During the month of October of the current year, Dan's Accounting Service was opened The following transactions occurred Oct 1 Oct 1 Dan sold $70,000 worth of stock (50 shares) to start the business. Dan purchased $9,500 worth of office equipment on account from Nguyen's Furniture Supply Oct1 Dan paid October's rent on the office. He wrote a check for $2,500. Oct 2 Dan purchased $400 worth of office supplies for cash. Oct 4 The telephone was installed. We paid $95 (Utilities Expense). Oct 4 Dan placed an advertisement in the Anoka County Shopper. It cost $150 (cash). Oct 4 Dan started a petty cash fund with $50 for a fund balance. Oct 5 We purchased (for cash) $45 worth of stamps (Miscellaneous Expense). Prepoad ensuna Oct 5 A three-month umbrella insurance policy was purchased for $720 (cash). Oct 7 Casement's Automotive Supply Company paid us $2,800 (cash) for setting up their books. books. They will pay us later. withheld. The actual bill was for $3,500. They will pay us the rest next month. withheld. equipment purchased on October 1st. us later withheld. did for them on October 9. Oct 9 We earned $3,200 from Bondgien's Fine Furniture Company for setting up their Oct 12 We paid a part-time employee $90 for running errands. There are no taxes to be Oct 14 McDonald's Food Service, Inc. paid us $1,700 for helping them with their taxes Oct 19 We paid our part-time employee $80 for running errands. There are no taxes to be Oct 23 We sent a check for $1,000 to Nguyen's Furniture Supply for the office Oct 26 We earned $800 for consulting with Ranalla's Clothing Outlet. They will pay Oct 26 We paid our part-time employee $50 for running errands. There are no taxes Oct 30 Bondgien's Fine Furniture Company paid us $900 on account for the work we Oct 30 Dan paid the stockholders $600 in dividends. Oct 31 Dan paid the electric bill which was $90 Oct 31 Dan replenished the petty cash fund. He had used $12 for office supplies and $18 for miscellaneous expenses. cc D) Journalize the above entries using the accounts from the Chart ofA 2) Post the transactions to the ledger. (Use T- Accounts.) 3) Prepare a trial balance as of October 31 of the current year. 4) Journalize the following adjusting entries: Be sure to use asset accounts instead of expense accounts whenever A) Dan determines that there was $250 worth of supplies still on hand. B) One month of insurance was been used C) The depreciation on our office equipment is $250. D) Our part-time employee has earned s40 so far this week. She will be paid net month for the full week's work. Post the adjusting entries. 6) 5) Prepare an adjusted trial balance. 7) Prepare an Income Statement (don't forget the Earnings Per Share), Statement of Retained Earnings and a Classified Balance Sheet. 8) Journalize the closing entries. 9) Post the closing entries. 10) Prepare a post-closing trial balance. DAN'S ACCOUNTING SERVICE CHART OF ACCOUNTS 101 Cash 102 Petty Cash 108 Accounts Receivable 112 Office Supplies 118 Prepaid Insurance 201 Office Equipment 202 Accumulated Depreciation-Office 301 Accounts Payable 308 Wages Payable 511 Contributed Capital 512 Retained Earnings 513 Dividends 611 Professional Fees 810 Advertising Expense 815 Depreciation Expense 820 Insurance Expense 825 Miscellaneous Expense Equipment During the month of October of the current year, Dan's Accounting Service was opened The following transactions occurred Oct 1 Oct 1 Dan sold $70,000 worth of stock (50 shares) to start the business. Dan purchased $9,500 worth of office equipment on account from Nguyen's Furniture Supply Oct1 Dan paid October's rent on the office. He wrote a check for $2,500. Oct 2 Dan purchased $400 worth of office supplies for cash. Oct 4 The telephone was installed. We paid $95 (Utilities Expense). Oct 4 Dan placed an advertisement in the Anoka County Shopper. It cost $150 (cash). Oct 4 Dan started a petty cash fund with $50 for a fund balance. Oct 5 We purchased (for cash) $45 worth of stamps (Miscellaneous Expense). Prepoad ensuna Oct 5 A three-month umbrella insurance policy was purchased for $720 (cash). Oct 7 Casement's Automotive Supply Company paid us $2,800 (cash) for setting up their books. books. They will pay us later. withheld. The actual bill was for $3,500. They will pay us the rest next month. withheld. equipment purchased on October 1st. us later withheld. did for them on October 9. Oct 9 We earned $3,200 from Bondgien's Fine Furniture Company for setting up their Oct 12 We paid a part-time employee $90 for running errands. There are no taxes to be Oct 14 McDonald's Food Service, Inc. paid us $1,700 for helping them with their taxes Oct 19 We paid our part-time employee $80 for running errands. There are no taxes to be Oct 23 We sent a check for $1,000 to Nguyen's Furniture Supply for the office Oct 26 We earned $800 for consulting with Ranalla's Clothing Outlet. They will pay Oct 26 We paid our part-time employee $50 for running errands. There are no taxes Oct 30 Bondgien's Fine Furniture Company paid us $900 on account for the work we Oct 30 Dan paid the stockholders $600 in dividends. Oct 31 Dan paid the electric bill which was $90 Oct 31 Dan replenished the petty cash fund. He had used $12 for office supplies and $18 for miscellaneous expenses. cc D) Journalize the above entries using the accounts from the Chart ofA 2) Post the transactions to the ledger. (Use T- Accounts.) 3) Prepare a trial balance as of October 31 of the current year. 4) Journalize the following adjusting entries: Be sure to use asset accounts instead of expense accounts whenever A) Dan determines that there was $250 worth of supplies still on hand. B) One month of insurance was been used C) The depreciation on our office equipment is $250. D) Our part-time employee has earned s40 so far this week. She will be paid net month for the full week's work. Post the adjusting entries. 6) 5) Prepare an adjusted trial balance. 7) Prepare an Income Statement (don't forget the Earnings Per Share), Statement of Retained Earnings and a Classified Balance Sheet. 8) Journalize the closing entries. 9) Post the closing entries. 10) Prepare a post-closing trial balance. DAN'S ACCOUNTING SERVICE CHART OF ACCOUNTS 101 Cash 102 Petty Cash 108 Accounts Receivable 112 Office Supplies 118 Prepaid Insurance 201 Office Equipment 202 Accumulated Depreciation-Office 301 Accounts Payable 308 Wages Payable 511 Contributed Capital 512 Retained Earnings 513 Dividends 611 Professional Fees 810 Advertising Expense 815 Depreciation Expense 820 Insurance Expense 825 Miscellaneous Expense Equipment