COMPREHENSIVE PROBLEM 1, Continued ACCOUNT Supplies ACCOUNT NO. 14 BALANCE POST. DATE MEM REF. DEBIT CREDIT ACCOUNT Prepaid Rent 15 ACCOUNT NO. BALANCE DEBIT DATE MEM POST. REF. DEBIT CREDIT ACCOUNT Prepaid Insurance ACCOUNT NO. 16 BALANCE DEBIT CREDIT DATE ITEM POST. REF DEBIT CREDIT ACCOUNT Office Equipment ACCOUNT NO. 18 BALANC DATE MBA POST.! REF. DEBIT CREDIT ACCOUNT Accumulated Depreciation POST. I REE ACCOUNT NO. 19 BALANCE NEAN CORNIT DATE D EBIT CREDIT N W 000 Sam started Samuel Technology Service in February, 2015. The following transactions occurred in March, 2015: Mar1 Received cash from customers on account, $ 3,500. Paid cash for advertising on a local website, $ 600. Received cash from customers as an advance payment for technical support services to be provided in the future, $ 5,000. Paid technician $ 1,500 in salary, including the amount owed at the end of February. Paid $ 800 on account. 12 Billed customers for services provided on account, $ 12,200. 16 Received $ 7,750 cash for fees earned for jobs completed. 17 Paid technician $ 1,500 in salary. Purchased supplies on account, $ 800. 20 Received $ 16,400 cash for fees earned for jobs completed. 21 Billed customers for services provided on account, $ 6,400. 23 Received cash from customers on account, $ 19,000. 26 Paid phone bill for the month, $ 240. 28 Paid electricity bill for the month, $ 580. 30 Billed customers for services provided on account, $ 7,800. 31 Received cash from customers on account, $ 10,200. 31 Sam withdrew $16,000 for personal use. SAMUEL TECHNOLOGY SERVICE CHART OF ACCOUNTS 18 19 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance Office Equipment Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable Unearned Fees Sam Olin, Capital Sam Olin, Drawing 33 Income Summary Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 31 41 SAMUEL TECHNOLOGY SERVICE POST-CLOSING TRIAL BALANCE FEBRUARY 28, 2015 DEBIT CREDIT Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Sam Olin, Capital 44,200 6.800 2,700 6,400 3,000 29,000 660 1,600 240 5,000 84,600 92,100 92,100 1. The chart of accounts and the post-closing trial balance as of February 28, 2015 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances March 1, 2015, and place a check mark( ) in the Posting Reference column. Journalize each of the March transactions in the journal provided using Samuel Technology Service's chart of accounts. (Do not insert the account numbers in the journal at this time). 2. Post the journal to the ledger. 3. Prepare an unadjusted trial balance. 4. At the end of March, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and (6): a. Supplies on hand were $ 1,200. b. Rent expired during the month was $ 3,200. c. Unearned fees at the end of the month were $ 4,000. d. Insurance expired during the month was $ 600. e. Accrued salaries payable were $ 480. f. Depreciation on equipment during the month was $ 660. 5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. 6. Journalize and post the adjusting entries. 7. Prepare an adjusted trial balance. 8. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet
