Hello Experts, I did the Journal entries, general ledger and trial balance
Kindly help me with the other parts
QUESTIONS
REQUIREMENT 1
REQUIREMENT 2
Adjusted Trial balance
Requirement
Requirement
Chart of Accounts Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 145 Cash Repair Supplies Prepaid Insurance Repair Equipment Accum Dep-Repair Equipment Debit Debit Debit Debit Credit Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit Revenue 411 Pool Service Revenue Credit Expenses 511 512 513 514 515 516 517 Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit Credit Debit 40,000 40,000 4,800 4,800 3,600 3,600 7,800 600 7,200 450 450 General Journal Account Mueber from Chart of Dale decounts fab Account Title from Chart of Accounts fab 1-Jul 111 cash 311 common stook (common stock issued for cash) 1-Jul 117 prepaid insurance 111 cash (Insurance premium paid) 1-Jul 511 store rent expense 111 cash (Rent paid for march) 6-Jul 144 Equipment 111 cash 212 accounts payable (Equipment purchase) 8-Jul 119 repair supplies 212 accounts payable (Repair supplies purchased on credit) 10-Jul 512 telephone expenses 111 cash (Telephone bill payment) 11-Jul 111 cash 411 cash pool service (revenue was received in cash) 18-Jul 212 accounts payable 111 cash (payment made to the suppliers) 20-Jul 111 cash 411 cash pool service (revenue was received in cash) 31-Jul 111 cash 411 cash pool service (revenue was received in cash) 31-Jul 517 electricity expense 111 cash (eletricity bill paid) 31-Jul 313 dividends 111 cash (Dividends paid during the period) 300 300 2,650 2,650 300 300 4,000 4,000 2,250 2,250 500 500 1,100 1,100 Account Number 111 117 144 117 212 311 313 411 511 512 517 Peter's Pool Corporation Trial Balance July 31 Account Title cash prepaid insurance equipment supplies accounts payable common stock dividends pool service revenue rent expense telephone expense electricity expense Balance Debit Credit 37,700 4,800 7,800 450 7,350 40,000 1,100 8,900 3,600 300 500 Date July 1 July 1 July 1 July 6 July Transactions Transaction Description Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. Paid the premium on a l-year insurance policy, $4,800. Paid the current month's store rent expense, $3,600. Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. Purchased repair supplies from Mary's Repair Company on credit, $450. Paid telephone bill, $300. Cash pool service revenue for the first third of July, $2,650. Made payment to Mary's Repair Company, $300. Cash pool service revenue for the second third of July, $4,000. Cash pool service revenue for the last third of July, $2,250. Paid the current month's electric bill, $500. Declared and paid cash dividend of $1,100. July 8 July 10 July 11 July 18 July 20 July 31 July 31 July 31 Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95. Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed. Requirement #4 Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit Credit REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Peter's Pool Corporation Adjusted Trial Balance July 31 Account Title Account Number Balance Debit Credit Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Peter's Pool Corporation Income Statement For the Month Ending July 31 Peter's Pool Corporation Statement of Retained Earnings For the Month Ending July 31 Peter's Pool Corporation Balance Sheet July 31 Revenues: Pool Repair Revenue Total Revenue Retained Earnings, July 1 Add: Net Income Subtotal Less : Dividends Retained Earnings, July 31 Assets: Cash Repair Supplies Prepaid Insurance Repair Equipment Less: Accum. Dep-Repair Equipment. Total Assets Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Tax Expense Electric Expense Total Expenses Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity Requirement #8: Prepare the closing entries at July 31 in the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger (Step 2) worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit Credit Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Peter's Pool Corporation Post-Closing Trial Balance July 31 Account Title Account Number Balance Debit Credit
