Journal entries for the above transactions
	General Journal	Debit	Credit
1	Cash	$10,000
	Common stock		$10,000
	(To record common stock sold in exchange of cash)
2	No entry
	As the brochure is just designed no transaction happened here
3	Consulting Expenses	$50
	Cash		$50
	(To record cash paid to Fred Simmons to critique the brochure)
4	Equipment	$4,800
	Cash		$4,800
	(To record purchase of computer, software, printer)
5	Supplies Inventory	$350
	Accounts payable		$350
	(To record purchase of supplies on account)
6	No entry
7	No entry.
8	Supplies Inventory	$1,500
	Accounts payable		$1,500
	(To record purchase of supplies on account)
9	Cash	$5,000
	Sales Revenue		$5,000
	(To record sale of 5000 cards to stationery store)
10	Cost of Goods sold	$1,750
	Supplies Inventory		$1,750
	(To record cost for order delivered)
11	Accounts payable	$1,850
	Cash		$1,850
	(To record payment for supplies inventory)
12	Insurance expenses	$100
	Prepaid insurance	$1,100
	Cash		$1,200
	(To record insurance policy purchased to cover business equipment)
13	Depreciation	$100
	Accumulated Depreciation		$100
	(To record depreciation for equipment for Sep, 2016)
14	Wages Expenses	$1,000
	Cash		$1,000
	(To record payment of salary to Kate)

Cash
Particular	Debit	Particulars	Credit
Common stock	$10,000	Consulting expenses	$50
Sales Revenue	$5,000	Equipment	$4,800
		Accounts payable	$1,850
		Insurance expenses	$100
		Prepaid Insurance	$1,100
		Wages expenses	$1,000
		Balance c/f	$6,100
	$15,000		$15,000
Common stock
Particular	Debit	Particulars	Credit
Balance c/f	$10,000	Cash	$10,000
	$10,000		$10,000
Consulting expenses
Particular	Debit	Particulars	Credit
Cash	$50	Balance c/f	$50
	$50		$50
Equipment
Particular	Debit	Particulars	Credit
Cash	$4,800	Balance c/f	$4,800
	$4,800		$4,800
Supplies Inventory
Particular	Debit	Particulars	Credit
Accounts payable	$350	Cost of Goods sold	$1,750
Accounts payable	$1,500	Balance c/f	$100
	$1,850		$1,850
Sales Revenue
Particular	Debit	Particulars	Credit
Balance c/f	$5,000	Cash	$5,000
	$5,000		$5,000
Cost of Goods Sold
Particular	Debit	Particulars	Credit
Supplies Inventory	$1,750	Balance c/f	$1,750
	$1,750		$1,750
Accounts payable
Particular	Debit	Particulars	Credit
Cash	$1,850	Supplies Inventory	$350
		Supplies Inventory	$1,500
	$1,850		$1,850
Insurance Expenses
Particular	Debit	Particulars	Credit
Cash	$100	Balance c/f	$100
	$100		$100
Prepaid Insurance
Particular	Debit	Particulars	Credit
Cash	$1,100	Balance c/f	$1,100
	$1,100		$1,100
Depreciation
Particular	Debit	Particulars	Credit
Accumulated Depreciation	$100	Balance c/f	$100
	$100		$100
Accumulated Depreciation
Particular	Debit	Particulars	Credit
Balance c/f	$100	Depreciation	$100
	$100		$100
Wages expenses
Particular	Debit	Particulars	Credit
Cash	$1,000	Balance c/f	$1,000
	$1,000		$1,000

Trial Balance for Kate's Card as of September 30, 2016
Particulars	Debit	Credit
Cash	$6,100
Common Stock		$10,000
Equipment	$4,800
Supplies Inventory	$100
Prepaid Insurance	$1,100
Accumulated Depreciation		$100
Consulting Expenses	$50
Sales Revenue		$5,000
Cost of Goods Sold	$1,750
Insurance Expenses	$100
Wages	$1,000
Depreciation	$100
Total	$15,100	$15,100

This is a continuation of the Serial Problem! PLUIUS JU LUPULUI Getting ready for the upcoming holiday season is traditionally a busy time for greeting cards panies, and it was no exception for Kate. The following transactions occurred during the month October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receive a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $3,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utiling bill. s Receives an advance deposit of $500 for a new set of cards she is designing for a new customer. 6 Pays her assistant $200 for the work done this month 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1.000. These were paid for during the month. 9. Counts her remaining inventory of supplies at the end of the month and determines the balance to be $300. Don't forget to consider the supplies inventory balance at September 30, from Chapter 2. (Hint: This expense will be a debit to Cost of Goods Sold.) 10. Records the adjusting entries for depreciation and insurance expense for the month. 11. Pays herself a salary of $1,000. 12. Paid monthly rent of $1,200 in cash. 13. Receives her next utility bill during December and determines $85 applies to October's operations. 14. Deciding she needs a little more cash, Kate pays herself a $100 dividend. Required Using the information that you gathered and the general ledger accounts that you prepared through Chapter 2, plus the new information above, complete the following: a. Journalize the above transactions and adjusting entries. b. Post the October transactions and adjusting entries. (Use the general ledger accounts prepared in Chapter 2 and add any new accounts that you may need.) c. Prepare a trial balance as of October 31, 2018 d. Prepare an income statement and a statement of stockholders' equity for the two-month period ending October 31, 2018, and a balance sheet as of October 31, 2018. e. Prepare the closing entries as of October 31, 2018. f. Prepare a post-closing trial balance