PLEASE HELP!!! Data and Instructions Sandra Martin owns and operates Accounting Solutions Co ., a first-year service business. The beginning balances for all accounts on
PLEASE HELP!!!
Data and Instructions
Sandra Martin owns and operates Accounting Solutions Co., a first-year service business. The beginning balances for all accounts on January 1 was zero ($0).
The accompanying Excel template file includes the Unadjusted Trial Balance for the company as of 12/31/2020. This information is included on the Unadjusted TB-Dec2020 tab in the Excel workbook.
The balances in each account in the Unadjusted Trial Balance on December 31, represents the ending balance for and represents all of the activity for the year. As such, the detail of all of the individual transactions for the year is omitted.
Unadjusted Trial Balance information is already included in the GL tab through cell reference links. Use this information in the Unadjusted TB-Dec2020 and GL tabs as the starting point for your work.
The following additional facts were collected for use in making adjusting journal entries prior to preparing financial statements for the year ended 12/31/2020.
- The December 31 inventory count of supplies shows $700 still available.
- Six months have expired since the 12-month insurance premium of $3,600 was paid in advance.
- As of December 31, three employees have not been paid for 2 days of work at $400 per person per day.
- The company's computers, purchased on January 2nd, are expected to have a three-year life with no salvage value.
- The office furniture, also purchased on January 2nd, is expected to have a six-year life with no salvage valu
- The company earned $3,000 of their unearned revenue during the year.
Trial Balance Credit Debit 7,258 12,650 3,458 3,600 6,000 12,000 8,221 Accounting Solutions Co. Unadjusted Trial Balance 12/31/2020 Acct # Account Name 101 Cash 106 Accounts Receivable 126 Supplies 128 Prepaid Insurance 163 Office Furniture 164 Accumulated Depreciation - Office Furniture 167 Computer Equipment 168 Accumulated Depreciation - Computer Equipment 201 Accounts Payable 210 Wages Payable 236 Unearned Revenue 301 S. Martin, Capital 302 S. Martin, Withdrawals 403 Accounting Services Revenue 612 Depreciation Expense - Office Furniture 613 Depreciation Expense - Computer Equipment 623 Wages Expense 637 Insurance Expense 640 Rent Expense 652 Supplies Expense 655 Advertising Expense 676 Mileage Expense 677 Miscellaneous Expense 6,350 16,500 1,913 83,508 42,685 16,850 3,125 1,850 3,190 Totals 114,579 114,579 General Ledger GENERAL LEDGER 31-Dec 12,650 Supplies P.R. Explanation DEBIT ACCOUNT NO. CREDIT Bal-Debit 3,458 126 Bal-Credit Date 31-Dec Prepaid Insurance Explanation P.R. DEBIT ACCOUNT NO. CREDIT Bal-Debit 3,600 128 Bal-Credit Date 31-Dec Office Furniture Explanation P.R. DEBIT ACCOUNT NO. CREDIT Bal-Debit 6,000 163 Bal-Credit Date 31-Dec Accumulated Depreciation - Office Furniture ACCOUNT NO. Explanation P.R. DEBIT CREDIT Bal-Debit 164 Bal-Credit Date 31-Dec Computer Equipment Explanation P.R. DEBIT ACCOUNT NO. CREDIT Bal-Debit 12,000 167 Bal-Credit Date 31-Dec Accumulated Depreciation - Computer Equipment ACCOUNT NO. Explanation P.R. DEBIT CREDIT Bal-Debit 168 Bal-Credit Date 31-Dec Accounts Payable Explanation P.R. DEBIT ACCOUNT NO. CREDIT Bal-Debit Date 31-Dec 201 Bal-Credit 8,221 Wages Payable Explanation P.R. DEBIT ACCOUNT NO 210 CREDIT Bal-Debit Bal-Credit Date Unearned Revenue Explanation P.R. DEBIT Date ***** ACCOUNT NO 236 CREDIT Bal-Debit Bal-Credit 6,350 S Martin, Capital Explanation P.R DEBIT Date ACCOUNT NO. 301 CREDIT Bal-Debit Bal-Credit 16,500 S Martin, Withdrawals Explanation P.R. DEBIT Date ##### ACCOUNT NO 302 CREDIT Bal-Debit Bal-Credit 1,913 Accounting Services Revenue Explanation P.R. DEBIT Date *** ACCOUNT NO. 403 CREDIT Bal-Debit Bal-Credit 83,508 Depreciation Expense - Office Furniture ACCOUNT NO. 612 Explanation P.R. DEBIT CREDIT Bal-Debit Bal-Credit Date Depreciation Expense - Computer EquipmentACCOUNT NO 613 Explanation P.R DEBIT CREDIT Bal-Debit Bal-Credit Date Wages Expense Explanation P.R. DEBIT Date ***** ACCOUNT NO. 623 CREDIT Bal-Debit Bal-Credit 42,685 Insurance Expense Explanation P.R. DEBIT ACCOUNT NO 637 CREDIT Bal-Debit Bal-Credit Date Rent Expense Explanation P.R. DEBIT Date ### ACCOUNT NO. 640 CREDIT Bal-Debit Bal-Credit 16,850 Supplies Expense Explanation P.R. DEBIT ACCOUNT NO 652 CREDIT Bal-Debit Bal-Credit Date ##### Advertising Expense Explanation P.R. DEBIT Date ##### ACCOUNT NO. 655 CREDIT Bal-Debit Bal-Credit 3,125 Mileage Expense Explanation P.R. DEBIT Date ##### ACCOUNT NO. 676 CREDIT Bal-Debit Bal-Credit 1,850 Miscellaneous Expense Explanation P.R. DEBIT Date ##### ACCOUNT NO. 677 CREDIT Bal-Debit Bal-Credit 3,190 Income Summary Explanation P.R. DEBIT ACCOUNT NO. 801 CREDIT Bal-Debit Bal-Credit Date GENERAL JOURNAL Page: J1 Post Ref Date Account Names Debit Credit Trial Balance* Accounting Solutions Co. Adjusted Trial Balance 12/31/2020 Account Name Acct # Debit Credit Accounting Solutions Co. Work Sheet For Year Ended December 31, 2020 Adjusted Adjustments Trial Balance Dr. CL Dr. CL Unadjusted Trial Balance DL. CL. Balance Sheet & Statement of Changes in Owner's Equity Dr. CL Income Statement Dr. CL. Account Names Accounting Solutions Co. Income Statement For Year Ended December 31, 2020 Accounting Solutions Co. Statement of Changes in Owner's Equity For Year Ended December 31, 2020 Accounting Solutions Co. Balance Sheet December 31, 2020 GENERAL JOURNAL Page: CJ1 Post Ref Date Account Names Debit Credit Accounting Solutions Co. Post-Closing Trial Balance December 31, 2020 Account Name Acct # Debit Credit Totals
