I need journal entrie, trial balance adjusted trial balance, adjusting entries, closing entries, post closing entries, post closing trial balance
these are the journal entries of januray
at the end of question there is opening balnce for february and use that opening balance for preparing from t accounts
1 1 February: Purchased additional $250 in supplies. Signed an insurance policy costing $3,600 over 3 years. Paid for February March and Apri. 2 Client #4 paid half of its bill. 5 Bought supplies on account required for a client presentation. Supplies cost $250. Invoiced Client #5 a total of $1,400 for the presentation. 7 Paid administrator a salary of $1.875. 16 Received balance owing from client#2. 19 Received invoice for utility bills totalling $250 28 Administrator was not working out. Worked until end of February but, as yet, has not been paid. 28 Jones estimates the same amount of supplies were used for each month. The remaining balance of supplies when counted on February 28 was $200. Status of J. Jones International: The administrator was to do the books, but did nothing, Jones is not a happy camper. He has heard you are an up and coming accounting whiz. Your Assignment: Your assignment is to prepare a "full accounting' for each of January and February. Including in this work are journal entries. T-accounts trial balances, adjusting entries, adjusted trial balances, financial statements and closing entries. Notes: 1. Include a cover sheet and table of contents 2. After each journal entry, draw the balance sheet diagram used in class' and show the impacts on the balance sheet of the entries being posted 3. Do not try to cram information. Use more sheets if possible. 4. If your package is not stapled, one mark will be deducted. Opening Balances for February Cash 31,780 Accounts Receivable 12,850 Supplies (Asset) 260 Computers 2.000 Accumulated Amortization - Computer 75 Vehicles 5,000 Accumulated Amortization - Vehicles 83 Furniture 8,200 Accumulated Amortization - Furniture 52 Land 33,000 Accounts Payable 100 J. Jones, Shareholder loan 40,000 J. Jones, Capital 52,780 Credit Prepare journal entries in the month of January: Date Account Titles Debit Jan. 02 Cash $90,000 Computer Equipment $2,000 Loan payable Jones capital $40,000 S52.000 S570 58,200 Jan. 03 Supplies Furniture Cash Accounts payable $570 $8.200 Jan. 03 S1,110 Rent Expenses Cash $1,110 $2.500 Jan. 04 Cash Consulting Service Revenue $2.500 Jan 07 S33.000 Land Cash $33.000 Jan. 11 S2.100 Accounts Receivable Consulting Service Revenue $2.100 Jan. 12 5,000 Car Cash $5,000 Jan. 15 Salary Expense Cash $1,975 $1,975 Jan. 16 Accounts payable Cash S8.200 $8.200 S600 Jan. 18 Cash Accounts Receivable $600 Jan. 19 $11,350 Accounts Receivable Consulting Service Revenue S11,350 S300 Jan.22 Utility Expense Cash $300 S2,700 Jan. 29 Cash Accounts Receivable $2.700 S1,975 Jan. 31 Salary Expense Cash $1,975 lan. 31 S12.000 Withdrawals Cash $12.000 January: 2 Cash injection of $90,000 from Jones in cash. $40,000 is to be treated as a shareholder loan. The balance as a capital investment. The cash was deposited in the company bank account. Jones also gave a computer equipment worth $2,000, but wanted nothing in return for it. 3 Purchase of $570 of supplies for cash and $8,200 worth of furniture on account. 3 Signed a 3-year lease with monthly rates of $1,110. Paid rent for January 4 Performed consulting services for Client 1 and received $2,500 in cash. 7 Paid $33,000 cash to acquire land for a future office site. 11 Consulted for Client #2 and sent an invoice to the client for $2,100. 12 Bought a used company car for $5,000. Salvage value estimated at $2,000 & useful life is 3 years. 15 Paid administrator a salary of $1975. 16 Paid for the furniture bought on account on January 3. 18 Received partial payment of $600 from client #2. 19 Provide major consulting to client #4, Invoiced for $11,350. 22 Paid utility bills totalling $300. 