Project 1. Pected Ves Excel Sign in Home Insert Page Layout Formukas Data Review View Help Search Shade p comer Suve 00 H PROTECTED VIEW Be careful files from the Internet can contain vie. Unless you need to edit, it's safe to stay in Protected View Enable Editing 3 X B D G 2 H M Bestplurbing service Co. started its operation on 1/1,2018. The balance sheet as of 6/30/2018 is shown in worksheet BSO. The company had the following transactions during July of 2018 1 1 Jul Borrowed $35,000 from key bank by signing a 24-month note with a 4% annual interest rate. 1 Jul Received $8,000 cash from new investors and issued $8,000 no par value common stock to them. 3 1-Jul Purchase $84,000 of new equipment and paid cash. 4 1-Jul Pay Soo for July truck rental 5 3-Jul invoice customer A $900 for service completed customer will pay in 10 days. 5-Jul the board of directors declared a cash divdiend of $11,000, to be paid on 7/31. 7 7-Jul Paid employee $6,000 for works performed during the first week of July. 10-Jul Performed a job for a new customer-customer B. Customer paid $500 in cash. . 12-Jul Collected $3,500 for service performed on June 26th of 2018 10 14-Jul Paid employee $4,800 for works performed during the first week of July. 11 15-Jul Purchased $so of supplies on account. Supplies are consumed immediately. 12 15-Jul Collected 500 for service performed on 7/3. 12 17.Jul incurred S430 cost for repairing am equipment. Bestplumbing will pay in 30 days. 14 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 months. 15 20-Jul Collected $10,000 cash from service performed on June 28th. 16 21-Jul Paid employees $5,750 for work performed during the 3rd week of July 17 23-Jul Receive advanced $48,000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to January 31 of 2019. 18 25-Jul completed plumbing work for customer C. The total price is $1,900. The customer paid $1,000 cash and will pay the remaining on august 2. 19 27-Jul Completed a job for customer D. Customer paid $225 cash, 20 27-Julaid $50 for the supplies purchased on 7/15 21 28-Jul Pay the employees 56300 for work performed during the 4th week of july 22 31-Jul invoice customer E $33,000 for service completed customer will pay in 20 days. 23 31.Jul pay the cash dividend which was declared on 7/5. Instructions 850 ADJE ADITS FS Closing A TOSHIBA WORS. RO BICY H = ROTECTED VIIW Be careful-files from the Internet can contain viruses. Unless you need to edit it's sales to stay in Protected View Enable Editing 19 X A B D E G H M Q 18 25-Jul Completed plumbing work for customer C. The total price is $3,900. The customer paid $1,000 cash and will pay the remaining on august 25. 27-Jul Completed a job for customer D. Customer paid $225 cash. 27-Jul Paid $50 for the supplies purchased on 7/15 21 28-Jul Pay the employees $6300 for work performed during the 4th week of july. 31-Jul invoice customer E $33,000 for service completed -- customer will pay in 20 days. 31-Jul pay the cash dividend which was dedared on 7/5. Additional Information: 1 The depreciation expense for the month is estimated to be $2.400. 2 At the end of July, there are $15,550 supplies on hand. 3 For the last 3 days (29, 30, 31) of work on July, the employees earned $3,200 of wages, which have not been paid yet. 4 On 2/1/2018, BestPlumbing received advanced payment from the government office for works to be performed from Febrary to July. Per the contract with the government Bestplumbing can recognize $8,000 of the advanced payment as revenue in July 5 The bank informs Bestplumbing that the interest on the loan for July is $115. Instructions: 1. Prepare journal entries for each event (show work on worksheet"). Prepare the general ledger accounts (Taccounts) on a piece of paper or on your computer, but you do not need to show your work for this 2. Prepare adjusting entries (show work on worksheet "ADI") 3. Prepare adjusted trial balance show work on worksheet "ADITH"). 4. Prepare Income Statement, Retained Earnings Statement, Balance Sheet, and statement of Cash Flows (show work on 15). 