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ACCT 2301 - JW's Lock & Key Background JWs Lock & Key is owned and operated by Jake Walters and is located in Odessa, TX Jake is a locks and provides locksmith services and has a store that sells everything from keys to safes. You have just been hired as Required 1. The general ledger contains the current balances for all accounts as of November 30, 2021. The subsidiary ledgers for A/R and A/P also contain the current balances as of November 30, 2021 Review the information in these accounts before beginning the project Do NOT delete these balances. You need them 2 Joumalize the December transactions in the general journal Descriptions are not required Be sure that the account names used are the same as on the Chart of Accounts tab and the customer or vendor name are included in AR & AP transactions (ex NP. Brinks Co) Also, be sure to indent credit entries and note the account numbers 3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Payable Subsidiary Ledger Place a checkmark in the Post Reference column of the General Ledger next to the GL account number, le 2011 The checkmark denotes that you have posted to the Subsidiary Ledger account. On December 31. post to the General 4. Prepare an Unadjusted Trial Balance, using the worksheet. Complete the worksheet using the following adjustment information for December Office supplies on hand on December 31 are $1,279 A physical count of inventory showed an ending inventory cost of $44.500 Recorded depreciation on equipment for the month, S4 200 Insurance expired during December is $300 Earned $2,641 worth of the unearned service revenue Sales refunds estimated for the year $10,000 Cost of estimated returns for the year $2,000 5. Journalize and off the ADJUSTING entries from step 4 above in the GJ, Ledger and subsidiary ledgers. 6. Journalizo and post the CLOSING entries in the GJ, Ledger and subsidiary ledgers. 7. Prepare JWs Lock & Keys financial statements for the year ended December 31, 2021. The breakouts on the Chart of Accounts may help categorizing and making sure all accounts are used on the financial statements Additionally, please ensure to use the proper formatting indentation underlines, S signs, etc) Note: Jake Walter's Capital at December 1, 2021 was $262.643. & Prepare a Post-Closing Trial Balance Check Figures Unadjusted Trial Balance 911,145 Cash Account Balance 169.446 Net Income (Loss) 205,288 a 9 Be sure that all entries, the worksheet, financial statements and the post-closing trial balance have been done JW's Lock & Key had the following transactions in December Dec. 1 Paid December's rent check #6287, 82,312 2 Padamual premium on property and casualty insurance policies, check 6288.51.568 3 Performed locksmith services on new house sentivce 801 to the homeowner, Sam Moson, 12.245 4 Issued Invoice 602 to Hastings who purchased a new sale on account. 53.470. Cost of Merchandise Sold was 51.250 5 Purchased office supplies, check 6289, 5620 6 Purchased inventory from Key Supplies Co. 55.500 terms 10.30 7 Paid UPS 5315 cash for delivery of the inventory purchased on December 6, 7 Jako deposited an additional 38.500 cash in the business 8 Returned damaged Inventory to Key Supplies Co., 5500 8 Received $2.500 cash, an advance payment for locksmith services 9 Unlocked a safe for a customer and received $1.000 cash 9 Bought a new computer (equipment from Office Depot on account $1,500 10 Sold 2 safes and received cash 2.200. Cost of Merchandise Sold was $800 11 Purchased 5 sates to restock inventory on account from Brink Co. 54.259 terms, 2/5, 1/45 12 Customer returned one of the safes purchased on December 10, refunded the customer 5928 cash. Cost of Merchandise Sold was 5475 13 Paid Vertron for wireless Telephone services $387. check 6290 14 Paid Key Supplies Co for the purchase on December 6, less return and discount, check +6291. 14 Received cash on account, $1.500,From Nathan Dean Dean did not pay his November invoice 500 within the credit terms 2/10. The discount was forfeited 15 Recorded cash sales for the store from the 1st to the 15h. 514.437. Cost of Merchandise Sold was 54,783. 16 Received 51,834 from Hastings on account 17 Paid Office Depot on account. $500, check 8 6292 18 Performed locksmith services on account for Larry Contractor, 5700 19 Paid electricity bill for December, check 6293, 51,684 19 Paid for Domino's pizza delivery for the December office party. Check 86204.5175 20 Jake withdrew $8,217 for a vacation 25 Paid the water bil for December, check 6295, 3120 25 Paid Brinks Co, on account. $2.500, check #6296 26 Paid part time employees their salary: $2,615 27 Received cash on account from Larry Contractor, 5700 30 Recorded cash sales for the store from the 16th to the 30th, $8,735 Cost of Merchandise Sold was $2,784 The adjustment data for December is as follows. a Office supplies on hand on December 31 are $1.279 b. A physical count of inventory showed an ending inventory cost of $4,500 Recorded depreciation on equipment for the month $4200 d Insurance expired during December is $300 e Eamed $2,641 worth of the uneared service revenue 1 Sales refunds estimated for the year $10,000 9 Cost of estimated returns for the year $2.000 JW's Lock & Key Chart of Accounts Liabilities 201 Accounts Payable 203 Refunds Payable 205 Unearned Service Revenue Assets 101 Cash 105 Accounts Receivable 110 Inventory 112 Estimated Returns Inventory 115 Office Supplies 117 Prepaid Insurance 120 Equipment 121 Accum. Depreciation - Equipment Owner's Equity 301 Jake Walters, Capital 311 Jake Walters, Withdrawal Revenues 401 Service Revenue 405 Sales Revenue 410 Sales Discounts Forfeited Expenses 501 Cost of Merchandise Sold 502 Advertising Expense 505 Depreciation Expense 507 Insurance Expense 508 Office Supplies Expense 509 Salary Expense 511 Rent Expense 512 Telephone Expense 513 Utilities Expense 525 Miscellaneous Expense Other Misc. 999 Income Summary ACCOUNT Sales Discounts Forfeited 2021 POST DATE REF Nov 30 Bal N DEBIT CREDIT ACCOUNT NO 410 BALANCE DEBIT CREDIT 2.450 DEBIT CREDIT ACCOUNT Cost of Merchandise Sold 2021 ITEM POST DATE REF Nov 30 Bal ACCOUNT NO 501 BALANCE DEBIT CREDIT 145,687 DEBIT CREDIT ACCOUNT Advertising Expense 2021 POST ITEM DATE REF Nov 30 Bal N ACCOUNT NO 502 BALANCE DEBIT CREDIT 9.250 1 Cash ACCOUNT 2021 DATE ITEM POST REF DEBIT CREDIT ACCOUNT NO 101 BALANCE DEBIT CREDIT 154 931 Nov 30 Bar