Home CREATE THE JANUARY 31, 2018 UN

CREATE THE JANUARY 31, 2018 UN

CREATE THE JANUARY 31, 2018 UNADJUSTED TRIAL BALANCE FOR THEFOLLOWING JOURNAL EQUATIONS
a. 1/1/18 Office Supplies 350
         AccountsPayable 350
To record on credit payment for office supplies
b. 1/1/18 Prepaid Insurance 1800
         Cash 1800
To record purchase of 24-month insurance for cash
c. 1/1/18 Computer Equipment 2100
         AccountsPayable 2100
To record purache of computer equipment
d. 1/5/18 Merchandise Inventory 1275
         AccountsPayable 1275
To record purchase of merchandis for resale
e. 1/8/18 Accounts Payble 2100
        Sales Discount 42
        Cash 2058
To record full payment for computer equipment
f. 1/10/18 Accounts Payable 350
        Cash 350
To record full payment for office supplies
g. 1/12/18 Unearned Revenue 5000
        Sales Revenue 5000
To record delivery of interior layout
h. 1/14/18 Accounts Receivable 18,500
         SalesRevenue 18,500
To record project completed and billed to customer
i. 1/16/18 Wages Expense 4225
Payroll taxes expense 1055
        Cash 5280
To record wage and tax payment
j. 1/18/18 Cash 30
        Office Supplies 30
To record refund of items returned from Jan. 1
k. 1/20/18 Cash 5000
        AccountsReceivable 5000
To record payment of work
l. 1/24/18 Cash 275
        Sales Revenue 275
To record sale of side table
m. 1/26/18 Accounts Payable 200
       Merchandise Inventory 200
To record inventory returned to supplier
n. 1/30/18 Cash 9250
       Accounts Receivable 9250
To record partial payment for invoice on Jan. 14
january 1, 2018 BeginningBalances
Description Debit Credit
Cash    95,349.00
Accounts Receivable       7,250.00
Inventory       4,898.00
Prepaid Insurance       3,250.00
Prepaid Rent       1,750.00
Building
Computers & Software       2,740.00
Accumulated Dep Comp             411.00
Furniture & Fixtures       5,775.00
Accumulated Dep F&F             619.00
Land
Machinery & Equipment
Accumulated Dep M&E
Accounts Payable          1,600.00
Payroll Tax Payable          1,055.00
Sales Tax Payable             250.00
Unearned Revenue          5,000.00
Line of Credit
Notes Payable
Wages Payable          4,225.00
Peters, J., Capital          1,000.00
Peters, M., Capital          1,000.00
Retained Earnings    105,852.00
Designing Revenue
Furnishing Sales
Cost of Goods Sold
Vendor Compensation
Contract Labor Expense
Materials Expense
Supplies Expense
Wages Expense
Depreciation Expense
Insurance Expense
Office Rent Expense
Office Supplies Expense
Payroll Tax Expense
Postage Expense
Small Tools Expense

Answer:

Dear Friend,

Iam applying the given data (Journal Entries) to the OpeningTrail Balance (January 01, 2018) to derive at the Closing TrialBalance as on January 31, 2018. However iam ignoring theDeprciation Calculation Entries for this month, if you want you canadjust the same in Revenue statement in the coloumn of DepreciationExpense and also in Balance Sheet in the coloumn of AccumulatedDepreciation for the respective Asset.

RevenueStatement (Only of Adjusting Balances )
Particulars Debit Credit Working Note
Sales Revenue 0 5000+18500+275 = 23775 Add G,H,L
Wages Expense 4225 0 Add I
Office Supplies Expense 350-30=320 0 Add A , Subtract J
Payroll Tax Expense 1055 0 Add I
Discount Received 0 42 Add E
Total 5600 23817
Difference Transferred to Balance Sheet 23817-5600 = 18217

Now, Lets adjust Balance sheet Items:

Balance Sheet(Only of Adjusting Balances)
Particulars Debit Credit AdjustingBalances Total (Dr) Total (Cr) Working Note
Cash 95349 0 -1800-2058-350-5280+30+5000+275+9250 = 5067 100416 0 Add J,K,L,N & Subtract B,E,F,I
Accounts Receivables 7250 0 18500-5000-9250 = 4250 11500 0 Add H & Subtract K,N
Inventory 4898 0 1275-200 = 1075 5973 0 Add D & Subtract M
Prepaid Insurance 3250 0 1800 5050 0 Add B
Prpaid Rent 1750 0 0 1750 0 –
Computers & Software 2740 0 2100 4840 0 Add C
Accumulated Dep Comp 0 411 0 0 411

–
Furniture and Fixtures 5775 0 0 5775 0 –
Accumulated Dep F & F 0 619 0 0 619 –
Accounts Payable 0 1600 350+2100+1275-2100-350-200 = 1075 0 2675 Add A,C,D & Subtract E,F,M
Payroll Tax Payable 0 1055 0 0 1055 –
Sales Tax Payable 0 250 0 0 250 –
Unearned Revenue 0 5000 -5000 0 0 Subtract G
Wages Payable 0 4225 0 0 4225 –
Peters J Capital 0 1000 0 0 1000 –
Peters M Capital 0 1000 0 0 1000 –
Retained Earnings 0 105852 18217 0 124069 From Revenue Statement
Total – – – 135304 135304 –
 
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