(4)SupEx(Laslo_Advertising).xls Laslo Advertising Turck During March, its 1st month of operations, Laslo Advertising Agency recorded the following transactions. Instructions: 1) See next page, reconstruct each transaction in General Journal form (include short explanation) (a) & (b) have partially been done for you. Leave a blank line between (a) and (b) and so on. 2) Calculate the balance in each T-account. Use your own paper for items 3) and 4). 3) Test the equality of DEBITS and CREDITS by preparing an Unadjusted Trial Balance. (CkFig: 28,005) 4) Prepare financial statements. (Income Statement, Statement of Owner Equity & Balance Sheet) (CkFig: Net Income = $11,755) 5) Journalize the 3 Closing Entries in General Journal form. 6) Post the 3 Closing Entries into the system of T-accounts. 7) Prepare a Post-closing Trial Balance (use your own paper) (CkFig: Retained Earnings = $11,055) Cash (#101) Accounts Payable (#201) Consulting Fees(#410) 5100 1600 b 3500 e 3500 600 f 300 175 h 75801 k 500 2400 i bal. bal. m 1000 700 j C1 1 7580 300 o 3300 bal. Loan Payable(#210) Advertising Fees(#420) 3300 n 2600 g Accounts Receivable (#115) bal. 1250 k g 2600 1000 m bal. k 750 C1 bal. 350 C e 0 n Paid-in Capital(#310) 5100 a 3200 d Salary Expense(#510) 2400 bal. Supplies (#120) 350 bal. C2 bal. b d bal. Equipment (#150) 1600 3200 Rent Expense(#520) Retained Earnings or Deficit(#320) 600 -O- bal. C1 bal. C2 C2 C3 bal. Utilities Expense(#530) h 175 Dividends(#330) bal. bal. C2 C3 7007 > (4)SupEx(Laslo_Advertising).xls Laslo Advertising File name: (4)SupEx(Laslo_Advertising).xls > GENERAL JOURNAL PAGE 1 ACCOUNTSI (EXPLANATIONS) POST. REF DATE DEBIT CREDIT 2019 2 Mar 5,100.00 a Cash 101 Paid-in Capital 310 (shareholder invested cash in corporation) 5 6 Mar b Equipment Accounts Payable 10 150 201 8 ) 9 10 Mar 10 11 11 12 112 13 113 14 Mar d 114 15 lis 15 16 16 17 17 18 Mar e 18 19 119 20 120 21 121 22 Mar fl 122 23 23 24 124 25 25 26 Mar g 126 27 127 28 128 29 29 30 Mar h 130 31 31 32 32 33 33 34 || Mar i 134 135 36 36 37 38 Mar 138 39 139 40 140 41 141 42 Mar k 142 1113 44 144 > Tab name: Laslo_General Journal(1) File name: (4)SupEx(Laslo_Advertising).xls > GENERAL JOURNAL PAGE 2 ACCOUNTSI (EXPLANATIONS) POST. REF DEBIT CREDIT DATE 2019 2 Mar I 3 S 6 Mar m 7 8 9 10 Mar n 10 11 11 12 12 13 13 14 Mar o 14 15 15 16 16 17 17 18 18 19 19 20 Mar Closing Entries: 20 31 C1 21 121 22 122 23 123 24 14 (set revenues back to $-0-; in other words, close revenues into Retained Earnings) 25 bs 26 126 27 C2 27 28 128 29 129 30 30 31 31 (set expenses back to $-0-; in other words, close expenses into Retained Earnings) 32 32 33 33 34 C3 34 35 Bs 36 16 (set Dividends back to $-0-; in other words, close Dividends into Retained Earnings) 37 37 38 38 39 39 40 140 41 141 42 12 43 143 144 > Tab name: Laslo_General Journal(2)
