Tax PayableEmp. Income Tax Payable $ 1,248.25 Social Security Tax Payable $ 822.00 Medicare Tax Payable $ 192.24 Sales Tax Payable $ 2,415.25 Unemployment Tax Pay.-Fed $ 33.60 Unemployment Tax Pay.-State $ 226.80 Health Ins. Premiums Pay. $ 960.00 U.S. Savings Bonds Payable $ 75.00 United Way Donations Pay. $ 100.00 Dividends Payable $ 11,000.00 Capital Stock $ 55,000.00 Retained Earnings $ 172,980.13 Dividends $ 44,000.00 Income SummarySales Tax Payable $ 948,484.25 Sales Discount $ 3,154.15 Sales Returns and Allowances $ 7,148.15 Purchases $ 489,335.54 Purchases Discount $ 5,015.25 Purch. Returns and Allowance $ 7,058.05 Advertising Expense $ 16,025.00 Cash Short and Over $ 7.25 Credit Card Fee Expense $ 7,015.95 Depr. Exp. -Office EquipmentDepr. Exp. -Store EquipmentInsurance Expense

Miscellandeouse Expense $ 5,098.00 Payroll Taxes Expense $ 18,152.25 Rent Expense $ 28,000.00 Salary Expense $ 193,971.80 Supplies Expense- OfficeSupplies Expense-StoreUncollectible Accounts ExpenseUtilities Expense $ 4,818.88 Federal Income Tax Expense $ 44,000.00

$ 1,244,950.77 $ 1,244,950.77 $ - $ -

Carol's Closet Before Federal Income TaxWorksheet Total of Income Statement Credit Column

For Year Ended December 31, 20-- Total of Income Statement Debit ColumnIncome Statement Balance Sheet Net Income Before Federal Income Tax

Debit Credit Debit Credit $ 28,548.25 Federal Income Tax $ 500.00 First $ 50,000.00 $ 32,518.28 Next $ 25,000.00

$ 155.25 Next $ 25,000.00 $ - minus 100000 =

$ 28,187.25

$ 42,841.05

$ 21,543.20

$ 1,248.25 $ 822.00 $ 192.24 $ 2,415.25 $ 33.60 $ 226.80 $ 960.00 $ 75.00 $ 100.00 $ 11,000.00 $ 55,000.00 $ 172,980.13

$ 44,000.00

$ 948,484.25

$ - $ 948,484.25 $ 176,594.83 $ 266,751.72 ### $ 948,484.25 ### $ 948,484.25 $ 176,594.83 $1,215,235.97

Before Federal Income TaxTotal of Income Statement Credit ColumnTotal of Income Statement Debit ColumnNet Income Before Federal Income Tax $ -

Federal Income Tax Rate Tax15% $ 7,500.00 25% $ 6,250.00 34% $ 8,500.00

$ (100,000.00) 39% $ (39,000.00)Total Federal Income Tax $ (16,750.00)