OJB Company began started its business in January 2016. The following transactions occurred in February 2016: Feb 1 Purchased supplies on account, $400. 2 Received cash from customers on account, $1,750. 3 Paid $400 on account. 5 Paid technician $750 in salary, including the amount owed at the end of January. 8 Billed customers for services provided on account, $3,200. 11 Paid cash for advertising on a local website, $400. 12 Received $3,670 cash for fees earned for jobs completed. 16 Paid electricity bill for the month, $290. 17 Received $8,800 cash for fees earned for jobs completed. 19 Paid technician $750 in salary. 20 Billed customers for services provided on account, $6,100. 22 Received cash from customers on account, $9,500. 25 Paid phone bill for the month, $180. 26 Received cash from customers as an advance payment for technical support services to be provided in the future, $2,500. 27 Billed customers for services provided on account, $3,900. 28 Received cash from customers on account, $5,100. 28 OJB withdrew $8,000 for personal use. 1. The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances January 31, 2016, and place a check mark () in the Posting Reference column. Journalize each of the February transactions in the journal provided using OJB Company's chart of accounts. (Do not insert the account numbers in the journal at this time). 2. Post the journal to the ledger. 3. Prepare an unadjusted trial balance. 4. At the end of February, the following adjustment data were assembled. Use this data to complete instructions (5) and (6) : a. Supplies on hand were $600. b. Rent expired during the month was $1,600. c. Unearned fees at the end of the month were $3,500. d. Insurance expired during the month was $300. e. Accrued salaries payable were $240. f. Depreciation on equipment during the month was $330. 5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. 6. Journalize and post the adjusting entries. 7. Prepare an adjusted trial balance. 8. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet. 9. Record and post the closing entries. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry. 10.Prepare a post-closing trial balance. OJB COMPANY: Chart of Accounts 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 OJB, Capital 32 OJB, Drawing 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense OJB COMPANY Post Closing Trial Balance January 31, 2016 DEBIT CREDIT OJB Company began started its business in January 2016. The following transactions occurred in February 2016: Feb 1 Purchased supplies on account, $400. 2 Received cash from customers on account, $1,750. 3 Paid $400 on account. 5 Paid technician $750 in salary, including the amount owed at the end of January. 8 Billed customers for services provided on account, $3,200. 11 Paid cash for advertising on a local website, $400. 12 Received $3,670 cash for fees earned for jobs completed. 16 Paid electricity bill for the month, $290. 17 Received $8,800 cash for fees earned for jobs completed. 19 Paid technician $750 in salary. 20 Billed customers for services provided on account, $6,100. 22 Received cash from customers on account, $9,500. 25 Paid phone bill for the month, $180. 26 Received cash from customers as an advance payment for technical support services to be provided in the future, $2,500. 27 Billed customers for services provided on account, $3,900. 28 Received cash from customers on account, $5,100. 28 OJB withdrew $8,000 for personal use. 1. The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances January 31, 2016, and place a check mark () in the Posting Reference column. Journalize each of the February transactions in the journal provided using OJB Company's chart of accounts. (Do not insert the account numbers in the journal at this time). 2. Post the journal to the ledger. 3. Prepare an unadjusted trial balance. 4. At the end of February, the following adjustment data were assembled. Use this data to complete instructions (5) and (6) : a. Supplies on hand were $600. b. Rent expired during the month was $1,600. c. Unearned fees at the end of the month were $3,500. d. Insurance expired during the month was $300. e. Accrued salaries payable were $240. f. Depreciation on equipment during the month was $330. 5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. 6. Journalize and post the adjusting entries. 7. Prepare an adjusted trial balance. 8. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet. 9. Record and post the closing entries. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry. 10.Prepare a post-closing trial balance. OJB COMPANY: Chart of Accounts 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 OJB, Capital 32 OJB, Drawing 41 Fees Earned 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense OJB COMPANY Post Closing Trial Balance January 31, 2016 DEBIT CREDIT