Only The Higlighted Green Area Needs to be filled. Easy Work, Just have to put adjusted value in.
>Sheet 4-01
01- 24 fall 2012
, and show all entries that need to be poste SEE-IT-NOW TRAVEL No.
1 20,000 2 0
.)
40,000 3 0
,000
10 24 Paid salaries 1,800 0
1,800 Chart of Accounts Cash 7,900 «- Correct! on hand
700 1,800 600 Office Supplies Prepaid Insurance 250 e. but not billed
Computer Equipment 650 1,500 J. Stafford, Withdrawals Commissions Earned Entries (Part 4):
Depreciation, Computer Equipment 0
65 200 assets
Salaries Expense 200 «- Correct! Insurance Expense Rent Expense 400 «- Correct! 650 Office Supplies Expense Computer Equipment
67 600 Repairs Expense Computer Equipment
600 «- Correct! Telephone Expense 320 «- Correct! 1,650 «- Correct! Entries (Part 6)
Commissions Earned 70 9,550 «- Correct! 600 «- Correct! «- Correct! 200 «- Correct! 1,700 «- Correct! 400 «- Correct! 250 «- Correct! 650 «- Correct! 1,830 «- Correct! 1,500 1,500 «- Correct! 3,600 40,000 3,600 1,700 250 650 $ 67,900 $ 67,900 SEE-IT-NOW TRAVEL April 30, XXX5 Account Titles Debits Credits Accounts receivable Accumulated depreciation, computer equipment Depreciation, computer equipment Insurance expense Office supplies expense $ – 0 Try again! SEE-IT-NOW TRAVEL 3,920 200 1,700 400 250 650 7,720 SEE-IT-NOW TRAVEL For Month Ended April 30, XXX5 1,830 Correct! April 30, XXX5 Correct! April 30, XXX5 Account Titles Debits Credits Computer equipment 40,000 J. Stafford, Capital 60,330 $ 61,250 Correct! Correct! 101 Debit Credit Balance 20,000 20,000 1,700 1,100 3,600 1,800 7,900 1,800 250 650 1,500 15,500 «- Correct! Trans. 1,650 1,650 «- Correct! Trans. 400 700 «- Correct! Trans. GJ58 3,600 200 3,400 «- Correct! Trans. Trans. 600 600 «- Correct! Trans. 320 320 «- Correct! Trans. 1,830 61,830 1,500 60,330 «- Correct! Trans. Trans. 4
GJ60 7,900 7,900 9,550 0 «- Correct! Trans. 600 0 «- Correct! Trans. GJ59 1,800 1,800 Trans. Trans. Trans. Trans. GJ62 250 250 Trans. Trans.
2
1
Problem
0
Name:
Ahmed Chaudhry
2
3
24
NOTE: Ledger accounts begin at cell A1
72
d.
Given Data:
Instructions:
SEE-IT-NOW TRAVEL
1. Analyze, journalize, and post daily transactions.
General Journal
2. Prepare an unadjusted trial balance (general ledger balances
Date
Account Titles
Trans.
Debit
Credit
Apr 1
Stafford invested cash
$
20,000
after daily transactions but before adjusting entries).
Transactions for April (Part 2):
Stafford invested computer equipment
40,000
3. Analyze, journalize, and post adjusting entries.
Apr 1
Cash
55
Paid first month’s rent
1,
70
(See adjustment data below
Chart of Accounts
Computer Equipment
Purchased office supplies
1,
10
4. Prepare an adjusted trial balance (general ledger balances after
J. Stafford,Capital
60
«-
Correct!
Paid annual insurance premium
3,
600
adjusting entries but before closing entries).
2
Rent Expense
56
1,
700
14
Paid salaries
1,800
5. Prepare the financial statements: income statement,
Cash
1,700
«- Correct!
Collected commissions earned
7,900
statement of owner’s equity, and balance sheet.
