BUAD 111 Project - Part 4 You have decided to use December 31, 2021 as your first year-end. Using the December 31, 2021 adjusted trial balance from Part 3, complete the following: a. Prepare the closing entries in the general journal and post to the general ledger. b. Prepare a post-closing trial balance. C. Using your completed post-closing trial balance, general journal, and general ledger, answer the 6 questions in the Part 4 Quiz on Moodle. You will not be submitting your completed excel through the Moodle dropbox for this part. *Note. Don't forget to update your adjusted trial balance so that it matches the solution provided by your instructor for Part 3. BUAD 111 Project - Part 3 - Solution Adjusting entries: CR DR 90 Dec. 31 PR 550 140 Supplies Expense Supplies 90 31 PAGE 2: AR-Kelowna Spin Studio Sales Revenue 180 130 410 180 31 60 Wages Expense Wages Payable 570 240 60 31 18 Depreciation Exp. 515 Accum. Depreciation 161 18 31 7 Interest Exp. Interest Payable 527 245 7 b. Adjusted General Ledger: Cash PR Date Dec 8 11 13 18 28 30 19999999 Acct #110 Debit Credit Balance 910 910 2,800 3.710 330 3,380 205 3,175 120 3.295 80 3,215 G1 Accounts Receivable 0 Date Dec 22 31 PR Acct #130 Credit Debit 295 180 Balance 295 AJE 89 475 Supplies PR Date Dec 18 31 Debit 205 Acct #140 Credit Salance 205 90 115 AJE 1993 Equipment PR Date Dec 1 Debit 850 Acct #160 Credit Balance 850 Accumulated Depreciation Equipment Date Dec 31 AJE G2 PR Debit Acct #161 Credit Balance 18 18 Accounts Payable Date Dec 27 PR G1 Debit Acct 210 Credit Balance 102 102 Unearned Revenue Date Dec 28 PR Debit Acct #230 Credit Balance 120 120 G1 Wages Payable Date Dec 31 PR G2 Debit Acct #240 Credit 60 AJE Balance 60 Interest Payable Date Dec 31 Debit Acct #245 Credit 7 PR G2 AJE Balance 7 Notes Payable Acct #260 Date Dec 11 PR G1 Debit Credit 2,800 Balance 2,800 Date Dec 1 8 Capital PR Debit G1 G1 Acct 310 Credit Balance 850 850 910 1,760 Date Dec 30 Drawings PR Debit G1 80 Acct 320 Credit Balance 80 Sales Revenue Debit Date Dec 22 31 PR G1 G2 Acct #410 Credit Balance 295 295 180 475 AJE Advertising Expense Date Dec 13 PR G1 Acct w50B Debit Credit 330 Balance 330 Depreciation Expense Acct #515 Credit PR Debit Date Dec 31 Balance 18 AJE G2 18 Interest & Bank Charges Expense PR Debit AJE G2 Acct #527 Credit Date Dec 31 Balance 7 Supplies Expense Acct #550 Credit Date Dec 31 PR G1 Debit 90 Balance 90 Telephone Expense Acct #563 Credit Date Dec 27 PR G1 Debit 102 Balance 102 Wages Expense Acct 570 Credit Debit Date Dec 31 PR G2 Balance 60 AJE 60 Income Summary Aoct #999 Credit Balance Date PR Debit YOUR COMPANY NAME Adjusted Trial Balance December 31, 2021 Credit Debit 3.215 475 115 850 18 1027 Acc# 110 130 140 160 161 210 230 240 245 260 310 320 410 508 515 527 550 563 570 Cash Accounts receivable Supplies Equipment Accum, depreciation Accounts payable Unearned revenue Wages payable Interest payable Notes payable Owner, Capital Owner, Drawings Sales revenue Advertising expense Depreciation expense Interest & Bank Charges Supplies expense Telephone expense Wages expense Totals 120 60 7 2,800 1,760 80 475 330 18 7 90 102 60 5,342 5,342 Financial Statements: YOUR COMPANY NAME Income Statement Month Ended December 31, 2021 $ 475 5 Sales revenue Less: Expenses: Advertising expense Depreciation expense Interest expense Supplies expense Telephone expense Wages expense Total expenses Loss 330 18 7 90 102 60 607 132 $ YOUR COMPANY NAME Statement of owner's equity Month Ended December 31, 2021 Owner, capital, December 1, 2021 Add: Investments Subtotal Less: Loss Drawings Owner, capital, December 31, 2021 YOUR COMPANY NAME Balance Sheet December 31, 2021 1,760 1,760 132 80 212 $ 1,548 $ 3.215 475 115 850 18 832 $ 4,637 Assets Cash Accounts receivable Supplies Equipment Less: Accumulated depreciation Total assets Liabilities and owner's equity Accounts payable Unearned revenue Wages payable Interest payable Notes payable Total liabilities $ 102 120 60 7 2.800 3,089 Owner's equity Owner, capital Total liabilities and owner's equity 1548 $ 4,637
