On August 1 st , John Depp decided to open a gym in a local mall He will start out as a sole proprietorship and see how things go John had the following entries in the month of August Complete the following six steps either in the Excel file or on paper to be Step five will count as extra credit only Journal Entries for the transactions, including adjusting entries Post to transactions to general ledger t accounts Complete an adjusted trial balance Prepare an income statement, balance sheet, and statement of retained earnings Prepare closing entries (you may use the account Expenses for the sum of expenses to save time) This step will count as extra credit only Prepare a post closing trial balance Aug 1 John issues $80,000 shares of common stock for cash Aug 3 John purchases gym equipment for $95,000 $57,500 was paid immediately with cash, and the remainder was billed to John with payment due in 30 days Also, John purchases on account $5,000 worth of t shirts he plans to sell Aug 6 John purchases supplies for $500 cash Aug 10 John sells some t shirts on account for a sales price of $1,200 and the cost was $800 Aug 13 John pays a $35 utility bill with cash Aug 14 John receives $4,200 cash from members in advance for services (memberships) not yet rendered Aug 16 John distributed $50 cash in dividends to stockholders Aug 19 John paid $1,000 toward the outstanding liability (Notes Payable) from the August 3 transaction Aug 22 John paid $2,600 cash in salaries expense to employees Aug 28 The customer from the August 10 transaction pays $500 cash toward his account balance with John Adjusting Entries Date Transaction Aug 31 John took an inventory of supplies and discovered that $100 of supplies remain unused at the end of the month Aug 31 The equipment purchased on August 3 depreciated $2,000 during the month of August Aug 31 From the August 14 th transaction, revenue earned in August was $1,000 Th following accounts will be used Cash, Accounts Receivable, Supplies, Equipment, Inventory, Accumulated Depreciation, Notes Payable, Accounts Payable, Common Stock, Unearned Revenue (membership), Dividends, Sales Revenue (t shirts), Service Revenue (memberships), Cost of Goods Sold, Utilities Expense, Supplies Expense, Salary Expense, and Depreciation Expense Check Figures Total Debits and Credits on adjusted Trial Balance $128,900 and Total Assets $121,015 Below list your journal entries and adjusted entries with dates Below Post entries to the T Accounts Prepare an Adjusted Trial Balance Below Prepare an income statement, balance sheet, and statement of retained earnings Prepare Closing Entries (Extra Credit) Prepare a Post Closing Trial Balance

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On August 1 st , John Depp decided to open a gym in a local mall. He will start out as a sole proprietorship and

On August 1^st, John Depp decided to open a gym in a local mall. He will start out as a sole proprietorship and see how things go. John had the following entries in the month of August. Complete the following six steps either in the Excel file or on paper to be Step five will count as extra credit only.

Journal Entries for the transactions, including adjusting entries
Post to transactions to general ledger t-accounts
Complete an adjusted trial balance
Prepare an income statement, balance sheet, and statement of retained earnings
Prepare closing entries (you may use the account Expenses for the sum of expenses to save time). This step will count as extra credit only.
Prepare a post-closing trial balance

Aug. 1	John issues $80,000 shares of common stock for cash.
Aug. 3	John purchases gym equipment for $95,000; $57,500 was paid immediately with cash, and the remainder was billed to John with payment due in 30 days. Also, John purchases on account $5,000 worth of t-shirts he plans to sell.
Aug. 6	John purchases supplies for $500 cash.
Aug. 10	John sells some t-shirts on account for a sales price of $1,200 and the cost was $800.
Aug. 13	John pays a $35 utility bill with cash.
Aug. 14	John receives $4,200 cash from members in advance for services (memberships) not yet rendered.
Aug. 16	John distributed $50 cash in dividends to stockholders.
Aug. 19	John paid $1,000 toward the outstanding liability (Notes Payable) from the August 3 transaction.
Aug. 22	John paid $2,600 cash in salaries expense to employees.
Aug. 28	The customer from the August 10 transaction pays $500 cash toward his account balance with John.

Adjusting Entries:

Date	Transaction
Aug. 31	John took an inventory of supplies and discovered that $100 of supplies remain unused at the end of the month.
Aug. 31	The equipment purchased on August 3 depreciated $2,000 during the month of August.
Aug. 31	From the August 14^th transaction, revenue earned in August was $1,000.

Th following accounts will be used: Cash, Accounts Receivable, Supplies, Equipment, Inventory, Accumulated Depreciation, Notes Payable, Accounts Payable, Common Stock, Unearned Revenue (membership), Dividends, Sales Revenue (t-shirts), Service Revenue (memberships), Cost of Goods Sold, Utilities Expense, Supplies Expense, Salary Expense, and Depreciation Expense.

Check Figures: Total Debits and Credits on adjusted Trial Balance = $128,900 and Total Assets = $121,015

Below list your journal entries and adjusted entries with dates:

Below Post entries to the T-Accounts:

Prepare an Adjusted Trial Balance Below:

Prepare an income statement, balance sheet, and statement of retained earnings

Prepare Closing Entries (Extra Credit)

Prepare a Post-Closing Trial Balance