Journal EntriesandTrial Balance

On October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:

Oct.1.Jay transferred cash from a personal bankaccountto an account to be used for the business, $30,200.4.Paid rent for period of October 4 to end of month, $2,930.10.Purchased a used truck for $25,000, paying $2,000 cash and giving a note payable for the remainder.13.Purchased equipment on account, $11,780.14.Purchased supplies for cash, $2,020.15.Paid annual premiums on property and casualty insurance, $4,530.15.Received cash for job completed, $12,680.

Enter the following transactions on Page 2 of the two-column journal:

21.Paid creditor a portion of the amount owed for equipment purchased on October 13, $4,200.24.Recorded jobs completed on account and sent invoices to customers, $14,440.26.Received an invoice for truck expenses, to be paid in November, $1,330.27.Paid utilities expense, $1,510.27.Paid miscellaneous expenses, $540.29.Received cash from customers on account, $6,040.30.Paid wages of employees, $4,020.31.Withdrew cash for personal use, $3,350.

Required:

1.Journalizeeach transaction in a two-columnjournalbeginning on Page 1, referring to the following chart of accounts in selecting theaccountsto be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.

11 Cash31 Jay Pryor, Capital12 Accounts Receivable32 Jay Pryor, Drawing13 Supplies41 Fees Earned14 Prepaid Insurance51 Wages Expense16 Equipment53 Rent Expense18 Truck54 Utilities Expense21 Notes Payable55 Truck Expense22 Accounts Payable59 Miscellaneous ExpenseGeneral JournalPage 1DateDescriptionPost. Ref.DebitCredit20Y6Oct. 1

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Oct. 4

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Oct. 10

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Oct. 13

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Oct. 14

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Oct. 15

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Oct. 15

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General JournalPage 2DateDescriptionPost. Ref.DebitCredit20Y6Oct. 21

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Oct. 24

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Oct. 26

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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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2.Post (in chronological order) the journal to aledgerof four-column accounts, inserting appropriatepostingreferences in the general journal 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 LedgerAccountCashACCOUNT NO.11BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 1fill in the blank e0125f049f88050_125

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Oct. 4fill in the blank e0125f049f88050_130

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Oct. 10fill in the blank e0125f049f88050_135

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Oct. 14fill in the blank e0125f049f88050_140

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Oct. 15fill in the blank e0125f049f88050_145

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Oct. 15fill in the blank e0125f049f88050_150

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Oct. 21fill in the blank e0125f049f88050_155

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Oct. 27fill in the blank e0125f049f88050_160

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Oct. 27fill in the blank e0125f049f88050_165

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Oct. 29fill in the blank e0125f049f88050_170

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Oct. 30fill in the blank e0125f049f88050_175

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Oct. 31fill in the blank e0125f049f88050_180

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AccountAccounts ReceivableACCOUNT NO.12BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 24fill in the blank e0125f049f88050_185

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Oct. 29fill in the blank e0125f049f88050_190

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AccountSuppliesACCOUNT NO.13BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 14fill in the blank e0125f049f88050_195

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AccountPrepaid InsuranceACCOUNT NO.14BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 15fill in the blank e0125f049f88050_200

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AccountEquipmentACCOUNT NO.16BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 13fill in the blank e0125f049f88050_205

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AccountTruckACCOUNT NO.18BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 10fill in the blank e0125f049f88050_210

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AccountNotes PayableACCOUNT NO.21BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 10fill in the blank e0125f049f88050_215

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AccountAccounts PayableACCOUNT NO.22BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 13fill in the blank e0125f049f88050_220

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Oct. 21fill in the blank e0125f049f88050_225

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Oct. 26fill in the blank e0125f049f88050_230

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AccountJay Pryor, CapitalACCOUNT NO.31BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 1fill in the blank e0125f049f88050_235

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AccountJay Pryor, DrawingACCOUNT NO.32BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 31fill in the blank e0125f049f88050_240

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AccountFees EarnedACCOUNT NO.41BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 15fill in the blank e0125f049f88050_245

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Oct. 24fill in the blank e0125f049f88050_250

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AccountWages ExpenseACCOUNT NO.51BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 30fill in the blank e0125f049f88050_255

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AccountRent ExpenseACCOUNT NO.53BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 4fill in the blank e0125f049f88050_260

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AccountUtilities ExpenseACCOUNT NO.54BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 27fill in the blank e0125f049f88050_265

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AccountTruck ExpenseACCOUNT NO.55BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 26fill in the blank e0125f049f88050_270

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AccountMiscellaneous ExpenseACCOUNT NO.59BalanceDateItemPost. Ref.DebitCreditDebitCredit20Y6Oct. 27fill in the blank e0125f049f88050_275

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3.Prepare anunadjusted trial balancefor Pioneer Designs as of October 31, 20Y6. For those boxes in which no entry is required, leave the box blank. The first two account titles are filled in as an example.

Pioneer Designs

Unadjusted Trial Balance

October 31, 20Y6Debit BalancesCredit BalancesCashfill in the blank 0b4ee6fda03f01f_1

Accounts Receivablefill in the blank 0b4ee6fda03f01f_2

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4.Determine the excess ofrevenuesoverexpensesfor October.

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5.Can you think of any reason why the amount determined in (4) might not be the net income for October?

1. Fees earned includes some fees earned in the month of October that have not been received.
2. Utilities expense includes expenses incurred for the month of October than have not yet been paid.
3. Some supplies may have been used during October but no supplies expense has been recorded.
4. Additions to capital has been wrongly recorded as drawings.