Prepare the worksheet, adjusting and closing entries for Teleki Consulting given the following:
I don't know where I went wrong with the worksheet under balance sheet as it is not balancing. Also how do I format the adjustments and closing entires?
E 1 / 1 + ... Kristian Teleki operates a consulting service for businesses wanting to open... 100% BAT4M Unit 1 Activity 8 Assignment #1 - Teleki Consulting Kristian Teleki operates a consulting service for businesses wanting to open stores in new locations. The business's general ledger had the following balances for the fiscal year ended April 30, 2015. Debit Credit Bank 22,720 Accounts Receivable 13,200 Allowance for Doubtful Acc. 510 Prepaid Insurance 5,150 Prepaid Copier Rental 720 Supplies 3,670 Land 15,000 Building 85,000 Accumulated Amortization-Building 8,000 Office Furniture 26,700 Accumulated Amortization -Office Furniture 10,000 Equipment 20,000 Accumulated Amortization -Equipment 14,200 Line of Credit 10,500 Accounts Payable 9,200 Loan Payable 15,700 Mortgage Payable 82,000 K. Teleki, Capital 17,520 K. Teleki, Drawings 24,000 Consulting Fees 75,900 Business Taxes 1,800 Utilities 1,470 Office Expense 6,700 Copier Rental Expense 960 Salaries 16,440 243,530 243,530 Additional information: Prepaid insurance is a one year policy purchased on November 1, 2014. Supplies were counted April 30. The cost value of the inventory was $360. The building was purchased May 1, 2010. Its estimated useful life is 40 years and salvage valueBuilding Accumulated Amortization-Building Ofce Furniture Accumulated Amortization -Otce Fumiture Equipment Accumulated Amortization -Equipment Line of Credit Accounts Payable Loan Payable Mortgage Payable K. Teleki, Capital K. Teleki, Drawings 24,000 Consulting Fees Business Taxes 1,800 Utilities 1,470 Ofce Expense 6,700 Copier Rental Expense 960 Salaries 16 440 243,530 243,530 Additional information: 1) Prepaid insurance is a one year policy purchased on November 1, 2014. 2) Supplies were counted April 30. The cost value of the inventory was $360. 3) The building was purchased May 1, 2010. Its estimated useful life is 40 years and salvage value is $5000. Teleki uses straight-line amortization for the building. 4) The ofce fumiture was purchased May 1, 2010. Its estimated useful life is 10 years and salvage value is $1700. Teleki uses straight-line amortization for the furniture. 5) The equipment is being amortized using declining balance method and a 30% rate. 6) The copier is rented from a company which requires six months rent in advance. The $700 rent was paid on March 1. 7) Unoollectible accounts are estimated at 5% of accounts receivable. REQUIRED: Prepare the worksheet. Record the adjusting entries and closing entries in the General Journal. C D G O P Q R S U V W AA AB AC Teleki Consulting Worksheet for the year ended April 30, 2015 Account Title Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Bank 22,720 9 Accounts Receivable 13,200 10 Allowance for Doubtful Acc. 510 Prepaid Insurance 5,150 Prepaid Copier Rental 720 Supplies 3,670 14 Land 15,000 15 Building 35,000 16 Acc. Amort Building 8,000 17 Office Furniture 26,70 B Acc. Amort Office Furniture 10,000 Equipment 20,000 20 Acc. Amort Equipment 14,200 21 Line of Credit 10,500 Accounts Payable 9,200 23 Loan Payable 15,700 24 Mortgage Payable 32,000 25 K. Teleki, Capital 17,520 26 K. Teleki, Drawings 24,000 27 Consulting Fees 75,90 28 Business Taxes 1,800 29 Utilities Expens 1,470 30 Office Expense 6.700 1 Copier Rental Expense 960 32 16,440 33 243,530 243,530 0 0 0 0 0 0 Worksheet + Ready Count: 3 + 75%A B C D E F G H K M N O P Q R S General Journal U V W X Page Date Particulars Debit Credit Sheet1 Sheet2 Sheet3 + Ready 100%v [ v Arial 10 v B v my Av ... Ev ab General .00 .00 EV ATV OV . . . J43 fx * * * A B C D E F G H J K L M N O P 6 Account Title Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Bank 22,720 22,720 22,700 1 00 Accounts Receivable 13,200 13,200 13,200 10 Allowance for Doubtful Acc. 510 150 660 660 11 Prepaid Insurance 5,150 2,575 2,575 2,575 12 Prepaid Copier Rental 720 240 480 480 13 Supplies 3,670 3,310 360 360 14 Land 15,000 15,000 15,000 15 Building 85,000 85,000 85,000 16 Acc. Amort Building 8,000 2,000 10,000 10,000 17 Office Furniture 26,700 26,700 26,700 18 Acc. Amort Office Furniture 10,000 2,500 12,500 12,500 19 Equipment 20,000 20,000 20,000 20 Acc. Amort Equipment 14,200 1,740 15,940 15,940 21 Line of Credit 10,500 10,500 10,500 22 Accounts Payable 9,200 9,200 9,200 23 Loan Payable 15,700 15,700 15,700 24 Mortgage Payable 82,000 82,000 82,000 25 K. Teleki, Capital 17,520 17,520 17,520 26 K. Teleki, Drawings 24,000 24,000 24,000 7 Consulting Fees 75,900 75,900 75,900 28 Business Taxes 1,800 1,800 1,800 29 Utilities Expense 1,470 1,470 1,470 0 Office Expense 6,700 6,700 6,700 31 Copier Rental Expense 960 240 1,200 1,200 32 Salaries 16,440 16,440 16,440 33 243,530 243,530 Insurance Expense 2,575 2,575 2,575Arial 10 v B my Av ... Ev ab General V .00 . . . -70 EV APV OV J43 fx * * * B C D E F G H I J K L M N O P 17 Office Furniture 26,700 26,700 26,700 18 Acc. Amort Office Furniture 10,000 2,500 12,500 12,500 19 Equipment 20,000 20,000 20,000 20 Acc. Amort Equipment 14,200 1,740 15,940 15,940 21 Line of Credit 10,500 10,500 10,500 22 Accounts Payable 9,200 9,200 9,200 23 Loan Payable 15,700 15,700 15,700 24 Mortgage Payable 82,000 82,000 82,000 25 K. Teleki, Capital 17,520 17,520 17,520 26 K. Teleki, Drawings 24,000 24,000 24,000 27 Consulting Fees 75,900 75,900 75,900 28 Business Taxes 1,800 1,800 1,800 Utilities Expense 1,470 1,470 1,470 30 Office Expense 6,700 6,700 6,700 31 Copier Rental Expense 960 240 1,200 1,200 32 Salaries 16,440 16,440 16,440 33 243,530 243,530 34 Insurance Expense 2,575 2,575 2,575 35 Supplies Expense 3,310 3,310 3,310 36 Amort Expense - Building 2,000 2,000 2,000 37 Amort Expense - Furniture 2,500 2,500 2,500 38 Amort Expense - Equipment 1,740 1,740 1,740 39 Bad Debts Expense 150 150 150 40 12,515 12,515 249,920 249,920 39,885 75,900 210,015 174,020 41 36,015 36,015 42 75,900 75,900 210,015 210,035 43 * * * 44 45 46
