Need: closing entries for the end of the period (This is all of my data thus far)
Amount Amount 11,400 9,562 8,590 During January, the first month of operations, the following transactions occurred: Date Event 1-Jan Paid for 12 months rent on office space 3-Jan Purchased additional office supplies on account. 4-Jan Purchased office furniture. 8-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 10-Jan Paid for utilities. 14-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 15-Jan Performed services for various customers for cash and on account. 26-Jan Paid the bill for supplies purchased previously. 28-Jan Paid salaries to employees for 1 week. 29-Jan Dividends were declared and paid. 31-Jan Collected payments for amounts previously billed. 0.02 interest rate 30,000 loan amt 1,650 13,200 11,560 cash 9,860 4,650 1,000 19,650 22560 on account At the end of January, the following additional information is available to help determine what adjustments are needed: Amount Amount 5670 31-Jan Supplies were counted at month end 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan One month of interest has accrued on the note payable for the bank loan. 31-Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan One month of the prepaid rent has been used up 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31, 2019 was a Thursday 6580 190 off furn 165 comp equip 4,650 NUMBERS BEGINNING DEBIT 88,500 ADJUSTMENTS DEBIT CREDIT CREDIT JANUARY DEBIT 74410 22560 ENTRIES CREDIT / 37150 19650 UNADJUSTED TRIAL BALANCE DEBIT CREDIT 125,760 2910 19,422 11400 35,000 36,500 6580 9,860 9,562 13,752 950 11400) I 35000 35,000 36,500 36500 165 ADJUSTED TRIAL BALANCE DEBIT CREDIT 125,760 9490 5670 10450 35000 36500 165 8590 I 190 19422 1 930 50 12100 30000 160,000 85900 8590 I 190 9,860 9562 19,422 ACCOUNT Cash Accounts Receivable Supplies Prepaid Rent Land Computer Equipment Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation, Off Furn Accounts Payable Salaries Payable nterest Payable Jnearned Revenue Long-term Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense nterest Expense Depreciation Expense, Comp Equip Depreciation Expense, Office Furniture 930 50 1100 13200 30.000 13200 30000 160,000 160,000 1000 1000 1000 34120 34120 7680 41800 4650 4650 930 950 13,752 1 1650 1650 5 580 950 13,752 1650 50 165 190|| 50 165 190 I 169,860 169,860 205322 143682 246,882 256742 23717 23717 254,797 264657 JOURNAL ENTRIES - BeeMoor Consulting Inc ACCOUNT DEBIT 11,400 CREDIT DATE 1-Jan Prepaid Rent 1-Jan Cash 11,400 9.562 3-Jan 3-Jan Supplies Accounts Payable 9,562 18,590 4-Jan 4-Jan Office Furnature Cash 8,590 30,000 8-Jan 8-Jan Cash Notes Payable 30,000 1.650 10-Jan Utilities Expense | Cash 1,650 13,200 14-Jan Cash Unearned Revenue 13,200 15-Jan Cash Account Receivable Service Revenue 11560 22560 34120 9860 26-Jan Accounts Payable Cash 9860 28-Jan Salaries Expenses | Cash 1 4650 10000 29-Jan Dividend | Cash 1000 19650 31-Jan Cash Accounts Receivable 19650 DATE 31-Jan ADJUSTING JOURNAL ENTRIES - Bee Moor Consulting Inc ACCOUNT DEBIT CREDIT Supplies Expense 13752 Supplies 13752 31-Jan 1100 Unearned Revenue Service Revenue 31-Jan Interest Expense Interest Payable 31-Jan 650 Accounts Receivable Service Revenue 31-Jan Rent Expense Prepaid Rent 31-Jan Depreciation Expense Accumulated Depreciation Equipment Accumulated Depreciation Furniture 1901 3720 31-Jan Salaries/Wages Expense Salaries/Wages Payable
