Question
I really need help, I've been messing up on some things lately. If anyone can help me out it'd mean a lot. Chart of Accounts:
I really need help, I've been messing up on some things lately.
If anyone can help me out it'd mean a lot.
Chart of Accounts:
101 Cash, 124 Office Supplies, 126 Moving Supplies, 127 Prepaid insurance, 153 Trucks, 154 Accumulated depreciation - Trucks, 173 Building, 174 Accumulated depreciation building, 201 Accounts Payable, 203 Interest Payable, 210 Wages Payable, 233 Unearned storage revenue, 251 Long-term notes payable, 300 Common Stock, 301 Retained Earnings, 302 Dividends, 401 Moving revenue, 402 Storage revenue, 506 Depecacation expense - building, 507 Deprecation expense- trucks, 508 Wages expense, 533 interest expense, 537 insurance expense, 550 office supplies expense, 552 moving supplies expense, 555Advertising expense, 569 Gas, Oil, and repairs expense, 572 General and Administrative expense, 901 income summary
1. Journalize the following December transactions. Dec. 2 Received $180 as advance payments on storage rental Dec. 5 Paid accounts payable of $720 Dec. 6 Paid insurance premiums of $8,100 in advance Dec. 7 Deposited $8,700 from completed moving jobs. Dec. 10 Purchased $1,560 of moving supplies on credit Dec. 12 Acquired additional truck worth $56,000 by paying $6000 cash and signing a long-term note payable for the balance Dec. 14 Paid wages of $2,700 for the period Dec. 1-14 Dec. 17 Purchased $130 of office supplies on credit Dec. 21 Deposited $6,260 from completed moving jobs and $1,600 of storage revenue receipts Dec. 24 Paid $860 for repairs to truck for damages sustained in an accident. Dec. 28 Paid wages of $2,850 for the period Dec. 15-28. Dec. 30 Paid $900 to a magazine for advertisements that appeared in December Dec. 30 Paramount Declared and paid $1,600 in Dividends to the Shareholders Dec. 31 Deposited $4,700 from completed moving jobs and $800 of storage revenue receipts 2. Post the above December transactions into the General Ledger accounts. 3. Prepare an unadjusted trial balance 4. Joumalize the following adjusting entries: a. Unpaid wages were $610 as of December 31 b. The December 31 office supplies inventory was $180 c. The moving supplies inventory was $4,530 on December 31 d. The unexpired portion of the prepaid insurance was $9,475 as of Dec. 31 e. Depreciation for the year on the trucks was $50,350 f. Depreciation for the year on the building was $7,400 g. Unearned storage revenue balance at Dec. 31 was $650 h. Interest expense on the notes payable was $24,700 5. Post the adjusting entries 6. Prepare an adjusted trial balance 7. Prepare an income statement 8. Prepare a statement of owner's equity 9. Prepare a balance sheet 10. Journalize the dosing entries 11. Post the closing entries 12. Prepare a post-closing trial balance
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