COMPUTERIZED ACCTG SOFTWARE ASSIGNMENT Problem 1: P4-31A Background: The unadjusted Trial Balance of Farish Investment Advisers is included in the Reports tab. Farish Investment Advisers gathered the information included in the Transactions section below needed for adjusting entries at December 31, 2018. Assignment: PREVIOUS 1 2 NEXT ? 1) Using the General Journal tab, click Add Transaction to journalize each adjusting entry needed. Click Post Transaction once you complete the entry, then repeat these steps for each additional adjusting entry. 2) Click the Reports tab and review the adjusted Trial Balance generated as a result of preparing the adjusting entries in Requirement 1. 3) Based on this adjusted Trial Balance, prepare the necessary closing entries on December 31. Be sure to click the checkbox indicating that each transaction is a closing entry. Transactions: 12/31/2018 Unearned Revenue earned during the year, $800. 12/31/2018 Office Supplies on hand, $4,500. 12/31/2018 Depreciation for the year on Equipment, $4,500. 12/31/2018 Accrued Salary Expense, $5,000. SAVE WORK RESET RESULTS SUBMIT WORK < December 1, 2018 - December 31, 2018 > BUSINESS REPORTS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Date No transactions in Journal Accounts ADD TRANSACTION EDIT CHECKED TRANSACTION DELETE CHECKED TRANSACTIONS Debit Credit Closing Entry COMPUTERIZED ACCTG SOFTWARE ASSIGNMENT Problem 1: P4-31A Background: The unadjusted Trial Balance of Farish Investment Advisers is included in the Reports tab. Farish Investment Advisers gathered the information included in the Transactions section below needed for adjusting entries at December 31, 2018. Assignment: PREVIOUS 1 2 NEXT ? 1) Using the General Journal tab, click Add Transaction to journalize each adjusting entry needed. Click Post Transaction once you complete the entry, then repeat these steps for each additional adjusting entry. 2) Click the Reports tab and review the adjusted Trial Balance generated as a result of preparing the adjusting entries in Requirement 1. 3) Based on this adjusted Trial Balance, prepare the necessary closing entries on December 31. Be sure to click the checkbox indicating that each transaction is a closing entry. Transactions: 12/31/2018 Unearned Revenue earned during the year, $800. 12/31/2018 Office Supplies on hand, $4,500. 12/31/2018 Depreciation for the year on Equipment, $4,500. 12/31/2018 Accrued Salary Expense, $5,000. SAVE WORK RESET RESULTS SUBMIT WORK - BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE Unearned Revenue Notes Payable, Long-term Farish, Capital Farish, Withdrawals Service Revenue Salaries Expense Insurance Expense Rent Expense Interest Expense Total 20,000 5,500 21,000 56,500 29,000 93,000 40,000 2,500 5,000 5,500 $198,000 $198,000 SAVE WORK RESET RESULTS SUBMIT WORK < November 1, 2018 November 30, 2018 > BUSINESS REPORTS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Account # Description 10100 Cash 10400 10600 10650 10750 Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Rent 11000 Land 20100 Accounts Payable 20150 Refunds Payable 20250 Salaries Payable 30100 Julie, Capital 30150 40100 40150 40200 Sales Discounts 40250 50100 50600 50750 50800 Julie, Withdrawals Sales Revenue Sales Returns and Allowances Service Revenue Cost of Goods Sold Delivery Expense Insurance Expense Rent Expense Current Asset Current Asset Current Asset Current Asset Type Current Asset Property, Plant, and Equipment | Current Liability Current Liability Current Liability Proprietor Capital Proprietor Withdrawals Sales Revenue Contra-Revenue Contra-Revenue Service Revenue Cost of Goods Sold Operating Expense Operating Expense Operating Expense 162/problem/i/business/GeneralJournal/view ComputerizeD ACCTG SOFTWARE ASSIGNMENT Problem 1 : P4-31A Included in the iransactions section below needed for adjusting entries at December 31, 2018. PREVIOUS 1 2 NEXT ? you complete the entry, then repeat these steps for each auditional adjusting entry. 2) Click the Reports tab and review the adjusted Trial Balance generated as a result of preparing the adjusting entries in Requirement 1. 3) Based on this adjusted Trial Balance, prepare the necessary closing entries on December 31. Be sure to click the checkbox indicating that each transaction is a closing entry. 4) Click the Reports tab and review the post-closing Trial Balance generated as a result of preparing the closing entries in Requirement 2. 5) Click Submit Work when complete. Transactions: 12/31/2018 Accrued Service Revenue, $6,500. 12/31/2018 Close any revenue accounts. 12/31/2018 Close any expense accounts (compound entry). 12/31/2018 Close the Income Summary account. 12/21/2018 Cloco the withdrawale account SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Date No transactions in Journal Accounts ADD TRANSACTION EDIT CHECKED TRANSACTION DELETE CHECKED TRANSACTIONS Debit Credit Closing Entry