$8,000 1. Prepare the general journal entries to record these transactions using the accounts below. Dec. 1 Jordan invests $35,000 cash along with office equipment valued at company in exchange for common stock. Dec. 2 The company purchased $1,500 office supplies on credit. Dec. 6 The company completed a job and received $6,800 cash. Dec. 15 The company prepaid $24,000 for 12 months rent for office space. Dec. 18 The company purchased $7,200 in office equipment on credit. Dec. 20 The company completed an $7,500 job for a client on credit. Dec. 22 The company paid cash of $1,600 on accounts payable from Dec. 18. Dec. 30 The company paid cash of $525 for this month's electric bill. Dec. 31 The company received $3,000 cash from the client billed on Dec. 20. Dec. 31 The company paid cash of $500 in dividends. 101 Cash 102 Accounts Receivable 105 Office Supplies 120 Prepaid Rent 160 Office Equipment 161 Accumulated Depreciation - Office Equipment 201 Accounts Payable 307 Common Stock 312 Dividends 330 Retained Earnings 401 Services Revenue 600 Depreciation Expense 601 Utilities Expense 602 Office Supplies Expense 603 Rent Expense 2 3 4 35 36 37 Problem Journal 1 Ledger Unadj tb Inc St; Re St. Journal 2 Adj. tb D E F B H G 4. Prepare adjusting entries to reflect adjustments a-d. a. The month's depreciation on the office equipment is $500.00 b. One month of the prepaid rent has expired. C. The inventory of supplies shows $200 of supplies still available. d. The company has earned $1,200 of services that are not billed at month-end. 1 Add header 5. Post the adjusting entries in Req. 4 to the ledger (Taccounts) and update the balances. 6. Prepare an adjusted trial balance as of Dec. 31. 7. Prepare an income statement, statement of retained earnings, and balance sheet as of Dec. 31. 8. Record the necessary closing entries for Jordan Company. 9. Post the closing entries to the ledger (Taccounts) and update the balances at the end of the month. 10. Prepare a post-closing trial balance as of December 31, 2017 Problem Journal 1 Ledger Unadj tb Journal 2 Adj. tb Inc St; Re St. Add header -equirement 4 General Jourilal Post. Ref. Debit Credit Date Accounts and Explanations Problem Journal 1 Lodger Unadj tb Journal 2 Adj. tb Inc St: Re St. Page 1 of 1 G H F E D B Add header General Ledger 5 Requireme OFFICE SUPPLIES ACCOUNTS REC. CASH ACCUM. DEPR-OFFICEE OFFICE EQUIP PREPAID RENT DIVIDENDS COMMON STOCK ACCOUNTS PAYABLE 25 76 DEPRECIATION EXP RETAINED EARNINGS SERVICES REVENUE 31 35 Problem Joumal Ledger Unadi tb Inc St: Re St. Journal 2 Adj. tb Heady Page 1 of 1 C B Add header Requirement 6 Adjusted Trial Balance DEBIT CREDIT NO ACCOUNT TITLE Problem Journal 1 Ledger Unadj tb Journal 2 Adj. tb Inc St: Re St. Add header Requirement 7 - Income Statement; Retained Earnings Statement Income Statement For Month Ended December 31 Revenues: Expenses: Total Expenses Net Income 3 19 20 22 Statement of Retained Earnings For Month Ended December 31 24 Retained Earnings, December 1 Plus: 25 26 27 Less Retained Earnings, December 31 28 29 30 31 32 34 Problem Journal 1 Ledger Unad tb Journal 2 Adj. tb Ino St; Res Ready Page 1 of 1 B Add header Requirement 7-Balance Sheet Balance Sheet December 31 Liabilities Assets Equity Total Assets Total Liabilities and Equity 31 32 33 Problem Journal 1 Ledger Unadj tb Journal 2 Adj. tb Inc St: Keady Page: 1 B C D E Add header Requirement 8 General Journal Debit Post. Ref. Credit Date Accounts and Explanations Problem Journal 1 Ledger Unadj tb Journal 2 Adj. tb Inc St; Res E G D F H B Add header General Ledger Requireme 9 CASH OFFICE SUPPLIES ACCOUNTS REC PREPAID RENT OFFICE EQUIP ACCUM. DEPR-OFFICE E ACCOUNTS PAYABLE COMMON STOCK DIVIDENDS RETAINED EARNINGS SERVICES REVENUE DEPRECIATION EXP. Problem Journal 1 Ledger Unadi tb Journal 2 Adj. tb Inc St: Re St. Page 1 of 2 Add header Requirement 10 Post-closing Trial Balance NO. ACCOUNT TITLE DEBIT CREDIT Problem Journal 1 Ledger Unadj tb Journal Adj. tb Ine St; Re St Page: 1 of 2
