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Waltham Case
Books of Account of “M/s. Waltham Oil and Lube Center”

1) Journal Entries for the period May 01 to July 31 ____________________________________________________________

____________ Frank Knight Capital A/c $50000 ($ 40000 + $ 10000) ____________________________________________________________

____________

National Oil & Lube Center security Deposit A/c. Dr. $ 40000 To Bank A/c Cr.$40000 ____________________________________________________________

____________ Insurance Charges A/c. Dr. $1200 Bank A/c. Cr. $1200 ____________________________________________________________

____________ Oil & Grease Inventory A/c Dr. $ 6320 Uniforms & Operating Supplier Dr. $ 4130 Lease Rental (May) A/c. Dr. $ 1500 National oil & Lube Security Deposit A/c Cr. $ 11950 ____________________________________________________________

_____________ Equipments A/c Dr. $ 75000 National oil & Lube Center (Asset Supply) A/c. Cr. $ 75000 ____________________________________________________________

_____________ National oil & Lube Center (Asset Supply) A/c. Dr. $ 25200 National oil & Lube Center Security Deposit A/c. Cr. $ 25200 ____________________________________________________________

_____________ National oil & Lube Center (Asset Supply) A/c. Dr. $ 49800 National oil & Lube Center (Asset Supply) Loan A/c. Cr. $ 49800 ____________________________________________________________

_____________ Depreciation A/c Dr. $ 3750 Equipments A/c Cr. $3750 ____________________________________________________________

_____________ Profit & Loss A/c Dr. $3300 Parking Rent Income Cr. $3300 ____________________________________________________________

_____________ Profit & Loss A/c Dr. $105300 Oil and Lubrication Services Cr. $105300 (108660 -3300=105300)
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