Accounting Related Question: See the Attachment !
coominacct_2301.xlsx
Sheet1
Problem 04-01 | Name: | Ahmed Chaudhry | 2301-2424 fall 2012 | |||||||||
NOTE: Ledger accounts begin at cell A172, and show all entries that need to be posted. | Given Data: | Instructions: | ||||||||||
SEE-IT-NOW TRAVEL | 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. No. | Debit | Credit | Apr 1 | Stafford invested cash | $ 20,000 | after daily transactions but before adjusting entries). | ||||
Transactions for April (Part 2): | 1 | Stafford invested computer equipment | 40,000 | 3. Analyze, journalize, and post adjusting entries. | ||||||||
Apr 1 | Cash | 55 | 20,000 | 2 | Paid first month's rent | 1,700 | (See adjustment data below Chart of Accounts.) | |||||
Computer Equipment | 40,000 | 3 | Purchased office supplies | 1,100 | 4. Prepare an adjusted trial balance (general ledger balances after | |||||||
J. Stafford,Capital | 60,000 | «- Correct! | 10 | 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! | 24 | Collected commissions earned | 7,900 | statement of owner's equity, and balance sheet. | ||||||
3 | Office Supplies | 57 | 1,100 | 28 | Paid salaries | 1,800 | 6. Analyze, journalize, and post closing entries. | |||||
Cash | 1,100 | «- Correct! | 29 | Paid for computer repair | 250 | 7. Prepare the post-closing trial balance. | ||||||
10 | Prepaid Insurance | 58 | 3,600 | 30 | Paid telephone bill | 650 | 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 | 1,800 | listed). | ||||||||
Cash | 1,800 | «- Correct! | Adjustment data for April 30: | Chart of Accounts | ||||||||
24 | Cash | 60 | 7,900 | a. | 2/3 of a month's insurance consumed | $ ? | 101 | Cash | ||||
Commissions Earned | 7,900 | «- Correct! | b. | Office supplies on hand | 700 | 106 | Accounts Receivable | |||||
28 | Salaries Expense | 61 | 1,800 | c. | Depreciation on computer | 600 | 124 | Office Supplies | ||||
Cash | 1,800 | «- Correct! | d. | Unpaid salaries | 320 | 128 | Prepaid Insurance | |||||
29 | Repairs Expense | 62 | 250 | e. | Commissions earned but not billed | 1,650 | 167 | Computer Equipment | ||||
Cash | 250 | «- Correct! | 168 | Accumulated Depreciation, Computer Equipment | ||||||||
30 | Telephone Expense | 63 | 650 | Check figures: | 209 | Salaries Payable | ||||||
Cash | 650 | «- Correct! | (2) Unadjusted trial balance totals | $ 67,900 | 301 | J. Stafford, Capital | ||||||
30 | J. Stafford, Withdrawals | 64 | 1,500 | (3a) Debit Insurance expense | 200 | 302 | J. Stafford, Withdrawals | |||||
Cash | 1,500 | «- Correct! | (5) Net income | 1,830 | 405 | Commissions Earned | ||||||
Adjusting Entries (Part 4): | Capital (4/30/XXX5) | 60,330 | 612 | Depreciation, Computer Equipment | ||||||||
Apr 30 | Insurance Expense | 65 | 200 | Total assets | 60,650 | 622 | Salaries Expense | |||||
Prepaid Insurance | 200 | «- Correct! | (7) Post-closing trial balance totals | 61,250 | 637 | Insurance Expense | ||||||
30 | Office Supplies Expense | 66 | 400 | 640 | Rent Expense | |||||||
Office Supplies | 400 | «- Correct! | 650 | Office Supplies Expense | ||||||||
30 | Depreciation Expense, Computer Equipment | 67 | 600 | 684 | Repairs Expense | |||||||
Accumulated Depreciation, Computer Equipment | 600 | «- Correct! | 688 | Telephone Expense | ||||||||
30 | Salaries Expense | 68 | 320 | 901 | Income Summary | |||||||
Salaries Payable | 320 | «- Correct! | ||||||||||
30 | Accounts Receivable | 69 | 1,650 | |||||||||
Commissions Earned | 1,650 | «- Correct! | ||||||||||
Closing Entries (Part 6) | ||||||||||||
Apr 30 | Commissions Earned | 70 | 9,550 | |||||||||
Income Summary | 9,550 | «- Correct! | ||||||||||
