COMPREHENSIVE PROBLEM OJB Company began business in January, 2016 The following transactions occurred in February, 2016 Feb 1 Purchased supplies on account, $ 400 2 Received cash from customers on account, $ 1,750 3 Paid $ 400 on account 5 Paid technician $ 750 in salary, including the amount owed at the end of January 8 Billed customers for services provided on account, $ 3,200 11 Paid cash for advertising on a local website, $ 300 12 Received $ 3,875 cash for fees earned for jobs completed 16 Paid electricity bill for the month, $ 290 17 Received $ 8,200 cash for fees earned for jobs completed 19 Paid technician $ 750 in salary 20 Billed customers for services provided on account, $ 6,100 22 Received cash from customers on account, $ 9,500 25 Paid phone bill for the month, $ 120 26 Received cash from customers as an advance payment for technical support services to be provided in the future, $ 2,500 27 Billed customers for services provided on account, $ 3,900 28 Received cash from customers on account, $ 5,100 28 OJB withdrew $8,000 for personal use INSTRUCTIONS The chart of accounts and the post closing trial balance as of January 31, 2016 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 February 1, 2016, and place a check mark ( ) in the Posting Reference column Journalize each of the March transactions in the journal provided using OJB Companys chart of accounts (Do not insert the account numbers in the journal at this time) Post the journal to the ledger Prepare an unadjusted trial balance At the end of March, the following adjustment data were assembled Use this data to complete instructions ( 5 ) and ( 6 ) Supplies on hand were $ 600 Rent expired during the month was $ 1,600 Unearned fees at the end of the month were $ 2,000 Insurance expired during the month was $ 300 Accrued salaries payable were $ 240 Depreciation on equipment during the month was $ 330 Optional Enter the unadjusted trial balance on an end of period spreadsheet worksheet and complete the worksheet Journalize and post the adjusting entries Prepare an adjusted trial balance Prepare an Income Statement, Statement of Owners Equity, and Balance Sheet Record and post the closing entries Income Summary is account 33 in the chart of accounts Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry 10 Prepare a post closing trial balance OJB COMPANY SERVICE CHART OF ACCOUNTS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 OJB, Capital 32 OJB, Drawing 33 Income Summary 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense OJB COMPANY POST CLOSING TRIAL BALANCE JANUARY 31, 2016 DEBIT CREDIT Cash 22,100 Accounts Receivable 3,400 Supplies 1,350 Prepaid Rent 3,200 Prepaid Insurance 1,500 Office Equipment 14,500 Accumulated Depreciation 330 Accounts Payable 800 Salaries Payable 120 Unearned Fees 2,500 OJB, Capital 42,300 46,050 46,050

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COMPREHENSIVE PROBLEM OJB Company began business in January, 2016. The following transactions occurred in February, 2016: Feb 1 Purchased supplies on account, $ 400. 2

COMPREHENSIVE PROBLEM

OJB Company began business in January, 2016. The following transactions occurred in February, 2016:

Feb 1 Purchased supplies on account, $ 400.

2 Received cash from customers on account, $ 1,750.

3 Paid $ 400 on account.

5 Paid technician $ 750 in salary, including the amount owed at the end of January.

8 Billed customers for services provided on account, $ 3,200.

11 Paid cash for advertising on a local website, $ 300.

12 Received $ 3,875 cash for fees earned for jobs completed.

16 Paid electricity bill for the month, $ 290.

17 Received $ 8,200 cash for fees earned for jobs completed.

19 Paid technician $ 750 in salary.

20 Billed customers for services provided on account, $ 6,100.

22 Received cash from customers on account, $ 9,500.

25 Paid phone bill for the month, $ 120.

26 Received cash from customers as an advance payment for technical support services to be provided in the future, $ 2,500.

27 Billed customers for services provided on account, $ 3,900.

28 Received cash from customers on account, $ 5,100.

28 OJB withdrew $8,000 for personal use.

INSTRUCTIONS:

The chart of accounts and the post-closing trial balance as of January 31, 2016 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 February 1, 2016, and place a check mark ( ) in the Posting Reference column. Journalize each of the March transactions in the journal provided using OJB Companys chart of accounts. (Do not insert the account numbers in the journal at this time).

Post the journal to the ledger.

Prepare an unadjusted trial balance.

At the end of March, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and ( 6 ):

Supplies on hand were $ 600.
Rent expired during the month was $ 1,600.
Unearned fees at the end of the month were $ 2,000.
Insurance expired during the month was $ 300.
Accrued salaries payable were $ 240.
Depreciation on equipment during the month was $ 330.

Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet.

Journalize and post the adjusting entries.

Prepare an adjusted trial balance.

Prepare an Income Statement, Statement of Owners Equity, and Balance Sheet.

Record and post the closing entries. Income Summary is account #33 in the chart of accounts. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry.

10.Prepare a post-closing trial balance.

OJB COMPANY SERVICE CHART OF ACCOUNTS

11 Cash

12 Accounts Receivable

14 Supplies

15 Prepaid Rent

16 Prepaid Insurance

18 Office Equipment

19 Accumulated Depreciation

21 Accounts Payable

22 Salaries Payable

23 Unearned Fees