Problem Set B. Problem 4-1B

iveco PROBLEM SET B 723 carey player 2. Prepare journal entries to record the actions for July and post them to the lodger com Rece 2. Prepar e d trial balance as of July 31 4. Use the following information we jour 10,000 on that same day for new fees cara og Depreciation expense for the year is $15.000 2. Prepare journal entries for the adjustments ente 3. Prepare journal entries to reverse the et 4. Prepare journal entries to record the cash paya will be collected on January 31 day for the fees earned in January PROBLEM SET B cts entered in the six-column table for part 1 r ts of the adjusting entries that involve accruals. payments and cash collections described for January Problem 4-1B pplying the accounting cie new self-storage business. Safe Storage Co. The following transactions P2 P3 O On July 1. Lula Plume created a news occurred during the company's first month. July 1 Plame invested $30,000 cash and bu 2 The company rented equip 5 The company purchase 10 The company paid $7,200 casn begins on July 11. 14 The company paid an employee 24 The company collected 28 The company paid se wwvested $30,000 cash and buildings worth $150,000 in ented equipment by paying $2.000 cash for the first company purchased $2.400 of office supplies for cash begins y paid $7,200 cash for the premium on a 12-month insurance policy. Coverage any paid an employee $1.000 cash for two weeks' salary earnca. company collected $9,800 cash for storage fees from customers. 29 Pady paid $1,000 cash for two weeks' salary earned by an employee he company paid $950 cash for minor repairs to a leaking room 30 The company paid $400 cash for this month's telephone 31 Plume withdrew $2.000 cash from the company for personas The company's chart of accounts follows: 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 173 Bulidings 174 Accumulated Depreciation-Buildings 209 Salaries Payable 301 L Plume, Capital 302 L. Plume, Withdrawals 401 Storage Fees Earned 606 Depreciation Expense-Buildings 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supoies Expens 684 Repairs Expense 688 Telephone Expense 901 Income Summary nadj. trial . $ 189,800 ce Expense, Required 1. Use the balance column format to set up each ledger account listed in its chart or acou 2. Prepare journal entries to record the transactions for July and post them to the ledger accounts prepaid and unearned items in balance sheet accounts. 3. Prepare an unadjusted trial balance as of July 31. 4. Use the following information to journalize and post adjusting entries for the mon a. Prepaid insurance of $400 has expired this month. b. At the end of the month, $1,525 of office supplies are still available. c. This month's depreciation on the buildings is $1,500. d. An employee earned $100 of unpaid and unrecorded salary as of month-end. e. The company earned $1,150 of storage fees that are not yet billed at month-end. 5. Prepare the adjusted trial balance as of July 31. Prepare the income statement and the sta owner's equity for the month of July and the balance sheet at July 31. 2.725. Total 6 Pranaro