post the transaction in the general ledger
7:28 LTE App Store Answer 1 of 1 Done We bele take - Ch Sur Accue Supplies 24 Via Mare 15941 Rev Home Rectory mudad para Ju Compare w Frede Say . 25 C hod Supp Supplier LE C codec w And rati Account - Any RO hyatis 12-24 Pid Suary 7:42 App Store LTE Answer 1 of 1 Done July GENERALE AC Selepa! D C CI 57 2 London ADE 53.00 Ta toi thay v i xa lam dau ARE Todach Man chudo BO DIE Activ Med To wwwww Me Fenech om de Todd Julys 441 SL wa Italic SL SES SES 1 To NE AVE July 21 53.0 1. Timex TE AR July 2 335 OME 122 4 33 SI Ward Inrecht Wawa 3 Zawrence Atlantel School 1 lusit Guidelines Marcel School of Music is an existing business that has hired wrence detailed instructions as to how one is to complete this task. o the accountant, to prepare the financial statements and keep a ampiece set of financial books for the month of July. Usted below are wances from the June 30, 200X Post Closing Trial Balance in the General Ledger and label each amount Balance in the description Important Note: Before you record the transactions post the account Journalce the initial transactions dated July 1, 200X through 31, 200X. Omit explanations for all yournal entries for the entire month Post the transactions in the General Ledger. Be sure to complete the folio com. reference columns. Prepare a Trial Balance on the sheet provided for the trial balance. Complete the worksheet using the adjusting entries provided of the worksheet balance you are ready to go on to the next step. I does not balance you must find your error and correct it before you can 5 continue Journalize the adjusting entries Post the adjusting entries in the General Ledger. & Prepare a formal single step Income Statement Prepare a formal Statement of Owner's Equity. 10. Prepare a formal Balance Sheet 11. Journalize the closing entries. 12 Post the closing entries to the General Ledger 12. Prepare a Post Closing Trial Balance. 107 Zabrante altre cheal Or susic Post Closing Trial Balance June 30, 200X $57.000 25.000 3.250 30,000 4,500 7200 25,000 $3,500 75.000 3.500 Cash Accounts Receivable Office Supplies Musk Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation Omice equipment Music Instruments Accumulated Depreciation Music Instruments Musical Fquipment Accumulated Depreciation. Muskal Equipment Van Accumulated Depreciation, Van Accounts Payable Music Wages Payable L. Marcel Capital Total 80,000 23.250 32.000 6,000 138,000 1,700 163,000 $338,950 $338,950 108 Lawrence Martel School Of Music Chart Of Accounts Assets Cash Accounts Receivable Office Supplies Music Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Music Instruments Accumulated Depreciation, Music Instruments Musical Equipment Accumulated Depreciation, Musical Equipment Van Accumulated Depreciation, Van Liabilities Accounts Payable Music Wages Payable Office Salaries Payable Uneamed Music Fees Owner's Equity L. Marcel, Capital L. Marcel, Withdrawals Income Summary Revenue Music Fees Earned Expenses Office Supplies Expense Music Supplies Expense Insurance Expense Rent Expense Music Wages Expense Office Salaries Expense Instrument Maintenance Expense Van Expense Depreciation Expense, Office Equipment Deprecialton Expense, Music Instrument Depreciation Expense, Musical Equipment Depreciation Expense, Vani 100 100 110 115 120 125 130 135 136 140 141 145 146 150 151 200 205 210 215 300 305 310 400 500 505 510 515 520 525 530 535 540 545 550 555 eller July 1 July 2 July 2 July 3 July 5 July 5 Transactions Someda contract to provide a marching band for the countywide th of July Celebration The marching and is to provide three conserve hours of service at a rate of $1,700 per hour. There will be 100 members in the marching band. Each marching band member will be paid by the music school at a rate of $10 per hour. Purchased music suples on account $5.000. Hired a professional instrument maintenance and tuner firm to adjust the musicaments. The instrument maintenance firm provided the side and bited the musik school $2,500 Took the music school van for an oil change and other normal maintenance work. Paid 5115 Received Payment for providing weekly individual lessons, Received payment from the county for the marching bands performance on the 4th of July, 55,100. The marching band members will be paid for the three hours service that they provided on Friday, July 12th. (Note: requires two entries) Paid office employees their weekly salaries, $2.500. Paid the musicians for services previously rendered which had been adequately recorded in June as an outstanding music wages payable, $1,700 $1.550 V July 5 July 5 July 8 July 9 July 9 July 10 July 11 x Purchased office supplies $500 Lawrence Marcel, the owner wrote a $650 business check which he used to say his monthly personal car loan Purchased office copment on account, $1,500. Paid an outstanding accounts payable balance, $3,200. Signed a contract to teach music lessons for the public school system. The students will attend the music school and the music school will in turn be paid $7.50 per hour for each student. This contract is effective immediately. However, in most situations the music school will not receive payment until two weeks after the services have been provided. Received weekly payment for providing individual music lessons, $1,300. Paid marching band members, $3,000. (Note: See July 5 transaction) Paid office employees, $2.500. July 12 July 12 July 12 110 15 y 15 My 16 July 17 July 18 er film Transactions Entered into an agreement to provide daily musical interludes for an office complex at a rate of $1,750 per 5 workday week Received