Need to Prepare a general journal, general ledger and a unadjusted trial balance.
Part I is worth 20 points YOU MUST TURN IN ALL PAGES (numbered at the bottom of the accounting paper" pages.) All pages must be STAPLED together - I will not have a stapler in class. Use Pencil and a good eraser!!!!!!! PARTI. REQUIREMENTS: Print your name at the top of each page. Start on the page with the heading "General Journal prepare the Journal Entries for the October transactions below. Complete the headings of the General Journal pages. Use the account names that are on the General Ledger accounts (General Ledger provided). Journal entries MUST be properly formatted or you will lose points! Skip a blank line between each new journal entry. Post all transactions from the General Journal to the General Ledger accounts. When you post one line of the transaction, write the Account Number in the REF column of the GJ, and write the GJ-page in the REF column of the GL. Each time you post one line, repeat this process, it will help you keep track of what has been posted, and later if you need to check your work you will know where the number in the GL originated. d. Prepare an Unadjusted Trial Balance. Include only accounts that have non-zero balances. The accounts should appear in the same order as in the GL. Make sure that all pages have appropriate headings (look at the examples in the textbook - Chapter 2, and/or your earlier accounting textbooks). DO NOT prepare any adjustments at this point!!! You will lose points on the Unadjusted TB if you include anything other than the transactions below in your Unadjusted Trial Balance!!! OBER transactions start on the next page of this document (Page B) Page A AC 300-01 Spring 2020 On October 1, 2019, Jane Martin launched a wholesale food services company, Jane Distribution, Inc., organized as a corporation and provides distribution of specialty foods to small local markets. Jane Distribution, Inc. uses the accrual basis of accounting, perpetual inventory method, and has a calendar year end; however, will prepare financial statements and close its accounts at the end of each month. During its first month, the corporation entered into the following transactions: Oct 1 Issued a total of 20,000 shares of capital stock to Jane in exchange for $175,000, cash: $60,000 of kitchen equipment and $6,000 of office equipment. Oct 2 Oct 5 Purchased $10,000 of food items on account from ABG Foods Paid $4,400 cash for four months rent, starting October 1, 2019 Billed N&K, LLC, a customer, $7.000 for food delivered on October 5th The cost of the food was $5,000. Paid $3,600 cash for a two-year property and liability insurance policy. The policy coverage is in effect as of October 1, 2019. Paid $1,000 cash for the food items purchased from ABC Foods October Hired John Lee as a part-time assistant for $240 per day, as needed. Billed N&K, LLC another $2,950 for food delivered. The cost of the food was $500. Oct 16 Received $7,000 cash from N&K, LLC for payment of its October 5th invoice. Oct 17 Paid $450 cash to repair office equipment that was damaged during the move. Oct Paid $1,890 cash for an advertisement in the local newspaper that will appear on October 25, 2019. Oct 22 Received $2,950 cash from N&K, LLC for payment of its October 124 invoice. Paid $1,050 cash for John Lee's wages for seven days' work. Oct Oct 23 28 Billed KMH, LLC, a customer, $9,300 for food items delivered. The cost of the food was $1,000. Oct 31 Paid $200 cash for dividends. Page B GENERAL JOURNAL Account Titles and Explanation Ret Debit Name GENERAL LEDGER