PLG320 WEEK 10, ASSIGNMENT 6 REFERENCE SHEET (5% of final grade) Due by beginning of class on Week 11 /50 GJ4 PR Credit Post the transactions in the following General Journal to the appropriate General Ledgers on the answer sheet. Do not forget proper formatting, descriptions, post references, running balances. (2pts per transaction = lopts) Your Paralegal Services, General Journal Date Description Debit 2021 Oct 3 General Bank Account Office Furniture and Equipment Your Paralegal Services, Capital To record opening investment by owner 20,000.00 2,000.00 22,000.00 13 1,250.00 Computer Equipment General Bank Account Purchased computer 1,250.00 15 500.00 Your Paralegal Services, Drawings General Bank Account Withdrawal of funds for personal use 500.00 20 2,000.00 Accounts Receivable Fees Earned Invoice sent to Fred Popper 2,000.00 30 350.00 Rent Expense General Bank Account Paid Bell Canada for telephone service 350.00 Using these General Ledgers to prepare the Trial Balance in question 2. rts Account No. 100 PR Debit Credit Dr./Cr. Balance 3,000.00 4,000.00 General Ledgers - Your Paralegal Services General Bank Account Date Explanation 20 Oct 1 1 1 1 1 5 10 11 15 15 18 25 25 30 30 Opening balance [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] 3 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 1,500.00 1,200.00 145.00 120.00 600.00 1,000.00 90.00 250.00 600.00 30.00 100.00 267.00 Dr. Dr. Dr. Dr Dr. Dr. Dr. Dr. Dr. Dr. Dr. 3,000.00 7,000.00 5,500.00 4,300.00 4,155.00 4,035.00 3,435.00 2,435.00 2,345.00 2,095.00 1.495.00 1,465.00 1,365.00 1.098.00 Dr. Dr. Dr. Account No. 120 Accounts Receivable Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance nening halance 63500 Tr 635.00 PLG320 WEEK 10, ASSIGNMENT 6 ANSWERS (5% of final grade) Due by beginning of class on Week 11 /50 Post the transactions from the reference sheet to the appropriate General Ledgers below. Do not forget proper formatting, descriptions, post references, running balances. (2pts per transaction = 10pts) General Ledgers Your Paralegal Services Account No. 100 General Bank Account Date 20 Explanation PR Debit Credit Dr/Cr. Balance Account No. 120 Accounts Receivable Date 20. Explanation PR Debit Credir Dr/Cr. Balance Account No. 155 Computer Equipment Date 20 Explanation PR Debit Credit Dr/Cr. Balance Account No. 158 Office Furniture and Equipment Date 20. Explanation PR Debit Credit Dr/Cr. Balance Account No. 300 Your Paralegal Services, Capital Date 20** Explanation PR Debit Credit Dr/Cr. Balance Account No. 350 Your Paralegal Services, Drawings Date 20 Explanation PR Debit Credit Dr/Cr. Balance Fees Earned Account No. 400 Date 20. Explanation PR Debit Credit Dr/Cr. Balance Account No. 158 Office Furniture and Equipment Dare 20. Explanation PR Debit Credir Dr/Cr. Balance Account No. 300 Your Paralegal Services, Capital Date 20 Explanation PR Debit Credit Dr/Cr. Balance Account No. 350 Your Paralegal Services, Drawings Date 20** Explanation PR Debit Credit Dr/Cr. Balance Fees Earned Account No. 400 Date 20. Explanation PR Debit Credit Dr/Cr. Balance an Rent Expense Account No. 538 Date 20. Explanation PR Debit Credit Dr/Cr. Balance Using the General Ledgers for question 2 (see reference sheet), prepare the Trial Balance below at October 31, 2021. (15pts) Your Paralegal Services Trial Balance Account Debit Credit Total Complete the financial statements below using the Trial Balance for question 3 (see reference sheet) Using these General Ledgers to prepare the Trial Balance in question 2. (1.5pts Account No. 100 PR Debit Credit Dr./Cr. Balance General Ledgers - Your Paralegal Services General Bank Account Date Explanation 20 Oct 1 1 1 1 1 5 10 3,000.00 4,000.00 Opening balance [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation [Explanation] 11 15 15 18 25 25 30 30 3 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 Dr. Dr. Dr. Dr Dr Dr. Dr. Dr. Dr. Dr. Dr. 1,500.00 1,200.00 145.00 120.00 600.00 1,000.00 90.00 250.00 600.00 