30 | Income Summary | 71 | 7,720 | |||||||||
Depreciation Expense, Computer Equipment | 600 | «- Correct! | ||||||||||
Salaries Expense | 3,920 | «- Correct! | ||||||||||
Insurance Expense | 200 | «- Correct! | ||||||||||
Rent Expense | 1,700 | «- Correct! | ||||||||||
Office Supplies Expense | 400 | «- Correct! | ||||||||||
Repairs Expense | 250 | «- Correct! | ||||||||||
Telephone Expense | 650 | «- Correct! | ||||||||||
30 | Income Summary | 72 | 1,830 | |||||||||
J. Stafford, Capital | 1,830 | «- Correct! | ||||||||||
30 | J. Stafford, Capital | 73 | 1,500 | |||||||||
J. Stafford, Withdrawals | 1,500 | «- Correct! | ||||||||||
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 | 3,600 | |||||||||||
Computer equipment | 40,000 | |||||||||||
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 | 3,600 | |||||||||||
Insurance expense | ||||||||||||
Rent expense | 1,700 | |||||||||||
Office supplies expense | ||||||||||||
Repairs expense | 250 | |||||||||||
Telephone expense | 650 | |||||||||||
Totals | $ 67,900 | $ 67,900 | ||||||||||
Correct! | Correct! | |||||||||||
SEE-IT-NOW TRAVEL | ||||||||||||
Adjusted Trial Balance | ||||||||||||
April 30, XXX5 | ||||||||||||
Account Titles | Debits | Credits | ||||||||||
Cash | - 0 | |||||||||||
Accounts receivable | ||||||||||||
Office supplies | ||||||||||||
Prepaid insurance | ||||||||||||
Computer equipment | ||||||||||||
Accumulated depreciation, computer equipment | ||||||||||||
Salaries payable | ||||||||||||
J. Stafford, Capital | ||||||||||||
J. Stafford, Withdrawals | ||||||||||||
Commissions earned | ||||||||||||
Depreciation, computer equipment | ||||||||||||
Salaries expense | ||||||||||||
Insurance expense | ||||||||||||
Rent expense | ||||||||||||
Office supplies expense | ||||||||||||
Repairs expense | - 0 | |||||||||||
Telephone expense | ||||||||||||
Totals | $ - 0 | $ - 0 | ||||||||||
Try again! | Try again! | |||||||||||
SEE-IT-NOW TRAVEL | ||||||||||||
Income Statement | ||||||||||||
For Month Ended April 30, XXX5 | ||||||||||||
Commissions earned | $9,550 | |||||||||||
Expenses: | ||||||||||||
Depreciation expense, computer equipment | $600 | |||||||||||
Salaries expense | 3,920 | |||||||||||
Insurance expense | 200 | |||||||||||
Rent expense | 1,700 | |||||||||||
Office supplies expense | 400 | |||||||||||
Repairs expense | 250 | |||||||||||
Telephone expense | 650 | |||||||||||
Total expense | 7,720 | |||||||||||
Net income | $1,830 | |||||||||||
Correct! | ||||||||||||
SEE-IT-NOW TRAVEL | ||||||||||||
Statement of Owner's Equity | ||||||||||||
For Month Ended April 30, XXX5 | ||||||||||||
J. Stafford, Capital, April 1, 2005 | $0 | |||||||||||
Plus: Investment by owner | $60,000 | |||||||||||
Net income | 1,830 | 61,830 | ||||||||||
Total | $ 61,830 | |||||||||||
Less withdrawals | (1,500) | |||||||||||
J. Stafford, Capital, April 30, 2005 | $ 60,330 | |||||||||||
Correct! | ||||||||||||
SEE-IT-NOW TRAVEL | ||||||||||||
Balance Sheet | ||||||||||||
April 30, XXX5 | ||||||||||||
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 | |||||||||||
Correct! | ||||||||||||
SEE-IT-NOW TRAVEL | ||||||||||||
Post-Closing Trial Balance | ||||||||||||
April 30, XXX5 | ||||||||||||
Account Titles | Debits | Credits | ||||||||||
Cash | $ 15,500 | |||||||||||
Accounts receivable | 1,650 | |||||||||||
Office supplies | 700 | |||||||||||
Prepaid insurance | 3,400 | |||||||||||
Computer equipment | 40,000 | |||||||||||
Accumulated depreciation, computer equipment | $ 600 | |||||||||||
Salaries payable | 320 | |||||||||||
J. Stafford, Capital | 60,330 | |||||||||||
Totals | $ 61,250 | $ 61,250 | ||||||||||
Correct! | Correct! | |||||||||||