3
Office Supplies
57
1,100
28
6. Analyze, journalize, and post closing entries.
Cash 1,100 «- Correct!
29
Paid for computer repair
250
7. Prepare the post-closing trial balanc
e.
10
Prepaid Insurance
58
3,600
30
Paid telephone bill
65
Note: All forms are below the General Journal. Be sure
Cash 3,600 «- Correct! 30
Stafford withdrew cash for personal use
1,500
to use the following account names (exactly as they are
14
Salaries Expense
59
listed).
Cash 1,800 «- Correct!
Adjustment data for April 30:
24 Cash 60 7,900
a.
2/3 of a month’s insurance consumed
$ ?
101
Commissions Earned
b.
Office supplies
106
Accounts Receivable
28 Salaries Expense
61
c.
Depreciation on computer
124
Cash 1,800 «- Correct! d.
Unpaid salaries
320
128
29
Repairs Expense
62
Commissions earned
1,
650
1
67
Cash 250 «- Correct!
1
68
Accumulated
Depreciation, Computer Equipment
30
Telephone Expense
63
Check figures:
209
Salaries Payable
Cash 650 «- Correct!
(2) Unadjusted trial balance totals
$ 67,900
301
J. Stafford, Capital
30
J. Stafford, Withdrawals
64
(3a) Debit
Insurance expense
200
302
Cash 1,500 «- Correct!
(5)
Net income
1,830
405
Adjusting
Capital (4/30/XXX5)
60,330
612
Apr 3
Insurance Expense
Total
60,650
622
Prepaid Insurance
(7) Post-closing trial balance totals
61,250
637
30
Office Supplies Expense
66
400
640
Office Supplies
30
Depreciation Expense,
684
Accumulated Depreciation,
688
30 Salaries Expense 68 320
901
Income Summary
Salaries Payable
30 Accounts Receivable
69
1,650
Commissions Earned
Closing
Apr 30
9,550
Income Summary
30 Income Summary
71
7,720
Depreciation Expense, Computer Equipment
Salaries Expense
3,920
Insurance Expense
Rent Expense
Office Supplies Expense
Repairs Expense
Telephone Expense
30 Income Summary 72 1,830
J. Stafford, Capital
30 J. Stafford, Capital
73
J. Stafford, Withdrawals
SEE-IT-NOW TRAVEL
Unadjusted Trial
Balance
April 30, XXX5
Account Titles
Debits
Credits
Cash
$
15,500
Accounts receivable
Office supplies 1,100
Prepaid insurance
Computer equipment
Accumulated depreciation, computer equipment
Salaries payable
J. Stafford, Capital
$
60,000
J. Stafford, Withdrawals 1,500
Commissions earned 7,900
Depreciation, computer equipment
Salaries expense
Insurance expense
Rent expense
Office supplies expense
Repairs expense
Telephone expense
Totals
Correct! Correct!
Adjusted Trial Balance
Cash
– 0
Office supplies
Prepaid insurance
Computer equipment
Salaries payable J. Stafford, Capital
J. Stafford, Withdrawals
Commissions earned
Salaries expense
Rent expense
Repairs expense – 0
Telephone expense
Totals
$ – 0
Try again!
Income Statement
For Month Ended April 30, XXX5
Commissions earned
$9,550
Expenses:
Depreciation expense, computer equipment
$600
Salaries expense
Insurance expense
Rent expense
Office supplies expense
Repairs expense
Telephone expense
Total expense
Net income
$1,830
Correct!
