Question
Journal Entries and Trial Balance On October 1, 2014, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following
Journal Entries and Trial Balance
On October 1, 2014, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:
Enter the following transactions on Page 2 of the two-column journal.
Required:
1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. For a compound transaction, if an amount box does not require an entry, leave it blank.
General Journal | Page 1 | |||
Date | Description | Post. Ref. | Debit | Credit |
2014 |
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Oct. 1 | SelectAccounts PayableCapital StockCashDividendsFees EarnedNotes PayableCorrect 1 of Item 1 |
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| SelectAccounts PayableCapital StockCashDividendsFees EarnedNotes PayableCorrect 4 of Item 1 |
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Oct. 4 | SelectAccounts PayableAccounts ReceivableCapital StockCashDividendsRent ExpenseCorrect 7 of Item 1 |
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| SelectAccounts PayableCapital StockCashDividendsMiscellaneous ExpenseRent ExpenseCorrect 10 of Item 1 |
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Oct. 10 | SelectAccounts PayableCapital StockCashNotes PayableTruck ExpenseTruckCorrect 13 of Item 1 |
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| SelectAccounts PayableCapital StockCashDividendsRent ExpenseTruckCorrect 17 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCapital StockEquipmentNotes PayableTruck ExpenseCorrect 21 of Item 1 |
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Oct. 13 | SelectAccounts PayableCapital StockCashEquipmentFees EarnedNotes PayableCorrect 25 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCapital StockEquipmentFees EarnedNotes PayableCorrect 28 of Item 1 |
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Oct. 14 | SelectAccounts PayableCapital StockCashFees EarnedNotes PayableSuppliesCorrect 31 of Item 1 |
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| SelectAccounts PayableCapital StockCashEquipmentMiscellaneous ExpenseSuppliesCorrect 34 of Item 1 |
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Oct. 15-Insurance | SelectAccounts PayableCapital StockCashDividendsPrepaid InsuranceSuppliesCorrect 37 of Item 1 |
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| SelectAccounts PayableCapital StockCashFees EarnedPrepaid InsuranceSuppliesCorrect 40 of Item 1 |
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Oct. 15-Fees | SelectAccounts PayableAccounts ReceivableCapital StockCashFees EarnedSuppliesCorrect 43 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCapital StockCashEquipmentFees EarnedCorrect 46 of Item 1 |
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General Journal | Page 2 | |||
Date | Description | Post. Ref. | Debit | Credit |
2014 |
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Oct. 21 | SelectAccounts PayableAccounts ReceivableCashCapital StockEquipmentNotes PayableCorrect 49 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCashCapital StockEquipmentNotes PayableCorrect 52 of Item 1 |
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Oct. 24 | SelectAccounts PayableAccounts ReceivableCapital StockCashFees EarnedNotes PayableCorrect 55 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCapital StockCashFees EarnedNotes PayableCorrect 58 of Item 1 |
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Oct. 26 | SelectAccounts PayableAccounts ReceivableCapital StockCashTruck ExpenseTruckCorrect 61 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCapital StockCashTruck ExpenseTruckCorrect 64 of Item 1 |
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Oct. 27-Utilities | SelectAccounts PayableCapital StockCashFees EarnedMiscellaneous ExpenseUtilities ExpenseCorrect 67 of Item 1 |
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| SelectAccounts ReceivableCapital StockCashEquipmentMiscellaneous ExpenseUtilities ExpenseCorrect 70 of Item 1 |
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Oct. 27-Misc. | SelectAccounts PayableCapital StockCashDividendsFees EarnedMiscellaneous ExpenseCorrect 73 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCapital StockCashEquipmentMiscellaneous ExpenseCorrect 76 of Item 1 |
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Oct. 29 | SelectAccounts PayableAccounts ReceivableCapital StockCashDividendsFees EarnedCorrect 79 of Item 1 |
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| SelectAccounts PayableAccounts ReceivableCapital StockCashEquipmentFees EarnedCorrect 82 of Item 1 |
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Oct. 30 | SelectAccounts PayableCapital StockCashDividendsFees EarnedWages ExpenseCorrect 85 of Item 1 |
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| SelectAccounts PayableCapital StockCashEquipmentMiscellaneous ExpenseWages ExpenseCorrect 88 of Item 1 |
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Oct. 31 | SelectAccounts ReceivableCapital StockCashDividendsNotes PayableWages expenseCorrect 91 of Item 1 |
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| SelectAccounts PayableCapital StockCashDividendsNotes PayableWages ExpenseCorrect 94 of Item 1 |
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2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. If an amount box does not require an entry, leave it blank.
