need help on accounting filling out appendix G

1 . ASSIGNMENT INSTRUCTIONS: 2. Assignment: Comprehensive Problem Complete the Comprehensive Problem on pp. 189-190 of Financial Accounting. Use the templates in Appendix G to complete the problem; complete all six tabs. COMPREHENSIVE PROBLEM: Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions. July 1 1 account. 3 5 12 18 supplies. 20 21 25 31 31 Issued $14,000 of common stock for $14,000 cash. Purchased a used truck for $10,000, paying $3,000 cash and the balance on Purchased cleaning supplies for $800 on account. Paid $1,800 on a one-year insurance policy, effective July 1. Billed customers $3,800 for cleaning services. Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning Paid $1,600 for employee salaries. Collected $1,400 from customers billed on July 12. Billed customers $1,500 for cleaning services. Paid gas and oil for the month on the truck, $400. Paid a $600 cash dividend. The chart of accounts for Julie's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated DepreciationEquipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense. Instructions (a) Journalize and post the July transactions. Use page J1 for the journal. (b) Prepare a trial balance at July 31 on a worksheet. PLEASE LOOK AT NEXT PAGE ----- (c) Enter the following adjustments on the worksheet, and complete the worksheet. (1) Earned but unbilled fees at July 31 were $1,300. (2) Depreciation on equipment for the month was $200. (3) One-twelfth of the insurance expired. (4) An inventory count shows $100 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $500. (d) Prepare the income statement and a retained earnings statement for July, and a classified balance sheet at July 31, 2008. (e) Journalize and post the adjusting entries. Use page J2 for the journal. (f ) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31. 1 . ASSIGNMENT INSTRUCTIONS: 2. Assignment: Comprehensive Problem Complete the Comprehensive Problem on pp. 189-190 of Financial Accounting. Use the templates in Appendix G to complete the problem; complete all six tabs. COMPREHENSIVE PROBLEM: Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions. July 1 1 account. 3 5 12 18 supplies. 20 21 25 31 31 Issued $14,000 of common stock for $14,000 cash. Purchased a used truck for $10,000, paying $3,000 cash and the balance on Purchased cleaning supplies for $800 on account. Paid $1,800 on a one-year insurance policy, effective July 1. Billed customers $3,800 for cleaning services. Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning Paid $1,600 for employee salaries. Collected $1,400 from customers billed on July 12. Billed customers $1,500 for cleaning services. Paid gas and oil for the month on the truck, $400. Paid a $600 cash dividend. The chart of accounts for Julie's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated DepreciationEquipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense. Instructions (a) Journalize and post the July transactions. Use page J1 for the journal. (b) Prepare a trial balance at July 31 on a worksheet. PLEASE LOOK AT NEXT PAGE ----- (c) Enter the following adjustments on the worksheet, and complete the worksheet. (1) Earned but unbilled fees at July 31 were $1,300. (2) Depreciation on equipment for the month was $200. (3) One-twelfth of the insurance expired. (4) An inventory count shows $100 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $500. (d) Prepare the income statement and a retained earnings statement for July, and a classified balance sheet at July 31, 2008. (e) Journalize and post the adjusting entries. Use page J2 for the journal. (f ) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31. \fAxia College Material