eBook Show Me How Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions On June 1, 2016, Hannah Ellis established an interior decorating business. Whitworth Designs. During the month, Hannah completed the following transactions related to the business June 1 Hannah transferred cash from a personal bank account to an account to be used for the business, $27.250. 1 Paid rent for period of June 1 to end of month, $3,100. 6 Purchased office equipment on account, $12.700. 8 Purchased a van for $31,450 paying $6,300 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,660. 12 Received cash for job completed, $9,000. 15 Paid annual premiums on property and casualty insurance, $2,500. 23 Recorded jobs completed on account and sent invoices to customers, $12,440. 24 Received an invoice for van expenses, to be paid in July, $1,390. signment Journal entries and trial balance Instructions Chart of Accounts Journal Instructions Ledger Unadjusted Trial Balance Final Questions Enter the following transactions on Page 2 of the two-column journal: June 29 Paid utilities expense, $3,660. 29 Paid miscellaneous expenses, $1,580. 30 Received cash from customers on account, $8,200. 30 Paid wages of employees, $4,600 30 301 Paid creditor a portion of the amount owed for equipment purchased on June 6, $6.160. Withdrew cash for personal use, $2,100. Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2) CNOW journals ... Instructions Journal Chart of Accounts Ledger Unadjusted Trial Balance Final Questions Instructions Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2) CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2 Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. Record DATE, ITEM, POST REF, a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Journal pages do not begin with "J". For example journal page 10 POST. REF is simply 10. If the ending balance is $0, at least one balance amount should be $0. 3. Prepare an unadjusted trial balance for Whitworth Designs as of June 30, 2016. 4. Determine the excess of revenues over expenses for June. 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Instructions Chart of Accounts Whitworth Designs General Ledger SHEET.AL... SHEET.AL... ASSETS 11 Cash SHEET.AL... 12 Accounts Receivable. 13 Supplies 14 Prepaid Insurance 16 Office Equipment 18 Van REVENUE 41 Fees Earned Xs in selecting the accounts to be eral ledger in part 2.) CNOW jours NOW journals will automatically in references in both the journal and ction is posted. Record DATE, ITE do not begin with U For exampl be $0. EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Van Expense LIABILITIES 59 Miscellaneous Expense SHEET.AL... SHEET.AL... Chart of Accounts 16 Office Equipment 18 Van LIABILITIES 21 Notes Payable 22 Accounts Payable 53 Kent Expense 54 Utilities Expense 55 Van Expense 59 Miscellaneous Expense in selecting beral ledger in p NOW journals w references in b ction is posted. do not begin w SHEET.AL... EQUITY 31 Hannah Ellis, Capital 32 Hannah Ellis, Drawing be $0. Instructions Chart of Accounts Journal Xs in selecting the accounts to be 1. Joumalize each transaction in a two-column joumal beginning on Page 1, refeming to the chart of accounts in selecting the accounts to be debited and credited (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2) CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RE DENT CREDIT ASSETS LIABILITIES EQUITY Check My Work 3 more Check My Work uses remaining TAL... TAL... TAL... Chart of Accounts Journal Ledger in selecting the accounts to be 2 Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted Extend the balances to the appropriate balance columns after each transaction is posted. Record DATE, POST REF, a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Joumal pages do not begin with "J". For example joumal page 10 POST. REF is simply 10. If the ending balance is 50, at least one balance amount should be $0 Account: Cash Account: Accounts Receivable Account: Supplies Account: Prepaid Insurance Account Office Equipment