Oct.1: Purchased additional office supplies on account from Paper Co., $850. Oct
ID: 2400779 • Letter: O
Question
Oct.1: Purchased additional office supplies on account from Paper Co., $850.
Oct.2: Paid Chicago times advertising bill for September, $900.
Oct. 3: Sold a house to Helen Baker and collected a commission of $7,300.
Oct. 6: Paid gas bill to Haffner Gas Co., $29.
Oct. 8: Collected commission from Tropic Developers for sale of building lot on September 17, $10,000.
Oct. 12: Paid $530 to Long Realtors Assoc. to send employees to realtors' workshop.
Oct. 15: Paid Rosie Petrillo, office secretary, $300.
Oct. 17: Sold a house to Gary Schneider and earned a commission of $2,900. Commission to be received on November 10.
Oct. 18: Sold a building lot to Lombardi Builders and collected a commission of $4,500.
Oct. 22: Sent a check to Heritage Charities for $65 to help sponsor a local road race to aid the poor.
Oct. 24: Paid Hyundai North $620 for repairs to automobile due to accident.
Oct. 28: James Sousa withdrew $2,200 from the business to pay personal expenses.
Oct. 30: Paid Rosie Petrillo, office secretary, $300.
Oct. 30: Paid Comcast telephone bill, $480.
Oct. 30: Advertising bill from Chicago Times for October, $1,300.
1. Journalize transactions in a general journal (p.4) and post to ledger accounts.
2. Prepare a trial balance in the first two columns of a blank, fold-out worksheet located at the end of your textbook at the end of your textbook and complete the worksheet using the following data: a) One month's rent had expired. Paid 5 months' rent in advance on September 1, $1,000. b) An inventory shows $130 of office supplies remaining. c) Depreciation on office equipment, $160. d) Depreciation on automobile, $210.
3. Prepare an October income statement, statement of owner's equity, and balance sheet.
4. From the worksheet, journalize and post adjusting and closing entries (p. 6 of journal).
5. Prepare a post-closing trial balance.
Please HELP!
What the answers should match these:
Cash Ledger Ending Balance for October: 38,921
Debit . Credit
Worksheet: Trial Balance 73,395 73,395
Adjustments 1,390 1,390
Adj. Trial Balance 73,765 73,765
Income statement 5,014 14,700
Net Income 9,686
Matching Totals 14,700 14,700
Balance Sheet 68,751 59,065
Net Income 9,686
Matching Totals 68,751 68,751
Income Statement-Net Income 9,686
Statement of Owner's Equity
James Sousa, Capital Oct. 31 44,411
Balance Sheet 65,811
Post Closing Trial Balance Totals or October 66,551
Explanation / Answer
1)
Supplies on Hand a/c Dr.
To Accounts Payables
850
850
Advertisement a/c Dr.
To Cash
900
900
Cash a/c Dr.
To Commision
7300
7300
Haffner Gas Co. a/c Dr.
To cash
29
29
Cash a/c Dr.
To Commission
10,000
10,000
Long Realtors Assosiation a/c Dr.
To Cash
530
530
Salary & Wages a/c Dr.
To cash
300
300
Account receivables a/c Dr.
To Commision
2900
2900
Cash a/c Dr.
To Commision
4500
4500
Charity a/c Dr.
To Bank
65
65
Repairs a/c Dr.
To cash
620
620
Drawings a/c Dr.
To Cash / Inventory
2200
2200
Salary & wages a/c Dr.
To cash
300
300
Telephone Bill a/c Dr.
To cash
480
480
Advertisment a/c Dr.
To Account payables
1300
1300
Journal EntriesSupplies on Hand a/c Dr.
To Accounts Payables
850
850
Advertisement a/c Dr.
To Cash
900
900
Cash a/c Dr.
To Commision
7300
7300
Haffner Gas Co. a/c Dr.
To cash
29
29
Cash a/c Dr.
To Commission
10,000
10,000
Long Realtors Assosiation a/c Dr.
To Cash
530
530
Salary & Wages a/c Dr.
To cash
300
300
Account receivables a/c Dr.
To Commision
2900
2900
Cash a/c Dr.
To Commision
4500
4500
Charity a/c Dr.
To Bank
65
65
Repairs a/c Dr.
To cash
620
620
Drawings a/c Dr.
To Cash / Inventory
2200
2200
Salary & wages a/c Dr.
To cash
300
300
Telephone Bill a/c Dr.
To cash
480
480
Advertisment a/c Dr.
To Account payables
1300
1300
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