Appendix G Comprehensive Problem Journalize Transactions Use this template to journalize and post the July transactions for Julie's Maid Cleaning Service, Inc. GENERAL JOURNAL DATE ACCOUNT TITLE AND EXPLANATION July 1 Cash Common Stock J1 REF. DEBIT CREDIT 1 Equipment Cash Accounts Payable 3 Cleaning Supplies Accounts Payable 5 Prepaid Insurance Cash 12 Accounts Receivable Service Revenue 18 Accounts Payable Cash 20 Salaries Expense Cash 21 Cash Accounts Receivable 25 Accounts Receivable Service Revenue 31 Gas & Oil Expense Cash 31 Dividends Cash a) General Journal Axia College Material Appendix G Comprehensive Problem Prepare a 10-Column Worksheet Complete this worksheet for Julie's Maids Cleaning Service, Inc. Make sure to: a) Prepare a trial balance at July 31; b) Enter the five adjustments; c) Complete the remaining parts of the worksheet; and d) Verify your totals. Account Titles Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accounts Payable Common Stock Dividends Service Revenue Gas and Oil Expense Salaries Expense Total Depreciation Expense Accumulated Depreciation Equipment Insurance Expense Cleaning Supplies Expense Salaries Payable Totals Net Income Totals Trial Balance Dr. Cr. JULIE'S MAIDS CLEANING SERVICE INC. Worksheet For the Month Ended July 31, 2008 Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. Income Statement Dr. Cr. Balance Sheet Dr. Cr. Axia College Material Appendix G Comprehensive Problem Post Accounts Post the July accounts for Julie's Maids Cleaning Service, Inc. You have 18 accounts altogether. GENERAL LEDGER Cash DATE EXPLANATION REF. DEBIT No. 101 CREDIT BALANCE Accounts Receivable DATE EXPLANATION REF. DEBIT No. 112 CREDIT BALANCE Cleaning Supplies DATE EXPLANATION REF. DEBIT No. 128 CREDIT BALANCE Prepaid Insurance DATE EXPLANATION REF. DEBIT No. 130 CREDIT BALANCE Equipment DATE REF. DEBIT No. 157 CREDIT BALANCE Accumulated Depreciation - Equipment DATE EXPLANATION REF. DEBIT No. 158 CREDIT BALANCE Accounts Payable DATE EXPLANATION REF. DEBIT No. 201 CREDIT BALANCE Salaries Payable DATE EXPLANATION REF. DEBIT No. 212 CREDIT BALANCE Common Stock DATE EXPLANATION REF. DEBIT No. 311 CREDIT BALANCE Retained Earnings DATE EXPLANATION REF. DEBIT No. 320 CREDIT BALANCE Dividends DATE EXPLANATION REF. DEBIT No. 332 CREDIT BALANCE Income Summary DATE EXPLANATION REF. DEBIT No. 350 CREDIT BALANCE Service Revenue DATE EXPLANATION REF. DEBIT No. 400 CREDIT BALANCE Gas & Oil Expense DATE EXPLANATION REF. DEBIT No. 633 CREDIT BALANCE Cleaning Supplies Expense DATE EXPLANATION REF. DEBIT No. 634 CREDIT BALANCE Depreciation Expense DATE EXPLANATION REF. DEBIT No. 711 CREDIT BALANCE Insurance Expense DATE EXPLANATION REF. DEBIT No. 722 CREDIT BALANCE Salaries Expense DATE EXPLANATION REF. DEBIT No. 726 CREDIT BALANCE EXPLANATION a) e) & f) Posting to Accounts Axia College Material Appendix G Closing Entries and a Post-closing Trial Balance Prepare Income and Retained Earnings Statements, and a Balance Sheet Prepare an Income Statement and a Retained Earnings Statement for July. Also complete the classified Balance Sheet at July 31, 2008 for Julie's Maids Cleaning Service, Inc. JULIE'S MAIDS CLEANING SERVICE INC. Income Statement For the Month Ended July 31, 2008 Revenues Service revenue Expenses Salaries expense Cleaning supplies expense Gas & oil expense Depreciation expense Insurance expense Total expenses Net income Retained Earnings Statement For the Month Ended July 31, 2008 Retained earnings, July 1 Add: Net income Less: Dividends Retained earnings, July 31 JULIE'S MAIDS CLEANING SERVICE INC. Balance Sheet July 31, 2008 Assets Current assets Cash Accounts receivable Cleaning supplies Prepaid insurance Total current assets Capital