Date GENERAL JOURNAL Account Title and Explanation Ref J-1 Debit Credit GENERAL LEDGER cash Ref Debit 5,400.00 Credit No.101 Balance 5,400.00 accounts receivable Ref Debit 2,800.00 Credit No.105 Balance 2,800.00 Explanation supplies Ref Debit 1,300.00 Credit No.110 Balance 1,300.00 Explanation prepaid insurance Ref Debit 2,400.00 Credit No.____115 Balance 2,400.00 Date 29-Feb Explanation Date 29-Feb Explanation Date 29-Feb Date 29-Feb equipment Ref Debit 60,000.00 Credit No.120 Balance 60,000.00 accumulated depreciation Ref Debit Credit No.125 Balance Date 29-Feb Explanation Date Explanation Date 29-Feb Explanation Notes payable Ref Debit Date 29-Feb Explanation accounts payable Ref Debit Date Explanation interest payable Ref Debit Date 29-Feb Explanation owner's capital Ref Debit Credit 40,000.00 No.201 Balance 40,000.00 Credit 2,400.00 No.210 Balance 2,400.00 Credit No.220 Balance Credit 30,000.00 No.300 Balance 30,000.00 owner's drawings Ref Debit Credit 1,000.00 No.310 Balance 1,000.00 service revenue Ref Debit No.400 Balance 4,900.00 Date 29-Feb Explanation Date 29-Feb Explanation Date 29-Feb Explanation Date 29-Feb Explanation Ref Date 29-Feb Explanation Credit 4,900.00 salaries and wages expenses Ref Debit Credit 3,200.00 No.600 Balance 3,200.00 utilities expense Debit Credit 800.00 No.610 Balance 800.00 advertising expense Ref Debit Credit 400.00 No.615 Balance 400.00 Credit No.620 Balance supplies expense Ref Debit Credit No.625 Balance Explanation depreciation expense Ref Debit Credit No.630 Balance Date Explanation interest expense Ref Debit Credit No.632 Balance Date Explanation Credit No.638 Balance Date Explanation Date Explanation Date insurance expense Ref Debit Income Summary Ref Debit Trial Balance Account Title Dr. Cr. Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Income Statement Dr. Cr. Balance Sheet Dr. Cr. At the end of its first quarter of operations, Margaret Floral Way has the following unadjusted trial balance. Margaret Floral Way Trial Balance February 29, 2016 Dr. $ 5,400 2,800 1,300 2,400 60,000 cash Account receivable supplies prepaid insurance equipment notes payable accounts payable owner's capital owner's drawing service revenue salaries and wages expense utilities expense advertising expense total 1. 2. 3. 4. Cr. $ $ 40,000 2,400 30,000 1,000 4,900 $ 3,200 800 400 77,300 $ 77,300 Insurance balance is for two years, calculate the amount that expires for the quarter. $600 of supplies are on hand at February 29, 2016. Monthly depreciation on the equipment is $1900. Interest of $800 on the notes payable has accrued during February. INSTRUCCIONES: a) Jornalize y post the adjusting entries. b) Prepare the adjusted trial balance. c) Prepare the income statement (Value 28), the statement of owner's equity (Value 23) and a classified balance sheet d) Jornalize and post the closing entries e) Prepare a post-closing trial balance. At the end of its first quarter of operations, Margaret Floral Way has the following unadjusted trial balance. Margaret Floral Way Trial Balance February 29, 2016 Dr. $ 5,400 2,800 1,300 2,400 60,000 cash Account receivable supplies prepaid insurance equipment notes payable accounts payable owner's capital owner's drawing service revenue salaries and wages expense utilities expense advertising expense total 1. 2. 3. 4. Cr. $ $ 40,000 2,400 30,000 1,000 4,900 $ 3,200 800 400 77,300 $ 77,300 Insurance balance is for two years, calculate the amount that expires for the quarter. $600 of supplies are on hand at February 29, 2016. Monthly depreciation on the equipment is $1900. Interest of $800 on the notes payable has accrued during February. INSTRUCCIONES: a) Jornalize y post the adjusting entries. b) Prepare the adjusted trial balance. c) Prepare the income statement (Value 28), the statement of owner's equity (Value 23) and a classified balance sheet d) Jornalize and post the closing entries e) Prepare a post-closing trial balance