Enable Editing PROTECTED VIEW Be careful files from the internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View i SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled Reactivate ADDITIONAL INFORMATION you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More 162 D B E F G H M N Date Transactions and explanations Example: 1-Jul Cash 35,000 Notes payable 35,000 Key bank 24-month note with a 4% annual interest rate. 1.Jul Continue with journal entries below Cash 58000 Common Stock Issued Common Stock 58000 A 1 Account Names you may use 2 Assets: 3 cash Accounts Receivable 5 Supplies 6 Equipment 7 Accumulated Depreciation 8 Liabilities 9 Accounts Payable 10 Wages payable 11 Interest payable 12 Unearned revenue 13 Dividends payable 14 Note payable 15 Equity 16 Common stock 17 Retained earnings 18 Revenues 19 Service Revenue 20 Expenses 21 Supplies expense 22 Equipment repair expense 23 Wages expense Instructions BS0 Ready 1.Jul 84000 Equipment Cash Purchase Equipment for Cash 84000 1.Jul 500 Rental Expense Cash Pay Cash for July Truck Rental 500 3-Jul 900 Accounts Receivable 900 Service Revenue Invoice Customer for service completed Closing JES JES ADI JE ADI. TB FSS Type here to search i ADDITIONAL INFORMATION If you need to 162 X B C Examp A 1 Account Names you may use 2 Assets: 3 cash 4 Accounts Receivable 5 Supplies 6 Equipment 7 Accumulated Depreciation 8 Liabilities 9 Accounts Payable 10 Wages payable 11 Interest payable 12 Unearned revenue 13 Dividends payable 14 Note payable 15 Equity 16 Common stock 17 Retained earnings 18 Revenues 19 Service Revenue 20 Expenses 21 Supplies expense 22 Equipment repair expense 23 Wages expense 24 Truck renta expense Depreciation expense 26 Interest expenses instructions Ready 25 BSO JES O Type here to search 52 E F G D H M B A 3-Jul Accounts Receivable 900 Service Revenue Invoice Customer for service completed 900 Expenses Supplies expense Equipment repair expense Wages expense Truck rental expense Depreciation expense Interest expense Dividends Dividends 5-Jul Dividends 11000 Dividends Payable Board of Directors Declare Cash Dividend 11000 7-Jul 6000 Wages Expense Cash Pay Wages for First Week of July 6000 10-Jul 500 Cash 500 Service Revenue Customer Pays Cash for Job Cash 3500 Accounts Receivable Collect Cash for Job Completed in June 12-Jul 3500 14-Jul Wages Expense 4800 Cash Pay Wages for Second Week of July 4800 15-Jul 50 Supplies Expense Accounts Payable Closing JES 50 Instructions BSO JES ADJ. JE ADJ. TB FSS eady Type here to search X om Project 1 (Protected View] Excel (Unlicensed Product) Page Layout Formulas Data Review View Help Search Be careful-Files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable ED Most of the features of Excel have been disabled. Reactivate MATION If you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More B D F M E 15-Jul G H Cash 900 Accounts Receivable Collect Cash for Job completed on July 3rd 900 17-Jul 430 Mower Repair Expense Accounts Payable Repair equipment on Account 430 19-Jul 20-Jul 21-Jul 23-Jul 25-Jul ructions BSO JES ADJE ADJ. TB FS Closing JES re to search D Project 1 (Protected View] - Excel (Unlicensed Product) Layout Formulas Data Review View Help Search = carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable lost of the features of Excel have been disabled. Reactivate you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More fx B C D E F G M 21-Jul 23-Jul 25-Jul 27-Jul 27-Jul 28-Jul 28-Jul 31-Jul BSO JES ADJ. JE ADJ. TB FSS Closing JES arch hip File Insert Page Layout Data Formulas Review View Home Search Help PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit it's sale to stay in Protected View. Enable Editing Reactivate SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled Learn More ADDITIONAL INFORMATION If you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. 9 D13 D G M H 0 0 R 1 Bestplumbing service Co. started its operation on 1/1, 2018. The balance sheet as of 6/30/2018 is shown in worksheets. The company had the following transactions during July of 2018 2 1 1 Jul Borrowed $35,000 from key bank by signing a 24-month note with a 4% annual interest rate. 3 2 1-Jul Received $58,000 cash from new investors and issued $58,000 no par value common stock to them. 4 3 1-Jul Purchase $84,000 of new equipment and paid cash. 5 4 1-Jul Pay 500 for July truck rental 5 3-Jul invoice customer A $900 for service completed -- Customer will pay in 10 days. 5-Jul the board of directors declared a cash divdiend of $11,000, to be paid on 7/31. 7 7-Jul Paid employee $6,000 for works performed during the first week of July. 8 10-Jul Performed a job for a new customer-customer B. Customer paid $500 in cash. 10 12-Jul Collected $3,500 for service performed on June 26th of 2018, 11 10 14-Jul Paid employee 54,800 for works performed during the first week of July. 12 11 15.Jul Purchased $50 of supplies on account. Supplies are consumed immediately 13 12 15-Jul Collected 9900 for sdrvice performed on 7/3. 11 17. Jul incurred $430 cost for repairing am equipment. Bestplumbing will pay in 30 days. 15 14 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 months 16 15 20 Jul Collected $30,000 cash from service performed on June 28th. 17 16 21-Jul Paid employees $5,750 for work performed during the 3rd week of July. 17 23-Jul Receive advanced $48.000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to January 31 of 2019. 