Statement of
Owner’s Equity
J. Stafford, Capital, April 1, 2005
$0
Plus: Investment by owner
$60,000
Net income
61,830
Total
$ 61,830
Less withdrawals
(1,500)
J. Stafford, Capital, April 30, 2005
$ 60,330
SEE-IT-NOW TRAVEL
Balance Sheet
Assets
Cash
$15,500
Accounts receivable 1,650
Office supplies 700
Prepaid insurance
3,400
Computer equipment
$40,000
Accumulated depreciation, computer equipment
(600)
Total assets
$60,650
Liabilities
Salaries payable
$ 320
Owner’s Equity
J. Stafford, Capital 60,330
Total liabilities and equity
$ 60,650
SEE-IT-NOW TRAVEL
Post-Closing Trial Balance
Cash $ 15,500 Accounts receivable 1,650
Office supplies 700
Prepaid insurance 3,400
Accumulated depreciation, computer equipment
$ 600
Salaries payable 320
Totals
$ 61,250
SEE-IT-NOW TRAVEL
Note: Compute “Balance” after each posting.
General Ledger
Cash
Account No.
Trans.
Date
Explanation
no.
Apr 1
GJ55
2
GJ56
18,300
3
GJ57
17,200
10
GJ58
13,600
14
GJ59
11,800
24
GJ60
19,700
28
GJ61
17,900
29
GJ62
17,650
30
GJ63
17,000
30
GJ64
Accounts Receivable Account No. 106
Date Explanation no. Debit Credit Balance Apr 30
GJ69
Office Supplies Account No. 124
Date Explanation no. Debit Credit Balance Apr 3 GJ57 1,100 1,100
30 Adjusting
GJ66
Prepaid Insurance Account No. 128
Date Explanation no. Debit Credit Balance
Apr 10
30 Adjusting
GJ65
Computer Equipment Account No.
167
Date Explanation no. Debit Credit Balance Apr 1 GJ55 40,000 40,000 «- Correct!
Accumulated Depreciation,
Computer Equipment Account No.
168
Date Explanation no. Debit Credit Balance Apr 30 Adjusting
GJ67
Salaries Payable Account No. 209
Date Explanation no. Debit Credit Balance Apr 30 Adjusting
GJ68
J. Stafford, Capital Account No. 301
Date Explanation no. Debit Credit Balance Apr 1 GJ55 60,000 60,000
30 Closing
GJ72
30 Closing
GJ73
J. Stafford, Withdrawals Account No. 302
Date Explanation no. Debit Credit Balance Apr 30 GJ64 1,500 1,500
30 Closing GJ72 1,500 0 «- Correct!
Commissions Earned Account No. 405
Date Explanation no. Debit Credit Balance
Apr 2
30 Adjusting GJ69 1,650 9,550
30 Closing
GJ70
Depreciation Expense,
Computer equipment Account No. 612
Date Explanation no. Debit Credit Balance Apr 30 Adjusting GJ67 600 600
30 Closing
GJ71
Salaries Expense Account No. 622
Date Explanation no. Debit Credit Balance
Apr 14
28 GJ61 1,800 3,600
30 Adjusting GJ68 320 3,920
30 Closing GJ71 3,920 0 «- Correct!
Insurance Expense Account No. 637
Date Explanation no. Debit Credit Balance Apr 30 Adjusting GJ65 200 200
30 Closing GJ71 200 0 «- Correct!
Rent Expense Account No. 640
Date Explanation no. Debit Credit Balance Apr 2 GJ56 1,700 1,700
30 Closing GJ71 1,700 0 «- Correct!
Office Supplies Expense Account No. 650
Date Explanation no. Debit Credit Balance Apr 30 GJ66 400 400
30 Closing GJ71 400 0 «- Correct!
Repairs Expense Account No. 684
Date Explanation no. Debit Credit Balance
Apr 29
30 Closing GJ71 250 0 «- Correct!
Telephone Expense Account No. 688
Date Explanation no. Debit Credit Balance Apr 30 GJ63 650 650
30 Closing GJ71 650 0 «- Correct!
Income Summary Account No. 901
Date Explanation no. Debit Credit Balance Apr 30 Closing GJ70 9,550 9,550
30 Closing GJ71 7,720 1,830
30 Closing GJ72 1,830 0 «- Correct!
Sheet2
Sheet3