General Ledger | ||||||
Account: | Cash |
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| Account No. | 11 | |
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Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 1 |
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Oct. 4 |
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Oct. 10 |
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Oct. 14 |
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Oct. 15 |
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Oct. 15 |
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Oct. 21 |
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Oct. 27 |
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Oct. 27 |
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Oct. 29 |
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Oct. 30 |
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Oct. 31 |
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Account: | Accounts Receivable |
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| Account No. | 12 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 24 |
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Oct. 29 |
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Account: | Supplies |
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| Account No. | 13 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 14 |
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Account: | Prepaid Insurance |
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| Account No. | 14 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 15 |
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Account: | Equipment |
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| Account No. | 16 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 13 |
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Account: | Truck |
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| Account No. | 18 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 10 |
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Account: | Notes Payable |
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| Account No. | 21 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 10 |
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Account: | Accounts Payable |
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| Account No. | 22 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 13 |
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Oct. 21 |
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Oct. 26 |
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Account: | Capital Stock |
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| Account No. | 31 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 1 |
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Account: | Dividends |
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| Account No. | 33 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 31 |
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Account: | Fees Earned |
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| Account No. | 41 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 15 |
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Oct. 24 |
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Account: | Wages Expense |
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| Account No. | 51 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 30 |
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Account: | Rent Expense |
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| Account No. | 53 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 4 |
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Account: | Utilities Expense |
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| Account No. | 54 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 27 |
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Account: | Truck Expense |
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| Account No. | 55 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 26 |
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Account: | Miscellaneous Expense |
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| Account No. | 59 | |
| Balance | |||||
Date | Item | Post. Ref. | Debit | Credit | Debit | Credit |
2014 |
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Oct. 27 |
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3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014. List all accounts in the order of Assets, Liabilities, Stockholders equity, Revenues, and Expenses. For those boxes in which no entry is required, leave the box blank.
Pioneer Designs Unadjusted Trial Balance October 31, 2014 | ||
| Debit Balances | Credit Balances |
SelectAccounts PayableCashDividendsFees EarnedNotes PayableTruck ExpenseCorrect 1 of Item 2 |
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SelectAccounts PayableAccounts ReceivableCapital StockDividendsFees EarnedUtilities ExpenseCorrect 4 of Item 2 |
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SelectAccounts PayableDividendsMiscellaneous ExpenseNotes PayableSuppliesWages ExpenseCorrect 7 of Item 2 |
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SelectCapital StockDividendsFees EarnedMiscellaneous ExpensePrepaid InsuranceUtilities ExpenseCorrect 10 of Item 2 |
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SelectAccounts PayableDividendsEquipmentFees EarnedMiscellaneous ExpenseWages ExpenseCorrect 13 of Item 2 |
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SelectAccounts PayableCapital StockDividendsMiscellaneous ExpenseTruck ExpenseTruckCorrect 16 of Item 2 |
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SelectCashDividendsNotes PayableRent ExpenseUtilities ExpenseWages ExpenseCorrect 19 of Item 2 |
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SelectAccounts PayableAccounts ReceivableCapital StockCashDividendsFees EarnedCorrect 22 of Item 2 |
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SelectAccounts PayableCapital StockFees EarnedTruckUtilities ExpenseWages ExpenseCorrect 25 of Item 2 |
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SelectCashDividendsMiscellaneous ExpenseNotes PayablePrepaid InsuranceRent ExpenseCorrect 28 of Item 2 |
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SelectFees EarnedPrepaid InsuranceSuppliesTruck ExpenseTruckWages ExpenseCorrect 31 of Item 2 |
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SelectCashDividendsNotes PayablePrepaid InsuranceSuppliesWages ExpenseCorrect 34 of Item 2 |
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SelectAccounts PayableCapital StockDividendsFees EarnedPrepaid InsuranceRent ExpenseCorrect 37 of Item 2 |
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SelectAccounts PayableCashDividendsEquipmentSuppliesUtilities ExpenseCorrect 40 of Item 2 |
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SelectAccounts ReceivableDividendsFees EarnedPrepaid InsuranceTruck ExpenseTruckCorrect 43 of Item 2 |
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SelectAccounts PayableCapital StockFees EarnedMiscellaneous ExpenseNotes PayablePrepaid InsuranceCorrect 46 of Item 2 |
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Totals |
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4. Determine the excess of revenues over expenses for October. $
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