MIKE'S QUALITY REPAIR SERVICES

Assets

111Cash

112 Accounts Receivable

114 Supplies

116 Prepaid Insurance

121Office Equipment

122 Accum. Depr., Office Equipment

123 Tools

124 Accum. Depr., Tools

125 Truck

Revenue

411 Income from Services

Expenses

511 Advertising Expense

512 Supplies Expense

513 Insurance Expense

514 Utilities Expense

515 Salaries Expense

516Truck Expense

521 Depreciation Expense - Office Equipment

522 Depreciation Expense - Tools

Liabilities

211 accounts Payable

Owner's Equity

311Mike Hammer, Capital

312 Mike Hammer, Drawing

330Income Summary

Journalize the transactions for the month of January, 2019, beginning on page GJ1.Be sure

and list the Debit Account(s) first; Credit Account(s) next (credited accounts should be

indented a few spaces).need a brief explanation for each transaction, and skip a line in-

between transactions.

Post the journal entries to the general ledger accounts.Be sure and use the Post Reference

#s for each posting.

the Trial Balance section of the worksheet.

the Adjustments section of the worksheet.

Compute and record the adjustment for supplies used during the month.An inventory

showed supplies on hand of $250.

One month insurance has been used up.

Record the adjustment for depreciation of Office Equipment of $85 for the month.

Record the adjustment for depreciation of Tools of $125 for the month.

Complete the worksheet.

an Income Statement, Statement of Owner's Equity, and Balance Sheet for the

month.Be sure to add the date to each financial statement.

Journalize and post the Adjusting entries.

Journalize and post the Closing entries.

Post-closing Trial Balance.Be sure to add a date to the trial balance.

Transactions for the month:

You made the following transactions for Mike's Quality Repair Services during the month of January:

Jan.1 Invested $15,000 cash, and a truck with a fair market value of $8,500 into the

business.

1 Paid $1800 to Liberty Mutual for a 1-year insurance policy.The policy is effective

immediately.Ck# 1001

4 Bought tools from Sears on account, $7500, Inv. #X-1357

5 Bought computer system from Ben's Computer Center, $5000, putting $2500

down and putting the balance on account, Ck. #1002, Inv. #Y-4152.

6 Bought supplies-Office Mart, $850, Ck. #1003.

7 Performed services for cash, $1,650.

10 Performed services on account, $1275.

12 Received and paid telephone bill, $420, ck#1004

(Note: use an expense account from

the Chart of Accounts that best fits this situation).

13 Bought supplies on account from Office Mart, $900, Inv. AB1477.

15 Received and paid the utility bill, $415, Ck. #1005.

15 Paid salary for office clerk, 1/1-1/15-$1000, Ck# 1006.

20 Received the Times Review bill for advertising for the month, $410, Inv. #TR198.

(Note that you did not PAY the bill - you only received it).

21Performed services $7,250, received $2,250 cash, with the balance due in 30 days.

27Received from clients $1,275, for work completed on January 10.

28Paid for oil change on truck, $90, ck#1007.

29 Withdrew cash for personal use, $3,000, Ck. #1008.

30Paid salary for office clerk, 1/16-1/30, $1000, ck#1009.

30Made partial payment of $500 to Office Mart for supplies purchased on January 13^th Ck#1010.