ACT101 Applied Accounting Quickbooks Computer Problems PROBLEM #4. (Journalizing. Adjusting and Closing Entries) T. Cruise started Cruise Acting Academy during the month of October 2020. He rented a small warehouse and paid a part-time assistant to help him in the business. His chart of accounts is as follows: Chart of Accounts Assets: Revenues 101 Cash 402 Tuition Revenue 104 Accounts Receivable 110 Prepaid Rent Expenses: 112 Prepaid Insurance 511 Wages Expense 131 Supplies 514 Advertising Expense 181 Equipment 516 Rent Expense 190 Accumulated Depreciation 519 Telephone Expense Liabilities: 520 Supplies Expense 202 Accounts Payable 525 Depreciation Expense 209 Wages Payable 527 Insurance Expense 530 Utilities Expense Owner's Equity: 550 Miscellaneous Expense 311 T. Cruise, Capital 700 Income Summary 312 T. Cruise, Drawing Required #1: Using Quickbooks accounting software Restore/Open Cruise Acting Academy. After company is open To personalize the company name, go to the Company link at the top of your screen and then scroll down to down to My Company. Click on the little pencil icon in the upper right corner of the Company Information box to open the edit feature. Place your cursor at the end of the company name and add your name. Click OK to store the changes Enter the following transactions for the first three months of business for Cruise Acting Academy. (Click on Tasks Menu General Journal Entry) Oct 1 Tom invested cash in the business, $40,000 2 Prepaid 6 months rent in advance, $4,800 3 Purchased Stage Equipment for $3,000. Paid $1,500 immediately but put the rest on account. 5 Purchased supplies for cash, $1,500 7 Purchased a one year insurance policy for $1,200 31 Paid the part-time worker, $450 Nov 2 Tom withdrew $180 so he could relax at the health spa 3 Tuition revenue for the month was, $3,500. Received $1,000 immediately from students the rest is due in 20 days 8 Paid the telephone bill, $95 Paid the electric bill $320 21 Received payment for tuition from students billed on November 3 23 Received the newspaper advertising bill, $160, it is due in 30 days. 27 Paid the part-time worker, $450 Dec 3 Tuition revenue for the month was $5,500. Received $2,500 immediately from students, the rest is due in 20 days. 21 Paid the advertising bill which was received last month, $160 22 Received payment for tuition from students billed on December 3 24 Paid an additional $600 on the stage equipment purchased earlier in the year. 29 Purchased additional supplies on account, $300 11 ACT101 Applied Accounting Quickbooks Computer Problems Requirement #2 Print the Trial Balance 12/31/20. (Click Reports on the main menu Accountant and Taxes Trial Balance to display the report but be sure to change date) (check figures: Cash= $37,845, Supplies = $1,800, Totals = $50,300) Requirement #3: Use the Trial Balance you just printed to help determine the necessary adjusting journal entries required for the following: **Hint: (enter the adjusting journal entries in the general journal and making sure to make to number your adjustments and check the adjusting entry box (Click Accountant on the main menu Make General Journal Entries. Remember to use Dec 31 for all adjustments) Ad 1) Make adjustment for the three months of insurance that has expired Ad 2) Make adjustment for the three months of rent which has expired Ad 3) Supplies on hand at the end of the year is $450. Ad 4) Depreciation on the Stage equipment, which had a useful life of 5 years and no salvage value is $150 Ad 5) Wages owed to the part-time worker are $450. These are due to be paid next week. Requirement #4: Print a new trial balance and using a pencil, write "ADJUSTED" before the title. (totals=50,900) Requirement #5: Print the Income statement for the period 10/1-12/31 (ck figure Net inc = $2,875) Requirement #6: Print the Balance Sheet as of December 31 (Ck Figure= Total Assets $44,445) Requirement #7: Prepare the four closing journal entries in the general journal (Enter the closing journal entries in the general journal and make sure to make to number your closing entries as close 1, close 2, etc. and remove the next to the adjusting entry box (Click Accountant on the main menu Make General Journal Entries. Remember to use Dec 31 for all closing entries). Requirement #8: Print the General journal containing all of your journal entries (Oct 1-Dec 31). Requirement #9: Print a new trial balance and using a pencil, write * POST-CLOSING before the title. (check figure, totals = $44,595, Capital=$42,695) Faves Ressutart sem Cruz Acting Academy QuickBood ACC Dustomers Vendor We Servere Jxmalis Gew Fine Fee LE CE dose 1 LUCINDE 12312020 ACCOUNT DET NUO My Shortcuts DOD 0.00 You should be turning in 6 printouts in the correct order as List of Stad General Last Month DATE ENTRY NO ADI ACCOUNT VEVO Save 8 Close 02