Entry # 1 2 4 Date Jan 2 Jan 4 Jan 6 | Jan 9 Jan 11 Jan 13 Jan 16 Jan 19 Jan 25 Jan 28 Description Paid January rent of $4,000. Performed $28,000 services on account. Paid $8,000 of current month salaries. Purchased supplies for $3,000 on account. (use Supplies asset account) Collected $16,000 from customers on account. Purchased equipment for $12,000 using a long-term note payable. Issued $7,500 of common stock. Paid $2,000 of dividends. Paid $2,500 of accounts payable. Paid $1,000 of long-term note. 6 7 8 9 10 6. Assuming your worksheet is balanced and matches the check figure, use the middle two columns of the worksheet to make the following adjusting entries: a) There were $5,000 of services performed which were not yet invoiced to customers. b) 75% of the prepaid advertising has now been used. c) There are $5,000 of supplies still on hand. d) We need to depreciate $1,000 of Equipment. e) We never performed $3,000 of services that we recorded as revenue. This is different from textbook. You need to remove it from revenue and put it in unearned revenue. Opening Trial Balance January 1 Credit 6 Debit 28,000 50,000 8,000 6,000 102,000 8 Account Number 100 120 130 140 180 181 200 205 250 300 310 350 400 501 12,000 77,000 E l 12 13 Account Name Cash Accounts Receivable Prepaid Advertising Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Long-term Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Supplies Expense Advertising Expense Total 14,000 58,000 33,000 503 504 505 194,000 194,000 Review View Data = > Home Insert Draw Page Layout Formulas hy X Calibri (Body) 16 A A LO Paste B1U A * fx GENERAL JOURNAL 2 Wrap Text Merge & Center GENERAL JOURNAL Entry Description Posted Debit Credit 4031-Jan Opening Balances Journal GL Workshoot Inc Strmt SE Samt Bal Shoot Excel sort ABES Home Insert Draw Page Layout Formulas Data Review View Calibri (Body) 12AA E E 2 BIU AA EE EE F32 x v fx B C D E F G + YOUR NAME Consulting, Inc. 2 Worksheet 3 For the Month Ended January 31 9 Wrap Text Morge & Center Unadjusted Trial Balance Debit Credit Adjusting Entries Debit Credit Adjusted Trial Balance Debit Credit Total Opening Balances Journal GL Worksheet Inc Simt SE Stmt Bal Sheet ABE SU: AutoSave Home Insert Oleksandra Na Draw Page Layout Formulas Data Review Numb Calibri (Body) 12 A A BIOA x fx Revenue: 29 Wrap Text Merge & Center $ A5 A 1 Your Name Consulting, Inc. 2 Income Statement 3 For the month ended January 31 5 Revenue: 6 Service Revenue 30000.00 8 Expenses: 9 Salaries Expense 10 Rent Expense 11 Depreciation Expense 12 Supplies Expense 13 Advertising Expense 14 Total Expenses: 15 Net Income 8000.00 4000.00 1000.00 4000.00 6000.00 23000.00 17 Net Income 7000.00 Opening Balances Journal GL Worksheet Inc Stmt SE Stmt Bal Sheet Po LE Calibrl (Body) 12 AA EE B I Ur Ev avar == x 2 Wrap @ Marge: Paste == 210 x 1 Your Name Consulting, Inc. Statement of Stockholders' Equity 3 For the month ended January 31 Opening Balances 1 Journal T GL Worksheet Ino Stmt SE imt BIU E UA EE 1 x fx 1 Your Name Consulting, Inc. 2 Balance Sheet 3 January 31 LE Calibrl (Body) 12 AA EE B I Ur Ev avar == x 2 Wrap @ Marge: Paste == 210 x 1 Your Name Consulting, Inc. Statement of Stockholders' Equity 3 For the month ended January 31 Opening Balances 1 Journal T GL Worksheet Ino Stmt SE imt Home Insert Draw Page Layout Formulas Data Review View LX LO Paste A Calibri (Body) BTU x fx 12A A W rap To E Merge & E B18 D E F G 1 YOUR NAME Consulting, Inc. 2 Worksheet 3 For the Month Ended January 31 5 Acct # Debit Credit Total 0 0 Journal Opening Balances GL Worksheet Inc Stmt SE Stmt G A E Merge Paste B14A BLU X fax Cash Flow Worksheet Jan 31 Jan 1 Change 10 Total Assets 17 Total Liab + SE Net Income Dividends GL Worksheet Inc Stmt SE Stmt Journal Opening Balances T - = 2 Wrap Text Merge & Cen a ll Buy) 14 MAA Paste & BI U Eva.A D2 x V fx A B 1 Your Name Consulting, Inc. 2 Statement of Cash Flows 3 For the month ended January 31 EF 5 Cash Flow From Operating Activities Net Cash from Operating Activities 15 Cash Flow From Investing Activities Net Cash from Investing Activites 18 19 Cash Flow from Financing Activities Net Cash From Financing Activities 25 Net Increase (Decrease) in Cash 27 Cash Balance, January 1 29 Cash Balance, January 31 Opening Balances Journal GL Worksheet Inc Stmt SE Stmt BalS