I have completed the General Journal. I just need help doing the General Ledger.

August 1 Matt opens a business checking account in the name of BRAP and makes an initial deposit of $5,000 Matt had previously withdrawn this $5,000 from his personal savings account. August 1 Matt is unable to borrow money from the local bank given his youth, lack of business experience, and lack of a substantial credit history. However, his grandfather fully supports Matt's efforts to become an entrepreneur, so he loans Matt $7,000 at 6% Interest to be repaid in two years. Matt deposits these funds into the BRAP checking account. August 7 Matt goes to Play It Again Sports and pays $1,925 to purchase gently used canoes, paddles, lifejackets, ziplining harnesses, etc. to be used the park. (These items will collectively be identified as "Equipment in the accounting records.) August 15 Matt purchases a large, attractive sign for the new park at a cost of $750. The sign maker knows Matt's family, so she agrees to extend credit to BRAP for 30 days. August 20 BRAP pays $300 to create, print, and distribute flyers to all the local schools and youth organizations to advertise that the new park will open on September 1. August 28 BRAP pays a total of $5,620 to have the child-appropriate obstacle and zipline courses constructed that same day, Inspection and certification are included in these amounts. (These two courses will collectively be identified as "Activity Courses in the accounting records.) September 1 Matt recognizes the fact that he could be sued if a child gets hurt in the park, so BRAP pays $615 to purchase 3 months of general liability insurance for coverage from September 1 through November 30. September 7 Matt establishes a 30-day credit account at a local business on behalf of BRAP. He immediately uses the account to purchase $460 in various supplies for the park. September 10 BRAP sells 60 tickets for $15 each to local school children for admission to the park on that same day. (All ticket sales by BRAP are cash sales unless otherwise noted.) September 14 BRAP pays for the sign purchased on August 15. September 17 The Boys and Girls Club of Rutherford County brings 80 disadvantaged children to BRAP. Matt agrees to accept a reduced price of $12.00 per ticket and wait 30 days to receive payment, which will be paid by the Club rather than by the children. September 18 BRAP pays $75 to have the grass mowed at the park. September 22 BRAP sells 45 tickets for $15 each for children in two local Boy Scout troops for admission to the park on that same day. September 24 BRAP receives a check from the Boys and Girls Club of Rutherford County in the amount of $450 to partially pay for the tickets purchased on September 17, September 25 BRAP pays wages in the amount of $365 to two of Matt's friends who worked on days when children were in the park to assist the children with the various activities. September 28 Matt is satisfied that BRAP has more than a sufficient amount of operating cash in its checking account, so he writes himself a company check for $800 and deposits it into his own personal checking account. September 30 BRAP receives a check in the amount of $345 from Ms. Hughes, a local teacher, to purchase tickets for her 2 graders. She plans to bring them to BRAP for a field trip on October 3. MacBook Air 200 000 4 14 FS F7 19 FO # 1 * $ 4 3 % 5 & 7 6 00 9 0 credits account titles are slightly Indented, and DEBIT AMOUNTS MUST EQUAL CREDIT AMOUNTS for each and every individual transaction. ACCOUNTING CYCLE STEP 3: Post each transaction in the general Journal to the general ledger. Use the general ledger working papers provided in your packet. Helpful Hints: Posting is the process of transferring general journal entry Information to the general ledger. Each number you post should be properly cross-referenced by: recording the general journal page number (ex. GJ1, GJ2, etc.) in the Posting Reference (Post. Ref.) column of the general ledger (transaction descriptions in the "Item" column may be eliminated", AND recording the general ledger account number in the Post. Ref. column of the general journal. ACCOUNTING CYCLE STEP 4: Calculate the ending balance in each general ledger account if you haven't already done so, and prepare an unadjusted trial balance. No working papers have been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class. Helpful Hints: Determine the balance in each account by subtracting the sum of the debits from the sum of the credits. The resulting difference (the updated account balance) is a debit if the sum of the debits is greater than the sum of the credits. Alternatively, the resulting difference (the updated account balance) is a credit if the sum of the credits is greater than the sum of