Chemalite Case

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Chemalite Case

Journal Entries for Jan 1, 2003 to Dec 31, 2003 1/2 | Cash | | 375000 | | | | Capital Stock | | 375000 | 1/2 | Patent | | 125000 | | | | Capital Stock | | 125000 | 1/15 | Inc. Expenses | | 7500 | | | | Cash | | 7500 | 6/15 | PPE | | 62500 | | | | Cash | | 62500 | 6/24 | Inventory | | 75000 | | | | Cash | | 75000 | 7/1 | Service Expense | | 23750 | | | | Cash | | 23750 | 12/31 | Account Receivables | | 69500 | | | Cash | | 685000 | | | | Sales | | 754500 | 12/31 | Inventory | | 175000 | | | | Cash | | 175000 | 12/31 | Advertising Expense | | 22500 | | | | Cash | | 22500 | 12/31 | Salary Expense | | 80000 | | | | Cash | | 80000 | 12/31 | Manufacturing Expense | | 350000 | | | | Cash | | 350000 | 12/31 | PPE | | 150000 | | | | Cash | | 150000 | 12/31 | Interest Expense | | 750 | | | | Cash | | 750 | 12/31 | Depreciation Expense | | 10625 | | | | Accum. Depreciation | | 10625 | | To record depreciation expense for Jul-Dec((150,000+62,500 -0)/10)*1/2 years | 12/31 | COGS | | 195000 | | | | Cash | | 195000 | 12/31 | Patent Amortization | | 25000 | | | | Accum. Amortization | | 25000 | | To record amortization expense for Jan – Dec((125000-0)/5)*1 year | 12/31 | Cash | | 90000 | | | | Sales | | 90000 |

T – Accounts
Cash
1 /2 | 375000 | 7500 | 1/15 | 12/31 | 685000 | 62500 | 6/15 | 12/31 | 90000 | 75000 | 6/24 | | | 23750 | 7/1 | | | 175000 | 12/31 | | | 22500 | 12/31 | | | 80000 | 12/31 | | | 350000 | 12/31 | | | 150000 | 12/31 | | | 750 | 12/31 | | | 195000 | 12/31 | | 8000 | | |

Balance Sheet Cash | 8000 | | Account Receivables | 69500 | | Inventory | 250000 | | Patent | 125000 | | Property Plant & Equipment | 212500 | | Capital Stock | | 500000 | Sales Revenue | | 844500 | Accum. Depreciation and Ammortization | | 35625 | | |

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