1. Prepare a Trial Balance

2. Prepare adjusting Journal Entries

3. Posted and Prepare an Unadjusted Trial Balance

4. Prepared Financial Statements

Prepared Closing Journal Entries

Accountants R Us, Inc - Chart of Accounts Account # 100 102 105 110 150 155 200 215 220 Account Name Assets Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Liabilities Accounts Payable Unearned Revenue Income Tax Payable Equity Common Stock Retained Earnings Dividends Revenue Bookkeeping Revenue Expenses Rent Expense Insurance Expense Salaries Expense Supplies Expense Depreciation Expense Income Tax Expense 300 305 310 400 500 505 510 515 520 550 Inc. - Transactions & Addi Date Description of the Activity July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $2,500 July 5 Paid the premium on a 1-year insurance policy, $3,600 July 7 Purchased supplies on account from Neighbor Company, $700. July 10 Paid employee salaries, $2,800 July 14 Purchased equipment from Giles Company, $9,500. Paid $1,500 down and the balance was placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for bookkeeping services for the first half of July, $6,500 July 19 Made payment on account to Giles Company, $500. July 31 Received cash for bookkeeping services for the last half of July, $8,250 July 31 Declared and paid cash dividends of $450. Adjusting Entries One month's insurance has expired The remaining inventory of supplies is $300 The estimated depreciation on equipment is $125 The estimated income taxes are $2,700