the debits. Prepare an unadjusted trial balance by listing each general ledger account title with its balance in the order that it appears in the general ledger) according to the format presented in Exhibit 2.14 in your textbook. Note that the debit and credit columns must each be summed, and the sums must be equal. If debits do not equal credits, refer to the "Searching for and Correcting Errors" section in Chapter 2 of your textbook for additional assistance. Check Figure: Debits and credits must each equal $15,340. MacBook Air 909 4 II 80 F3 FVO 000 4 FB FS F F7 A * - $ 4 % 5 & 7 3 6 8 0 9 Chapter 3 (Accounting Cycle Steps 5, 6, & 7) ACCOUNTING CYCLE STEP 5: Adjust the appropriate accounts of BRAP based on the following Information. This step Involves Journalizing the adjusting entries in the general journal and posting them to the general ledger, using the cross-reference procedure described in accounting cycle step 3. (Note: Add these transactions to the general Journal and general ledger that you began in the Chapter 2 section of this packet.) September 30 One month of the general liability insurance coverage that began on September 1 has now expired. September 30 Accrue interest on the $7,000,6% loan issued on August 1 even though payment on the principal and interest will not be made until the note matures in two years. (Round to the nearest dollar, if necessary.) September 30 Matt determined that $182 of the supplies purchased on September 7 remained unused. September 30 You consult with a fellow student who has already completed ACTG 2110, and he helps you calculate depreciation as follows: Equipment - $32; Sign - $13, and Activity Courses - $94. (Note: use separate Accumulated Depreciation accounts for each asset, but report the total amount of Depreciation Expense in a single account.) September 30 Accrue wages of $120. The employees earned these wages in September, but will not be paid until October. Helpful Hints: While there are no source documents to prompt us to record adjusting entries, adjusting entries are an important element of matching revenues and expenses to provide GAAP-compliant financial statements. Each adjusting entry affects an income statement account (revenue or expense) and a balance sheet account (asset or liability), so omitting an adjusting entry or making an error in the amount of the adjusting entry makes the income statement, the statement of owner's equity, and the balance sheet incorrect. Some helpful hints to keep in mind as you write adjusting entries: As previously noted, each adjusting entry affects an income statement account and a balance sheet account. No adjusting entry affects the Cash account. MacBook Air > ... 80 90 209 000 64 FE F2 * # 3 $ 4 % 5 & 7 6 8 0 9 E 70 P T Y U ACCOUNTING CYCLE STEP 6: Recalculate the general ledger account balances for all accounts affected by the adjusting entries, if you haven't already done so, and then develop another trial balance consistent with the format of your unadjusted trial balance. This new trial balance is Identified as an adjusted trial balance to reflect the fact that the account balances now include the effect of all adjusting entries. No working papers have been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class. 6 Helpful Hints: Remember to list your accounts in financial statement order, just as you did for your unadjusted trial balance. Check Figure: Debits and credits must each equal $15,669. ACCOUNTING CYCLE STEP 7: Use the accounts and balances on the adjusted trial balance to prepare financial statements. Refer to Exhibit 3.14 in your textbook for an illustration of how the numbers from an adjusted trial balance flow to the financial statements. No working papers have been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class Helpful Hints: The income statement is always prepared first because we need the output of the income statement MacBook Air 000 000 54 F5 F6 F7 FB V Helpful Hints: The income statement is always prepared first because we need the output of the income statement (net income) to prepare the second financial statement, the statement of owner's equity. The statement of owner's equity must be prepared second because we need the output of the statement of owner's equity (the ending capital account balance) to prepare the third financial statement, the balance sheet. The fact that all three financial statements tie together in this way is referred to as articulation. Recall that the accounts on the adjusted trial balance are listed in financial statement order (assets, liabilities, owner's equity, revenues, and expenses), so the accounts you need for each statement are effectively grouped together. Each account is reported on only ONE financial statement. Specifically