Journal entries and T Accounts

Aceounting Cycle Project Accounting la Summer 2022 . Make journal entries for each of the following transactions - in good fonn - with the "ho roce These transactions are all for the new company Sports R Us. A. Steve Stephens opened a new company, Sports R Us on January 1, 2022. He did this by investing $20,000 of his own money in the company in exchange for Common Stock. B. Steve rents a small office next to Dick's Sporting Goods. It is small, but should be fine. It costs $150.00 a month. He pays January reat in cash. C. Steve purchased office equipment on account at Office Depot in the amount of 56,000 . He will be depreciating the equipment over 5 years. D. His company offers bicycle tours around the United States. He charges $250.00 per pene for a weekend (two-day) tour. This includes transportation to the starting location, food and lodging. He orders business eards and stationery from Office Deport. He pays eash of $150 E. Steve purchases advertising in the Travel section of the Los Angeles Times for SS00 for o week. The Los Angeles Times is going to bill him. F. Steve is leasing a van to provide transportion during the tours. The moathly lease is $750 a month. He is responsible for the insurance and maintenance. He makes the Janury lease payment in cach. G. Steve pays for a 6 month insurance policy on January 5 th. It costs $1,200. H. Steve fills the gas tank on the van - it costs 5150.00, which he pays is cash. I. Steve provides water and snacks during the ride, so he makes a trip to Costeo to parchase water and various snacks. The total is $300.00. He pays with his credit card. He badgets the be will spend $25 per person per tour for water and snacks. J. Steve books his first tour on January 15th. This tour is for this weekend for 5 people. Ste meets the group on Saturday moming and brings water and snacks for the ride. He has afranged lodging at Fontana Inn for the 5 individuals and himself at $100 room per night. pays for all 6 rooms in cash when they check in. The Sunday ride goes well and all arrive be safely. He receives paymeat for all 5 at the price of $250 each. K. Steve books a second tour on January 15th. This tour is for the first weekend in February It is for 4 people. He also receives payment from them at $250 each, but because it is next m he records this as uneamed revenue. L. Steve calls Fontana Inn and reserves 5 rooms for the second tour. The price is still $100.00 a night, but because it is in February, Fontana Inn asks for a prepayment upon reservation. Steve makes the poyment of $500.00 on the coampany crodit card. After you have made on the journal entries, post the amounts to T accounts and calculate balances. I want to see the T accounts. Prepare a trial balance. Part 2: After you have made on the journal entries, post the amounts to T accounts and calculate balances. I want to see the T accounts. Prepare a trial balance. Part 3: Looking at the journal entries, make the correct adjusting entries (chapter 4). The following entries require an adjustment in January. C - for depreciation G - prepaid insurance I - prepaid snacks Also his accountant says that he should begin accruing $50 a month for income taxes starting January. Post these adjustments to your T accounts and get new totals. Prepare a second (adjusted) trial balance. Part 4: Using the adjusted trial balance prepare: 1. An Income Statement for the month ended January 31, 2022 2. A Statement of Stockholders' Equity. There are no dividends in January. 3. A Balance Sheet dated January 31, 2022. Make journal entries for each of the following trancactions - in good form - with the "to record". These transactions are all for the new company Sports R Us. A. Steve Stephens opened a new company, Sports R Us on January 1, 2022. He did this by investing $20,000 of his own money in the company in exchange for Common Stock. B. Steve rents a small office next to Dick's Sporting Goods. It is small, but should be fine. It costs $150.00 a month. He pays January rent in cash. C. Steve purchased office equipment on account at Office Depot in the amount of $6,000. He will be depreciating the equipment over 5 years. D. His company offers bicycle tours around the United States. He charges $250.00 per person for a weekend (two-day) tour. This includes transportation to the starting location, food and lodging. He orders business cards and stationery from Office Deport. He pays cash of $150.00. E. Steve purchases advertising in the Travel section of the Los Angeles Times for $800 for one week. The Los Angeles Times is going to bill him. F. Steve is leasing a van to provide transportion during the tours. The monthly lease is $750.00 a month. He is responsible for the insurance and maintenance. He makes the January lease payment in cash. G. Steve pays for a 6 month insurance policy on January 5 th. It costs $1,200. H. Steve fills the gas tank on the van - it costs $150.00, which be pays in cash. 1. Steve provides water and snacks during the ride, so be makes a trip to Costco to purchase water and various snacks. The total is $300.00. He pays with his credit card. He budgets that he will spend $25 per person per tour for water and snacks. J. Steve books his first tour on January 15th. This tour is for this weekend for 5 people. Steve meets the group on Saturday morning and brings water and snacks for the ride. He has arranged lodging at Fontana Inn for the 5 individuals and himself at $100 room per night. He pays for all 6 rooms in cash when they check in. The Sunday ride goes well and all arrive home safely. He receives payment for all 5 at the price of $250 each. K. Steve books a second tour on January 15 th. This tour is for the first weekend in February. It is for 4 people. He also receives payment from them at $250 each, but because it is next month, he records this as unearned revenue. L. Steve calls Fontana Inn and reserves 5 rooms for the second tour. The price is still $100.00 a night, but because it is in February, Fontana Inn asks for a prepayment upon reservation. Steve makes the payment of 5500.00 on the