My Place, House of Dcor - January 2018 For the month of January 2018, you will perform the following procedures: 1. Journalize the transactions (JEs) listed below and on subsequent pages using the General Journal & Chart of Accounts. 2. Refresh your General Ledger tab to ensure proper posting of JEs. 3. Review your Unadjusted Trial Balance in the January Reports tab for accuracy and completeness of your JEs. If this trial balance does not balance, go back and review your JES in your General Journal for any errors. 4. Journalize adjusting entries (AJES) using information provided to you below and on subsequent pages in the General Journal. Date these entries as of the last day of the month. 5. Refresh your General Ledger tab to ensure proper posting of AJES. 6. Review your Adjusted Trial Balance in the January Reports tab for accuracy and completeness of your AJEs. If this trial balance does not balance, go back and review your JEs in your General Journal for any errors. 7. Review your financial statements in the January Reports tab; ensure your balance sheet "balances and that all statements are properly articulated: a. Net income properly flowing to Statement of Retained Earnings b. Ending retained earnings balance properly flowing to Balance Sheet 8. Review your Schedule of Accounts Receivable (AR) and Payable (AP) in the January Reports tab (you might need to scroll to the right to see these). The totals from these reports should match the balance for AR and AP in the adjusted trial balance and the balance sheet. 9. Submit your answers in Blackboard using the January Project Submission assignment link provided. You will enter requested answers and will get immediate feedback once submitted. Once again, you should ONLY enter information into the General Journal tab in the Excel file. Information entered in any other tab (unless you create your own tabs for your own use) could jeopardize the validity of the formulas in those tabs, and result in your project figures being incorrect and loss of points. Transactions for January Jan 5 Received $60,000 from Sophia LeBron and issued 12,000 shares of $5 par value common stock Jan 5 Paid $6,000 of general liability and property Insurance. The disbursement by Check No. 100 was for a complete year of service. Jan 6 Rented an office and furniture for $2,000 per month. Issued Check No. 101 for $6,000, representing the first and last months' rent and the security deposit. Note: The security deposit (debit Deposits), the last month's rent, and the rent for the current month are to be classified separately. Jan 7 Issued Check No. 102 for $1,600 for the purchase of office supplies. Jan 7 Issued Check No. 103 for $7,000 for advertising to be run in local newspapers and magazines in the month of January. Jan 10 Roxana Perini engaged My Place, House of Dcor to renovate her oceanfront condominium. The business received $10,000 from this customer after services were completed. Jan 12 Recorded $6,000 (net 30) of decorating fees earned on account from Maribel Thompson for remodeling her office. Jan 20 Received $8,000 from Frederick Lombart, a customer, for fees related to service rendered in improving his office's lobby. Recorded $12,000 (net 60) in decorating fees earned on account from Roberto Andriani, a long-time customer who wanted to enhance his residence's decor. Jan 30 Issued Check No. 104 for $190 to pay the utilities bill for the month. Issues Check No. 105 for $300 in payment of the telephone bill for the month. Issued Check No. 106 for $200 for postage. Jan 30 Issued Check No. 107 for $450 of business automobile expenses. Issued Check No. 108 for $5,600 to Sophia LeBron for salary. Note: Payroll taxes are not considered in this entry, transactions in later months will involve payroll tax deductions and expenses. Jan 25 Jan 30 Jan 30 Jan 30 Adjusting Entries Jan 31 Expired insurance for the period, $500. Jan 31 Supplies on hand at the end of the month, $1,000