four weeks advanced payment and began Services today Rented additional space in their current office complex at a rate of $1.000 per month. Pald three months rent Received a $3,700 payment on the outstanding accounts receivable balance Provided services and collected $5.000. Provided services that total 57.500. Collected $2,500 and billed the customer for the remainder. Paid Office employees, $2.500 Received weekly payments for providing individual lessons, $1.900. Received payment on previously billed account, 54,500 Pald $10,000 on the outstanding accounts payable balance Provided services and collected $3,100. Received payment from previously billed customer, $2,100. Paid office employees, $2,500 Received payment for providing indivdual weekly lessons, $3,200. Provided services and billed the customer, $1.400. Provided services and collected $2,300. July 19 July 19 July 22 July 23 July 24 July 25 July 26 July 26 July 29 July 31 42 Karam 111 Lawrence Alarcel School Of Music ADJUSTING ENTRIES July 31, 200x a. Record the monthly depreciation on the assets as listed below: Office Equipment 500 200 Music Instruments Musical Equipment 950 Van 600 b. The weekly payroll of the office employees is $2,500. The office employees are paid on a weekly basis. Wednesday, July 31, 200x is the end of the monthly accounting cycle. C The prepaid insurance balance is the sum of three different policies. The first policy had a balance of $1,000 and it had five months of coverage remaining at the beginning of this monthly cycle. The second policy's balance of $2,400 represents the remaining portion of a three year policy of which one year had already elapsed at the beginning of this month. $1,100 is the balance of the third policy at the beginning of the month. $350 of the third policy's cost was used during the current period. (Note: Please use only one adjusting entry to adjust the Prepaid Insurance account) d. The June 30, 200X $7,200 account balance for prepaid rent is the cost of 9 months rent. Also, $500 of the prepaid rent in the July 15th transaction had been used. e. The Lawrence Marcel School of Music provided 100 hours of service to the public school students at the $7.50 per hour rate agreed to on July 11th. As of July 31st they had not received payment from the public school system for these services. Also, the music school had provided individual lessons totaling $2,000 on Monday, Tuesday and Wednesday of the July 29th week. They will receive payment for these lessons on Friday, August 2, 200x. And thirdly, two weeks of musical interludes have been provided at the office complex as agreed upon in the July 15th transaction. f. An examination of the Office Supplies account reveals that there is 2100 of office supplies on hand. $5,500 of music supplies were used this period. 9. 112 7:28 LTE App Store Answer 1 of 1 Done We bele take - Ch Sur Accue Supplies 24 Via Mare 15941 Rev Home Rectory mudad para Ju Compare w Frede Say . 25 C hod Supp Supplier LE C codec w And rati Account - Any RO hyatis 12-24 Pid Suary 7:42 App Store LTE Answer 1 of 1 Done July GENERALE AC Selepa! D C CI 57 2 London ADE 53.00 Ta toi thay v i xa lam dau ARE Todach Man chudo BO DIE Activ Med To wwwww Me Fenech om de Todd Julys 441 SL wa Italic SL SES SES 1 To NE AVE July 21 53.0 1. Timex TE AR July 2 335 OME 122 4 33 SI Ward Inrecht Wawa 3 Zawrence Atlantel School 1 lusit Guidelines Marcel School of Music is an existing business that has hired wrence detailed instructions as to how one is to complete this task. o the accountant, to prepare the financial statements and keep a ampiece set of financial books for the month of July. Usted below are wances from the June 30, 200X Post Closing Trial Balance in the General Ledger and label each amount Balance in the description Important Note: Before you record the transactions post the account Journalce the initial transactions dated July 1, 200X through 31, 200X. Omit explanations for all yournal entries for the entire month Post the transactions in the General Ledger. Be sure to complete the folio com. reference columns. Prepare a Trial Balance on the sheet provided for the trial balance. Complete the worksheet using the adjusting entries provided of the worksheet balance you are ready to go on to the next step. I does not balance you must find your error and correct it before you can 5 continue Journalize the adjusting entries Post the adjusting entries in the General Ledger. & Prepare a formal single step Income Statement Prepare a formal Statement of Owner's Equity. 10. Prepare a formal Balance Sheet 11. Journalize the closing entries. 12 Post the closing entries to the General Ledger 12. Prepare a Post Closing Trial Balance. 107 Zabrante altre cheal Or susic Post Closing Trial Balance June 30, 200X $57.000 25.000 3.250 30,000 4,500 7200 25,000 $3,500 75.000 3.500 Cash Accounts Receivable Office Supplies Musk Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation Omice equipment Music Instruments Accumulated Depreciation Music Instruments Musical Fquipment Accumulated Depreciation. Muskal Equipment Van Accumulated Depreciation, Van Accounts Payable Music Wages Payable L. Marcel Capital Total 80,000 23.250 32.000 6,000 138,000 1,700 163,000 $338,950 $338,950 108 Lawrence Martel School Of Music Chart Of Accounts Assets Cash Accounts Receivable Office Supplies Music Supplies Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation, Office Equipment Music Instruments Accumulated Depreciation, Music Instruments Musical Equipment Accumulated Depreciation, Musical Equipment Van Accumulated Depreciation, Van Liabilities Accounts