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Hi can I have help with the closing and post trial balance entries? (info provided) help with: CHART OF ACCOUNTS Assets Revenue 111 Cash 411
Hi can I have help with the closing and post trial balance entries? (info provided)
CHART OF ACCOUNTS Assets Revenue 111 Cash 411 Coffee Sales 112 Accounts Receivable 412 Food Sales 113 Coffee Supplies 115 Coffee Equipment Expenses 116 Accum. Depr., Coffee Equip. 511 Coffee Expense 117 Trailer Equipment 512 Depr. Exp., Coffee Equip. 118 Accum. Depr., Trailer Equip. 513 Depr. Exp., Trailer Equip. 514 Food Expense Liabilities 515 Office Supplies Expense 211 Accounts Payable 516 Rent Expense Owner's Equity 517 Repairs Expense 311 Your Name. Capital 518 Telephone Expense 312 Your Name, Drawing 519 Utilities Expense 330 Income Summary The following transactions were completed by Good Day Coffee Stand during the month of November: Nov 1 You deposited $50,000 into a bank account in the name of the business and purchased the mobile coffee stand. The fair market value of the coffee equipment is $5,472 and the trailer is $15,000. 2 Paid cash for logo cups and lids from ABC Restaurant Supply, $575, Inv. #1654, Ck# 1000. (Coffee Supplies) 5 Purchased coffee beans (Coffee Supplies) on account from XYZ Distributors, $1,575, Inv. #1713 6 Paid cash for food items (Food expense) from Tina's Bakery, $125, Ck. #1001 7 Paid cash for register tape, pens, and note paper from Staples, $135. (Office Supplies expense) 8 Bought new tires for the trailer from Lew's Tires. 5670, Invoice #582, paying S143 down, placing the balance on account. Ck 1002. 10 Received and paid the telephone bill, which included installation charges, S134. Ck #1003 11 Record weekly sales for Nov 3-9; coffee $2,875 and food $547 11 Record sales of $225 in coffee for catering event on Nov 10 and billed client 15 Received and paid the bill for XYZ Distributors, S1,575, Ck. #1004 17 Received and paid the utility bill, $89. Ck #1005. 18 Record weekly sales for Nov 10-16: coffee $2,350 and food $218. 20 Received cash on account from credit customer, $100 23 Paid cash for food items from Tina's Bakery, $225, Ck. #1006. 24 Paid the space rent for the current month, $250, Ck. #1007 25 Record weekly sales for Nov 17-23: coffee $3,175 and food $674. 26 Paid remaining balance on account to Lew's Tires, Ck #1008 28 Purchased coffee beans on account from XYZ Distributors, S1,287, Inv. #1820. 30 Record weekly sales for Nov 24-30: coffee $2,387 and food $213. 30 Owner withdrew cash for personal use, $1,135. Ck #1009 Prepare the Adjustments section of the worksheet. o Compute and record the adjustment for coffee supplies used during the month. An inventory showed supplies on hand of $1,545. o Compute and record the adjustment for depreciation of Coffee Equipment. Book value is purchase price; no salvage value; expected life 3 years. o Compute and record the adjustment for depreciation of Trailer Equipment. Book value is purchase price; no salvage value; expected life 5 years. 