29 Received $2,700 payment for additional consulting provided to client #4. Paid administrator a salary of $1975. Jones withdrew $12,000 for personal use. 31 31 1 1 February: Purchased additional $250 in supplies. Signed an insurance policy costing $3,600 over 3 years. Paid for February March and Apri. 2 Client #4 paid half of its bill. 5 Bought supplies on account required for a client presentation. Supplies cost $250. Invoiced Client #5 a total of $1,400 for the presentation. 7 Paid administrator a salary of $1.875. 16 Received balance owing from client#2. 19 Received invoice for utility bills totalling $250 28 Administrator was not working out. Worked until end of February but, as yet, has not been paid. 28 Jones estimates the same amount of supplies were used for each month. The remaining balance of supplies when counted on February 28 was $200. Status of J. Jones International: The administrator was to do the books, but did nothing, Jones is not a happy camper. He has heard you are an up and coming accounting whiz. Your Assignment: Your assignment is to prepare a "full accounting' for each of January and February. Including in this work are journal entries. T-accounts trial balances, adjusting entries, adjusted trial balances, financial statements and closing entries. Notes: 1. Include a cover sheet and table of contents 2. After each journal entry, draw the balance sheet diagram used in class' and show the impacts on the balance sheet of the entries being posted 3. Do not try to cram information. Use more sheets if possible. 4. If your package is not stapled, one mark will be deducted. Opening Balances for February Cash 31,780 Accounts Receivable 12,850 Supplies (Asset) 260 Computers 2.000 Accumulated Amortization - Computer 75 Vehicles 5,000 Accumulated Amortization - Vehicles 83 Furniture 8,200 Accumulated Amortization - Furniture 52 Land 33,000 Accounts Payable 100 J. Jones, Shareholder loan 40,000 J. Jones, Capital 52,780 Credit Prepare journal entries in the month of January: Date Account Titles Debit Jan. 02 Cash $90,000 Computer Equipment $2,000 Loan payable Jones capital $40,000 S52.000 S570 58,200 Jan. 03 Supplies Furniture Cash Accounts payable $570 $8.200 Jan. 03 S1,110 Rent Expenses Cash $1,110 $2.500 Jan. 04 Cash Consulting Service Revenue $2.500 Jan 07 S33.000 Land Cash $33.000 Jan. 11 S2.100 Accounts Receivable Consulting Service Revenue $2.100 Jan. 12 5,000 Car Cash $5,000 Jan. 15 Salary Expense Cash $1,975 $1,975 Jan. 16 Accounts payable Cash S8.200 $8.200 S600 Jan. 18 Cash Accounts Receivable $600 Jan. 19 $11,350 Accounts Receivable Consulting Service Revenue S11,350 S300 Jan.22 Utility Expense Cash $300 S2,700 Jan. 29 Cash Accounts Receivable $2.700 S1,975 Jan. 31 Salary Expense Cash $1,975 lan. 31 S12.000 Withdrawals Cash $12.000 January: 2 Cash injection of $90,000 from Jones in cash. $40,000 is to be treated as a shareholder loan. The balance as a capital investment. The cash was deposited in the company bank account. Jones also gave a computer equipment worth $2,000, but wanted nothing in return for it. 3 Purchase of $570 of supplies for cash and $8,200 worth of furniture on account. 3 Signed a 3-year lease with monthly rates of $1,110. Paid rent for January 4 Performed consulting services for Client 1 and received $2,500 in cash. 7 Paid $33,000 cash to acquire land for a future office site. 11 Consulted for Client #2 and sent an invoice to the client for $2,100. 12 Bought a used company car for $5,000. Salvage value estimated at $2,000 & useful life is 3 years. 15 Paid administrator a salary of $1975. 16 Paid for the furniture bought on account on January 3. 18 Received partial payment of $600 from client #2. 19 Provide major consulting to client #4, Invoiced for $11,350. 22 Paid utility bills totalling $300. 29 Received $2,700 payment for additional consulting provided to client #4. Paid administrator a salary of $1975. Jones withdrew $12,000 for personal use. 31 31
