1. 2. 3. 4. Required: Using the chart of accounts provided for you, prepare journal entries for the transactions for the month of December. Post the December transactions using the T-accounts provided for you. Create an unadjusted trial balance. Check Figure: $233,050 Total Debits Once you have verified that your unadjusted trial balance is correct, prepare the following adjusting entries. a. A physical count of the Office Supplies account showed that there was $2,000 worth of office supplies on hand. The balance of the Office Supplies account on the unadjusted trial balance is $3,450. b. One month's insurance expired on the 12-month insurance policy purchased on December 1* for $5,200 c. Depreciation expense on the computer equipment, office equipment, and the vehicle totaled $750 for the month of December. d. Juicy Lemonade pays their 3 part-time employees on a monthly basis. The employees will receive their paychecks totaling $3,000 on January 20, 2021. 5. Post the adjusting entries to the T-accounts provided. 6. 7. Create an adjusted trial balance. Check Figure: $236,800 Total Debits Once you have verified that your adjusted trial balance is correct, prepare a multiple-step income statement (see page 181 in your textbook for guidance), a statement of owner's equity (see page 131), and a balance sheet (see page 131). Check Figure: Net income $33,410. Prepare closing entries. Post the closing entries to the T-accounts provided. Prepare a post-closing trial balance. 8. 9. 10. Chart of Accounts Liabilities 200 205 Accounts Payable Salaries Payable Assets 100 105 110 120 125 130 135 140 145 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Computer Equipment Office Equipment Vehicles Accumulated Depreciation Capital 300 305 T. Ramaj, Capital T. Ramaj, Withdrawals Revenues 400 405 410 Sales Sales Discounts Sales Returns and Allowances Expenses 500 505 510 515 520 525 Cost of Goods Sold Rent Expense Office Supplies Expense Insurance Expense Depreciation Expense Salaries Expense 600 Income Summary 1. 2. 3. 4. Required: Using the chart of accounts provided for you, prepare journal entries for the transactions for the month of December. Post the December transactions using the T-accounts provided for you. Create an unadjusted trial balance. Check Figure: $233,050 Total Debits Once you have verified that your unadjusted trial balance is correct, prepare the following adjusting entries. a. A physical count of the Office Supplies account showed that there was $2,000 worth of office supplies on hand. The balance of the Office Supplies account on the unadjusted trial balance is $3,450. b. One month's insurance expired on the 12-month insurance policy purchased on December 1* for $5,200 c. Depreciation expense on the computer equipment, office equipment, and the vehicle totaled $750 for the month of December. d. Juicy Lemonade pays their 3 part-time employees on a monthly basis. The employees will receive their paychecks totaling $3,000 on January 20, 2021. 5. Post the adjusting entries to the T-accounts provided. 6. 7. Create an adjusted trial balance. Check Figure: $236,800 Total Debits Once you have verified that your adjusted trial balance is correct, prepare a multiple-step income statement (see page 181 in your textbook for guidance), a statement of owner's equity (see page 131), and a balance sheet (see page 131). Check Figure: Net income $33,410. Prepare closing entries. Post the closing entries to the T-accounts provided. Prepare a post-closing trial balance. 8. 9. 10. Chart of Accounts Liabilities 200 205 Accounts Payable Salaries Payable Assets 100 105 110 120 125 130 135 140 145 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Computer Equipment Office Equipment Vehicles Accumulated Depreciation Capital 300 305 T. Ramaj, Capital T. Ramaj, Withdrawals Revenues 400 405 410 Sales Sales Discounts Sales Returns and Allowances Expenses 500 505 510 515 520 525 Cost of Goods Sold Rent Expense Office Supplies Expense Insurance Expense Depreciation Expense Salaries Expense 600 Income Summary