Accounting Comprehensive Problem ****WHAT NEEDS TO BE DONE****:

1. The chart of accounts and post-closing trial balance (April 2017) for Mike Shaw Contractors is shown below. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2017, and place a check mark in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Mike Shaw's chart of accounts. (Do not insert the account numbers in the journal at this time.) *****THIS PART HAS ALREADY BEEN COMPLETED BELOW**** 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance.

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

a. Insurance expired during May is $275.

b. Supplies on hand on May 31 are $715.

c. Depreciation of office equipment for May is $330.

d. Accrued receptionist salary on May 31 is $325.

e. Rent expired during May is $1,600.

f. Unearned fees on May 31 are $3,210

5. Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet.

6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal.

7. Prepare an adjusted trial balance.

8. Prepare an income statement, a statement of owner's equity, and a balance sheet.

9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.

10. Prepare a post-closing trial balance. WHAT'S ALREADY DONE:

1.

-- THE INFORMATION GIVEN BY INSTRUCTOR TO SOLVE THE COMPREHENSIVE PROBLEM:

DATE DESCRIPTION POS DEB CREDIT 5/3 Cash $4,500 Unearned Fees $4,500 5/5 Cash $2,450 Accounts Receivable $2,450 4 5/9 Miscellaneous Expenses $225 Cash $225 6 5/13 $640 Accounts Payable Cash $640 8 5/15 Accounts Receivable $9180 Fees Earned $9180 10 $630 $120 5/16 Salary Expense Salary Payable 12 Cash $750 Cash $8,360 14 Fees Earned $8,360