30.00 100.00 267.00 3,000.00 7,000.00 5,500.00 4,300.00 4,155.00 4,035.00 3,435.00 2,435.00 2,345.00 2,095.00 1.495.00 1,465.00 1,365.00 1,098.00 Dr. Dr. Dr. Account No. 120 Accounts Receivable Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1 Opening balance 3 635.00 Dr. 635.00 Account No. 130 Office Supplies Date Explanation PR Debit Credit Dr./Cr. Balance 20 Oct 1 1 18 Opening balance [Explanation] 3 GJ4 800.00 250.00 Dr. Dr. 800.00 1,050.00 Account No. 158 | Office Furniture and Equipment Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 5,000.00 1 1 25 Opening balance [Explanation] 3 GJ4 5,000.00 600.00 Dr. Dr. 5,600.00 Account No. 160 PR Debit Credit Dr./Cr. Balance Intangible Assets (Computer Software) Date Explanation 20- Oct 1 11 Opening balance [Explanation) 3 GJ4 1,865.00 600.00 Dr Dr. 1,865.00 2.465.00 Account No. 200 Explanation PR Debit Credit Dr./Cr. Accounts Payable/General Liabilities Date 20- Oct 1 18 Balance Opening balance [Explanation) 3 GJ4 800.00 250.00 Cr. Cr. 800.00 1,050.00 Account No. 210 Credit Card Debt Date 20- Explanation PR Debit Credit Dr./Cr. Balance Account No. 210 Credit Card Debt Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1,500.00 1 1 5 30 Opening balance [Explanation] [Explanation] 3 3 GJ4 GJ4 145.00 Cr. Cr. Cr. 1,500.00 1,645.00 1,545.00 100.00 Account No. 250 Bank Line of Credit Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1 Opening balance 3 5,000.00 Cr. 5,000.00 Ann Litigate, Capital Date Account No. 300 Explanation PR Debit Credit Dr./Cr. Balance 20 Oct 1 Opening balance 3 5,500.00 Cr. 5.500.00 Account No. 350 Ann Litigate, Drawings Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance Dr. 1 1 Opening balance [Explanation] 3 GJ4 1,500.00 1,500.00 1,500.00 3,000.00 Dr. Account No. 400 Fees Earned Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1 [Explanation] GJ4 4,000.00 Cr. 4,000.00 Account No. 507 Bank Charges and Credit Card Expense Date Explanation 20-- Oct 25 PR Debit Credit Dr./Cr. Balance [Explanation] GJ4 30.00 Dr. 30.00 Account No. 511 Salaries Expense Date 20 Oct Explanation PR Debit Credit Dr./Cr. Balance 15 [Explanation] GJ4 1,000.00 Dr. 1,000.00 Account No. 525 General Disbursement Expense Date 20 Oct Explanation PR Debit Credit Dr./Cr. Balance 5 [Explanation] GJ4 145.00 Dr. 145.00 Interest Expense Account No. 529 Date Explanation PR Debit Credit Dr./Cr. Balance 20** Oct 15 [Explanation] GJ4 90.00 Dr. 90.00 Account No. 534 Membership/Professional Dues Date [Explanation) 14 Account No. 529 Interest Expense Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 15 [Explanation] GJ4 90.00 Dr. 90.00 Account No. 534 Membership/Professional Dues Date 20** Oct Explanation PR Debit Credit Dr./Cr. Balance 30 [Explanation] GJ4 267.00 Dr. 267.00 Account No. 538 Rent Expense Date Explanation PR Debit Credit Dr./Cr. Balance 20-- Oct 1 [Explanation] GJ4 1,200.00 Dr. 1,200.00 Account No. 565 | Telephone Expense Date 20** Oct Explanation PR Debit Credit Dr./Cr. Balance 10 [Explanation] GJ4 120.00 Dr. 120.00 . Use the Trial Balance below to complete the statements requested in Question 3. Income Statement (10pts) - see slides and/or pages 100-103 Statement of Owner's Equity (5pts) - see slides and/or pages 105-106 Balance Sheet (10pts) - see slides and/or pages 106-108 Your Paralegal Services Trial Balance At October 31, 2021 # Debit Credit 18.000.00 650.00 1,050.00 5,500.00 Account General Bank Account Accounts Receivable Prepaid Insurance Office Furniture and Equipment Accounts Payable/General Liabilities Credit Card Debt Bank Line of Credit Your Paralegal Services, Capital Your Paralegal Services, Drawings Fees Earned Advertising Expense Bank Charges and Credit Card Expense Equipment Lease Membership/Professional Dues Rent Expense Telephone Expense 100 120 125 158 D2195.000 210 250 300 350 400 503 507 524 534 538 565 4,200.00 1,500.00 8,000.00 5,500.00 3,000.00 10.950.00 250.00 50.00 200.00 100.00 1.200.00 150.00 Total 30.150.00 30.150.00 PLG320 WEEK 