RECOUNT NO DEBIT CREDIT Date Accounts Receivable Ref. DEBIT Explanation ACCOUNT NO. 106 CREDIT BALANCE Date Explanation Inventory Ref. DEBIT ACCOUNT NO. 108 CREDI Computer Supplies Ret DEBIT ACCOUNT NO126 CREDIT Explanation Prepaid Insurance Rof DEBIT ACCOUNT NO. 128 CREDIT BALANCE ion Prepaid Rent Ref. DEBIT ACCOUNT NO. 131 CREDIT BALANCE Explanation Office Equipment Ref. DEBIT ACCOUNT NO. 163 CREDIT BALANCE Date Acc. Dep. - Office Equipment Explanation Ref. DEBIT ACCOUNT NO. 164 CREDIT BALANCE Explanation Kitchen Equipment Ref. DEBIT ACCOUNT NO. 167 CREDIT BALANCE Acc. Dep. - Kitchen Equipment Explanation Ref. DEBIT Date ACCOUNT NO. 168 CREDIT BALANCE ACCOUNT NO. 201 CRI DIT BALANCE DEBIT Wages Payable Ref. DEBIT ACCOUNT NO. 210 CREDIT BALANCE VIDEO Explanation Common Stock Ref. DEBIT ACCOUNT MD307 CREDIT BALANCE Retained Earnings Ref. DEBIT Explanation ACCOUNT NO. 318 CREDIT BALANCE Dividends Ref. Explanation ACCOUNT NO. 319 CREDIT BALANCE DEBIT Sales Revenue Ref. DEBIT ACCOUNT NO. 403 CREDIT BALANCE Date Explanation Cost of Goods Sold Ref. DEBIT ACCOUNT NO.500 CREDIT BALANCE Date Explanation Name Depreciation Expense-Ofice Equip DEBIT ACCOUNT NO 612 CREDIT BALANCE Depreciation Expense - Kitchen Equip Explanation Ref. DEBIT ACCOUNT NO. 513 CREDIT BALANCE Explanation ACCOUNT NO. 623 CREDIT BALANCE DEBIT Explanation Insurance Expense Ref. DEBIT ACCOUNT NO. 637 CREDIT BALANCE Rent Expense R ef DERIT ACCOUNT NO. 640 CREDIT BALANCE Explanation Computer Supplies Expense Explanation Ref. DEBIT ACCOUNT NO.652 CREDIT BALANCE Explanation Advertising Expense Ref. DEBIT ACCOUNT NO. 655 CREDIT BALANCE Explanation Mileage Expense Ref. DEBIT ACCOUNT NO. 676 CREDIT BALANCE Explanation Miscellaneous Expense Ref. DEBIT ACCOUNT NO. 677 CREDIT BALANCE Date Repairs Expense-Office Equipment Explanation ACCOUNT NO. 684 CREDIT BALANCE Part I is worth 20 points YOU MUST TURN IN ALL PAGES (numbered at the bottom of the accounting paper" pages.) All pages must be STAPLED together - I will not have a stapler in class. Use Pencil and a good eraser!!!!!!! PARTI. REQUIREMENTS: Print your name at the top of each page. Start on the page with the heading "General Journal prepare the Journal Entries for the October transactions below. Complete the headings of the General Journal pages. Use the account names that are on the General Ledger accounts (General Ledger provided). Journal entries MUST be properly formatted or you will lose points! Skip a blank line between each new journal entry. Post all transactions from the General Journal to the General Ledger accounts. When you post one line of the transaction, write the Account Number in the REF column of the GJ, and write the GJ-page in the REF column of the GL. Each time you post one line, repeat this process, it will help you keep track of what has been posted, and later if you need to check your work you will know where the number in the GL originated. d. Prepare an Unadjusted Trial Balance. Include only accounts that have non-zero balances. The accounts should appear in the same order as in the GL. Make sure that all pages have appropriate headings (look at the examples in the textbook - Chapter 2, and/or your earlier accounting textbooks). DO NOT prepare any adjustments at this point!!! You will lose points on the Unadjusted TB if you include anything other than the transactions below in your Unadjusted Trial Balance!!! OBER transactions start on the next page of this document (Page B) Page A AC 300-01 Spring 2020 On October 1, 2019, Jane Martin launched a wholesale food services company, Jane Distribution, Inc., organized