first question
Student Name: Set: Required: (Working papers are posted on D2L to complete 1 through 41 1. Open the three-column general ledger accounts with their account numbers and July 31 balances for the accounts listed on page 3 of this assignment. 2. Open subsidiary ledger accounts with their July 31 balances for the customers and suppliers listed on page 3 of this assignment. 3. Journalize the August transactions in the general journal. Franklin Finbar makes all credit sales on terms of 2/10,n30. 4. Post daily to the subsidiary ledger accounts. On August 31, 2019, post to the general ledger. HAND IN THE FOLLOWING REQUIREMENTS (on the handout provided by instructor) 5. Prepare a trial balance in the Trial Balance columns of a worksheet and use the following information to complete the worksheet for the month ended August 31, 2019 a) Accrued interest revenue, $835. b) Supplies on hand, $370. c) Prepaid insurance expired, $550 d) Amortization expense, $310. e) Accrued salary expense, $450 f) Accrued interest expense, $220 g) "Unearned sales revenue, $225 (refers to August 12 transaction) h) Inventory on hand, $23,350 6. Prepare Franklin Finbar's multiple-step income statement and statement of owner's equity for August 31, 2019. Prepare the balance sheet at August 31, 2019. (report format) 7. Journalize and post the adjusting and closing entries. 8. Prepare a post-closing trial balance at August 31. Also, balance the total of the customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger. Student Name: Account Number Account $ 4,245 12,280 105 140 20,900 670 1,100 5,500 18,635 5,275 5,300 465 2,160 201 207 209 21,000 29,130 303 101 Cash 102 Accounts Receivable 104 Interest Receivable Inventory Supplies 117 Prepaid Insurance Notes Receivable - Long term 160 Furniture 161 Accumulated Amortization - Furniture Accounts Payable 204 Salary Payable Interest Payable Unearned Sales Revenue 220 Note Payable - Long Term 301 Franklin Finbar, Capital Franklin Finbar, withdrawals 400 Income Summary 401 Sales Revenue 402 Sales Discounts 403 Sales Returns and Allowances 410 Interest Revenue 501 Cost of Goods sold 510 Salary Expense 513 Rent Expense 514 Amortization Expenses 516 Insurance Expense 517 Utilities Expense 519 Supplies Expense 523 Interest Expense l Accounts receivable subsidiary ledger: Clooney Corp. $2,100; R.T. Pitt $0; Affleck Inc. $5,795; K.D. Hart Inc. $4,385 Accounts payable subsidiary ledger: Beaver Corporation $0; Fayda Corp. $5,300; Grant Ltd. $0; Suncrest Supply Ltd. $0. Student Name: Set: Required: (Working papers are posted on D2L to complete 1 through 41 1. Open the three-column general ledger accounts with their account numbers and July 31 balances for the accounts listed on page 3 of this assignment. 2. Open subsidiary ledger accounts with their July 31 balances for the customers and suppliers listed on page 3 of this assignment. 3. Journalize the August transactions in the general journal. Franklin Finbar makes all credit sales on terms of 2/10,n30. 4. Post daily to the subsidiary ledger accounts. On August 31, 2019, post to the general ledger. HAND IN THE FOLLOWING REQUIREMENTS (on the handout provided by instructor) 5. Prepare a trial balance in the Trial Balance columns of a worksheet and use the following information to complete the worksheet for the month ended August 31, 2019 a) Accrued interest revenue, $835. b) Supplies on hand, $370. c) Prepaid insurance expired, $550 d) Amortization expense, $310. e) Accrued salary expense, $450 f) Accrued interest expense, $220 g) "Unearned sales revenue, $225 (refers to August 12 transaction) h) Inventory on hand, $23,350 6. Prepare Franklin Finbar's multiple-step income statement and statement of owner's equity for August 31, 2019. Prepare the balance sheet at August 31, 2019. (report format) 7. Journalize and post the adjusting and closing entries. 8. Prepare a post-closing trial balance at August 31. Also, balance the total of the customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger. Student Name: Account Number Account $ 4,245 12,280 105 140 20,900 670 1,100 5,500 18,635 5,275 5,300 465 2,160 201 207 209 21,000 29,130 303 101 Cash 102 Accounts Receivable 104 Interest Receivable Inventory Supplies 117 Prepaid Insurance Notes Receivable - Long term 160 Furniture 161 Accumulated Amortization - Furniture Accounts Payable 204 Salary Payable Interest Payable Unearned Sales Revenue 220 Note Payable - Long Term 301 Franklin Finbar, Capital Franklin Finbar, withdrawals 400 Income Summary 401 Sales Revenue 402 Sales Discounts 403 Sales Returns and Allowances 410 Interest Revenue 501 Cost of Goods sold 510 Salary Expense 513 Rent Expense 514 Amortization Expenses 516 Insurance Expense 517 Utilities Expense 519 Supplies Expense 523 Interest Expense l Accounts receivable subsidiary ledger: Clooney Corp. $2,100; R.T. Pitt $0; Affleck Inc. $5,795; K.D. Hart Inc. $4,385 Accounts payable subsidiary ledger: Beaver Corporation $0; Fayda Corp. $5,300; Grant Ltd. $0; Suncrest Supply Ltd. $0
