Instructions Chart of Accounts General Journal T Accounts Unadjusted Trial Balance Instructions Wickers Restoration Services had the following transactions on May. 1. 2. 3. 4. 5. Received $48,000 from sale of common stock. Paid rent on office for the month, $880. Purchased supplies on account, $1,750, Earned fees, receiving cash, $12,600. Paid creditor on account, $1,000 Paid automobile expenses for month, $375, and miscellaneous expenses, $250. Paid office salaries for the month, $3,900, Earned fees which the customer will pay next month, $2,400. Determined that the cost of supplies used was $280. Paid dividends, $2,400 6. 7. 8. 9. 10 a. Prepare the journal entries for the above transactions on May 31. Refer to the Chart of Accounts for exact wording of account titles. b. Prepare T accounts for each account used and post the journal entries to these accounts, placing the appropriate number to the left of each amount to identify the transactions. For grading purposes enter transactions in sequential order. Determine the correct ending balance. The ending balance label is provided on the left side of the account even when the ending balance is a credit. The unused cell on the balance ine should be left blank c. Prepare an unadjusted trial balance as olay 31 d. Determine the net income for May e. Determine the retained earnings at the end of May, assuming this was the first month of business Previc u Chart of Accounts ker CHART OF ACCOUNTS Wickers Restoration Services General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable EXPENSES 13 Supplies 14 Prepaid Insurance 16 Office Equipment 51 Rent Expense LIABILITIES 52 Wages Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense I a. 21 Accounts Payable b. 22 Unearned Revenue 23 Notes Payable EQUITY C 31 Common Stock d. 32 Retained Earnings e. 33 Dividends Chart of Accounts Instructions TAccounts General Journal Unadjusted Trial Balance x General Journal a. Prepare the journal entries for the transactions on May 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION LIABILITIES EQUITY CREDIT ASSETS DEBIT DESCRIPTION POST. REF. DATE 1 2 I 3 7 8 9 10 12 Previous Submit Test All work saved. 7 9 10 12 13 I 14 15 16 17 18 19 20 21 Previou All work saved. Sut MacBook Air Calculator General Journal T Accounts b. Prepare T accounts for each account used and post the journal entries to these accounts, placing the appropriate number to the left of each amount to identify the transactions grading purposes enter transactions in sequential order. Determine the correct ending balance. The ending balance inbel is provided on the left side of the account even when ending balance is a credit. The unused call on the balance line should be left blank. Cash Bal. Accounts Receivable Supplies Bal Previous General Journal T Accounts Accounts Payable Bal. Common Stock Dividends Fees Earned Bal. Rent Expense I Automobile Expense Bal. Rent Expense Automobile Expense Wages Expense Supplies Expense Miscellaneous Expense I ad Wickers Restoration Services UNADJUSTED TRIAL BALANCE May 31, 20Y2 al. ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Accounts Payable 5 Common Stock 6 Dividends 7 Fees Earned & Rent Expense 9 Automobile Expense 10 Wages Expense 11 Supplies Expense 12 Miscellaneous Expense al. 13 Totals Final Questions d. Determine the net income for May. $ e. Determine the retained earnings at the end of May, assuming this was the first month of business. $
