General Ledger, Adjusting Entries, 10 Column Worksheet, Etc

MODULE ONE-BAYOU CONSULTANTS INSTRUCTIONS: Complete the following Meps in the order given 1. Journalise and post the transactions noted below for Bayon Consultants during the firm's first month of nie. Note: Use the account title and numbers in the chart of accoons provided and round all calculations to the next whole dollar 2. Prepare a 10 column worksheetsing your knowledge of what has taken place during January and the supplemental adjusting entry information provided 3. Journalice and post all indicated adjusting entre Journalist and post all doing entries Prepare an income statemen, balance sheet, and statement of retained emings in good form Note: Blank statement provided a spreadsheet program 10 prepare the tequired statement 6. Prepare a post closing trial balance TRANSACTIONS Traction Juary January Issued 15.000 shares of $10 per value common stock in exchange for an initial investment of 5320,000 by the firm's ownen, Siam Gato and Scotty Mode Purchased land and an office building for $176.000, of which 570,000 attributable to the fair market value of the building A$35,000 cash dron payment was made and an 5% five year notenied for the balance. Interest and 20 of the principal will be paid anually on this date. (Assume 360-day year for interest computation purposes Issued 2,200 shares of 510 pat value common stock fot office equipment with a fait market value of $24,870 January 5 January Purchased office supplies of $2.900 on account from Kilcoyne Office Supplies Established a petty cash fund of 5300 Placed an order in the local newspaper for advertising, which will run dung January February, and March The advertising, which cost $1,500, was paid for on this date in order to obtain a lower price Purchased a one-year insurance policy, effective February 1, for $2,400 Completed several consulting jobs, which totaled $36,000 Cash of 512,800 was collected with the balance doe in 30 days Paid the semi-monthly payroll, which totaled 516,000, to the firm's consultants, all of which are classified as independent contractors January 8 January 10 January 15 January 16 January 19 Declared a cash dividend of $.30 per share on this date payable on February 18, Puid Kilcoyne Office Supply $1,500 on the account balance. January 30 Received the January telephone bill for $315 January 31 Collected $9,000 of the receivable recorded on January 10. In addition, client indicated that a $5,000 receivable due to Bayou would not be paid for 6 months. Bayou accepted a 10% 6-month note receivable on this date. January 31 January 31 January 31 Paid the payroll for the second half of January Received various utility bills for January, which totuled $340, Recorded consulting jobs completed during the last half of January that totaled $41,000 $30,000 was collected in cash with the balance due in 30 days. An audit of the petty cash fand determined the following Receipt Postage$ 62 Freight out 76 38 Currency and Coin 119 The appropriate entry was recorded from the information above. January 31 Misc. Exp SUPPLEMENTAL ADJUSTING ENTRY INFORMATION: An inventory of office supplies found that $2300 of supplies remained at January 31. & The building will be depreciated on a straight-line basis over 30 years with no salvage value c. The equipment will be depreciated on a straight-line basis over 10 years with no salvage value. d An invoice for a repair of $450 on the office equipment dated January 26 had not yet been recorded e Income tax expense of 27% will be recorded on pre-tax accounting income f. The dividends account will not be closed until the end of the year. 8 Be aware that there might be other adjustments necessary in addition to those indicated in items through fabore. CHART OF ACCOUNTS AQQQUNT NUMBER 10 11 15 18 19 20 21 22 ACCOUNT NAME Cash Petty Cash Accounts Receivable Notes Receivable Interest Receivable 30 31 50 51 70 200 210 230 260 265 300 510 350 355 400 410 500 502 505 509 520 530 540 543 544 550 561 562 580 585 590 600 Office Supplies Prepaid Insurance Prepaid Advertising Office Equipment Accumulated Depreciation, Office Equipment Building Accumulated Depreciation, Building Land Accounts Payable Dividends Payable Income Tax Payable Notes Payable Interest Payable Common Stock Paid-In Capital in Excess of Par Value Retained Earnings Dividends Consulting Revenue Interest Revenue Payroll Expense Advertising Expense Insurance Expense Interest Expense Telephone Expense Utilities Expense Repairs Expense Postage Expense Freight-out Supplies Expense Depreciation Expense, Office Equipment Depreciation Expense, Building Miscellaneous Expense Income Tax Expense Cash Over and Short Income Summary CREDIT DATE GENERAL JOURNAL ACCOUNT TITLES AND EXPLANATION LP DEBIT CREDIT BALANCE CASH ACCOUNT NO. 10 ACCT.TITLES & EXPLANATIONS PR DEBIT DATE DATE BALANCE ACCT.TITLES & EXPLANATIONS PR DEBIT CREDIT PR DEBIT CREDIT BALANCE ACCT.TITLES & EXPLANATIONS DATE DATE ACCT.TITLES & EXPLANATIONS PR DEBIT CREDIT BALANCE BAYOU CONSULTANTS WORKSHEET FOR THE MONTH ENDED JANUARY 31 TRIAL BALANCE ADJUSTMENTS ADI. TRIAL BALANCE INCOME STATEMENT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT