lawPage Layout 1 A A Tr Paste F2 Calibri (Body) 12 BI UBA x V fx C Jay Cohen Consulting, Inc. Opening Trial Balance January 1 D 000 UN Credit Debit 28,000 50,000 8,000 6,000 102,000 10 Account Number 100 120 130 140 180 181 200 205 250 300 310 350 400 501 12,000 77,000 Account Name Cash Accounts Receivable Prepaid Advertising Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Long-term Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Supplies Expense Advertising Expense Total 14,000 58,000 33,000 502 503 504 505 194,000 194,000 Entry # 1 2 4 Date Jan 2 Jan 4 Jan 6 | Jan 9 Jan 11 Jan 13 Jan 16 Jan 19 Jan 25 Jan 28 Description Paid January rent of $4,000. Performed $28,000 services on account. Paid $8,000 of current month salaries. Purchased supplies for $3,000 on account. (use Supplies asset account) Collected $16,000 from customers on account. Purchased equipment for $12,000 using a long-term note payable. Issued $7,500 of common stock. Paid $2,000 of dividends. Paid $2,500 of accounts payable. Paid $1,000 of long-term note. 6 7 8 9 10 6. Assuming your worksheet is balanced and matches the check figure, use the middle two columns of the worksheet to make the following adjusting entries: a) There were $5,000 of services performed which were not yet invoiced to customers. b) 75% of the prepaid advertising has now been used. c) There are $5,000 of supplies still on hand. d) We need to depreciate $1,000 of Equipment. e) We never performed $3,000 of services that we recorded as revenue. This is different from textbook. You need to remove it from revenue and put it in unearned revenue. Review View Data = > Home Insert Draw Page Layout Formulas hy X Calibri (Body) 16 A A LO Paste B1U A * fx GENERAL JOURNAL 2 Wrap Text Merge & Center GENERAL JOURNAL Entry Description Posted Debit Credit 4031-Jan Opening Balances Journal GL Workshoot Inc Strmt SE Samt Bal Shoot Entry# Date the Journal tab, please make the following journal entries (see video for demonstration): Description 1 Jan 2 Paid January rent of $4,000. 2 Jan 4 Performed $28,000 services on account. 3 Jan 6 Paid $8,000 of current month salaries. 4 Jan 9 Purchased supplies for $3,000 on account. (use Supplies asset account) 5 Jan 11 Collected $16,000 from customers on account. 6 Jan 13 Purchased equipment for $12,000 using a long-term note payable. 7 Jan 16 Issued $7,500 of common stock. 8 Jan 19 Paid $2,000 of dividends. 9 Jan 25 Paid $2,500 of accounts payable. 10 Jan 28 Paid $1,000 of long-term note. 4. After the entries have been recorded in Journal, post all of these entries on the GL (general ledger) tab. Be very careful here. It will save you a lot of time if you do this correctly the first time. This can be done by opening both tabs at the same time. You can bring over the date and entry number manually, but you must use formulas to bring over all dollar amounts. After you post, put the general ledger account number into the "Posted" column in the Journal. This is so you are sure that you posted it. On the GL, you must use formulas to show the balances in each account as they get updated for journal entries. You cannot type the balances manually. They must be formulas. 5. After all the entries have been posted on the GL and the balances have been updated, you will start the Worksheet. You can copy all of the account names from the Opening Trial Balance tab to the Worksheet. Then use formulas to bring over the balances from your general journal. Calculate the total debits and credits. If they do not match, go back and find your error. Check figure - Totals on Trial Balance should be $241,000 6. Assuming your worksheet is balanced and matches the check figure, use the middle two columns of the worksheet to make the following adjusting entries: a) There were $5,000 of services performed which were not yet invoiced to customers. b) 75% of the prepaid advertising has now been used. c) There are $5,000 of supplies still on hand. d) We need to depreciate $1,000 of Equipment. e) We never performed $3,000 of services that we recorded as revenue. This is different from textbook. You need to remove it from revenue and put it in unearned revenue. Then use the IF statement to calculate the adjusted trial balance. We did this back on the assignment for the Chapter 3 Worksheet in Excel Online, and the video for this project will show you another way to do it using the installed version of Excel. Check figure - Totals on Adjusted Trial Balance should be $247,000 na U Excel Home Insert Draw Page Layout Calibri (Body) 12 BI U 111 AX fx Formulas A A A Data = Review = View 2 Paste 2 Wrap Text Merge & Center DEFG GENERAL LEDGER Aceta 100 Balance Debit Credit Debit Credt III LL TUTTI Act 120 Cat Balance Debit Act 130 Debit Credit Act 140 Debit Credit Opening Balances Journal Worksheet Inc Stmt SE Stmt Bal Sheet Excel 2 Wrap Text Morge & Center Home Insert Draw Page Layout Formulas Data Review View M X Calibri (Body) 12 AA = BLUE AS E F32 x fx B C D E F G 1 YOUR NAME Consulting, Inc. 2 Worksheet 3 For the Month Ended January 31 Unadjusted Trial Balance Debit Credit Adjusting Entries Debit Credit Adjusted Trial Balance Debit Credit Total Opening Balances Journal GL Worksheet Inc Simt SE Stmt Bal Sheet