5. Preps closing entries (show work on "closing") Instructions JES ADI. JE ADJ. TB F55 Closing JES EU e TOSHIBA WORS w BACK 5 00+ SPACE 9 File Home Insert Page Layout Formulas Data Review View utoSave Off B. PROTECTED VIEW Be careful_files from the Internet can contain viruses. Unless you need to edit, 319 fo Wages expense A B C D E F G H Debit Credit 6 2 3 cash 4 Accounts Receivable 5 Supplies Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Wages payable 10 Interest payable 11 Unearned revenue 12 Dividends payable 13 Note payable 14 Common stock 15 Retained earnings 16 Service Revenue 17 Supplies expense 18 Equipment repair expense 19 Wages expense 20 Truck rental expense 21 Depreciation expense 22 Interest expense 28 Dividends Total Instructions BSO JE ADI, JE ADJ. TB FSS ta Closing JES EA N : Sign in Project Protected Vis - Excel 3 Share Search Formulas ent Page Layout PROTECTED VIEW Be careful-files from the Internet can contain vies. Unless you need to edit it's safe to stay in Protected View Enable Editing BestPlumbing, Inc. Balance Sheet PL M N D E H F R Best Plumbing, Inc. Balance Sheet As of July 31, 2018 Best Plumbing, Inc. Income Statement For the month ended July 21, 2018 BestPlumbing, Inc. Statement of stockholders' equity For the month ended July 11, 2018 Common stock Retained Earnings Total Beginning Balance 7/1/2018 Issue common stock Net income dividends Ending Balance 7/31/2018 Service revenue Operating expenses Supplies Equipment repair Wages 10 Truck rental 11 Depreciation 12 Total Operating expenses 13 Income from operations 14 interest expense Net income 10 ASSETS Current assets cash Accounts Receivable Supplies Total current assets PPE Equipment Accumulated Depreciation Equipment, net Total assets LIABILITIES Current liabilities Accounts Payable Wages payable Interest payable Unearned revenue Dividends payable Total current liabilities Long-term liabilities Note payable 10 19 2 structions 650 ADI. JE ADJ. TB FS CLOSIES A TOSHIBA WS DEL Project Protected View - Excel Insert Page Layout Formulas Data Review View Help Search W Be careful-files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Ed C D E H K M Date Transactions and explanations 31-Jul 31-Jul 31-Jul Instruction BSO JES ADJ JE ADJ. TE FS Closing JEs A G e TOSHIBA 40 RO 2/99 1 /01 AU % 5 6 & 7 8 9 0 Project 1. Pected Ves Excel Sign in Home Insert Page Layout Formukas Data Review View Help Search Shade p comer Suve 00 H PROTECTED VIEW Be careful files from the Internet can contain vie. Unless you need to edit, it's safe to stay in Protected View Enable Editing 3 X B D G 2 H M Bestplurbing service Co. started its operation on 1/1,2018. The balance sheet as of 6/30/2018 is shown in worksheet BSO. The company had the following transactions during July of 2018 1 1 Jul Borrowed $35,000 from key bank by signing a 24-month note with a 4% annual interest rate. 1 Jul Received $8,000 cash from new investors and issued $8,000 no par value common stock to them. 3 1-Jul Purchase $84,000 of new equipment and paid cash. 4 1-Jul Pay Soo for July truck rental 5 3-Jul invoice customer A $900 for service completed customer will pay in 10 days. 5-Jul the board of directors declared a cash divdiend of $11,000, to be paid on 7/31. 7 7-Jul Paid employee $6,000 for works performed during the first week of July. 10-Jul Performed a job for a new customer-customer B. Customer paid $500 in cash. . 12-Jul Collected $3,500 for service performed on June 26th of 2018 10 14-Jul Paid employee $4,800 for works performed during the first week of July. 11 15-Jul Purchased $so of supplies on account. Supplies are consumed immediately. 12 15-Jul Collected 500 for service performed on 7/3. 12 17.Jul incurred S430 cost for repairing am equipment. Bestplumbing will pay in 30 days. 14 19-Jul Purchased $17,000 of supplies, which will be consumed over the next 12 months. 15 20-Jul Collected $10,000 cash from service performed on June 28th. 16 21-Jul Paid employees $5,750 for work performed during the 3rd week of July 17 23-Jul Receive advanced $48,000 payment from a government project The payment is for 6 months of work which will be performed from August 1 of 2018 to January 31 of 2019. 18 25-Jul completed plumbing work for customer C. The total price is $1,900. The customer paid $1,000 cash and will pay the remaining on august 2. 