10, ASSIGNMENT 6 REFERENCE SHEET (5% of final grade) Due by beginning of class on Week 11 /50 GJ4 PR Credit Post the transactions in the following General Journal to the appropriate General Ledgers on the answer sheet. Do not forget proper formatting, descriptions, post references, running balances. (2pts per transaction = lopts) Your Paralegal Services, General Journal Date Description Debit 2021 Oct 3 General Bank Account Office Furniture and Equipment Your Paralegal Services, Capital To record opening investment by owner 20,000.00 2,000.00 22,000.00 13 1,250.00 Computer Equipment General Bank Account Purchased computer 1,250.00 15 500.00 Your Paralegal Services, Drawings General Bank Account Withdrawal of funds for personal use 500.00 20 2,000.00 Accounts Receivable Fees Earned Invoice sent to Fred Popper 2,000.00 30 350.00 Rent Expense General Bank Account Paid Bell Canada for telephone service 350.00 Using these General Ledgers to prepare the Trial Balance in question 2. rts Account No. 100 PR Debit Credit Dr./Cr. Balance 3,000.00 4,000.00 General Ledgers - Your Paralegal Services General Bank Account Date Explanation 20 Oct 1 1 1 1 1 5 10 11 15 15 18 25 25 30 30 Opening balance [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] 3 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 1,500.00 1,200.00 145.00 120.00 600.00 1,000.00 90.00 250.00 600.00 30.00 100.00 267.00 Dr. Dr. Dr. Dr Dr. Dr. Dr. Dr. Dr. Dr. Dr. 3,000.00 7,000.00 5,500.00 4,300.00 4,155.00 4,035.00 3,435.00 2,435.00 2,345.00 2,095.00 1.495.00 1,465.00 1,365.00 1.098.00 Dr. Dr. Dr. Account No. 120 Accounts Receivable Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance nening halance 63500 Tr 635.00 PLG320 WEEK 10, ASSIGNMENT 6 ANSWERS (5% of final grade) Due by beginning of class on Week 11 /50 Post the transactions from the reference sheet to the appropriate General Ledgers below. Do not forget proper formatting, descriptions, post references, running balances. (2pts per transaction = 10pts) General Ledgers Your Paralegal Services Account No. 100 General Bank Account Date 20 Explanation PR Debit Credit Dr/Cr. Balance Account No. 120 Accounts Receivable Date 20. Explanation PR Debit Credir Dr/Cr. Balance Account No. 155 Computer Equipment Date 20 Explanation PR Debit Credit Dr/Cr. Balance Account No. 158 Office Furniture and Equipment Date 20. Explanation PR Debit Credit Dr/Cr. Balance Account No. 300 Your Paralegal Services, Capital Date 20** Explanation PR Debit Credit Dr/Cr. Balance Account No. 350 Your Paralegal Services, Drawings Date 20 Explanation PR Debit Credit Dr/Cr. Balance Fees Earned Account No. 400 Date 20. Explanation PR Debit Credit Dr/Cr. Balance Account No. 158 Office Furniture and Equipment Dare 20. Explanation PR Debit Credir Dr/Cr. Balance Account No. 300 Your Paralegal Services, Capital Date 20 Explanation PR Debit Credit Dr/Cr. Balance Account No. 350 Your Paralegal Services, Drawings Date 20** Explanation PR Debit Credit Dr/Cr. Balance Fees Earned Account No. 400 Date 20. Explanation PR Debit Credit Dr/Cr. Balance an Rent Expense Account No. 538 Date 20. Explanation PR Debit Credit Dr/Cr. Balance Using the General Ledgers for question 2 (see reference sheet), prepare the Trial Balance below at October 31, 2021. (15pts) Your Paralegal Services Trial Balance Account Debit Credit Total Complete the financial statements below using the Trial Balance for question 3 (see reference sheet) Using these General Ledgers to prepare the Trial Balance in question 2. (1.5pts Account No. 100 PR Debit Credit Dr./Cr. Balance General Ledgers - Your Paralegal Services General Bank Account Date Explanation 20 Oct 1 1 1 1 1 5 10 3,000.00 4,000.00 Opening balance [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation] [Explanation [Explanation] 11 15 15 18 25 25 30 30 3 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 GJ4 Dr. Dr. Dr. Dr Dr Dr. Dr. Dr. Dr. Dr. Dr. 1,500.00 1,200.00 145.00 120.00 600.00 1,000.00 90.00 250.00 