Payable Music Wages Payable Office Salaries Payable Uneamed Music Fees Owner's Equity L. Marcel, Capital L. Marcel, Withdrawals Income Summary Revenue Music Fees Earned Expenses Office Supplies Expense Music Supplies Expense Insurance Expense Rent Expense Music Wages Expense Office Salaries Expense Instrument Maintenance Expense Van Expense Depreciation Expense, Office Equipment Deprecialton Expense, Music Instrument Depreciation Expense, Musical Equipment Depreciation Expense, Vani 100 100 110 115 120 125 130 135 136 140 141 145 146 150 151 200 205 210 215 300 305 310 400 500 505 510 515 520 525 530 535 540 545 550 555 eller July 1 July 2 July 2 July 3 July 5 July 5 Transactions Someda contract to provide a marching band for the countywide th of July Celebration The marching and is to provide three conserve hours of service at a rate of $1,700 per hour. There will be 100 members in the marching band. Each marching band member will be paid by the music school at a rate of $10 per hour. Purchased music suples on account $5.000. Hired a professional instrument maintenance and tuner firm to adjust the musicaments. The instrument maintenance firm provided the side and bited the musik school $2,500 Took the music school van for an oil change and other normal maintenance work. Paid 5115 Received Payment for providing weekly individual lessons, Received payment from the county for the marching bands performance on the 4th of July, 55,100. The marching band members will be paid for the three hours service that they provided on Friday, July 12th. (Note: requires two entries) Paid office employees their weekly salaries, $2.500. Paid the musicians for services previously rendered which had been adequately recorded in June as an outstanding music wages payable, $1,700 $1.550 V July 5 July 5 July 8 July 9 July 9 July 10 July 11 x Purchased office supplies $500 Lawrence Marcel, the owner wrote a $650 business check which he used to say his monthly personal car loan Purchased office copment on account, $1,500. Paid an outstanding accounts payable balance, $3,200. Signed a contract to teach music lessons for the public school system. The students will attend the music school and the music school will in turn be paid $7.50 per hour for each student. This contract is effective immediately. However, in most situations the music school will not receive payment until two weeks after the services have been provided. Received weekly payment for providing individual music lessons, $1,300. Paid marching band members, $3,000. (Note: See July 5 transaction) Paid office employees, $2.500. July 12 July 12 July 12 110 15 y 15 My 16 July 17 July 18 er film Transactions Entered into an agreement to provide daily musical interludes for an office complex at a rate of $1,750 per 5 workday week Received four weeks advanced payment and began Services today Rented additional space in their current office complex at a rate of $1.000 per month. Pald three months rent Received a $3,700 payment on the outstanding accounts receivable balance Provided services and collected $5.000. Provided services that total 57.500. Collected $2,500 and billed the customer for the remainder. Paid Office employees, $2.500 Received weekly payments for providing individual lessons, $1.900. Received payment on previously billed account, 54,500 Pald $10,000 on the outstanding accounts payable balance Provided services and collected $3,100. Received payment from previously billed customer, $2,100. Paid office employees, $2,500 Received payment for providing indivdual weekly lessons, $3,200. Provided services and billed the customer, $1.400. Provided services and collected $2,300. July 19 July 19 July 22 July 23 July 24 July 25 July 26 July 26 July 29 July 31 42 Karam 111 Lawrence Alarcel School Of Music ADJUSTING ENTRIES July 31, 200x a. Record the monthly depreciation on the assets as listed below: Office Equipment 500 200 Music Instruments Musical Equipment 950 Van 600 b. The weekly payroll of the office employees is $2,500. The office employees are paid on a weekly basis. Wednesday, July 31, 200x is the end of the monthly accounting cycle. C The prepaid insurance balance is the sum of three different policies. The first policy had a balance of $1,000 and it had five months of coverage remaining at the beginning of this monthly cycle. The second policy's balance of $2,400 represents the remaining portion of a three year policy of which one year had already elapsed at the beginning of this month. $1,100 is the balance of the third policy at the beginning of the month. $350 of the third policy's cost was used during the current period. (Note: Please use only one adjusting entry to adjust the Prepaid Insurance account) d. The June 30, 200X $7,200 account balance for prepaid rent is the cost of 9 months rent. Also, $500 of the prepaid rent in the July 15th transaction had been used. e. The Lawrence Marcel School of Music provided 100 hours of service to the public school students at the $7.50 per hour rate agreed to on July 11th. As of July 31st they had not received payment from the public school system for these services. Also, the music school had provided individual lessons totaling $2,000 on Monday, Tuesday and Wednesday of the July 29th week. They will receive payment for these lessons on Friday, August 2, 200x. And thirdly, two weeks of musical interludes have been provided at the office complex as agreed upon in the July 15th transaction. f. An examination of the Office Supplies account reveals that there is 2100 of office supplies on hand. $5,500 of music supplies were used this period. 9. 112