19 27-Jul Completed a job for customer D. Customer paid $225 cash, 20 27-Julaid $50 for the supplies purchased on 7/15 21 28-Jul Pay the employees 56300 for work performed during the 4th week of july 22 31-Jul invoice customer E $33,000 for service completed customer will pay in 20 days. 23 31.Jul pay the cash dividend which was declared on 7/5. Instructions 850 ADJE ADITS FS Closing A TOSHIBA WORS. RO BICY H = ROTECTED VIIW Be careful-files from the Internet can contain viruses. Unless you need to edit it's sales to stay in Protected View Enable Editing 19 X A B D E G H M Q 18 25-Jul Completed plumbing work for customer C. The total price is $3,900. The customer paid $1,000 cash and will pay the remaining on august 25. 27-Jul Completed a job for customer D. Customer paid $225 cash. 27-Jul Paid $50 for the supplies purchased on 7/15 21 28-Jul Pay the employees $6300 for work performed during the 4th week of july. 31-Jul invoice customer E $33,000 for service completed -- customer will pay in 20 days. 31-Jul pay the cash dividend which was dedared on 7/5. Additional Information: 1 The depreciation expense for the month is estimated to be $2.400. 2 At the end of July, there are $15,550 supplies on hand. 3 For the last 3 days (29, 30, 31) of work on July, the employees earned $3,200 of wages, which have not been paid yet. 4 On 2/1/2018, BestPlumbing received advanced payment from the government office for works to be performed from Febrary to July. Per the contract with the government Bestplumbing can recognize $8,000 of the advanced payment as revenue in July 5 The bank informs Bestplumbing that the interest on the loan for July is $115. Instructions: 1. Prepare journal entries for each event (show work on worksheet"). Prepare the general ledger accounts (Taccounts) on a piece of paper or on your computer, but you do not need to show your work for this 2. Prepare adjusting entries (show work on worksheet "ADI") 3. Prepare adjusted trial balance show work on worksheet "ADITH"). 4. Prepare Income Statement, Retained Earnings Statement, Balance Sheet, and statement of Cash Flows (show work on 15). 5. Preps closing entries (show work on "closing") Instructions JES ADI. JE ADJ. TB F55 Closing JES EU e TOSHIBA WORS w BACK 5 00+ SPACE 9 File Home Insert Page Layout Formulas Data Review View utoSave Off B. PROTECTED VIEW Be careful_files from the Internet can contain viruses. Unless you need to edit, 319 fo Wages expense A B C D E F G H Debit Credit 6 2 3 cash 4 Accounts Receivable 5 Supplies Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Wages payable 10 Interest payable 11 Unearned revenue 12 Dividends payable 13 Note payable 14 Common stock 15 Retained earnings 16 Service Revenue 17 Supplies expense 18 Equipment repair expense 19 Wages expense 20 Truck rental expense 21 Depreciation expense 22 Interest expense 28 Dividends Total Instructions BSO JE ADI, JE ADJ. TB FSS ta Closing JES EA N : Sign in Project Protected Vis - Excel 3 Share Search Formulas ent Page Layout PROTECTED VIEW Be careful-files from the Internet can contain vies. Unless you need to edit it's safe to stay in Protected View Enable Editing BestPlumbing, Inc. Balance Sheet PL M N D E H F R Best Plumbing, Inc. Balance Sheet As of July 31, 2018 Best Plumbing, Inc. Income Statement For the month ended July 21, 2018 BestPlumbing, Inc. Statement of stockholders' equity For the month ended July 11, 2018 Common stock Retained Earnings Total Beginning Balance 7/1/2018 Issue common stock Net income dividends Ending Balance 7/31/2018 Service revenue Operating expenses Supplies Equipment repair Wages 10 Truck rental 11 Depreciation 12 Total Operating expenses 13 Income from operations 14 interest expense Net income 10 ASSETS Current assets cash Accounts Receivable Supplies Total current assets PPE Equipment Accumulated Depreciation Equipment, net Total assets LIABILITIES Current liabilities Accounts Payable Wages payable Interest payable Unearned revenue Dividends payable Total current liabilities Long-term liabilities Note payable 10 19 2 structions 650 ADI. JE ADJ. TB FS CLOSIES A TOSHIBA WS DEL Project Protected View - Excel Insert Page Layout Formulas Data Review View Help Search W Be careful-files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Ed C D E H K M Date Transactions and explanations 31-Jul 31-Jul 31-Jul Instruction BSO JES ADJ JE ADJ. TE FS Closing JEs A G e TOSHIBA 40 RO 2/99 1 /01 AU % 5 6 & 7 8 9 0