note the difference between the format of a trial balance and a balance sheet. Many beginning accounting students frequently confuse these two due to the naming similarity, but they are two very distinct documents! Check Figures: Net Income - $983 Total Assets = $13,178 MacBook Air BO 888 o 999 A * $ 4 % 5 2 3 & 7 8 ON 0 W E R T Y C o P S D F J L Chapter 4 (Accounting Cycle Steps 8 & 9) ACCOUNTING CYCLE STEP 8: Prepare journal entries to close all the temporary accounts. This step includes journalizing the closing entries in the general journal and posting them to the appropriate general ledger accounts, using the cross-reference procedure described in Step 3. Use the same general Journal and general ledger that you used in the previous steps. Helpful Hints: The temporary accounts to be closed are the revenue accounts, expense accounts, and the owner's withdrawal (a.k.a. drawing) account. Note that the owner's capital account before the closing process does not equal the ending owner's capital we reported on the statement of owner's equity and on the balance sheet. The closing process, when properly completed, will update the owner's capital account balance in the general ledger so that it reconciles with the ending owner's equity balance we reported on the financial statements. The closing process will also reduce all temporary accounts to a zero balance clearing the way for the accumulation of revenues, expenses, and withdrawals for the next accounting period. Revenue accounts must be DEBITED to remove their credit balances and expense accounts and the owner's withdrawal account must be CREDITED to remove their debit balances. ACCOUNTING CYCLE STEP 9: Prepare a post-closing trial balance. Just like the unadjusted trial balance and the adjusted trial balance, this trial balance is simply a listing of the general ledger accounts and their balances in financial statement order with the debit and credit columns summed. See Exhibit 4.6 in your textbook for an example of a post-closing trial balance. No working papers been provided for this step, so you may either handwrite your solution or prepare it electronically. If you prepare your solution electronically, be sure to bring a hardcopy to class Helpful Hints: This trial balance confirms that general ledger debits and credits are equal before beginning a new accounting cycle. Given that all the temporary account balances were reduced to zero during the closing process, the temporary accounts may be omitted from this trial balance. Check Figure: Debits and Credits must each equal $13,317. ACCOUNTING CYCLE STEP 10: Preparing reversing entries is an optional step in the accounting cycle that will not be covered in this course. MacBook Air 80 DOD 08 IN 4 F2 10 A * 2 # 3 $ 4 % 5 & 7 ON 8 9 0 Blue Raider Adventure Park GENERAL JOURNAL Page 1 Debit Post. Ref. Credit Date Description 101 5 0 0 0 August 1 Cash M. Lapinski, Capital 301 5 000 101 7 7 0 0 0 August 1 Cash Accounts Payable 70 00 201 5 6 163 1925 7 August 7 Equipment Cash 101 1925 3 9 165 7 50 10 August 15 Sign Accounts Payable 75 0 201 11 612 3 0 0 13 August 20 Advertising Expense Cash 101 300 14 15 16 5 2 60 Activity Courses August 28 167 101 5 2 6 0 11 128 6 15 1eptember 1 Prepaid Insurance Cash 101 6 15 126 23 September 7 23 Supplies Accounts Payable 201 4 60 24 101 MacBook Air 4 990 80 13 4 F5 A * # 3 $ 4 % 5 & 7 2 6 8 0 9 a o W E R T Y U 1 T F S DE G H B D F G H I J K L M N O P Q R 25 September 10 Cash 101 900 26 Ticket Revenue 403 9 00 28 September 14 201 7 50 Accounts Payable Cash 29 101 7 5 0 30 31 Septembel 17 106 9 60 32 Accounts Receivable Ticket Revenue GENERAL JOURNAL 403 9 60 Page 2 33 September 18 75 Mowing Expenses Cash 653 101 34 75 35 36 September 22 Cash 101 6 7 5 37 Ticket Revenue 403 675 30 September 24 101 4 50 Cash Accounts Receivable 40 106 450 41 e Septembel 25 682 365 Wages Expense Cash 101 3 6 5 45 September 28 800 M. Lapinski, Withdrawls Cash 302 101 800 46 47 101 September 30 3 4 5 Cash Unearned Revenue 236 3 4 5 MacBook Air 20 DOO DO 14 FB 96 # 3 $ 4 % 5 & 7 * 8 ON 0 W E RT Y U 0 Blue Raider Adventure Park GENERAL LEDGER Account Cash Date Item Debit Credit Post. Ref. Balance Credit Dehit Account Accounts Receivable Date Item Debit Credit Post Ref Balance Credit Debut MacBook Air go 200 FT 11 83 OCD 14 FS F F7 19 2 # 3 $ 4 % 5 A 6 & 7 * 8 0 W E R T Y U - O P Account Supplies Date Item Debit Credit Post. Ref. Balance Credit Debit Account Prepaid Insurance Date Item Debit Credit Post Ref. Balance Credit Debit Account Equipment Date Item Debit Credit Balance Post. Ref. Debit Credit Account Accumulated Depreciation - Equipment Date Item Debit Credit Balance Post Ref. Debit Credit MacBook Air ** 80 988 4 F3 TV n * # 3 $ 4 % 5 A 6 & 7 2 8 9 0 W 4 .. 000 DOB 17 1 BO 4 4 # 3 $ 4 % 5