SEE-IT-NOW TRAVEL | Note: Compute "Balance" after each posting. | |||||||||||
General Ledger | ||||||||||||
Cash | Account No. | 101 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 1 | GJ55 | 20,000 | 20,000 | |||||||||
2 | GJ56 | 1,700 | 18,300 | |||||||||
3 | GJ57 | 1,100 | 17,200 | |||||||||
10 | GJ58 | 3,600 | 13,600 | |||||||||
14 | GJ59 | 1,800 | 11,800 | |||||||||
24 | GJ60 | 7,900 | 19,700 | |||||||||
28 | GJ61 | 1,800 | 17,900 | |||||||||
29 | GJ62 | 250 | 17,650 | |||||||||
30 | GJ63 | 650 | 17,000 | |||||||||
30 | GJ64 | 1,500 | 15,500 | «- Correct! | ||||||||
Accounts Receivable | Account No. | 106 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 30 | GJ69 | 1,650 | 1,650 | «- Correct! | ||||||||
Office Supplies | Account No. | 124 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 3 | GJ57 | 1,100 | 1,100 | |||||||||
30 | Adjusting | GJ66 | 400 | 700 | «- Correct! | |||||||
Prepaid Insurance | Account No. | 128 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 10 | GJ58 | 3,600 | ||||||||||
30 | Adjusting | GJ65 | 200 | 3,400 | «- Correct! | |||||||
Computer Equipment | Account No. | 167 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 1 | GJ55 | 40,000 | 40,000 | «- Correct! | ||||||||
Accumulated Depreciation, | ||||||||||||
Computer Equipment | Account No. | 168 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 30 | Adjusting | GJ67 | 600 | 600 | «- Correct! | |||||||
Salaries Payable | Account No. | 209 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 30 | Adjusting | GJ68 | 320 | 320 | «- Correct! | |||||||
J. Stafford, Capital | Account No. | 301 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 1 | GJ55 | 60,000 | 60,000 | |||||||||
30 | Closing | GJ72 | 1,830 | 61,830 | ||||||||
30 | Closing | GJ73 | 1,500 | 60,330 | «- Correct! | |||||||
J. Stafford, Withdrawals | Account No. | 302 | ||||||||||
Trans. | ||||||||||||
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 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 24 | GJ60 | 7,900 | 7,900 | |||||||||
30 | Adjusting | GJ69 | 1,650 | 9,550 | ||||||||
30 | Closing | GJ70 | 9,550 | 0 | «- Correct! | |||||||
Depreciation Expense, | ||||||||||||
Computer equipment | Account No. | 612 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 30 | Adjusting | GJ67 | 600 | 600 | ||||||||
30 | Closing | GJ71 | 600 | 0 | «- Correct! | |||||||
Salaries Expense | Account No. | 622 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 14 | GJ59 | 1,800 | 1,800 | |||||||||
28 | GJ61 | 1,800 | 3,600 | |||||||||
30 | Adjusting | GJ68 | 320 | 3,920 | ||||||||
30 | Closing | GJ71 | 3,920 | 0 | «- Correct! | |||||||
Insurance Expense | Account No. | 637 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 30 | Adjusting | GJ65 | 200 | 200 | ||||||||
30 | Closing | GJ71 | 200 | 0 | «- Correct! | |||||||
Rent Expense | Account No. | 640 | ||||||||||
Trans. | ||||||||||||
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 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 30 | GJ66 | 400 | 400 | |||||||||
30 | Closing | GJ71 | 400 | 0 | «- Correct! | |||||||
Repairs Expense | Account No. | 684 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 29 | GJ62 | 250 | 250 | |||||||||
30 | Closing | GJ71 | 250 | 0 | «- Correct! | |||||||
Telephone Expense | Account No. | 688 | ||||||||||
Trans. | ||||||||||||
Date | Explanation | no. | Debit | Credit | Balance | |||||||
Apr 30 | GJ63 | 650 | 650 | |||||||||
30 | Closing | GJ71 | 650 | 0 | «- Correct! | |||||||
Income Summary | Account No. | 901 | ||||||||||
Trans. | ||||||||||||
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! |