Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions On June 1, 2016. Hannah Elis established an interior decorating business, Whitworth Designs. During the month, Hannah completed the following transactions related to the business: June T Hannah transferred cash from a personal bank account to an account to be used for the business, $27,250. Paid rent for period of June 1 to end of month, $3,100. Purchased a van for $31,450 paying $6,300 cash and giving a note payable for the remainder 1 6 Purchased office equipment on account, $12.700. 8 10 Purchased supplies for cash, $1,660. 12 Received cash for job completed. 59,000. 15 Paid annual premiums on property and casualty insurance, $2,500 23 Recorded jobs completed on account and sent invoices to customers, $12,440. M Check My Work 3 more Check My Work uses remaining Previous Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions 24 Received an invoice for van expenses, to be paid in July, $1,390. Enter the following transactions on Page 2 of the two-column journal: June 29 Paid utilities expense, $3,660. 29 Paid miscellaneous expenses, $1,580. 888 30 Received cash from customers on account, $8,200. 30 Required: 30 Paid wages of employees, $4,600. Paid creditor a portion of the amount owed for equipment purchased on June 6, $6,160. 30 Withdrew cash for personal use, $2,100. Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.) CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journalend the ledger as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. Record DATE, ITEM POST REF, a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Journal pages do not begin with "J". For example journal page 10 POST. REF. is simply 10. If the ending balance is $0, at least one balance amount should be $0. 3. Prepare an unadjusted trial balance for Whitworth Designs as of June 30, 2016. 4. Determine the excess of revenues over expenses for June. 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions Instructions Chart of Accounts ASSETS 11 Cash Whitworth Designs General Ledger 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment 18 Van LIABILITIES REVENUE 41 Fees Eamed EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Van Expense 59 Miscellaneous Fxoeone Xs in selecting the accounts to be beral ledger in part 2) CNOW joumals. NOW journals will automatically indent references in both the journal and the tion is posted. Record DATE, ITEM do not begin with For example be $0. Instructions Chart of Accounts 16 Office Equipment 18 Van LIABILITIES 21 Notes Payable 22 Accounts Payable 53 Hent Experise 54 Utilities Expense 55 Van Expense 59 Miscellaneous Expense Xs in selecting the accounts to be eral ledger in part 2) CNOW journals NOW journals will automatically indent references in both the journal and the ction is posted Record DATE, ITEM do not begin with. For example be $0 EQUITY 31 Hannah Ellis, Capital 32 Hannah Ellis, Drawing Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance. Final Questions Journal 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.) CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Journal entries and trial balance Instructions Chart of Accounts Journal Ledger Ledger Unadjusted Trial Balance Final Questions 2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. Record DATE, POST. REF, a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Journal pages do not begin with "J". For example journal page 10 POST. REF is simply 10. If the ending balance is $0, at least one balance amount should be $0. Account: Cash Account: Accounts Receivable Account: Supplies Account: Prepaid Insurance Account Office Equipment Account: Van LEDGER Account No. 11 Account No. 12 Account No. 13 Account No. 14 Account No. 16 Account No. 18 eBook Show Me How Ledger Locator &inprogress=false Account Suppies Account: Prepaid Insurance Account: Office Equipment Account: Van Account: Notes Payable Account: Accounts Payable Account: Hannah Ellis, Capital Account: Hannah Ellis, Drawing Account: Fees Earned Account: Wages Expense Account: Rent Expense Account: Utilities Expense Account: Van Expense Account: Miscellaneous Exneose Account No. 13 Account No. 14 Account No. 16 Account No. 18 Account No. 21 Account No. 22 Account No. 31 Account No. 32 Account No. 41 Account No. 51 Account No. 53 Account No. 54 Account No. 55 Account No. 59 instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Pink Questions Instructions Unadjusted Trial Balance 3. Prepare an unadjusted trial balance for Whitworth Designs as of June 30, 2016. Whitworth Designs UNADJUSTED TRIAL BALANCE Xin selecting the accounts to be pral edger in part 2.) CNOW journals OW journals will automatically indent references in both the journal and the tion is posted. Record DATE ITEM do not begin with J For example be $0. 1 Cash 2 Accounts Receivable 1 Supplies June 30, 2016 ACCOUNT TITLE DEBIT CREDIT Final Questions X ints to be 4. Determine the excess of revenues over expenses for June. $ 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Check all that apply Fees eamed includes some fees earned in the month of June that have not been received. Utilities expense includes expenses incurred for the month of June than have not yet been paid NOW journals natically indent joumal and the DATE ITEM For example Final Questions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Questions 5. Can you think of any reason why the amount determined in (4) might not be the net income for June? Check all that apply ints to be NOW journals natically indent Fees earned includes some fees earned in the month of June that have not been received. Utilities expense includes expenses incurred for the month of June than have not yet been paid Additions to capital has been wrongly recorded as drawings Some supplies may have been used during June but no supplies expense has been recorded. ournal and the DATE, ITEM For example