Highlight a. Journal ontries: Page 1 Dec. 1 Equipment Jones, Capital PR 110 310 840 840 7 Cash Jones, Capital 110 310 990 990 9 Cash 110 260 2,900 Note Payable 2,900 12 Advertising Expense Cash 350 508 110 350 17 Supplies Cash 140 110 195 195 21 AR - Fred's Yoga Sales Revenue 130 410 295 295 28 Telephone Exp. AP 84 563 210 84 29 Cash Unearned Revenue 130 110 230 130 30 Jones, Drawings Cash 97 320 110 97 o Bi (hp) + onts 4. % 5 6 & 7 8 ( 9 O R T b. General Ledger: Cash Date Dec 7 9 12 17 29 30 Acct #110 PR Debit Credit Balance 990 990 G1 2,900 3.890 G1 350 3.540 G1 195 3.345 G1 130 3,475 61 97 3,378 Accounts Receivable Credit Date Dec 21 PR G1 Debit 295 Acct #130 Balance 295 Supplies Date Dec 17 PR G1 Acct #140 Debit Credit Balance 195 195 Equipment Date Acct #160 PR Debit Credit Balance G1 840 840 Dec 1 Accumulated Depreciation Equipment Date PR Debit Acct #161 Credit Balance Accounts Payable Acct #210 Credit Balance Date PR Debit to search O + more 9K - DI ( $ 4. & 7 3 8 9 0 6 5 { E in . R. Y F G . J K L Draw Highlight Eras Accounts Payable Date Dec 28 PR Debit G1 Acct #210 Credit Balance 84 84 Uneamed Revenue Date Dec 29 PR Debit G1 Acct #230 Credit Balance 130 130 Wages Payable Date Acct #240 Credit PR Debit Balance Interest Payable Acct #245 Credit Balance Date PR Debit Notes Payable Date Dec 9 PR Debit G1 Acct #260 Credit Balance 2,900 2,900 Date Dec 1 Capital PR Debit G1 Acct #310 Credit Balance 840 840 A search O BI 99 hp in ort se delet * $ 4 % 5 6 0 8 7 9 [ E R. U T . J K L En Date Dec 9 PR Debit G1 E A Read aloud Draw Highlight Credit Balance 2,900 2,900 Date Dec 1 7 Capital PR Debit G1 G1 Acct #310 Credit Balance 840 840 990 1,830 Date Dec 30 Drawings PR Debit G1 Acct #320 Credit Balance 97 97 Sales Revenue Date Dec 21 PR Debit G1 Acct #410 Credit Balance 295 295 Advertising Expense Date Dec 12 Acct #508 PR Debit Credit Balance G1 350 350 Depreciation Expense Acct #515 Credit Balance Date PR Debit Interest & Bank Charges Expense PR Debit Acct #527 Credit Balance Date O to search Ri 9 99+ hp fo fa mort se $ & 7 6 5 8 9 3 O R Y P G D H . J L Jones Smoothies Trial Balance December 31, 2020 Credit Debit 3,378 295 195 840 Arc 110 130 140 160 161 210 230 260 310 320 410 508 563 Cash Accounts receivable Supplies Equipment Accum depreciation Accounts payable Uneamed revenue Notes payable Jones, Capital Jones Drawings Sales revenue Advertising expense Telephone expense Totals 84 130 2,900 1,830 97 295 350 84 5,239 5.239 o Bi g (hp tro - + tort se % 5 & 7 4 ( 9 6 8 o { [ R Y U F G . K . Supplies Expense Date Acct #550 Credit Balance PR Debit Telephone Expense Date Dec 28 Debit PR G1 Acct #563 Credit Balance BA 84 Wages Expense Date PR Debit Acct #570 Credit Balance earch O gi 9 99+ hp + in ort se 96 C 4 5 & 7 6 00 9 0 R Y F H . J K V B IN M This portion of the projection is a continuation from Chapters 1 and 2. Use the information from the previous chapters and follow the instructions below using the ledger accounts you have already prepared Be sure that you use the solution from Chapter 2 to update your ledger accounts. Your starting point must be correct to ensure you get to the correct and point. It is now the end of December. Your mother is curious to know if the business has been profitable and if you will need another loan to help finance the business. You would also like to know if you have been profitable during the first month of operation. In order to determine the business' income, you must first make some adjusting entries and you have put together the following additional information: 1 2. The supplies were counted and costed out. There are $131 of office supplies remaining On December 31, you delivered smoothies to John's Gym and, although you also delivered the invoice, you had forgotten to record it. The invoice was for $170 and is due in 30 days. Because the above order was last-minute, you hired your friend for 4 hours on December 31 to help you make the smoothies. You will pay her on January 3 at an hourly rate of $15. Depreciation on the juicing machine must be recorded. The useful life of the machine is 48 months. (Round depreciation amount to the nearest dollar) 3 4 5 The interest on the loan will be paid at the end of the loan term. Assume that 22 days interest has accrued on the loan by December 31 and the annual interest rate is 5%. Instructions a. Prepare the adjusting journal entries. Round all amounts to the nearest dollar. b. Post the entries to general ledger accounts. c. Prepare an adjusted trial balance as at December 31, 2020. d. Using the adjusted trial balance, prepare an income statement, statement of owner's equity, and balance sheet for the business' first month of operations