600.00 30.00 100.00 267.00 3,000.00 7,000.00 5,500.00 4,300.00 4,155.00 4,035.00 3,435.00 2,435.00 2,345.00 2,095.00 1.495.00 1,465.00 1,365.00 1,098.00 Dr. Dr. Dr. Account No. 120 Accounts Receivable Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1 Opening balance 3 635.00 Dr. 635.00 Account No. 130 Office Supplies Date Explanation PR Debit Credit Dr./Cr. Balance 20 Oct 1 1 18 Opening balance [Explanation] 3 GJ4 800.00 250.00 Dr. Dr. 800.00 1,050.00 Account No. 158 | Office Furniture and Equipment Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 5,000.00 1 1 25 Opening balance [Explanation] 3 GJ4 5,000.00 600.00 Dr. Dr. 5,600.00 Account No. 160 PR Debit Credit Dr./Cr. Balance Intangible Assets (Computer Software) Date Explanation 20- Oct 1 11 Opening balance [Explanation) 3 GJ4 1,865.00 600.00 Dr Dr. 1,865.00 2.465.00 Account No. 200 Explanation PR Debit Credit Dr./Cr. Accounts Payable/General Liabilities Date 20- Oct 1 18 Balance Opening balance [Explanation) 3 GJ4 800.00 250.00 Cr. Cr. 800.00 1,050.00 Account No. 210 Credit Card Debt Date 20- Explanation PR Debit Credit Dr./Cr. Balance Account No. 210 Credit Card Debt Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1,500.00 1 1 5 30 Opening balance [Explanation] [Explanation] 3 3 GJ4 GJ4 145.00 Cr. Cr. Cr. 1,500.00 1,645.00 1,545.00 100.00 Account No. 250 Bank Line of Credit Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1 Opening balance 3 5,000.00 Cr. 5,000.00 Ann Litigate, Capital Date Account No. 300 Explanation PR Debit Credit Dr./Cr. Balance 20 Oct 1 Opening balance 3 5,500.00 Cr. 5.500.00 Account No. 350 Ann Litigate, Drawings Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance Dr. 1 1 Opening balance [Explanation] 3 GJ4 1,500.00 1,500.00 1,500.00 3,000.00 Dr. Account No. 400 Fees Earned Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 1 [Explanation] GJ4 4,000.00 Cr. 4,000.00 Account No. 507 Bank Charges and Credit Card Expense Date Explanation 20-- Oct 25 PR Debit Credit Dr./Cr. Balance [Explanation] GJ4 30.00 Dr. 30.00 Account No. 511 Salaries Expense Date 20 Oct Explanation PR Debit Credit Dr./Cr. Balance 15 [Explanation] GJ4 1,000.00 Dr. 1,000.00 Account No. 525 General Disbursement Expense Date 20 Oct Explanation PR Debit Credit Dr./Cr. Balance 5 [Explanation] GJ4 145.00 Dr. 145.00 Interest Expense Account No. 529 Date Explanation PR Debit Credit Dr./Cr. Balance 20** Oct 15 [Explanation] GJ4 90.00 Dr. 90.00 Account No. 534 Membership/Professional Dues Date [Explanation) 14 Account No. 529 Interest Expense Date 20- Oct Explanation PR Debit Credit Dr./Cr. Balance 15 [Explanation] GJ4 90.00 Dr. 90.00 Account No. 534 Membership/Professional Dues Date 20** Oct Explanation PR Debit Credit Dr./Cr. Balance 30 [Explanation] GJ4 267.00 Dr. 267.00 Account No. 538 Rent Expense Date Explanation PR Debit Credit Dr./Cr. Balance 20-- Oct 1 [Explanation] GJ4 1,200.00 Dr. 1,200.00 Account No. 565 | Telephone Expense Date 20** Oct Explanation PR Debit Credit Dr./Cr. Balance 10 [Explanation] GJ4 120.00 Dr. 120.00 . Use the Trial Balance below to complete the statements requested in Question 3. Income Statement (10pts) - see slides and/or pages 100-103 Statement of Owner's Equity (5pts) - see slides and/or pages 105-106 Balance Sheet (10pts) - see slides and/or pages 106-108 Your Paralegal Services Trial Balance At October 31, 2021 # Debit Credit 18.000.00 650.00 1,050.00 5,500.00 Account General Bank Account Accounts Receivable Prepaid Insurance Office Furniture and Equipment Accounts Payable/General Liabilities Credit Card Debt Bank Line of Credit Your Paralegal Services, Capital Your Paralegal Services, Drawings Fees Earned Advertising Expense Bank Charges and Credit Card Expense Equipment Lease Membership/Professional Dues Rent Expense Telephone Expense 100 120 125 158 D2195.000 210 250 300 350 400 503 507 524 534 538 565 4,200.00 1,500.00 8,000.00 5,500.00 3,000.00 10.950.00 250.00 50.00 200.00 100.00 1.200.00 150.00 Total 30.150.00 30.150.00