company credit card. Aceounting Cycle Project Accounting la Summer 2022 . Make journal entries for each of the following transactions - in good fonn - with the "ho roce These transactions are all for the new company Sports R Us. A. Steve Stephens opened a new company, Sports R Us on January 1, 2022. He did this by investing $20,000 of his own money in the company in exchange for Common Stock. B. Steve rents a small office next to Dick's Sporting Goods. It is small, but should be fine. It costs $150.00 a month. He pays January reat in cash. C. Steve purchased office equipment on account at Office Depot in the amount of 56,000 . He will be depreciating the equipment over 5 years. D. His company offers bicycle tours around the United States. He charges $250.00 per pene for a weekend (two-day) tour. This includes transportation to the starting location, food and lodging. He orders business eards and stationery from Office Deport. He pays eash of $150 E. Steve purchases advertising in the Travel section of the Los Angeles Times for SS00 for o week. The Los Angeles Times is going to bill him. F. Steve is leasing a van to provide transportion during the tours. The moathly lease is $750 a month. He is responsible for the insurance and maintenance. He makes the Janury lease payment in cach. G. Steve pays for a 6 month insurance policy on January 5 th. It costs $1,200. H. Steve fills the gas tank on the van - it costs 5150.00, which he pays is cash. I. Steve provides water and snacks during the ride, so he makes a trip to Costeo to parchase water and various snacks. The total is $300.00. He pays with his credit card. He badgets the be will spend $25 per person per tour for water and snacks. J. Steve books his first tour on January 15th. This tour is for this weekend for 5 people. Ste meets the group on Saturday moming and brings water and snacks for the ride. He has afranged lodging at Fontana Inn for the 5 individuals and himself at $100 room per night. pays for all 6 rooms in cash when they check in. The Sunday ride goes well and all arrive be safely. He receives paymeat for all 5 at the price of $250 each. K. Steve books a second tour on January 15th. This tour is for the first weekend in February It is for 4 people. He also receives payment from them at $250 each, but because it is next m he records this as uneamed revenue. L. Steve calls Fontana Inn and reserves 5 rooms for the second tour. The price is still $100.00 a night, but because it is in February, Fontana Inn asks for a prepayment upon reservation. Steve makes the poyment of $500.00 on the coampany crodit card. After you have made on the journal entries, post the amounts to T accounts and calculate balances. I want to see the T accounts. Prepare a trial balance. Part 2: After you have made on the journal entries, post the amounts to T accounts and calculate balances. I want to see the T accounts. Prepare a trial balance. Part 3: Looking at the journal entries, make the correct adjusting entries (chapter 4). The following entries require an adjustment in January. C - for depreciation G - prepaid insurance I - prepaid snacks Also his accountant says that he should begin accruing $50 a month for income taxes starting January. Post these adjustments to your T accounts and get new totals. Prepare a second (adjusted) trial balance. Part 4: Using the adjusted trial balance prepare: 1. An Income Statement for the month ended January 31, 2022 2. A Statement of Stockholders' Equity. There are no dividends in January. 3. A Balance Sheet dated January 31, 2022. Make journal entries for each of the following trancactions - in good form - with the "to record". These transactions are all for the new company Sports R Us. A. Steve Stephens opened a new company, Sports R Us on January 1, 2022. He did this by investing $20,000 of his own money in the company in exchange for Common Stock. B. Steve rents a small office next to Dick's Sporting Goods. It is small, but should be fine. It costs $150.00 a month. He pays January rent in cash. C. Steve purchased office equipment on account at Office Depot in the amount of $6,000. He will be depreciating the equipment over 5 years. D. His company offers bicycle tours around the United States. He charges $250.00 per person for a weekend (two-day) tour. This includes transportation to the starting location, food and lodging. He orders business cards and stationery from Office Deport. He pays cash of $150.00. E. Steve purchases advertising in the Travel section of the Los Angeles Times for $800 for one week. The Los Angeles Times is going to bill him. F. Steve is leasing a van to provide transportion during the tours. The monthly lease is $750.00 a month. He is responsible for the insurance and maintenance. He makes the January lease payment in cash. G. Steve pays for a 6 month insurance policy on January 5 th. It costs $1,200. H. Steve fills the gas tank on the van - it costs $150.00, which be pays in cash. 1. Steve provides water and snacks during the ride, so be makes a trip to Costco to purchase water and various snacks. The total is $300.00. He pays with his credit card. He budgets that he will spend $25 per person per tour for water and snacks. J. Steve books his first tour on January 15th. This tour is for this weekend for 5 people. Steve meets the group on Saturday morning and brings water and snacks for the ride. He has arranged lodging at Fontana Inn for the 5 individuals and himself at $100 room per night. He pays for all 6 rooms in cash when they check in. The Sunday ride goes well and all arrive home safely. He receives payment for all 5 at the price of $250 each. K. Steve books a second tour on January 15 th. This tour is for the first weekend in February. It is for 4 people. He also receives payment from them at $250 each, but because it is next month, he records this as unearned revenue. L. Steve calls Fontana Inn and reserves 5 rooms for the second tour. The price is still $100.00 a night, but because it is in February, Fontana Inn asks for a prepayment upon reservation. Steve makes the payment of 5500.00 on the company credit card