Instructions
1. Using the Chart of Accounts provided, record the transactions for month of June in the General Journal. Do not add new accounts.
2. Post the General Journal entries to the General Ledger.
3. Prepare the Unadjusted Trial Balance in the Trial Balance tab.
4. Journalize any adjusting entries in the General Journal and post to the General Ledger. Show your calculations.
5. Prepare the Adjusted Trial Balance in the Trial Balances tab.
6. Prepare the closing journal entries in the General Journal and post to the General Ledger.
Note the following information
1. The business began on July 1, 2020.
2 The period under consideration is July 1, 2020 - June 30, 2021
3. For the purposes of this assignment, ignore the effects of cost of goods sold, income tax, property tax,
sales tax, and payroll tax
4. Straight-line depreciation method is used.
5. The supplies on hand June 30, 2021 were $750.
6. Physical count of food inventory on hand June 30, 2021 was $1,500.
7. The telephone bill for June 30, 2021 for $135 was received July, 2021.
8. The utility bill for June 30, 2021 for $285 was received July 2021.
9. For the purposes of this assignment, consider the note payable for delivery van purchase to be a current liability.
10. The following transactions occurred in the first month of operations and are reflected in the general ledger account balances.
July 1. 2020. Liz Burnes and her brother, James each invested $15,000 in a corporation they formed
to run Diner 64, Inc. Each were issued 1,500 shares of $10 par value common stock.
July 1, 2020 The corporation took a $30,000 small business loan from a local bank. The loan is an
'interest only' loan for three years at a fixed rate of 12% per year. A balloon payment of the principal will be due in 3 years. The monthly interest payment is due by the 10th of the following month.
July 1,2020. Because this was a new business, the landlord required the business to prepay
$6,000 for the rent for the first six month, plus a $1,500 security deposit for a total cash outlay
of $7.500.
July 1, 2020 The business purchased equipment and fixtures for $20,000 in cash.
The assets have a useful life of 10 years.
July 1, 2020 The company purchased delivery van value at $40,000 with a $15,000 down payment and a 3-year, $25,000 note payable with an annual intereste rate of 6%. The truck has a 10-year useful life. The monthly payment including principal and interest is $760.55.
July 8, 2020 Preston Hill, a local Bed & Breakfast (B & B), arranges with Diner 64 to provide breakfast for their guests at $10 per person per day. Diner 64 will bill the B & B at the end of each month for the meals provided. Payment is required by the 10th of the next month
July 15,2020 Paid $4 800 for two-year fire and liability insurance with coverage beginning September 1. 2020
For step number 1 these are the transactions for month of June in the general Journal.
What dates are you looking for?
Diner 64. Inc. Accounting Transactions for the Month of June 2021 Date Description June 2.2021 Paid June rent in the amount of $1,000 June 2, 2021 Paid $750 for six months auto insurance policy beginning June 1 June 5, 2021 Food purchases in the amount of $1,200 paid in cash. June 6, 2021 The business purchased $2,500 for supplies on account from Jones Supplies Co. June 8, 2021 Payment received from Preston HB & B for May 2021 June 12, 2021 Food purchases in the amount of $600 paid in cash, June 16, 2021 Cash receipts were deposited in the amount of $3,800, June 16, 2021 Paid $1,200 to employees for wages eamed during the first two weeks of June, June 22, 2021 Paid amount due to Jones Supplies Co. June 22, 2021 Cash receipts were deposited in the amount of $4,500 June 26, 2021 Paid utilities bill in the amount of $355. June 26, 2021 Paid telephone bil in the amount of $170.00 June 26, 2021 Cash receipts were deposited in the amount of $3,000 June 28, 2021 Paid for cleaning and maintenance expense for the month $1.150 June 30, 2021 Truck payment remitted - Total $760,55 (Principal $664.73. Interest - $95.82) June 30, 2021 Cash receipts were deposited. 