as a corporation and provides distribution of specialty foods to small local markets. Jane Distribution, Inc. uses the accrual basis of accounting, perpetual inventory method, and has a calendar year end; however, will prepare financial statements and close its accounts at the end of each month. During its first month, the corporation entered into the following transactions: Oct 1 Issued a total of 20,000 shares of capital stock to Jane in exchange for $175,000, cash: $60,000 of kitchen equipment and $6,000 of office equipment. Oct 2 Oct 5 Purchased $10,000 of food items on account from ABG Foods Paid $4,400 cash for four months rent, starting October 1, 2019 Billed N&K, LLC, a customer, $7.000 for food delivered on October 5th The cost of the food was $5,000. Paid $3,600 cash for a two-year property and liability insurance policy. The policy coverage is in effect as of October 1, 2019. Paid $1,000 cash for the food items purchased from ABC Foods October Hired John Lee as a part-time assistant for $240 per day, as needed. Billed N&K, LLC another $2,950 for food delivered. The cost of the food was $500. Oct 16 Received $7,000 cash from N&K, LLC for payment of its October 5th invoice. Oct 17 Paid $450 cash to repair office equipment that was damaged during the move. Oct Paid $1,890 cash for an advertisement in the local newspaper that will appear on October 25, 2019. Oct 22 Received $2,950 cash from N&K, LLC for payment of its October 124 invoice. Paid $1,050 cash for John Lee's wages for seven days' work. Oct Oct 23 28 Billed KMH, LLC, a customer, $9,300 for food items delivered. The cost of the food was $1,000. Oct 31 Paid $200 cash for dividends. Page B GENERAL JOURNAL Account Titles and Explanation Ret Debit Name GENERAL LEDGER RECOUNT NO DEBIT CREDIT Date Accounts Receivable Ref. DEBIT Explanation ACCOUNT NO. 106 CREDIT BALANCE Date Explanation Inventory Ref. DEBIT ACCOUNT NO. 108 CREDI Computer Supplies Ret DEBIT ACCOUNT NO126 CREDIT Explanation Prepaid Insurance Rof DEBIT ACCOUNT NO. 128 CREDIT BALANCE ion Prepaid Rent Ref. DEBIT ACCOUNT NO. 131 CREDIT BALANCE Explanation Office Equipment Ref. DEBIT ACCOUNT NO. 163 CREDIT BALANCE Date Acc. Dep. - Office Equipment Explanation Ref. DEBIT ACCOUNT NO. 164 CREDIT BALANCE Explanation Kitchen Equipment Ref. DEBIT ACCOUNT NO. 167 CREDIT BALANCE Acc. Dep. - Kitchen Equipment Explanation Ref. DEBIT Date ACCOUNT NO. 168 CREDIT BALANCE ACCOUNT NO. 201 CRI DIT BALANCE DEBIT Wages Payable Ref. DEBIT ACCOUNT NO. 210 CREDIT BALANCE VIDEO Explanation Common Stock Ref. DEBIT ACCOUNT MD307 CREDIT BALANCE Retained Earnings Ref. DEBIT Explanation ACCOUNT NO. 318 CREDIT BALANCE Dividends Ref. Explanation ACCOUNT NO. 319 CREDIT BALANCE DEBIT Sales Revenue Ref. DEBIT ACCOUNT NO. 403 CREDIT BALANCE Date Explanation Cost of Goods Sold Ref. DEBIT ACCOUNT NO.500 CREDIT BALANCE Date Explanation Name Depreciation Expense-Ofice Equip DEBIT ACCOUNT NO 612 CREDIT BALANCE Depreciation Expense - Kitchen Equip Explanation Ref. DEBIT ACCOUNT NO. 513 CREDIT BALANCE Explanation ACCOUNT NO. 623 CREDIT BALANCE DEBIT Explanation Insurance Expense Ref. DEBIT ACCOUNT NO. 637 CREDIT BALANCE Rent Expense R ef DERIT ACCOUNT NO. 640 CREDIT BALANCE Explanation Computer Supplies Expense Explanation Ref. DEBIT ACCOUNT NO.652 CREDIT BALANCE Explanation Advertising Expense Ref. DEBIT ACCOUNT NO. 655 CREDIT BALANCE Explanation Mileage Expense Ref. DEBIT ACCOUNT NO. 676 CREDIT BALANCE Explanation Miscellaneous Expense Ref. DEBIT ACCOUNT NO. 677 CREDIT BALANCE Date Repairs Expense-Office Equipment Explanation ACCOUNT NO. 684 CREDIT BALANCE
