D28 19 1 An 2 Post journal entries from journal to ledger (book of accounts), an
ID: 2339774 • Letter: D
Question
D28 19 1 An 2 Post journal entries from journal to ledger (book of accounts), and calculate new balance for each account in the 3 Prepare an Unadjusted Trial Balance (isting of account balances in debit and credit columns; total debits must 20 n joumal (Journal Entries) (See Tab 384) iedger. (See Tab 7) equal total credits) (See Tab 8) 23 24 25 26 27 4 Record adjusting journal entries (AJES) in journal at end of fiscal period. (See Tab 385) 5 Post adjusting journal entries from journal to ledger (book of accounts), and calculate new balance for each account in the ledger. (See Tab 7) Prepare an Adjusted Trial Balance (listing of account balances in debit and credit columns, total debits must equal total credits) (See Tab 8) 6 7Prepare Income Statement from revenue and expense account balances on the Adjusted Tnal Balance. (See Tab 8 Prepare the Statement of Retained Earnings. (See Tab 10) 9 Prepare the Balance Sheet using balances from the Adjusted Trial Balance (for Retained Earnings, use the 9) 29 balance calculated on the Statement of Retained Earnings). (See Tab 11) 31 10 Record closing entries in journal. (Debit revenue accounts for the amount of their credit balance, credit expenses for the amount of their debit balance, credit Retained Earnings for the amount of Net Income) (See Tab 6) 11 Post closing entries from journal to ledger and calculate new balances. All revenue and expense accounts should now be zero and the retained earnings account will be increased by the amount of net income. (See Tab 7) 12 Prepare a Post-Closing Trial Balance (listing of account balances in debit and credit columns, total debits must 341 35 equal total credits). (See Tab 8) by RJ Casey Tab 1. Instructions Tab 2. Chart of Accounts Tab 3. Transactions Tab 4. JE Template Tab 5. AJE Template t @ wExplanation / Answer
As per policy, we cannot able to post solution more than four sub parts of question.
Answer 1
analysis of transaction
No.
transaction
account title
effect
Categories
DR/CR
Amount($)
1
service provided for cash
cash
Increase
Assets
Debit
610000
service revenue
Increase
revenue
Credit
610000
2
gift card sold
cash
Increase
Assets
Debit
10000
deferred revenue
Increase
Liability
Credit
10000
3
purchase of supplies on account
Supplies
Increase
Assets
Debit
243000
account payable
Increase
Liability
Credit
243000
4
payment made to account payable
account payable
decrease
Liability
Debit
236000
cash
decrease
Assets
Credit
236000
5
Wages paid to staff
Wages expense
Increase
Expense
Debit
326000
cash
decrease
Assets
Credit
326000
6
Rent expense paid
Rent expense
Increase
Expense
Debit
25200
cash
decrease
Assets
Credit
25200
7
Utilities expense paid
Utilities expense
Increase
Expense
Debit
12300
cash
decrease
Assets
Credit
12300
Answer 2
journal entries
date
account title
debit
credit
1
Cash
610000
service revenue
610000
(To record service revenue.)
2
Cash
10000
deferred revenue
10000
(To record gift card sold.)
3
Supplies
243000
account payable
243000
(To record purchase of supplies on account.)
4
account payable
236000
Cash
236000
(To record payment made to account payable.)
5
Wages expense
326000
Cash
326000
(To record Wages paid.)
6
Rent expense
25200
Cash
25200
(To record Rent expense paid.)
7
Utilities expense
12300
Cash
12300
(To record Utilities expense paid.)
Answer 3
Trial balance sheet
account title
Debit
credit
remarks
Cash
20500
610000+10000-236000-326000-25200-12300
service revenue
610000
610000
deferred revenue
10000
10000
Supplies
243000
243000
account payable
7000
243000-236000
Wages expense
326000
326000
Rent expense
25200
25200
Utilities expense
12300
12300
Total
627000
627000
Answer 4
Adjustment entries
date
account title
debit
credit
1
Supplies expense (243000-28000)
215000
Supplies
215000
(To record supplies expense.)
2
deferred revenue
8000
service revenue
8000
(To record gift card redeem during year.)
3
interest expense
10000
interest payable
10000
(To record accrued interest.)
As per policy, we cannot able to post solution more than four sub parts of question.
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