1. Journal Entries and Unadjusted Trial Balance Jom Mo Papeut Form Data Gene Normal Cut from Painter Dhe MO C Journal Entries Dute Accounts Now I Cash Owner's Capital to record Cash invested Date Debito Debit Card $50,000 $50,000 Journal Entries Account 11 Acce Coffee Sales To record sales on $225 $1257 Nov 03 Coffe Emment Trailer Equipment Cash $5,472 $15.000 NOIS Accounts Payable Ich To record payment made to AP $1.57 $20,472 $575 191 Nov 02 Coffe Supplies Cash To record purchase of Supplies $575 10 litres Expense Cash To record bespard UL 51.575 $2.5 2 3 4 5 6 7 . 9 50 11 12 13 14 15 16 17 18 19 20 21 22 23 20 25 20 27 28 29 30 31 12 Nov.05 Coffe Supplies Accounts Payable To record Purchase of Susson ) $1,575 Nov 10 Cash Coffee Sales Food Sales to record Sales $2.350 $200 $123 Novo Food Expense Cash ITO record Cash paid for food items) $123 $100 Nov 20 Cash Accounts Rece To record collection from Credit comes $100 5135 Nov.07 Office Supplies Expo Cash To record Cash paid to Office Supplies $135 $325 Nov 20 foodspense Cash To record food Remaid 5225 5670 Nov-8 Repairs Expense Cash Accounts Payable to record purchase of New Tyre Nov 24 Rent Expense $250 $143 $521 $250 To record Rent expense pad $114 Noth $8.549 Nov 10 Telephone Esperse Toah To record Telephone bill paid $234 53.125 14 25 Food Sales (To record Sales 53.422 $523 37 3 Now Cash Coffee Sales Food Sales To record $2.875 $547 Nov 26 Account Pay ca to record Dayment made to AP 40 41 42 S16 Sheet1 St190.Sheet191 She Sheet 15 crosoft Excel Net Bad Good Etory Input Calculation Note YA LC In De Poma Sot Date Journal Entries Accounts Nov 28 Coffee Supplies Accounts Payable To record Purchase of Conte Bees on account Nov 30 Cash Coffee Sales Food Sales To record Sales Now 20 Owner's Drawings Cash To record withdrawal 0 P a unadjusted Trail Balance Debatt) Credi Accounts Debit) $1.22 $37.154 $1.27 Accounts Receivable $123 Coffee Supplies $1.437 Cofio Eument $5,473 $2.000 Acum, Depre, come up sc $2,37 Trailer Laurent $15,000 Accu. Degre Talent so Accounts Payable $1.28 Owner's Capital $50.000 $1135 Owner's Drawings $1.135 $1,135 Income Summary sc Coffee Sales $11,012 Food Sales $1.652 Coffee Espen 50 Depreciation expense Coffee Equipment 50 Depreciation expenserater Epment sol Food Expense $350 Office Supplies Expense 5135 Rent Expense $250 Repairs Expense 5670 Telephone Experte 5134 Uspense 589 561950 $63.5 Total Sht NAM 20/11/2021 2. Adjusting Journal Entry and Adjusted Trial Balance 1 3 4 5 Adjusting Entries Date Accounts Nov 30 Coffee Expense Coffee Supplies To record use of Coffee Supplies) Deble(5) Crediti $1.02 $1192 7 $152 Nov-30 Depreciation expense-Coffee Equipment Accum. Depre., Coffe Equip (Te record depreciation expense) $152 $250 9 10 11 12 11 14 15 16 17 18 Nov 30 Depreciation expense Trailer Iquipment Accum. Depre, Trailer Equipment iTo record depreciation expense $250 Unadjusted Trial Balance Accounts Debits) Credit($) Cash $37,154 Accounts Receivable $125 Coffee Supplies $1,545 Coffee foviment 55,472 Aceum. Depre, Coffee $152 Trailer Equipment $15.000 Accum. Depre, Trailer Equipment $250 Accounts Payable $1,287 Owner's Capital 550.000 Owner's Drawing 51,105 Income Summary SO Coffee Sales 511012 Food Sales $1,652 Coffee Experte $1,092 Depreciation pense-Coffee Equipment 5152 Depreciation expense Trailar Equipment $250 Food Expense $350 Office Supplies Expense Rent Experte $250 Repairs Experise 5670 Telephone Expense $134 Uites Expert 589 Total $64,13 $35) $135 3. Ledger account La Hone Date Galleri Gene AC wa A G H Accum. Depre., Coffe Equip. Adj Nov 3 Bal $152 $152 B D Cash Nov-01 $50,000 Nov.01 $20,472 Nov-11 $3,422 Nov-02 $575 Nov-18 $2,568 Nov-06 $125 Nov-20 $100 Nov 07 $135 Nov 25 $3,849 Nov.08 $143 Nov-30 $2,600 Nov 10 $134 Nov-15 $1,575 Nov-17 $89 Nov-23 $225 Nov-24 $250 Nov-26 $527 Nov 30 $1,135 Bal $37,154 Trailer Equipment Nov 01 $15,000 Ball $15,000 Accum. Depre., Trailer Equipment Adj Nov.si $250 Bal $250 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Accounts Receivable Nov-11 $225 Nov-20 Bal $125 $100 Nov-15 Nov-26 Accounts Payable $1,575 Nov-Os $1,575 $527 Nov-OB $527 Nov-28 51.287 Bal $1.287 Owner's, Capital Nov.01 $50,000 Bal 550,000 Coffee Supplies Nov 02 $575 Nov-05 $1,575 Nov-28 $1,287 Adj.Nov 3 $1,892 Bal $1.545 Coffee Equipment S5,472 $5.472 Nov-30 Bal Owner's Drawings $1,135 $1,135 Nov-01 Bal 3 PS g ger - Microsoft Excel I Bad Good Colony Fallowed Hyperlink ce Ingut het Delta Sort und P U M N 0 Coffee Sales Nov-11 $2,875 Nov-11 $225 Nov-18 $2,350 Nov-25 $3,175 Nov 30 $2,387 Bal $11,012 Nov-06) Nov-23 Bal R s Food Expense $125 $225 $350 Office Supplies Expense Nov-07 $135 $135 Bal Food Sales Nov-11 Nov-18 Nov-25 Nov 30 Bal $547 $218 $674 $213 $1,652 Nov 24 Bal Rent Expense $250 $250 Coffee Expense Adj. Nov. 3 $1,892 Bal $1,892 Nov-OB Bal Repairs Expense $670 $670 Depreciation expense -Coffe Equipment Adj. Nov 3 $152 Bal $152 Nov-10 Bal Telephone Expense $134 $134 Depreciation expense - Trailer Equipment Adj.Nov. 3 $250 Bal $250 Nov-17 Bal Utilities Expense $89 $89 Sheets 8.53 AM 4. Income Statement, Statement of Changes in Own Jeu Page From No Paste Como AFLI T U $11,012 $1,652 $12,664 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 w Income Statement Revenue:- Coffee Sales Food Sales Total Revenue Expense:- Coffee Expense Depreciation expense -Coffee Equipment Depreciation expense - Trailer Equipment Food Expense Office Supplies Expense Rent Expense Repairs Expense Telephone Expense Utilities Expense Total Expense Net Income $1,892 $152 $250 $350 $135 $250 $670 $134 $89 $3,922 $8,742 Statement of Owner's Equity Owner's Capital, Nov 1, 2019 Add: Net Income $50,000 $8,742 $58,742 $1,135 $57,607 Less:- Owner's Drawings Owner's Capital, Nov 30, 2019 a: Ray Chefs 05 9 EW wner's Equity and Classified Balance Sheet umat Moosoft Excel Good Extintory input 4.1 HT YA Note Do Sortid AD AE AF AG AH & A AB AC Balance Sheet Assets:- Current Assets:- Cash $37 154 Accounts Receivable $125 Coffee Supplies $1,545 Total Current Assets $38,824 Long-term Assets Coffee Equipment $5.472 less:-Accum. Depre., Coffe Equip $152 Coffee Equipment(net) $5,320 Trailer Equipment $15,000 less:- Accum. Depre., Trailer Equipm $250 Trailer Equipment(net) $14,750 Total Long term Assets $20,070 Total Assets $58,894 Liabilities: Current Liabilities: Accounts Payable $1,287 Owner's Equity: Owner's, Capital $57,607 Total Liabilities and Owner's Equity $58,894 Sheet19th 157 2017 GENERAL JOURNAL GJ 4 Date 2019 PR Debit Credit Account Titles and Description Closing Entries GOOD DAY COFFEE STAND POST-CLOSING TRIAL BALANCE Account Debit Credit TOTALS help with:
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