Does anyone have the answer?Mike's "Honey-Do" Repair Services

Mike's "Honey-Do" Repair Services GENERAL JOURNAL Date 2016 Account Titles and Description GJ 1 PR Debit Credit GENERAL JOURNAL GJ 2 Date 2016 Account Titles and Description PR Debit Credit GENERAL JOURNAL GJ 3 Date 2016 Account Titles and Description PR Debit Credit GENERAL LEDGER CASH Date 2016 Post Ref. Explanation ACCOUNT NO. 111 Balance Debit Credit ACCOUNTS RECEIVABLE Date 2016 Post Ref. Explanation Debit Credit SUPPLIES Date 2016 Explanation Post Ref. Debit Credit PREPAID RENT Date 2016 Explanation Post Ref. Debit Credit PREPAID INSURANCE Date 2016 Explanation Post Ref. Debit Credit Debit Credit ACCOUNT NO. 112 Balance Debit Credit ACCOUNT 114 Balance Debit Credit ACCOUNT NO. 115 Balance Debit Credit ACCOUNT NO. 116 Balance Debit Credit OFFICE EQUIPMENT Date 2016 Post Ref. Explanation Debit Credit ACCUMULATED DEPRECIATION, OFFICE EQUIPMENT Date 2016 Post Ref. Explanation Debit Credit TOOLS Date 2016 Post Ref. Explanation Debit Credit ACCUMULATED DEPRECIATION, TOOLS Date 2016 Post Ref. Explanation Explanation Post Ref. Debit Credit Debit Credit ACCOUNTS PAYABLE Date 2016 Explanation Post Ref. ACCOUNT NO. 122 Balance Debit Credit ACCOUNT NO. 123 Balance Debit Credit ACCOUNT NO. 124 Balance TRUCK Date 2016 ACCOUNT NO. 121 Balance Debit Credit Debit Credit Debit Credit ACCOUNT NO. 125 Balance Debit Credit ACCOUNT NO. 211 Balance Debit Credit MIKE HAMMER, CAPITAL Date 2016 Explanation Post Ref. Debit Credit MIKE HAMMER, DRAWING Date 2016 Explanation Post Ref. Debit Date 2016 INCOME SUMMARY Post Explanation Ref. Date 2016 INCOME FROM SERVICES Post Explanation Debit Ref. Debit Credit Credit Credit ADVERTISING EXPENSE Date 2016 Explanation Post Ref. Debit Credit RENT EXPENSE Date 2016 Explanation Post Ref. Debit Credit ACCOUNT NO. 311 Balance Debit Credit ACCOUNT NO. 312 Balance Debit Credit ACCOUNT NO. 330 Balance Debit Credit ACCOUNT NO. 411 Balance Debit Credit ACCOUNT NO. 511 Balance Debit Credit ACCOUNT NO. 512 Balance Debit Credit SUPPLIES EXPENSE Date 2016 Explanation Post Ref. Date 2016 INSURANCE EXPENSE Post Explanation Ref. Date 2016 UTILITY EXPENSE Post Ref. Explanation Debit Debit Debit Credit Credit ACCOUNT NO. 514 Balance Debit Credit Credit ACCOUNT NO. 515 Balance Debit Credit TELEPHONE EXPENSE Date 2016 Explanation Post Ref. ACCOUNT NO. 516 Debit Credit SALARY EXPENSE Date 2016 Explanation Post Ref. Explanation Post Ref. Debit Credit ACCOUNT NO. 517 Debit Credit TRUCK EXPENSE Date 2016 ACCOUNT NO. 513 Balance Debit Credit Debit Credit ACCOUNT NO. 518 Debit Credit Debit Credit DEPR. EXP. OFFICE EQUIPMENT Date 2016 Explanation Post Ref. Debit ACCOUNT NO. 519 Credit DEPRECIATION EXPENSE, TOOLS Date 2016 Explanation Post Ref. Debit Debit Credit ACCOUNT NO. 520 Credit Debit Credit MIKE'S "HONEY-DO" REPAIR SERVICES WORK SHEET FOR MONTH ENDING SEPTEMBER 30, 2016 TRIAL BALANCE ACCOUNT NAME ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID RENT PREPAID INSURANCE OFFICE EQUIPMENT ACCUM. DEPR., OFFICE EQUIP TOOLS ACCUM. DEPR., TOOLS TRUCK ACCOUNTS PAYABLE MIKE HAMMER, CAPITAL MIKE HAMMER, DRAWING INCOME FROM SERVICES ADVERTISING EXPENSE RENT EXPENSE SUPPLIES EXPENSE INSURANCE EXPENSE UTILITY EXPENSE TELEPHONE EXPENSE SALARY EXPENSE TRUCK EXPENSE DEPR. EXP., OFFICE EQUIP DEPR. EXP., TOOLS ### ### DEBIT CREDIT ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### NET INCOME ### GENERAL JOURNAL Date 2016 Account Titles and Description Adjusting Entries PR Debit GJ 4 Credit MIKE'S "HONEY-DO" REPAIR SERVICES INCOME STATEMENT ___________________________ Revenue Expenses MIKE'S "HONEY-DO" REPAIR SERVICES STATEMENT OF OWNER'S EQUITY _______________________________ MIKE'S "HONEY-DO" REPAIR SERVICES BALANCE