ACCOUNT MODULE ONE-BAYOU CONSULTANTS INSTRUCTIONS: Complete the following Meps in the order given 1. Journalise and post the transactions noted below for Bayon Consultants during the firm's first month of nie. Note: Use the account title and numbers in the chart of accoons provided and round all calculations to the next whole dollar 2. Prepare a 10 column worksheetsing your knowledge of what has taken place during January and the supplemental adjusting entry information provided 3. Journalice and post all indicated adjusting entre Journalist and post all doing entries Prepare an income statemen, balance sheet, and statement of retained emings in good form Note: Blank statement provided a spreadsheet program 10 prepare the tequired statement 6. Prepare a post closing trial balance TRANSACTIONS Traction Juary January Issued 15.000 shares of $10 per value common stock in exchange for an initial investment of 5320,000 by the firm's ownen, Siam Gato and Scotty Mode Purchased land and an office building for $176.000, of which 570,000 attributable to the fair market value of the building A$35,000 cash dron payment was made and an 5% five year notenied for the balance. Interest and 20 of the principal will be paid anually on this date. (Assume 360-day year for interest computation purposes Issued 2,200 shares of 510 pat value common stock fot office equipment with a fait market value of $24,870 January 5 January Purchased office supplies of $2.900 on account from Kilcoyne Office Supplies Established a petty cash fund of 5300 Placed an order in the local newspaper for advertising, which will run dung January February, and March The advertising, which cost $1,500, was paid for on this date in order to obtain a lower price Purchased a one-year insurance policy, effective February 1, for $2,400 Completed several consulting jobs, which totaled $36,000 Cash of 512,800 was collected with the balance doe in 30 days Paid the semi-monthly payroll, which totaled 516,000, to the firm's consultants, all of which are classified as independent contractors January 8 January 10 January 15 January 16 January 19 Declared a cash dividend of $.30 per share on this date payable on February 18, Puid Kilcoyne Office Supply $1,500 on the account balance. January 30 Received the January telephone bill for $315 January 31 Collected $9,000 of the receivable recorded on January 10. In addition, client indicated that a $5,000 receivable due to Bayou would not be paid for 6 months. Bayou accepted a 10% 6-month note receivable on this date. January 31 January 31 January 31 Paid the payroll for the second half of January Received various utility bills for January, which totuled $340, Recorded consulting jobs completed during the last half of January that totaled $41,000 $30,000 was collected in cash with the balance due in 30 days. An audit of the petty cash fand determined the following Receipt Postage$ 62 Freight out 76 38 Currency and Coin 119 The appropriate entry was recorded from the information above. January 31 Misc. Exp SUPPLEMENTAL ADJUSTING ENTRY INFORMATION: An inventory of office supplies found that $2300 of supplies remained at January 31. & The building will be depreciated on a straight-line basis over 30 years with no salvage value c. The equipment will be depreciated on a straight-line basis over 10 years with no salvage value. d An invoice for a repair of $450 on the office equipment dated January 26 had not yet been recorded e Income tax expense of 27% will be recorded on pre-tax accounting income f. The dividends account will not be closed until the end of the year. 8 Be aware that there might be other adjustments necessary in addition to those indicated in items through fabore. CHART OF ACCOUNTS AQQQUNT NUMBER 10 11 15 18 19 20 21 22 ACCOUNT NAME Cash Petty Cash Accounts Receivable Notes Receivable Interest Receivable 30 31 50 51 70 200 210 230 260 265 300 510 350 355 400 410 500 502 505 509 520 530 540 543 544 550 561 562 580 585 590 600 Office Supplies Prepaid Insurance Prepaid Advertising Office Equipment Accumulated Depreciation, Office Equipment Building Accumulated Depreciation, Building Land Accounts Payable Dividends Payable Income Tax Payable Notes Payable Interest Payable Common Stock Paid-In Capital in Excess of Par Value Retained Earnings Dividends Consulting Revenue Interest Revenue Payroll Expense Advertising Expense Insurance Expense Interest Expense Telephone Expense Utilities Expense Repairs Expense Postage Expense Freight-out Supplies Expense Depreciation Expense, Office Equipment Depreciation Expense, Building Miscellaneous Expense Income Tax Expense Cash Over and Short Income Summary CREDIT DATE GENERAL JOURNAL ACCOUNT TITLES AND EXPLANATION LP DEBIT CREDIT BALANCE CASH ACCOUNT NO. 10 ACCT.TITLES & EXPLANATIONS PR DEBIT DATE DATE BALANCE ACCT.TITLES & EXPLANATIONS PR DEBIT CREDIT PR DEBIT CREDIT BALANCE ACCT.TITLES & EXPLANATIONS DATE DATE ACCT.TITLES & EXPLANATIONS PR DEBIT CREDIT BALANCE BAYOU CONSULTANTS WORKSHEET FOR THE MONTH ENDED JANUARY 31 TRIAL BALANCE ADJUSTMENTS ADI. TRIAL BALANCE INCOME STATEMENT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT ACCOUNT