1.

Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) - posted this for you ***

2.

Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal.

3.

Prepare an unadjusted trial balance.

4.

At the end of July, the following adjustment data were assembled. Analyze and use these data to complete requirements (5) and (6).

A.	Insurance expired during July is $375.
B.	Supplies on hand on July 31 are $1,550.
C.	Depreciation of office equipment for July is $750.
D.	Accrued receptionist salary on July 31is $170.
E.	Rent expired during July is $2,400.
F.	Unearned fees earned on July 31, $2,000.

5.

(Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet.

6.

A.	Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. Refer to the Chart of Accounts for exact wording of account titles.
B.	Post the adjusting entries, inserting balances in the accounts affected.

7.

Prepare an adjusted trial balance.

8.

A.	Prepare an income statement for the month ended July 31, 20Y2. Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement.
B.	Prepare a statement of stockholders equity for the month ended July 31, 20Y2. Be sure to complete the statement heading. Negative amount should be indicated by the minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If an amount is zero, enter "0".
C.	Prepare a balance sheet as of July 31, 20Y2. Be sure to complete the statement heading. Fixed assets must be entered in order according to account number. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Negative amount should be indicated by the minus sign.

9.

A.	Journalize the closing entries on page 4 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
B.	Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column.

10.

Prepare a post-closing trial balance.

Journal Entries July 1 Credit Account Title Cash Accounts Receivable Supplies Office Equipment Common Stock Debit $ 12,500 $ 20,800 $ 3,100 $ 7,500 $ 43,900 1 Prepaid Rent Cash $ 4,800 $ 4,800 2. $ 4,500 Prepaid Insurance Cash $ 4,500 4 $ 5,500 Cash Unearned Fees $ 5,500 $ 6,500 Office Equipment Accounts Payable $ 6,500 $ 15,300 Cash Accounts Receivable $ 15,300 10 $ 400 Miscellaneous Expense Cash $ 400 12 $ 5,200 Accounts Payable Cash $ 5,200 12 Accounts Receivable Fees Earned $ 13,300 $ 13,300 14 $ 1,700 Salaries Expense Cash $ 1,700 17 $ 9,450 Cash Fees Earned $ 9,450 18 $ 600 Supplies Cash $ 600 20 $ 6,650 Accounts Receivable Fees Earned $ 6,650 24 $ 5,000 Cash Fees Earned $ 5,000 26 $ 12,000 Cash Accounts Receivable $ 12,000 27 $ 1,700 Salaries Expense Cash $ 1,700 29 $ 400 Miscellaneous Expense Cash $ 400 31 $ 675 Miscellaneous Expense Cash $ $ 675 31 $ 5,200 Cash Fees Earned $ 5,200 31 $ 3,000 Accounts Receivable Fees Earned $ 3,000 31 $ 12,500 Dividends Cash $ 12,500 Adjusting Entries Credit Account Title Insurance Expense Prepaid Insurance Debit $ 375 A $ 375 B $ 2,150 (3,100 + 600 = 3,700 - 1,550 = 2,150 ) Supplies Expense Supplies $ 2,150 $ $ 750 Depreciation expense Accumulated Depreciation $ 750 D D $ $ 170 Salaries Expense Salaries payable $ 170 E $ 2,400 Rent Expense Prepaid Rent $ 2,400 F $ 3,500 (5,500 - 2,000 = 3,500) Unearned Fees Fees Earned $ 3,500