Accounting Module assessment contains three parts (Parts 1, 2, and 3). Please fo
ID: 2328134 • Letter: A
Question
Accounting Module assessment contains three parts (Parts 1, 2, and 3). Please follow the instructions carefully.
Requirements
Part 1:
Prepare the journal entries for each set of transaction data below.
Post the transactions in the ledger.
Extract the unadjusted trial balance as of January 31 of this current year.
Part 2:
For this section, prepare the following adjusted journal entries.
Record depreciation of $1,000 for equipment.
Accrue unpaid wages of $715.
Accrue unpaid utilities of $420.
Part 3:
Prepare an Adjusted Trial Balance as of January 31 of this year.
Submit your completed assessment to the Dropbox before the end of Week 8.
Transaction data
Jonathan Swiss owns the Sports Watch Repairs Store. He provides the transactions relating to the month of January this year.
January 2 Invested $10,000 cash as well as providing watch repair equipment with a valuation of $4,800 (Hint: Treat watch repair equipment as part of capital.)
January 4 Paid first month's rent of $900 cash
January 6 Received $2,500 cash for watch repairs
January 8 Purchased supplies on account from Sears for $500
January 9 Repaired a vintage watch on account for $1,500
January 9 Paid $575 cash for wages
January 12 Purchased watch repair equipment for $1,200 cash
January 13 Received $5,500 cash from watch repairs
January 16 Purchased equipment on account from Sears for $1,000
January 18 Paid $520 cash for advertising expense
January 20 Withdrew $750 cash for personal expenses
January 22 Received $950 cash on account for work done on January 9
January 23 Paid $475 cash for wages
January 26 Received $7,000 cash from watch repairs
January 27 Paid $850 cash on account for the January 16 transactions
January 30 Received $480 cash from repairs previously done on an antique watch
Please complete in a copy and paste form (and not an attachment). PLEASE!!! Thank you
Explanation / Answer
Journal Entries Sports Watch Repair Store For the month of January (In $) (In $) Date Particulars Debit Amount(Dr.) Credit amount(Cr.) Jan-02 Capital A/c Dr 14,800.00 To Cash 10,000.00 To Watch repair equipment 4,800.00 (Being cash and equipment invested in business) Jan-04 Rent A/c Dr 900.00 To cash 900.00 (Being Rent Paid) Jan-06 Cash A/c Dr 2,500.00 To watch Repairs 2,500.00 (Being cash received for repairs) Jan-08 Purchase A/c Dr 500.00 To sears 500.00 (Being Purchases made on credit) Jan-09 Debtors A/c Dr. 1,500.00 To Repairs 1,500.00 (Being Repaired a watch on credit) Jan-09 Wages A/c Dr. 575.00 To cash 575.00 (Being Wages Paid in cash) Jan-12 Watch repair equipment A/c Dr 1,200.00 To Cash 1,200.00 (Being equipment purchased for cash) Jan-13 Cash A/c Dr 5,500.00 To watch repairs A/c 5,500.00 (Being Cash received for repairs) Jan-16 Watch Repair Equipment A/c Dr. 1,000.00 To Sears 1,000.00 (Being Equipment purchased on credit) Jan-18 Adverisement expense A/c Dr. 520.00 To Cash A/c 520.00 (Being cash paid for advertisement) Jan-20 Drawing A/c Dr. 750.00 To Cash 750.00 (Being cash paid for personal expenses) Jan-22 Cash A/c Dr 950.00 To Debtors 950.00 (Being Cash received for sale made on January 9) Jan-23 Wages A/c Dr. 475.00 To cash 475.00 (being wages paid in cash) Jan-26 Cah A/c Dr 7,000.00 To watch Repairs 7,000.00 (Being cash received for repairs) Jan-27 Sears A/c Dr 850.00 Cash A/c 850.00 (being cash paid to creditor) Jan-30 Cash A/c 480.00 To repairs A/c 480.00 (Being Cash Received for repairs) Jan-31 Depreciation A/c Dr. 1000 To watch repair equipment 1000 (Being Depreciation charged) Jan-31 Accrued wages A/c Dr. 715 To wages 715 Jan-31 Accrued utilities A/c Dr 420 To utilities 420
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