SHEET ________________________ ASSETS LIABILITIES AND OWNER'S EQUITY Liabilities Owner's Equity GENERAL JOURNAL Date 2016 Account Titles and Description Closing Entries PR Debit GJ 5 Credit MIKE'S "HONEY-DO" REPAIR SERVICES POST-CLOSING TRIAL BALANCE _____________________________ Account TOTALS Debit Credit Term Project __________________ Name: ___________________ MIKE'S \"HONEY-DO\" REPAIR SERVICES CHART OF ACCOUNTS Assets Revenue 111 Cash 411 112 Accounts Receivable 114 Supplies 115 Prepaid Rent Expenses 116 Prepaid Insurance 511 Advertising Expense 121 Office Equipment 512 Rent Expense 122 Accum. Depr., Office Equipment 513 Supplies Expense 123 Tools 514 Insurance Expense 124 Accum. Depr., Tools 515 Utility Expense 125 Truck 516 Telephone Expense Liabilities 517 Salary Expense 211 518 Truck Expense Owner's Equity 519 Depr. Exp. Office Equipment 311 Mike Hammer, Capital 520 Depr. Exp. Tools 312 Mike Hammer, Drawing 330 Income Summary Accounts Payable Income from Services Instructions Journalize the transactions for the month of September, 2016, beginning on page GJ 1. Be sure and list the Debit Account(s) first; Credit Account(s) next. Be sure and write a brief explanation for each transaction. Post the journal entries to the general ledger accounts. Be sure and use the Post Reference #s for each posting. Prepare the Trial Balance section of the worksheet. Prepare the Adjustments section of the worksheet. o Compute and record the adjustment for supplies used during the month. An inventory showed supplies on hand of $250. o One month rent has been used up. o One month insurance has been used up. o Record the adjustment for depreciation of Office Equipment of $85 for the month. o Record the adjustment for depreciation of Tools of $125 for the month. Complete the worksheet. Print Prepare an Income Statement for the month. Prepare a Statement of Owner's Equity. Prepare a Balance Sheet using the report form. Print all statements. Journalize and post the Adjusting entries. Journalize and post the Closing entries. Prepare a Postclosing Trial Balance. Print Print the complete General Journal for September. Print the General Ledger for September. Add all these reports to your report folder with the cover sheet on top, followed by the Chart of Accounts. DUE: _MONDAY, NOVEMBER 21, 2016 You made the following transactions for Mike's \"Honey-Do\" Repair Services during the month of September: Sept. 1 Invested $15,000 cash, and a truck with a fair market value of $8,500 into the business. 2 Paid $4,000 to U Store It for four months rent (September-December). Ck#1001 3 Paid $1800 to Geico for 1 year liability insurance. Ck# 1002 4 Bought tools from Sears on account, $7500 5 Bought computer system from Hacked Computer Center, $5000, putting $2500 down and putting the balance on account, Ck. #1003, Inv. #Y-41522. 6 Bought supplies-Office Mart, $850. Inv. AB-0987 Ck. #1004. 7 Performed services for cash, $1,650. 10 Performed services on account, $1275. 12 Paid Comcast bill (Telephone Exp) $420, ck#1005 13 Bought supplies on account from Office Mart, $1,185, Inv. AB-1425. 15 Received and paid the utility bill, $3188, Ck. #1006. 15 Paid salary for office clerk, 9/1-9/15-$1000, Ck# 1007 20 Received The Times Review bill for advertising $434, Inv. #TR198. 21 Performed services $7,250, received $2,250 cash, balance due 30 days.. 25 Paid personal telephone bill, $890, Ck. #1008. 27 Received from clients $1275. 28 Repair services on truck-$495-ck#1008 29 Withdrew cash for personal use, $1500, Ck. #1009. 30 Paid personal rent, $1200. Ck#1010 30 Paid salary for office clerk, 9/16-9/30, $1000, ck#1011. 30 Received $2500 on account. 30 Paid Office Mart, Inv. AB-1425, $500 on account. Inv. #X-13572