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200 Accounts PayableAccounts Payable

Accounts Payable (A/P)Accounts Payable

120 Accounts ReceivableAccounts Receivable

100 CheckingBank

500 Cost of Goods SoldCost Of Goods Sold

220 Prime Visa PayableCredit Card

300 Common StockEquity

345 DividendsEquity

350 Retained EarningsEquity

Opening Balance EquityEquity

610 Facility CostsExpense

611 Rent expenseSub-account of Facility Costs

615 Utilities expenseSub-account of Facility Costs

620 Labor CostsExpense

621 Salaries & wages expenseSub-account of Labor Costs

622 Payroll tax expenseSub-account of Labor Costs

623 Employee benefits expenseSub-account of Labor Costs

625 Contract LaborSub-account of Labor Costs

628 Staff relationsSub-account of Labor Costs

630 Office and Tutoring CostsExpense

631 Office supplies expenseSub-account of Office and Tutoring Costs

632 Tutoring supplies ExpenseSub-account of Office and Tutoring Costs

639 Depreciation expenseSub-account of Office and Tutoring Costs

640 Marketing CostsExpense

641 Advertising expenseSub-account of Marketing Costs

645 Client Relations ExpenseSub-account of Marketing Costs

641 Advertising expenseExpense

650 Taxes, Insurance, and Professional FeesExpense

651 Accounting and consulting fees ( 627 )Sub-account of Taxes, Insurance, and Professional Fees

651 Accounting and consulting feesSub-account of Taxes, Insurance, and Professional Fees

653 Insurance expense ( 629 )Sub-account of Taxes, Insurance, and Professional Fees

653 Insurance expenseSub-account of Taxes, Insurance, and Professional Fees

655 Business taxes ( 631 )Sub-account of Taxes, Insurance, and Professional Fees

655 Business taxesSub-account of Taxes, Insurance, and Professional Fees

690 Other Costs ( 633 )Expense

690 Other CostsExpense

692 Gasoline expense ( 635 )Sub-account of Other Costs

692 Gasoline expenseSub-account of Other Costs

695 Bank service charges ( 637 )Sub-account of Other Costs

695 Bank service chargesSub-account of Other Costs

699 Miscellaneous expense ( 639 )Sub-account of Other Costs

699 Miscellaneous expenseSub-account of Other Costs

AdvertisingExpense

Bank ChargesExpense

Commissions & feesExpense

Dues & SubscriptionsExpense

Education & TrainingExpense

InsuranceExpense

Legal & Professional FeesExpense

License ExpenseExpense

Meals and EntertainmentExpense

Office ExpensesExpense

PromotionalExpense

PurchasesExpense

Rent or LeaseExpense

Repair & MaintenanceExpense

Stationery & PrintingExpense

SuppliesExpense

Taxes & LicensesExpense

TravelExpense

Travel MealsExpense

Unapplied Cash Bill Payment ExpenseExpense

Uncategorized ExpenseExpense

UtilitiesExpense

180 Computer & Office EquipmentFixed Asset

185 Office FurnitureFixed Asset

189 Accumulated DepreciationFixed Asset

400 Tutoring RevenueIncome

405 Workshop RevenueIncome

420 Sales of Product IncomeIncome

Billable Expense IncomeIncome

Fees BilledIncome

Refunds-AllowancesIncome

Unapplied Cash Payment IncomeIncome

Uncategorized IncomeIncome

280 Note Payable - Richard SmithLong Term Liability

195 Security DepositOther Asset

125 Supplies On HandOther Current Asset

130 Inventory AssetOther Current Asset

135 Prepaid InsuranceOther Current Asset

136 Prepaid RentOther Current Asset

138 Other Prepaid ExpensesOther Current Asset

151 Undeposited FundsOther Current Asset

Prepaid ExpensesOther Current Asset

Uncategorized AssetOther Current Asset

240 Payroll Taxes PayableOther Current Liability

241 Employee Benefits PayableOther Current Liability

700 Interest expense ( 641 )Other Expense

700 Interest expenseOther Expense

MiscellaneousOther Expense

Penalties & SettlementsOther Expense

Reconciliation DiscrepanciesOther Expense

Interest EarnedOther Income

Other Portfolio IncomeOther Income

You make adjusting journal entries for the month of January as needed. (Start with Journal no. Jan22.1.) You carefully consider the following: Math Revealed! used the straight-line method to determine depreciation expense for all office equipment. Monthly depreciation expense for the equipment purchased prior to 12/31 is $92.50. (Computer $75; Printer $10; Calculators $7.50) Math Revealed! purchased $726 of furniture on 1/3. You expect the furniture to last 4 years, with a $150 salvage value. You take a full month depreciation on the furniture. Two computers ($1,260) and three calculators ($441) were also purchased on 1/3. You expect the computers to have a 3-year life (no salvage value) and the calculators to have a 3-year life ($63 salvage value). You take a full month depreciation on the equipment. On 1/29, shelving was installed. The cost of the