Question
Assignment #2: For the Month of October (4 points) In proper General Journal format, record the transactions for the month; include descriptions of each transaction
Assignment #2: For the Month of October (4 points) In proper General Journal format, record the transactions for the month; include descriptions of each transaction with your journal entry. Use only the accounts shown in the chart of accounts. Post the journal entries for the month to the general ledger accounts, use appropriate posting references. Prepare a trial balance at the end of the period ending October 30. o Using proper format, create your trial balance in Microsoft Excel. Do not use any trial balance templates. Include all accounts from the chart of accounts. Even those with zero balances. Your accounts in the trial balance should be in the exact order shown in the chart of accounts.
10/1 You paid the monthly office rent of $500 by issuing check # 104.
10/2 You received and paid the bill from the Apple Store by issuing check #105.
10/4 You make the first monthly payment to Pig E Banks by issuing check #106.
10/5 Igotta Troubles came to your office looking for assistance with cleaning up her accounting problems. You agree to assist her and agree upon an Engagement Fee of $2,000 plus an hourly charge of $250 for Hourly Accounting Services to be billed on the 15th and 30th of each month with payment due in 15 days. Igotta writes you a check for the engagement fee in the amount of $2,000 in payment of invoice #5.
10/5 You issued check #107 to Mandi Handi for the September payroll.
10/7 You received a check from Red Fische in full payment of invoice #3.
10/9 You decide that it is time to purchase a business cell phone. You visit the Apple store and purchase an Iphone 7 for a total purchase price of $849. You pay for the phone by issuing check #108.
10/12 You issued check #109 to Max Power and check #110 to WaterWorks #1 in payment of September utility bills.
10/14 You sent invoice to #6 to Igotta Troubles for 25 hours of Hourly Accounting Services, terms 1/10, n30.
10/16 You paid the fuel bill from Get n Go for the fuel purchased on 9/22 by issuing check #111.
10/18 Ima Payne comes to you needing assistance with depositing the monthly payroll taxes for her business. You perform this service and hand her invoice #7 in the amount of $500 for Tax Services. Ima pays you in cash.
10/20 You received a check from Cooking For You in full payment of Invoice #4.
10/25 You Accounting Corp. declared and paid dividends of $4 per share to its shareholders of record. The dividends are paid by issuing check #112.
10/30 You sent the following invoices, terms 1/10, net 30:
#8 to Igotta Troubles for 10 hours of Hourly Accounting Services
#9 to Red Fische for Monthly Accounting Services, and
#10 to Cooking For You for Monthly Accounting Services.
10/30 You accrued interest on the Pig E. Bank note. Accrue interest based on the number of days in the month.
10/30 You computed and accrued the payroll for October.
10/30 You received monthly bills for the following:
Max Power Company - $200, terms n/30
WaterWorks #1 - $20, terms n/30
Great Coverage Cellular - $50, terms n/3
CHART OF ACCOUNTS
| Cash | 105 |
| Petty Cash | 107 |
| Accounts Receivable | 110 |
| Supplies on Hand | 130 |
| Prepaid Insurance | 140 |
| Computer Equipment | 220 |
| Accumulated Depreciation Computer Equipment | 221 |
| Cell Phone | 230 |
| Accumulated Depreciation Cell Phone | 231 |
| Vehicles | 240 |
| Accumulated Depreciation - Vehicles | 241 |
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| Accounts Payable | 310 |
| Customer Deposits (Unearned Revenue) | 320 |
| SUTA Payable | 330 |
| FICA Payable | 332 |
| FUTA Payable | 334 |
| Federal Income Tax Payable | 336 |
| State Income Tax Payable | 338 |
| Current Maturities of Long-Term Debt | 375 |
| Notes Payable (long-term) | 410 |
| Interest Payable | 420 |
| Salaries Payable | 425 |
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| Common Stock ($2 par value) | 520 |
| Additional Paid-in Capital on Common Stock | 521 |
| Retained Earnings | 550 |
| Dividends | 560 |
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| Engagement fees | 605 |
| Monthly Accounting Services Revenue | 610 |
| Hourly Accounting Services Revenue | 620 |
| Tax Services Revenues | 612 |
| Sales Discounts | 614 |
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| Advertising & Promotion Expense | 725 |
| Depreciation Expense | 727 |
| Rent Expense | 730 |
| Insurance Expense | 735 |
| Supplies Expense | 740 |
| Meals & Entertainment | 745 |
| Taxes and Licenses | 767 |
| Telephone Expense | 770 |
| Utilities Expense | 775 |
| Fuel Expense | 780 |
| Interest Expense | 820 |
| Payroll Tax Expense | 825 |
| Salaries Expense | 830 |
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| Income Summay | 900 |
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