My Place, House of Dcor MANUAL INSTRUCTIONS FOR JANUARY 1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omnit explanations 2) Prepare an unadjusted trial balance. 3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page 4) Prepare an adjusted trial balance. 5) Prepare a schedule of accounts receivable. List the balance of each customer account with a balance and total the balances. Compare the total to the balance of Accounts Receivable in the general ledger 6) Prepare an income statement for the month ended January 31, 20Y8. 7) Prepare a retained carnings staternent for the month ended January 31, 2048. 8) Prepare a balance sheet as of Janunry 31, 20Y8. 9) Complete the analysis test for January on page 27. GENERAL LEDGER SOFTWARE INSTRUCTIONS Follow the instructions on page 2 of this booklet. Detailed instructions for this month are available in the general ledger software by clicking the Instructions button near the bottom of your screen. (Note that you may have to scroll down and over to see this button) TRANSACTIONS FOR JANUARY General Entries Jan. 5 Received $60,000 from Sophia LeBron and issued 12,000 common shares of SS par value. 5 Paid $6,000 of general liability and property insurance. The disbursement by Check No. 100 was for a complete year of service. 6 Rented an office and furniture for $2,000 per month. Issued Check No. 101 for $6,000, repre- senting the first and last months' rent and the security deposit. The security deposit (debit Deposits), the last month's rent, and the current rent are to be classified separately.1 7 Issued Check No. 102 for $1,600 for the purchase of office supplies. Issued Check No. 103 for $7,000 for advertising to be run in local newspapers and magazines in the month of January 10 Roxana Perini engaged My Place, House of Dcor to renovate her occanfront condominium Received $10,000 from Roxana Perini after services were completed. 7 Jan. 12 Recorded $6,000 (net 30) decorating fees earned on account from Maribel Thompson to remodel her office. 20 Received $8,000 from Frederick Lombart, a customer. These fees were related to services rendered to improve his office's lobby. 25 Recorded $12,000 (net 60) decorating fees revenue earned on account from Roberto Andriani, a long-time customer who wanted to enhance his residence's decor. 30 Issued Check No. 104 for $190 to pay the utilities bill for the month. 30 Issued Check No. 105 for $300 in payment of the telephone bill for the month. 30 Issued Check No. 106 for $200 for postage. 30 Issued Check No. 107 for $450 for business automobile expenses. 30 Issued Check No. 108 for $5,600 to Sophia LeBron for salary. (Payroll taxes are not con- sidered in this entry. Transactions in later months will show you how to journalize payroll tax deductions and expenses.) Adjusting Entries a) Expired insurance for the period, $500. b) Supplies on hand at the end of the month, $1,000. My Place, House of Dcor JANUARY ANALYSIS Date Name Grade From the statements you prepared for January, provide the following amounts: Adjusted Trial Balance 1) Trial balance totals. Schedule of Accounts Receivable 2) Schedule of accounts receivable total. Income Statement 3) Total revenue for the month ended January 31, 20Y8.. 4) Total expenses for the month ended January 31, 20Y8 5) Net income for the month ended January 31, 20Y8..... Retained Earnings Statement Ending retained earnings balance transferred to balance sheet Balance Sheet 7) Total assets as of January 31, 2048 8) Total liabilities and stockholder's equity as of January 31, 2048 s