shelving was $820. You expect the shelving to last for the term of the lease (24 months). You estimate the salvage value at $100 at the end of the 2 years. You started using the shelving on February 1. You check the supplies on hand. You estimate that $120 of supplies were used during January. You charge the amount to a new account (Tutoring supplies expense, a sub-account of Office and Tutoring Costs). You use 632 as the account number and Other Business Expenses as the detail type. The insurance policy premium paid in January was $360. The policy term is 1/112/31/22. You check to make sure that all the revenue recorded in January was earned during the month. You realize that the $3,000 paid by Teacher's College on 1/27 was for a workshop to be held in February. You also take a look at INV-1009 to Annie Wang. Half of the $400 billed on 1/14 was for February tutoring. The insurance policy premium paid in January was $360. The policy term is 1/112/31/22. You check to make sure that all the revenue recorded in January was earned during the month. You realize that the $3,000 paid by Teacher's College on 1/27 was for a workshop to be held in February. You also take a look at INV-1009 to Annie Wang. Half of the $400 billed on 1/14 was for February tutoring. TIP: Consider whether you need a new account here. Choose an account number that fits with the account numbering scheme (assets are 100s; liabilities are 200s; revenues are 400s; expenses are 600s). Martin has agreed to pay his father interest on the $2,500 loan to help get the business started. The last payment was made on 12/31/21. The annual interest rate (simple interest) on the loan is 6%. You forgot to pay him in January. You call and let him know that the check will come in February. TIP: Just because you didn't pay it in January doesn't mean you don't owe it in January. Consider whether you need a new account here. a You make adjusting journal entries for the month of January as needed. (Start with Journal no. Jan22.1.) You carefully consider the following: Math Revealed! used the straight-line method to determine depreciation expense for all office equipment. Monthly depreciation expense for the equipment purchased prior to 12/31 is $92.50. (Computer $75; Printer $10; Calculators $7.50) Math Revealed! purchased $726 of furniture on 1/3. You expect the furniture to last 4 years, with a $150 salvage value. You take a full month depreciation on the furniture. Two computers ($1,260) and three calculators ($441) were also purchased on 1/3. You expect the computers to have a 3-year life (no salvage value) and the calculators to have a 3-year life ($63 salvage value). You take a full month depreciation on the equipment. On 1/29, shelving was installed. The cost of the shelving was $820. You expect the shelving to last for the term of the lease (24 months). You estimate the salvage value at $100 at the end of the 2 years. You started using the shelving on February 1. You check the supplies on hand. You estimate that $120 of supplies were used during January. You charge the amount to a new account (Tutoring supplies expense, a sub-account of Office and Tutoring Costs). You use 632 as the account number and Other Business Expenses as the detail type. The insurance policy premium paid in January was $360. The policy term is 1/112/31/22. You check to make sure that all the revenue recorded in January was earned during the month. You realize that the $3,000 paid by Teacher's College on 1/27 was for a workshop to be held in February. You also take a look at INV-1009 to Annie Wang. Half of the $400 billed on 1/14 was for February tutoring. The insurance policy premium paid in January was $360. The policy term is 1/112/31/22. You check to make sure that all the revenue recorded in January was earned during the month. You realize that the $3,000 paid by Teacher's College on 1/27 was for a workshop to be held in February. You also take a look at INV-1009 to Annie Wang. Half of the $400 billed on 1/14 was for February tutoring. TIP: Consider whether you need a new account here. Choose an account number that fits with the account numbering scheme (assets are 100s; liabilities are 200s; revenues are 400s; expenses are 600s). Martin has agreed to pay his father interest on the $2,500 loan to help get the business started. The last payment was made on 12/31/21. The annual interest rate (simple interest) on the loan is 6%. You forgot to pay him in January. You call and let him know that the check will come in February. TIP: Just because you didn't pay it in January doesn't mean you don't owe it in January. Consider whether you need a new account here. a