Fredricks's Consulting Services

Trial Balance

Month Ended Nov $30,20XX$

ACCOUNT NAME DEBIT CREDIT

$100$ Cash $42,600$

$110$ Accounts Receivable$-$Reynolds $Co.6,500$

$115$ Accounts Receivable$-$Auto Plus $1,400$

$120$ Supplies $900$

$130*Prepaid$ Insurance $2,400*$ Notes

$140*Equipment5,0001$ The Equipment was purchased Jan. $1$ two years ago

$141$ Accumulated Depreciation $-$ Equipment $2,000It$ has a useful life $of5$ years

$200$ Accounts Payable$-$Jackson Inc. $3,200$

$210$ Wages Payable $1,6002$ The prepaid insurance was purchased Oct. $1st$

$220*Unearned$ Revenue $3,000Itisa6$ month policy. $No$ adjustments have been made.

$300$ Jack Fredrick, Capital $45,300$

$302$ Jack Fredrick, Drawing $40,1003$ The unearned revenue was prepaid $by$ Roman Inc.

$310$ Retained Earnings $9,600on$ Oct. $1st$ and covers $6$ months $of$ work.

$400$ Earned Revenue $104,000No$ adjustments have been made.

$500$ Wages Expense $35,200$

$501$ Utilities Expense $8,800$

$502$ Supplies Expense $1,600$

$503$ Rent Expense $24,200$

$504$ Depreciation Expense

$505$ Insurance Expense

TOTAL $168,700168,700$

December business transactions

Dec $1st-$ Paid December rent $of$ $$2,100$ with check #$801.$

Dec. $2nd-$ Paid $$1,500on$ Jackson$s$ Inc. invoice from a previously recorded transaction with check #$802.$

Dec. $3rd-$ Collected $$500$ from Reynolds $Co.$ from a previous engagement $in$ November.

Dec $4th-$ Completed additional work for Auto Plus, sent invoice #$Sp24$a for $$1,700$ due $in1$ month.

Dec. $5th-$ Paid employee from work previously expensed $in$ Nov. with payment due Dec. $5th$ using check #$803.$

Dec. $8th-$ Paid $$1,200to$ cover all utilities for the month $of$ Dec using check #$804.$

Dec. $9th-$ Completed $$600$ worth $of$ work for a repeat customer who pays cash immediately.

Dec. $10th-$Collected $$900$ from Auto Plus from a previous engagement $in$ Nov.

Dec. $11th-$ Jack Fredrick, the owner, withdrew $$3,500$ for personal use using check #$805.$

Dec. $12th-$ Our employee earned two weeks $of$ pay amounting $to$ $$1,800,tobe$ paid Dec. $23rd.$

$*employee$ took vacation from Dec. $15th-$Dec. $31st.No$ pay will accrue$*$

Dec. $15th-$ Completed a large job for Reynolds $Co.$ for $$10,000.$ Sent invoice #$Sp24b$ due Jan. $31st.$

Dec. $16nd-$ Collected $$5,500$ from Reynolds $to$ pay off some $of$ their balance.

Dec. $22md-$ Paid our employee for the work expensed Dec. $12th$ using check #$806.$

Dec. $23rd-$ Purchased land $on$ a note for $$12,000tobe$ used for construction $of$ a new office building.

Land and Notes Payable will have account numbers $of150$ and $240,$ respectively.

Dec $24th-$Dec. $31st-$ Owner took off the rest $of$ the year.

Adjustments $(due$ with Part $1)$

$1.$ The equipment was used for the third year.

$2.$ Prepaid insurance was adjusted for Oct$-$Dec usage.

$3.$ Unearned revenue was updated $to$ show $3$ months $of$ work completed.

$4.$ A final count $of$ supplies showed $$200$ remaining.

Part $1$ instructions

$1.$ Open the Excel attachment named $Student$ fill$-in$ template$.$

$2.$ Transfer the opening trial balance amounts $to$ the $T-$Accts.

$3.$ Journal and post $to$ the $T-$Accts the December and adjusting transactions.

$4.$ Total each $T-$Acct and provide the equation total $at$ the top $in$ the highlighted cells.

Check Figure $-$ The cash $T-$Acct final balance should $be$ $$38,400$

$*A$ detailed video overview can $be$ found within this assignment $in$ IvyLearn.

Part $2$ instructions

$1.$ Using the feedback provided from your instructor $in$ the gradebook comments, update any incorrect items.

$2.$ Prepare the Adjusted trial balance.

$3.$ Prepare the Income Statement, Statement $of$ Retained Earnings, and the Balance Sheet.

$4.$ Prepare the Closing journal entries and Post$-$closing trial balance.