INSTRUCTIONS

Data and Instructions Sandra Martin owns and operates Accounting Solutions Co., a first-year service business. The beginning balances for all accounts on January 1 was zero (SO). The accompanying Excel template file includes the Unadjusted Trial Balance for the company as of 12/31/2020. This information is included on the "Unadjusted TB-Dec2020" tab in the Excel workbook The balances in each account in the Unadjusted Trial Balance on December 31, represents the ending balance for and represents all of the activity for the year. As such, the detail of all of the individual transactions for the year is omitted. Unadjusted Trial Balance information is already included in the "GL" tab through cell reference links. Use this information in the "Unadjusted TB-Dec2020" and "GL" tabs as the starting point for your work. The following additional facts were collected for use in making adjusting journal entries prior to preparing financial statements for the year ended 12/31/2020, a. The December 31 inventory count of supplies shows $700 still available. b. Six months have expired since the 12-month insurance premium of $3,600 was paid in advance. c. As of December 31, three employees have not been paid for 2 days of work at $400 per person per day d. The company's computers, purchased on January 2nd, are expected to have a three-year life with no salvage value. e. The office furniture, also purchased on January 2nd, is expected to have a six-year life with no salvage value. f. The company earned $3,000 of their unearned revenue during the year. GENERAL LEDGER Cash P.R. DEBIT Explanation ACCOUNT NO CREDIT Bal-Debit 7,258 101 Bal-Credit Accounts Receivable Explanation PR DEBIT ACCOUNT NO CREDIT Bal-Debit 12.650 106 Bal-Credit Supplies P.R. Explanation DEBIT ACCOUNT NO. CREDIT Bal-Debit 3,458 126 Bal-Credit 5 7 Date 8 31-Dec 9 10 11 12 13 Date 14 31-Dec 15 16 17 18 19 Date 20 31-Dec 21 22 23 24 25 Date 26 31-Dec 27 28 29 30 31 Date 32 31-Dec 33 34 35 36 Date 37 31-Dec 38 39 40 Explanation Prepaid Insurance P.R. DEBIT ACCOUNT NO CREDIT Bal-Debit 3,600 128 Bal-Credit Office Funiture P.R DEBIT ACCOUNT NO. CREDIT Bal-Debit 6,000 163 Bal-Credit Explanation BOAS**9*8*RUB Accumulated Depreciation - Office Furniture ACCOUNT NO. Explanation P.R. DEBIT CREDIT Bal-Debit 164 Bal-Credit Computer Equipment P.R. DEBIT ACCOUNT NO CREDIT Bal-Debit 12.000 167 Bal-Credit Explanation Accumulated Depreciation - Computer Equipment ACCOUNT NO. Explanation P.R DEBIT CREDIT Bal-Debit 168 Bal-Credit 42 Date 43 31-Dec 44 45 46 47 48 Date 49 31-Dec 50 51 52 53 54 Date 55 31-Dec 56 57 58 59 60 Date 61 62 53 Accounts Payable P.R DEBIT ACCOUNT NO. CREDIT Bal-Debit Explanation 201 Bal-Credit 3,221 Wages Payable P.R DEBIT ACCOUNT NO CREDIT Bal-Debit 210 Bal-Credit Explanation > 4 98 GENERAL LEDGER Unearned Revenue PR DEBIT Explanation ACCOUNT NO CREDIT Bal-Debit 236 Bal-Credit 5,350 S Martin Capital Explanation P.R. DEBIT ACCOUNT NO CREDIT Bal-Debit 301 Bal Credit 16,800 Explanation S Martin. Withdrawals P.R DEBIT ACCOUNT NO CREDIT Bal-Debit 1.913 302 Bal-Credit Accounting Services Revenue Explanation P.R DEBIT ACCOUNT NO CREDIT Bal-Debit 403 Bal-Credit 83,508 65 56 Date 31-Dec 68 59 70 71 72 Date 73 31-Dec 74 75 76 77 78 Date 79 31-Dec 80 81 82 80 84 Date 85 31-Dec 85 87 30 89 90 Date 91 92 93 94 95 56 Date 97 98 99 100 101 102 Date 103 31-Dec 104 105 106 107 100 Date 1094 110 1111 Depreciation Expense - Office Furniture ACCOUNT NO Explanation PR DEBIT CREDIT Bal-Debit 512 Bal-Credit Depreciation Expense - Computer Equipment ACCOUNT NO Explanation PR DEBIT CREDIT Bal-Debit 613 Bal-Credit Explanation Wages Expense PER DEBIT ACCOUNT NO CREDIT Bal-Debit 42,685 623 Bal-Credit Insurance Expense PR DEBIT Explanation ACCOUNT NO. CREDIT Bal-Debit 637 Bal-Credit 112 Rent Expense PR DEBIT Explanation ACCOUNT NO CREDIT Bal-Debit 16,850 640 Bal-Credit 113 114 Date 115 31-Dec 116 117 118 119 120 Date 121 31-Dec 122 19 Supplies Expense P.R DEBIT Explanation ACCOUNT NO CREDIT Bal-Debit 652 Bal-Credit Advertising Expense P.R. DEBIT Explanation ACCOUNT NO. CREDIT Bal-Debit 3,125 655 Bal-Credit Mileage Expense P.R. DEBIT Explanation ACCOUNT NO. CREDIT Bal-Debit 1,850 676 Bal-Credit 1241 125 126 Date 127 31-Dec 128 129 130 131 132 Date 133 31-Dec 134 135 136 137 138 Date 139 31-Dec 140 141 142 143 144 Date 145 146 147 148 Miscellaneous Expense Explanation P.R. DEBIT ACCOUNT NO. CREDIT Bal-Debit 3,190 677 Bal-Credit Income Summary P.R. DEBIT ACCOUNT NO. CREDIT Bal-Debit 801 Bal-Credit Explanation Date Account Names Post Ref Debit Credit 31-Dec 613 Depreciation Expense - Computer Equipment Accumulated Depreciation - Computer Equipment 4,000 4,000 5 Debit Credit Accounting Solutions Co. Adjusted Trial Balance 6 12/31/2020 7 Acct # Account Name 8 101 Cash 106 Accounts Receivable 0 126 Supplies 1 128 Prepaid Insurance 163 Office Furniture 164 Accumulated Depreciation - Office Furniture 167 Computer Equipment 168 Accumulated Depreciation - Computer Equipment 201 Accounts Payable 210 Wages Payable 236 Unearned Revenue 301 S. Martin, Capital 302 S. Martin, Withdrawals 403 Accounting Services Revenue 612 Depreciation Expense - Office Furniture 613 Depreciation Expense - Computer Equipment 623 Wages Expense 637 Insurance Expense 640 Rent Expense 652 Supplies Expense 655 Advertising Expense 676 Mileage Expense 677 Miscellaneous Expense Totals rington Work Sheer For You Ended Dec Account unadjusted The Balance DE CH Adjustments 21 CE Adjusted Thai Date DI Set Be SMS Statement of Change Owner's City Income Statement CE Accounting Solutions Co. Income Statement For Year Ended December 31, 2020 Accounting Solutions Co. Balance Sheet December 31, 2020 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1 12 -3 4 5 6 7 3 photos + Add to 2 General Journal 3 > % OWN GENERAL JOURNAL 5 Page: CJ1 Date Account Names Post Ref Debit Credit 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 8 9 3 Accounting Solutions Co. Post-Closing Trial Balance December 31, 2020 Account Name Debit Credit 4 5 6 7 Acct 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Totals