assets Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Salaries payable Total current liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity d) Statements & Balance Sheet Axia College Material Appendix G Comprehensive Problem Journalize Adjusting and Closing Entries For Julie's Maids Cleaning Service, Inc., a) Use General Journal J2 to journalize and post adjusting entries, and b) Use General Journal J3 to journalize and post closing entries. DATE GENERAL JOURNAL ACCOUNT TITLE AND EXPLANATION DATE GENERAL JOURNAL ACCOUNT TITLE AND EXPLANATION J2 REF. DEBIT CREDIT J3 REF. DEBIT CREDIT Axia College Material Appendix G Comprehensive Problem Preparing a Post Closing Trial Balance Prepare a post-closing trial balance at July 31, 2008. JULIE'S MAIDS CLEANING SERVICE INC. Post-Closing Trial Balance July 31, 2008 ACCOUNTS Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Common Stock Retained Earnings Totals DEBIT CREDIT 1 . ASSIGNMENT INSTRUCTIONS: 2. Assignment: Comprehensive Problem Complete the Comprehensive Problem on pp. 189-190 of Financial Accounting. Use the templates in Appendix G to complete the problem; complete all six tabs. COMPREHENSIVE PROBLEM: Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions. July 1 1 account. 3 5 12 18 supplies. 20 21 25 31 31 Issued $14,000 of common stock for $14,000 cash. Purchased a used truck for $10,000, paying $3,000 cash and the balance on Purchased cleaning supplies for $800 on account. Paid $1,800 on a one-year insurance policy, effective July 1. Billed customers $3,800 for cleaning services. Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning Paid $1,600 for employee salaries. Collected $1,400 from customers billed on July 12. Billed customers $1,500 for cleaning services. Paid gas and oil for the month on the truck, $400. Paid a $600 cash dividend. The chart of accounts for Julie's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated DepreciationEquipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense. Instructions (a) Journalize and post the July transactions. Use page J1 for the journal. (b) Prepare a trial balance at July 31 on a worksheet. PLEASE LOOK AT NEXT PAGE ----- (c) Enter the following adjustments on the worksheet, and complete the worksheet. (1) Earned but unbilled fees at July 31 were $1,300. (2) Depreciation on equipment for the month was $200. (3) One-twelfth of the insurance expired. (4) An inventory count shows $100 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $500. (d) Prepare the income statement and a retained earnings statement for July, and a classified balance sheet at July 31, 2008. (e) Journalize and post the adjusting entries. Use page J2 for the journal. (f ) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31. \fAxia College Material Appendix G Comprehensive Problem Journalize Transactions Use this template to journalize and post the July transactions for Julie's Maid Cleaning Service, Inc. GENERAL JOURNAL DATE ACCOUNT TITLE AND EXPLANATION July 1 Cash Common Stock J1 REF. DEBIT CREDIT 1 Equipment Cash Accounts Payable 3 Cleaning Supplies Accounts Payable 5 Prepaid Insurance Cash 12 Accounts Receivable Service Revenue 18 Accounts Payable Cash 20 Salaries Expense Cash 21 Cash Accounts Receivable 25 Accounts Receivable Service Revenue 31 Gas & Oil Expense Cash 31 Dividends Cash a) General Journal Axia College Material Appendix G Comprehensive Problem Prepare a 10-Column Worksheet Complete this worksheet for Julie's Maids Cleaning Service, Inc. Make sure to: a) Prepare a trial balance at July 31; b) Enter the five adjustments; c) Complete the remaining parts of the worksheet; and d) Verify your totals. Account Titles Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accounts