adjusted general journal entries part 3

part 4

ACCT # ACCOUNT TITLE ACCT # ACCOUNT TITLE 111 112 113 114 141 142 143 144 211 212 213 214 215 216 Cash Accounts Receivable Supplies Prepaid Insurance Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Wages Payable Unearned Service Revenue Interest Payable Income Taxes Payable 311 312 313 314 411 511 512 513 514 515 521 531 532 Common Stock Retained Earnings Dividends Income Summary Service Revenue Wages Expense Advertising Expense Utilities Expense Supplies Expense Insurance Expense Depreciation Expense Interest Expense Income Tax Expense USE THESE ACCOUNT TITLES FOR YOUR JOURNAL ENTRIES!!! Font (1) (2) (3) (4) Paraph Prepare journal entries to record the June 2018 transactions listed on the following page (refer to the chart of accounts for the appropriate account titles to use) Leave a space after each entry! Post the Journal entries to the T-accounts and calculate the account balances Prepare an unadjusted trial balance Prepare adjusting journal entries in the general journal based on the following information (all AJEs are dated June 30) a) The building (barn and office space) has an estimated useful life of 25 years. Record depreciation for one month. b) The equipment has an estimated useful life of 7 years. Record depreciation for one month C) Record insurance expired for one month d) Supplies on hand at the end of June have a cost of $1,305 e) Accrue employee wages for 5 days from Monday June 24 through Friday June 28 (payroll is $5,600 for the two week pay period totaling 10 days for a Monday-Friday workweek) 1) Accrue interest for June on the $200,000 Mountain High Bank note payable. The annual interest rate is 4% a) As of the end of June, 51,365 of the services have been performed for customers for which payment had been received in advance on June 18 h) In June, entered into a contact with Barr & Associates, CPAs to provide gear transport services for the firm's professionals. Larry's Llama Livery will bill Bart & Associates in the following month for services provided Services totaling $1,100 were performed in June and will be billed in July 2018, 1) Income taxes to accrue for June are estimated to be 31,855 (5) (6) Post the adjusting entries to the T-accounts and calculate the account balances Prepare an adjusted trial balance Prepare the financial statements a) Income Statement b) Statement of Retained Earnings c) Balance Sheet Prepare the closing entries in the general journal (all CJEs are dated June 30). Post the closing entries to the T-accounts and calculate account balance (8) (9) Transactions: June 3 Larry's Llama Livery, Inc. sold 50,000 shares of $3 par value common stock for $150,000 3 Found the perfect building with barn and office space in which to locate the business. Negotiated a price of $330,000; Larry's Llama Livery paid $130,000 in cash and signed a long term promissory note for the $200,000 remainder to Mountain High Bank. 4 Purchased equipment for the business for $21,420 on account (credit) from Llama Equipment Company 4 Paid the $2,700 premium for a 1-year insurance policy. 5 Paid $850 for advertising in the Tree Tops Press Newspaper to run throughout the month. 6 Purchased $2,235 of supplies on account 7 Paid $8,000 on account to Llama Equipment Company for the equipment purchased on June 4. 10 Employee wages are paid every two weeks on the Monday following the payroll period (Monday-Friday workweek). Paid employee wages of $5,760 for the payroll period ending June 7 11 Gear transport services provided to customers on account totaled $9,500 14 Gear transport services provided to customers for cash during the first half of June totaled $8,640 18 Received $2,500 cash in advance (deposits) from customers for services to be performed in late June and early July 21 Paid utility bills (water, electric, telephone) for the month totaling $870. 24 Received $3,680 from customers for payments on their accounts. 24 Paid employee wages of $5,890 for the payroll period ending June 21 27 Gear transport services provided to customers for cash during the second half of June totaled $6,750 Declared and paid cash dividends to the stockholders. $1,100 28