19 18 25-Jul Completed plumbing work for customer C. The total price is $3,900. The customer paid $1,000 cash and will pay the remaining on august 25. 20 27.Jul completed a job for customer D. Customer paid $225 cash. 21 20 27.Jul Paid so for the supplies purchased on 7/15 22 21 28 Jul Pay the employees 56300 for work performed during the 4th week of july 23 22 31 Jul invoice customer E $33,000 for service completed customer will pay in 20 days. Instructions BSO JES ADI. JE ADI. TB FSA Closings 18 Type here to search 0 Learn More ADDITIONAL INFORMATION you need to make a quick edit before renewing your subscription learn more about the Office Web Apps. D1 G 115 16 17 18 19 20 21 22 23 24 25 B D H M N s 20-Jul Collected $30,000 cash from service performed on June 28th 16 21. Jul Paid employees $5,750 for work performed during the 3rd week of July. 23-lul Receive advanced $48,000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to January 31 of 2019. 18 25-Jul completed plumbing work for customer C. The total price is $3,900. The customer paid $1,000 cash and will pay the remaining on august 25. 19 27-Jul Completed a job for customer D. Customer paid $225 cash. 20 27-Jul Paid $50 for the supplies purchased on 7/15 21 28 Jul Pay the employees $6300 for work performed during the 4th week of july. 31-Jul invoice customer $13,000 for service completed - customer will pay in 20 days. 23 31 Jul pay the cash dividend which was declared on 7/5. Additional Information: 1 The depreciation expense for the month is estimated to be $2,400 2 At the end of July, there are $15,550 supplies on hand. 3 For the last 3 days (29,30, 31) of work on July, the employees earned $3,200 of wages, which have not been paid yet. 4 On 2/1/2018, BestPlumbing received advanced payment from the government office for works to be performed from Febrary to July. Per the contract with the government, Bestplumbing can recognize $8,000 of the advanced payment as revenue in July, 5 The bank informs Bestplumbing that the interest on the loan for July is $115 Instructions: 1. Prepare journal entries for each event (show work on worksheet"). Prepare the general ledger accounts (-accounts) on a piece of paper or on your computer. But you do not need to show your work for this. 2. Prepare adjusting entries (show work on worksheet "ADI. JE") 3. Prepare adjusted trial balance show work on worksheet "ADI. T8") 4. Prepare Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows (show work on 5s). 5. Prepare closing entries (show work on "closing") Instructions 050 JES ADIE ADI. TO 15 Closing 29 30 32 20 34 35 36 37 Ready Type here to search AND ON 12 X for A B D E F G 38,250 33,500 4,375 76,125 48,000 (18,000) 3 4 ASSETS 5 Current assets 6 cash 7 Accounts Receivable 8 Supplies 9 Total current assets 10 PPE 11 Equipment 12 Accumulated Depreciation 13 Equipment, net 14 Total assets 15 LIABILITIES 16 Current liabilities 17 Unearned revenue 18 Total liabilities 19 STOCKHOLDERS' EQUITY 20 Common stock | 21 Retained earnings 22 Total stockholders' Equity 22 24 25 30,000 106,125 8,000 8,000 50,000 48,125 98,125 Instructions BSO JES ADI. JE Ready ADJ. TS FSS Closin Type here to search fox 62 F G D K E . L B Date Transactions and explanations Example 1-Jul Cash 35,000 Notes payable 35,000 Key bank 24-month note with a 4% annual interest rate 1-Jul Continue with journal entries below Cash 58000 Common Stock Issued Common Stock 58000 1-Jul 84000 A Account Names you may use Assets: cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities Accounts Payable Wages payable Interest payable Unearned revenue Dividends payable Note payable Equity Common stock Retained earnings 8 Revenues 9 Service Revenue 0 Expenses Supplies expense 2 Equipment repair expense Wages expense 24 Truck rental expense 25 Depreciation expense 26 interest expense Instructions Equipment Cash X Purchase Equipment for Cash 84000 1-Jul 500 Rental Expense Cash Pay Cash for July Truck Rental 500 3-Jul Accounts Receivable 900 Service Revenue Invoice Customer for service completed 900 5.Jul 11000 Dividends Dividends Payable Closing 25 12000 BSC JES ADJ, JE ADI TB FSS Ready ADDITIONAL INFORMATION If you need to make a quick edit before renewing your subscription learn more about the Office Web Apps. Learn More D B E E G M H 5-Jul Truck rental expense Depreciation expense Interest expense Dividends Dividends Dividends 11000 Dividends Payable Board of Directors Declare Cash Dividend 11000 7-Jul 6000 Wages Expense Cash Pay Wages for First Week of July 6000 10-Jul 500 Cash 500 Service Revenue Customer Pays Cash for Job Cash 3500 Accounts Receivable Collect Cash for Job Completed in June 12-Jul 3500 14-Jul Wages Expense 4800 Cash Pay Wages for Second Week of July 4800 15-Jul 50 15-Jul Supplies Expense 50 Accounts Payable Purchase Supplies on Account Cash 900 Accounts Receivable Collect Cash for Job completed on July 3rd Closing JES 900 Instructions BSO JES ADJ. JE ADJ. TB FSS K M F N 0 D B R 0 C E 15-Jul G H Cash 900 Accounts Receivable Collect Cash for lob completed on July 3rd 900 17-Jul 430 Mower Repair Expense Accounts Payable Repair equipment on Account 430 19-Jul 20-lul 21-Jul 23-Jul 25-Jul BSO JES ADJ. JE ADJ. TB F55 Closing JES ch o D 4x B C D E F G H M N o 21-Jul 23-Jul 25-Jul 27-Jut 27-Jul 28-Jul 28-Jul 31-Jul BSO JES ADJ. JE ADJ. TB FSS Closing JES ch x M K N H G E Transactions and explanations Date 31-Jul 31-Jul 31-Jul 31-Jul 31-Jul Instructions BSO JES ADJ. JE ADJ. TB FSS Closing JES Type here to search 0 X