Entry # 1 2 4 Date Jan 2 Jan 4 Jan 6 | Jan 9 Jan 11 Jan 13 Jan 16 Jan 19 Jan 25 Jan 28 Description Paid January rent of $4,000. Performed $28,000 services on account. Paid $8,000 of current month salaries. Purchased supplies for $3,000 on account. (use Supplies asset account) Collected $16,000 from customers on account. Purchased equipment for $12,000 using a long-term note payable. Issued $7,500 of common stock. Paid $2,000 of dividends. Paid $2,500 of accounts payable. Paid $1,000 of long-term note. 6 7 8 9 10 6. Assuming your worksheet is balanced and matches the check figure, use the middle two columns of the worksheet to make the following adjusting entries: a) There were $5,000 of services performed which were not yet invoiced to customers. b) 75% of the prepaid advertising has now been used. c) There are $5,000 of supplies still on hand. d) We need to depreciate $1,000 of Equipment. e) We never performed $3,000 of services that we recorded as revenue. This is different from textbook. You need to remove it from revenue and put it in unearned revenue. Opening Trial Balance January 1 Credit 6 Debit 28,000 50,000 8,000 6,000 102,000 8 Account Number 100 120 130 140 180 181 200 205 250 300 310 350 400 501 12,000 77,000 E l 12 13 Account Name Cash Accounts Receivable Prepaid Advertising Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Long-term Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Supplies Expense Advertising Expense Total 14,000 58,000 33,000 503 504 505 194,000 194,000 Review View Data = > Home Insert Draw Page Layout Formulas hy X Calibri (Body) 16 A A LO Paste B1U A * fx GENERAL JOURNAL 2 Wrap Text Merge & Center GENERAL JOURNAL Entry Description Posted Debit Credit 4031-Jan Opening Balances Journal GL Workshoot Inc Strmt SE Samt Bal Shoot Excel sort ABES Home Insert Draw Page Layout Formulas Data Review View Calibri (Body) 12AA E E 2 BIU AA EE EE F32 x v fx B C D E F G + YOUR NAME Consulting, Inc. 2 Worksheet 3 For the Month Ended January 31 9 Wrap Text Morge & Center Unadjusted Trial Balance Debit Credit Adjusting Entries Debit Credit Adjusted Trial Balance Debit Credit Total Opening Balances Journal GL Worksheet Inc Simt SE Stmt Bal Sheet ABE SU: AutoSave Home Insert Oleksandra Na Draw Page Layout Formulas Data Review Numb Calibri (Body) 12 A A BIOA x fx Revenue: 29 Wrap Text Merge & Center $ A5 A 1 Your Name Consulting, Inc. 2 Income Statement 3 For the month ended January 31 5 Revenue: 6 Service Revenue 30000.00 8 Expenses: 9 Salaries Expense 10 Rent Expense 11 Depreciation Expense 12 Supplies Expense 13 Advertising Expense 14 Total Expenses: 15 Net Income 8000.00 4000.00 1000.00 4000.00 6000.00 23000.00 17 Net Income 7000.00 Opening Balances Journal GL Worksheet Inc Stmt SE Stmt Bal Sheet Po LE Calibrl (Body) 12 AA EE B I Ur Ev avar == x 2 Wrap @ Marge: Paste == 210 x 1 Your Name Consulting, Inc. Statement of Stockholders' Equity 3 For the month ended January 31 Opening Balances 1 Journal T GL Worksheet Ino Stmt SE imt BIU E UA EE 1 x fx 1 Your Name Consulting, Inc. 2 Balance Sheet 3 January 31 LE Calibrl (Body) 12 AA EE B I Ur Ev avar == x 2 Wrap @ Marge: Paste == 210 x 1 Your Name Consulting, Inc. Statement of Stockholders' Equity 3 For the month ended January 31 Opening Balances 1 Journal T GL Worksheet Ino Stmt SE imt Home Insert Draw Page Layout Formulas Data Review View LX LO Paste A Calibri (Body) BTU x fx 12A A W rap To E Merge & E B18 D E F G 1 YOUR NAME Consulting, Inc. 2 Worksheet 3 For the Month Ended January 31 5 Acct # Debit Credit Total 0 0 Journal Opening Balances GL Worksheet Inc Stmt SE Stmt G A E Merge Paste B14A BLU X fax Cash Flow Worksheet Jan 31 Jan 1 Change 10 Total Assets 17 Total Liab + SE Net Income Dividends GL Worksheet Inc Stmt SE Stmt Journal Opening Balances T - = 2 Wrap Text Merge & Cen a ll Buy) 14 MAA Paste & BI U Eva.A D2 x V fx A B 1 Your Name Consulting, Inc. 2 Statement of Cash Flows 3 For the month ended January 31 EF 5 Cash Flow From Operating Activities Net Cash from Operating Activities 15 Cash Flow From Investing Activities Net Cash from Investing Activites 18 19 Cash Flow from Financing Activities Net Cash From Financing Activities 25 Net Increase (Decrease) in Cash 27 Cash Balance, January 1 29 Cash Balance, January 31 Opening Balances Journal GL Worksheet Inc Stmt SE Stmt BalS