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I need assistance with part 2 (adjusting journal entries) & 3 (ending balances/t-accounts) This is part 1 (pre adjusting journal entries) EFY Chart of Accounts
I need assistance with part 2 (adjusting journal entries) & 3 (ending balances/t-accounts)
This is part 1 (pre adjusting journal entries)
EFY Chart of Accounts Part One, Two and Three Instructions ecord the uly trantactions sn the general journal (last section of the practice cet) using t events. Skip line betwee fter you compiote the journal entries then ecerd the adjusting journal entries. Next, you the T Atcourts in the Chart of Accounts in an Excol saneadsheet keep track of aa t-t-Acc make sure that you have an eodirg balance in each account, Once you have completed the jo entries, the adjucting journal e Th ia agnement one, two and tree 5Htj using the following vents n each entry and number the entries to match the number of the transaction 10000 Ch 11000 Accounts Receivable 1200 12100 Irvetory-Daakots 3100Supples t wil craateali track ofa he.T-Accounts and have completed the journal 27100Notes Payable entries and the T-Account balances, vou Will enter them into Bakckboard. 9003 Cammon Stock 9005 Retained Earnings 39007 3300 Shipping Supplies Date Depost No 14000 4100 Friega msurance 14200 ftan met with her lawyer and EPA for advice on starting the business Ther decided that fran would ofganize the businesr as a corporation. The lawyer told Fran to regihter the company name Fram's Fruit Basket with thc County of El Pasro. in addition, Eran wi gstan employer identifiation number (EIN) from the Internal Revenue Service anc ger a sales tax petmit from the state ot Towas The lawyer sleed to prepare the Articles al incorporation to be rted with the Secretary of State o1 Texas. Thm CPA has agreed to help Fran set up heraccounting systems 40000 Sales 17000 Accuiulted Dopreclation Computer Equipment 15100 t Wels Fargo Bank 2. 7/02/17 | Depos t #2 | M. franco opened a business checking account at wens Fargo Bank by depesiting $45,000 The corporatbon issued her a stock certificate or 4,508 shares of common stock with a $10 par value Ms Franco agnedaone.rear rental agraement with Reynolds Reattors for warehouse space She was required to pay $9,000 for rent for the months of uly 1,2016-December 31 2016 Arranged for ageneral business liablity insurance noacy and paid 53,600 to State Penn Insurance. This premium is for nine months coverage Purchated a new computer system that cost $2,700 from Office 1 Mart for use in the business, Ms. Franco signed a six-month, 10% instalilment note payable for the cost of the system. system has en estimated useful life of s years and the residual I salvage) value is $0 This will be recorded as Computer Equipment, and depreciated uang the Straight-Line Depreciation method accoraingly (round the depreciation to the nearest whole dollar) 50000 60100 Legal 60150 Cast of Goods Sod 17203 Accuuluted Dep eclaton 3. 7/03/17 Ck #1001 50200 60300 60350 60400 Shipping Supplies Expanse Insurance Expense Wares Expense Credit Card Expense Advertising Ex utility Exp Rent Expense Carent Uabaities 4" | 7/03/17 |Ck #1002 21100 Note Paysble Wells Farsp 21200 Note Payable ~0trce Mait 23300 Wages Payable 23200 Intrest Payable 60500 60550 60600 60650 Depredation Expense 5. 7/03/27 23300 Sales Tax Payade The computer 60700 Interest Experse 60750 Bank Service Fee 31 PageStep by Step Solution
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