Accounting Related Question: See the Attachment !

Only The Higlighted Green Area Needs to be filled. Easy Work, Just have to put adjusted value in.

2

>Sheet

1

4-01

01-

24 fall 2012

, and show all entries that need to be poste

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No.

1

Apr 1

20,000 2

0

.)

40,000 3

0

,000

10

2

24

3

Paid salaries 1,800

Cash 1,100 «- Correct!

10

0

Cash 3,600 «- Correct! 30

14

1,800

Cash 1,800 «- Correct!

Chart of Accounts

24 Cash 60 7,900

Cash

7,900 «- Correct!

on hand

700

28 Salaries Expense

1,800

600

Office Supplies

Cash 1,800 «- Correct! d.

Prepaid Insurance

29

250 e.

but not billed

Computer Equipment

Cash 250 «- Correct!

30

650

Cash 650 «- Correct!

30

1,500

J. Stafford, Withdrawals

Cash 1,500 «- Correct!

Commissions Earned

Entries (Part 4):

Depreciation, Computer Equipment

0

65 200

assets

Salaries Expense

200 «- Correct!

Insurance Expense

30

Rent Expense

400 «- Correct! 650 Office Supplies Expense

30

Computer Equipment

67 600

Repairs Expense

Computer Equipment

600 «- Correct!

Telephone Expense

30 Salaries Expense 68 320

320 «- Correct!

30 Accounts Receivable

1,650 «- Correct!

Entries (Part 6)

Commissions Earned 70

9,550 «- Correct!

30 Income Summary

600 «- Correct!

«- Correct!

200 «- Correct!

1,700 «- Correct!

400 «- Correct!

250 «- Correct!

650 «- Correct!

30 Income Summary 72 1,830

1,830 «- Correct!

30 J. Stafford, Capital

1,500

1,500 «- Correct!

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Account Titles

Cash

Office supplies 1,100

3,600

40,000

J. Stafford, Capital

J. Stafford, Withdrawals 1,500
Commissions earned 7,900

3,600

Insurance expense

1,700

250

650

$ 67,900 $ 67,900

Correct! Correct!

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April 30, XXX5

Account Titles Debits Credits

Cash

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

Try again!

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Commissions earned

3,920

200

1,700

400

250

650

7,720

Net income

Correct!

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For Month Ended April 30, XXX5

1,830

Total

Correct!
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April 30, XXX5

Cash

Accounts receivable 1,650
Office supplies 700
Prepaid insurance

Computer equipment

Accumulated depreciation, computer equipment

Salaries payable

Owner’s Equity
J. Stafford, Capital 60,330

Correct!
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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

Salaries payable 320

J. Stafford, Capital 60,330

Totals

$ 61,250

Correct! Correct!

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Cash

101

Trans.
Date

Debit Credit Balance

Apr 1

20,000 20,000

2

1,700

3

1,100

10

3,600

14

1,800

24

7,900

28

1,800

29

250

30

650

30

1,500 15,500 «- Correct!

Accounts Receivable Account No. 106

Trans.
Date Explanation no. Debit Credit Balance

Apr 30

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

400 700 «- Correct!

Prepaid Insurance Account No. 128

Trans.
Date Explanation no. Debit Credit Balance

GJ58 3,600

30 Adjusting

200 3,400 «- Correct!

Computer Equipment Account No.

Trans.
Date Explanation no. Debit Credit Balance

Apr 1 GJ55 40,000 40,000 «- Correct!
Accumulated Depreciation,
Computer Equipment Account No.

Trans.
Date Explanation no. Debit Credit Balance

Apr 30 Adjusting

600 600 «- Correct!

Salaries Payable Account No. 209

Trans.
Date Explanation no. Debit Credit Balance

Apr 30 Adjusting

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

1,830 61,830

30 Closing

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

4

GJ60 7,900 7,900

30 Adjusting GJ69 1,650 9,550
30 Closing

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

600 0 «- Correct!

Salaries Expense Account No. 622

Trans.
Date Explanation no. Debit Credit Balance

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

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!

Problem

0

Name:

Ahmed Chaudhry

2

3

24

NOTE: Ledger accounts begin at cell A1

72

d.

Given Data:

Instructions:

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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.

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).

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.

Office Supplies

57

1,100

28

6. Analyze, journalize, and post closing entries.

29

Paid for computer repair

250

7. Prepare the post-closing trial balanc

e.

Prepaid Insurance

58

3,600

30

Paid telephone bill

65

Note: All forms are below the General Journal. Be sure

Stafford withdrew cash for personal use

1,500

to use the following account names (exactly as they are

Salaries Expense

59

listed).

Adjustment data for April 30:

a.

2/3 of a month’s insurance consumed

$ ?

101

Commissions Earned

b.

Office supplies

106

Accounts Receivable

61

c.

Depreciation on computer

124

Unpaid salaries

320

128

Repairs Expense

62

Commissions earned

1,

650

1

67

1

68

Accumulated

Depreciation, Computer Equipment

Telephone Expense

63

Check figures:

209

Salaries Payable

(2) Unadjusted trial balance totals

$ 67,900

301

J. Stafford, Capital

J. Stafford, Withdrawals

64

(3a) Debit

Insurance expense

200

302

(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

Office Supplies Expense

66

400

640

Office Supplies

Depreciation Expense,

684

Accumulated Depreciation,

688

901

Income Summary

Salaries Payable

69

1,650

Commissions Earned

Closing

Apr 30

9,550

Income Summary

71

7,720

Depreciation Expense, Computer Equipment

Salaries Expense

3,920

Insurance Expense

Rent Expense

Office Supplies Expense

Repairs Expense

Telephone Expense

J. Stafford, Capital

73

J. Stafford, Withdrawals

Unadjusted Trial

Balance

April 30, XXX5

Debits

Credits

$

15,500

Accounts receivable

Prepaid insurance

Computer equipment

Accumulated depreciation, computer equipment

Salaries payable

$

60,000

Depreciation, computer equipment

Salaries expense

Rent expense

Office supplies expense

Repairs expense

Telephone expense

Totals

Adjusted Trial Balance

– 0

$ – 0

Try again!

Income Statement

For Month Ended April 30, XXX5

$9,550

Expenses:

Depreciation expense, computer equipment

$600

Salaries expense

Insurance expense

Rent expense

Office supplies expense

Repairs expense

Telephone expense

Total expense

$1,830

Statement of

Owner’s Equity

J. Stafford, Capital, April 1, 2005

$0

Plus: Investment by owner

$60,000

Net income

61,830

$ 61,830

Less withdrawals

(1,500)

J. Stafford, Capital, April 30, 2005

$ 60,330

Balance Sheet

Assets

$15,500

3,400

$40,000

(600)

Total assets

$60,650

Liabilities

$ 320

Total liabilities and equity

$ 60,650

Post-Closing Trial Balance

$ 600

$ 61,250

Note: Compute “Balance” after each posting.

General Ledger

Account No.

Explanation

no.

GJ55

GJ56

18,300

GJ57

17,200

GJ58

13,600

GJ59

11,800

GJ60

19,700

GJ61

17,900

GJ62

17,650

GJ63

17,000

GJ64

GJ69

GJ66

Apr 10

GJ65

167

168

GJ67

GJ68

GJ72

GJ73

Apr 2

GJ70

GJ71

Apr 14

Apr 29

Sheet2

Sheet3