56,500 June 30, 2021 Sent and recorded invoice to Preston Hill B & B for month of June in the amount of $600. June 30, 2021 Paid $3.850 to the company credit card for the following charges Advertising $1,850 Uniforms: $300 Repairs: $250 Printing $800 Gasoline: $650 June 30, 2021 Paid $1,000 to employees for wages earned during the last two weeks of June June 30, 2021 Sold $250 in gift certificates to customers in cash. June 30, 2021 Dividendo paid to shareholders in the amount of $500. stre 1. Using the Chart of Account provided, record the transactions for month one in the General Journal. Do not had new account 2. Poth Care Jumal to the General Ledge 2. Prepare the Unaduated T Balance in the Trial Balance tab Joumaitre any adusting entries in the General Journal and post to the General Ledger Show your calculations for the adjustments in the Adjustments tab 6. Prepare the Austed Thal Balance in the Trial Balances tab Prepare closing journal entries in the General Journal and post to the General Ledger 7. Prepare the Pool Closing Trial Balance in the Twl Balanced tab, so the income Statement and Balance Sheet columns on the Trial Bwance tab 8. Prepare classified statements for the income Statement. Statement of Retained Earnings Statement of Stockholders' Equity, and Balance Sheet Statement for the period of ly 1, 2020 - June 30 2021 in the appropriate tabs ignore the effects of income tax 10. Note to owing additional Information: 1. The business began on My 1, 2020. 2 The period under consideration is Juy 1, 2020 - June 30, 2021 a. For the purposes of this assignment, gnore the afects of cost of goods sold income tax. property tax Sales Tax and payroll as 4. Straight-line depreciation method is used S. The supplies on hard June 30, 2021 were $750 6. Physical count of food Inventory on hand June 30, 2021 was $1,500 7. The telephone bill for June 30, 2021 for $135 was received July 2021 8. The lay bal for June 30, 2021 for $286 was received July 2021 9. For the purposes of this assignment consider the note payable for delivery van purchase to be a current liability 10. The following sections oned in the first month of operations and wrotected in the general ledger count balances Ay 1.2020 Lur Bumes and her brother James each invested $15.000 in a corporation they formed to run Diner 64, Inc. Each were und 1,500 shares of 10 par value common stock wy 1, 2020 The corporation took a $30.000 small business loan from a local bank. The loan is an interest only loan for three years at a fixed rate of 12% per year. A balloon payment of the principal will be due in 3 years. The monthly interest payment is due by the 10th of the following month y 1, 2000 Because this was a new business. The landlord required the business to prepay $4,000 for the rent for the first six month, plus a $1.500 security deposit for a total cash outlay of $7,500 My 1, 2020 Jy 12000 The business purchased equipment and futures for $20,000 in cash Tha assets have a self of 10 years The company purchased a delivery very value 40,000 with a $15.000 down payment and a year. 525,000 note pay with an annual interest of the truck has a 10-year. The mowy payment including principal and interest is 576055 Presto Halocated Breakfast (B&B), arranges with Diner to provide treakfast for their guests at $10 per person Diner 4 wil bil the Atheend of each month for the meat provided. Payment required by the 10th of the next month. Paid 54,800 for two year fire and ability insurance with coverage tegning Secunder 1.2020 ye2020 July 1, 2020 Diner 64. Inc. Accounting Transactions for the Month of June 2021 Date Description June 2.2021 Paid June rent in the amount of $1,000 June 2, 2021 Paid $750 for six months auto insurance policy beginning June 1 June 5, 2021 Food purchases in the amount of $1,200 paid in cash. June 6, 2021 The business purchased $2,500 for supplies on account from Jones Supplies Co. June 8, 2021 Payment received from Preston HB & B for May 2021 June 12, 2021 Food purchases in the amount of $600 paid in cash, June 16, 2021 Cash receipts were deposited in the amount of $3,800, June 16, 2021 Paid $1,200 to employees for wages eamed during the first two weeks of June, June 22, 2021 Paid amount due to Jones Supplies Co. June 22, 2021 Cash receipts were deposited in the amount of $4,500 June 26, 2021 Paid utilities bill in the amount of $355. June 26, 2021 Paid telephone bil in the amount of $170.00 June 26, 2021 Cash receipts were deposited in the amount of $3,000 June 28, 2021 Paid for cleaning and maintenance expense for the month $1.150 June 30, 2021 Truck payment remitted - Total $760,55 (Principal $664.73. Interest - $95.82) June 30, 2021 Cash receipts were deposited. 