Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ella's Electronics Unadjusted Trial Balance For the Month Ended February 28, 2022 Account Debits Credits need to answer the general journal begin{tabular}{|l|l|} hline EllasElectronicsUnadjustedTrialBalanceFortheMonthEndedFebruary28,2022
Ella's Electronics Unadjusted Trial Balance For the Month Ended February 28, 2022 Account Debits Credits
need to answer the general journal
\begin{tabular}{|l|l|} \hline EllasElectronicsUnadjustedTrialBalanceFortheMonthEndedFebruary28,2022 \\ \hline Account & Debits \\ \hline \end{tabular} Oeneral Journal ELLA'S ELECTRONICS ACCOUNTING PROJECT PART 1 Your friend, Cinder Ella, has opened an electronic repair company called Ella's Electronics. Cinder has always had a knack for repairing anything electronic. These types of devices just make sense to her. What does not make sense to her, is accounting. Because of this, she needs someone to help her out with her books. Cinder knows that you have been thoroughly enjoying your accounting class (who wouldn'tI), and has asked you to assist her. You feel confident in your newly acquired financial accounting skills and agree. On your first day of work, you receive the following email from Cinder: Hi friendl Thanks again for agreeing to help me out with "keeping the books." I am completely lost! Financial statements might as well be written in a foreign language but I know I need them for my bank. Here is the Chart of Accounts that was set-up for me. Since I didn't know what you might need, I have written down everything that has happeried since I opened my business. Here it is: February 1 I invested $2,500 cash and $1,580 of supplies into the business. I also opened a bank account in the business's name. 1 Purchased a 124month business insurance policy for $1,200. 1 Took out a small business loan of $5,000 from My local Bank. The first payment will not be due until the end of March. 1 Purchased repair equipment for $2,100 cash. This equipment should last for about five years. 3 Paid landlord $875 for January rent on my repair shop. 4 Customer John Stewart brought in a dervice for repair. It took me two week to complete the tepair. I gave John an invoice for $10,900 on february 18 when he picked up his device. 5 Paid my roommate $375 for my half of the rent on my apartment where I live. 6 Purchased $380 of supplies with cash from Circuit City. 14 Customer Sarah Church dropped of a device for repair and a cash prepayment of 550. 15 Paid assistant's salary of $1,200. Thave one worker who I pay every two weeks on Friday 16 Purchased $440 of supplies on account from Technology Warehouse. 18 Completed Sarah Church's repair. Total repair charge was $75. Sarah paid the remaining balance when she picked up her device on February 18th. 21 Customer Dr. Embert prepaid $4,000 for a device he plans to deliver to me on March 3ty for repair. 22. Discussed potential contract with local computing firm. Will likely be worth $45,000 of work. They will let me know in the next couple of months if they want to move forward. 23 Received $1,000 from John Stewart as payment on the work billed on February 18th. 27 I took $5,000 out of the business bank for myself. 28 Received the February utility bill. It is for $95. I will pay it next month because it is not due until March 10m. General Journa! \begin{tabular}{|l|l|} \hline EllasElectronicsUnadjustedTrialBalanceFortheMonthEndedFebruary28,2022 \\ \hline Account & Debits \\ \hline \end{tabular} Oeneral Journal ELLA'S ELECTRONICS ACCOUNTING PROJECT PART 1 Your friend, Cinder Ella, has opened an electronic repair company called Ella's Electronics. Cinder has always had a knack for repairing anything electronic. These types of devices just make sense to her. What does not make sense to her, is accounting. Because of this, she needs someone to help her out with her books. Cinder knows that you have been thoroughly enjoying your accounting class (who wouldn'tI), and has asked you to assist her. You feel confident in your newly acquired financial accounting skills and agree. On your first day of work, you receive the following email from Cinder: Hi friendl Thanks again for agreeing to help me out with "keeping the books." I am completely lost! Financial statements might as well be written in a foreign language but I know I need them for my bank. Here is the Chart of Accounts that was set-up for me. Since I didn't know what you might need, I have written down everything that has happeried since I opened my business. Here it is: February 1 I invested $2,500 cash and $1,580 of supplies into the business. I also opened a bank account in the business's name. 1 Purchased a 124month business insurance policy for $1,200. 1 Took out a small business loan of $5,000 from My local Bank. The first payment will not be due until the end of March. 1 Purchased repair equipment for $2,100 cash. This equipment should last for about five years. 3 Paid landlord $875 for January rent on my repair shop. 4 Customer John Stewart brought in a dervice for repair. It took me two week to complete the tepair. I gave John an invoice for $10,900 on february 18 when he picked up his device. 5 Paid my roommate $375 for my half of the rent on my apartment where I live. 6 Purchased $380 of supplies with cash from Circuit City. 14 Customer Sarah Church dropped of a device for repair and a cash prepayment of 550. 15 Paid assistant's salary of $1,200. Thave one worker who I pay every two weeks on Friday 16 Purchased $440 of supplies on account from Technology Warehouse. 18 Completed Sarah Church's repair. Total repair charge was $75. Sarah paid the remaining balance when she picked up her device on February 18th. 21 Customer Dr. Embert prepaid $4,000 for a device he plans to deliver to me on March 3ty for repair. 22. Discussed potential contract with local computing firm. Will likely be worth $45,000 of work. They will let me know in the next couple of months if they want to move forward. 23 Received $1,000 from John Stewart as payment on the work billed on February 18th. 27 I took $5,000 out of the business bank for myself. 28 Received the February utility bill. It is for $95. I will pay it next month because it is not due until March 10m. General Journa Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started