Payable Common Stock Dividends Service Revenue Gas and Oil Expense Salaries Expense Total Depreciation Expense Accumulated Depreciation Equipment Insurance Expense Cleaning Supplies Expense Salaries Payable Totals Net Income Totals Trial Balance Dr. Cr. JULIE'S MAIDS CLEANING SERVICE INC. Worksheet For the Month Ended July 31, 2008 Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr. Income Statement Dr. Cr. Balance Sheet Dr. Cr. Axia College Material Appendix G Comprehensive Problem Post Accounts Post the July accounts for Julie's Maids Cleaning Service, Inc. You have 18 accounts altogether. GENERAL LEDGER Cash DATE EXPLANATION REF. DEBIT No. 101 CREDIT BALANCE Accounts Receivable DATE EXPLANATION REF. DEBIT No. 112 CREDIT BALANCE Cleaning Supplies DATE EXPLANATION REF. DEBIT No. 128 CREDIT BALANCE Prepaid Insurance DATE EXPLANATION REF. DEBIT No. 130 CREDIT BALANCE Equipment DATE REF. DEBIT No. 157 CREDIT BALANCE Accumulated Depreciation - Equipment DATE EXPLANATION REF. DEBIT No. 158 CREDIT BALANCE Accounts Payable DATE EXPLANATION REF. DEBIT No. 201 CREDIT BALANCE Salaries Payable DATE EXPLANATION REF. DEBIT No. 212 CREDIT BALANCE Common Stock DATE EXPLANATION REF. DEBIT No. 311 CREDIT BALANCE Retained Earnings DATE EXPLANATION REF. DEBIT No. 320 CREDIT BALANCE Dividends DATE EXPLANATION REF. DEBIT No. 332 CREDIT BALANCE Income Summary DATE EXPLANATION REF. DEBIT No. 350 CREDIT BALANCE Service Revenue DATE EXPLANATION REF. DEBIT No. 400 CREDIT BALANCE Gas & Oil Expense DATE EXPLANATION REF. DEBIT No. 633 CREDIT BALANCE Cleaning Supplies Expense DATE EXPLANATION REF. DEBIT No. 634 CREDIT BALANCE Depreciation Expense DATE EXPLANATION REF. DEBIT No. 711 CREDIT BALANCE Insurance Expense DATE EXPLANATION REF. DEBIT No. 722 CREDIT BALANCE Salaries Expense DATE EXPLANATION REF. DEBIT No. 726 CREDIT BALANCE EXPLANATION a) e) & f) Posting to Accounts Axia College Material Appendix G Closing Entries and a Post-closing Trial Balance Prepare Income and Retained Earnings Statements, and a Balance Sheet Prepare an Income Statement and a Retained Earnings Statement for July. Also complete the classified Balance Sheet at July 31, 2008 for Julie's Maids Cleaning Service, Inc. JULIE'S MAIDS CLEANING SERVICE INC. Income Statement For the Month Ended July 31, 2008 Revenues Service revenue Expenses Salaries expense Cleaning supplies expense Gas & oil expense Depreciation expense Insurance expense Total expenses Net income Retained Earnings Statement For the Month Ended July 31, 2008 Retained earnings, July 1 Add: Net income Less: Dividends Retained earnings, July 31 JULIE'S MAIDS CLEANING SERVICE INC. Balance Sheet July 31, 2008 Assets Current assets Cash Accounts receivable Cleaning supplies Prepaid insurance Total current assets Capital assets Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Salaries payable Total current liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity d) Statements & Balance Sheet Axia College Material Appendix G Comprehensive Problem Journalize Adjusting and Closing Entries For Julie's Maids Cleaning Service, Inc., a) Use General Journal J2 to journalize and post adjusting entries, and b) Use General Journal J3 to journalize and post closing entries. DATE GENERAL JOURNAL ACCOUNT TITLE AND EXPLANATION DATE GENERAL JOURNAL ACCOUNT TITLE AND EXPLANATION J2 REF. DEBIT CREDIT J3 REF. DEBIT CREDIT Axia College Material Appendix G Comprehensive Problem Preparing a Post Closing Trial Balance Prepare a post-closing trial balance at July 31, 2008. JULIE'S MAIDS CLEANING SERVICE INC. Post-Closing Trial Balance July 31, 2008 ACCOUNTS Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Common Stock Retained Earnings Totals DEBIT CREDIT