Account Van Check My Work 3 more Check My Work uses remaining LEDGER Account No. 11 Account No. 12 Account No 13 Account No 14 Account No. 16 Account No. 18 EETAL... EETAL... EETAL... Chart of Accounts Journal Ledger Account Cash Account Accounts Receivable Account Supplies Account: Prepaid Insurance Account: Office Equipment Account Van Account Notes Payable Account: Accounts Payable Account Hannah Ellis, Capital Account: Hannah Drawing Account: Fees Eamed Account: Wages Expense Account: Rent Expense Check My Work 3 more Check My Work uses remaining in selecting the accounts to be Account No. 11 Account No. 12 Account No. 13 Account No. 14 Account No. 16 Account No. 18 Account No. 21 Account No. 22 Account No 31 Account No. 12 Account No. 41 Account No. 51 Account No. 53 Previous All work saved. Save and Exit Submit Assignment for Gradim Joumal Ledger SHEETAL... Account: Van SHEETAL... SHEETAL... Account: Office Equipment Account: Notes Payable Account: Accounts Payable Account: Hannah Ellis, Capital Account: Hannah Ellis, Drawing Account: Fees Earned Account: Wages Expense Account: Rent Expense Account: Utilities Expense Account: Van Expense Account: Miscellaneous Expense Account No. 16 Account No. 18 Account No. 21 Account No. 22 Account No. 31 Account No. 32 Account No, 41 Account No. 51 Account No. 53 Account No. 54 Account No. 55 Account No. 59 Check My Work 3 more Check My Work uses remaining s Previo All work saved. Save and Exit Submit Assignment m K.02.07.BLANKSHEETAL.... 02.09.BLANKSHEET.AL... .02.16.ALGO R.02.03.BLANKSHEET.AL... Ledger Unadjusted Trial Balance 3. Prepare an unadjusted trial balance for Whitworth Designs as of June 30, 2016. gress: 8/8 items ment Score: 12.5% 1 Cash 2 Accounts Receivable 5 Supplies Prepaid Insurance Whitworth Designs UNADJUSTED TRIAL BALANCE I June 30, 2016 ACCOUNT TITLE Check My Work 3 more Check My Work uses remaining. All work saver DEBIT CREDIT Ledger X.02.07.BLANKSHEET.AL... X.02.09.BLANKSHEET.AL... X.02.16.ALGO R.02.03.BLANKSHEET.AL... ogress: 8/8 items mment Score: 17 Unadjusted Trial Balance 1 Cash 2 Accounts Receivable 3 Supplies Prepaid Insurance Office Equipment Van 7 Notes Payable Accounts Payable Hannah Ellis, Capital Hannah Ellis, Drawing ACCOUNT TITLE DEBIT CREDIT Check My Work 3 more Check My Work uses remaining 7.BLANKSHEET.AL... 9.BLANKSHEETAL... BALGO 3.BLANKSHEETAL... Unadjusted Trial Balance vall Notes Payable Accounts Payable Hannah Ellis, Capital 10 Hannah Ellis, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense 34 Utilities Expense 15 Van Expense 16 Miscellaneous Expense Check My Work 3 more Check My Work uses remaining. a: 8/8 items i Score: 12.5% I Save All work saved. 5. EX.02.07.BLANKSHEET.AL... 6. EX.02.09.BLANKSHEET.AL... 7. EX.02.16.ALGO 8. PR.02.03.BLANKSHEET.AL... Ledger Unadjusted Trial Balance Hannah Ellis, Capital 10 Hannah Ellis, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense Utilities Expense 15 Van Expense 36 Miscellaneous Expense 17 Totals Progress: 8/8 items Check My Work 3 more Check My Work uses remaining Assignment Score: 12.5% All work saved. Final Questions 4. Determine the excess of revenues over expenses for June. 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? 10 Check all that apply. 11 12 Fees earned includes some fees earned in the month of June that have not been received. 15 14 Utilities expense includes expenses incurred for the month of June than have not yet been paid Additions to capital has been wrongly recorded as drawings.. Check My Work 3 more Check My Work uses remaining. 15 Final Questions 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Check all that apply. Fees earned includes some fees earned in the month of June that have not been received. Utilities expense includes expenses incurred for the month of June than have not yet been paid Additions to capital has been wrongly recorded as drawings. Some supplies may have been used during June but no supplies expense has been recorded. Check My Work 3 more Check My Work uses remaining