56,500 June 30, 2021 Sent and recorded invoice to Preston Hill B & B for month of June in the amount of $600. June 30, 2021 Paid $3.850 to the company credit card for the following charges Advertising $1,850 Uniforms: $300 Repairs: $250 Printing $800 Gasoline: $650 June 30, 2021 Paid $1,000 to employees for wages earned during the last two weeks of June June 30, 2021 Sold $250 in gift certificates to customers in cash. June 30, 2021 Dividendo paid to shareholders in the amount of $500. stre 1. Using the Chart of Account provided, record the transactions for month one in the General Journal. Do not had new account 2. Poth Care Jumal to the General Ledge 2. Prepare the Unaduated T Balance in the Trial Balance tab Joumaitre any adusting entries in the General Journal and post to the General Ledger Show your calculations for the adjustments in the Adjustments tab 6. Prepare the Austed Thal Balance in the Trial Balances tab Prepare closing journal entries in the General Journal and post to the General Ledger 7. Prepare the Pool Closing Trial Balance in the Twl Balanced tab, so the income Statement and Balance Sheet columns on the Trial Bwance tab 8. Prepare classified statements for the income Statement. Statement of Retained Earnings Statement of Stockholders' Equity, and Balance Sheet Statement for the period of ly 1, 2020 - June 30 2021 in the appropriate tabs ignore the effects of income tax 10. Note to owing additional Information: 1. The business began on My 1, 2020. 2 The period under consideration is Juy 1, 2020 - June 30, 2021 a. For the purposes of this assignment, gnore the afects of cost of goods sold income tax. property tax Sales Tax and payroll as 4. Straight-line depreciation method is used S. The supplies on hard June 30, 2021 were $750 6. Physical count of food Inventory on hand June 30, 2021 was $1,500 7. The telephone bill for June 30, 2021 for $135 was received July 2021 8. The lay bal for June 30, 2021 for $286 was received July 2021 9. For the purposes of this assignment consider the note payable for delivery van purchase to be a current liability 10. The following sections oned in the first month of operations and wrotected in the general ledger count balances Ay 1.2020 Lur Bumes and her brother James each invested $15.000 in a corporation they formed to run Diner 64, Inc. Each were und 1,500 shares of 10 par value common stock wy 1, 2020 The corporation took a $30.000 small business loan from a local bank. The loan is an interest only loan for three years at a fixed rate of 12% per year. A balloon payment of the principal will be due in 3 years. The monthly interest payment is due by the 10th of the following month y 1, 2000 Because this was a new business. The landlord required the business to prepay $4,000 for the rent for the first six month, plus a $1.500 security deposit for a total cash outlay of $7,500 My 1, 2020 Jy 12000 The business purchased equipment and futures for $20,000 in cash Tha assets have a self of 10 years The company purchased a delivery very value 40,000 with a $15.000 down payment and a year. 525,000 note pay with an annual interest of the truck has a 10-year. The mowy payment including principal and interest is 576055 Presto Halocated Breakfast (B&B), arranges with Diner to provide treakfast for their guests at $10 per person Diner 4 wil bil the Atheend of each month for the meat provided. Payment required by the 10th of the next month. Paid 54,800 for two year fire and ability insurance with coverage tegning Secunder 1.2020 ye2020 July 1, 2020
