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Questions in red! PART 1 Use the JAN 1 BTB (BEGINNING TRIAL BALANCE) to fill in the 1-Jan BB for each GENERAL LEDGER account. PART
Questions in red!
PART 1 Use the JAN 1 BTB (BEGINNING TRIAL BALANCE) to fill in the 1-Jan BB for each GENERAL LEDGER account. PART 2 Prepare GENERAL JOURNAL ENTRIES (GJEs) for the JUNE TRANSACTIONS. Use the accompanying Excel spreadsheet labeled General Journal. JUNE TRANSACTIONS Jun 2: Received contributions of $10,000 cash from each of the three owners. Jun 5: Purchased a computer system for a total of $12,000. Paid cash of $2,500 and the balance is due in 60 days. Jun 8: Borrowed $20,000 on a 2-year promissory note. Jun 15: Billed $ 12,350 to clients for services performed during the first half of June. The clients have 10 days to pay Jun 17: Paid a $900 bill to the newspaper for advertisements that already ran. Jun 23: Collected from clients billed on June 15. Jun 28: Paid $2,700 on bills for gas, electricity and water that was already consumed. Jun 29: Received the landlord's bill for $2,200 due on July 10. The bill relates to the occupation of office space during June. Jun 30: Paid salaries and wages totaling $5,670 for work performed during June. Jun 30: Billed $ 18,400 to clients for services performed during the second half of June. Jun 30: Declared and paid dividends of $6,000. PART 3 Post the GENERAL JOURNAL ENTRIES (GJEs) to the GENERAL LEDGER accounts. PART 4 Calculate the UNADJUSTED BALANCE (UAB) for each GENERAL LEDGER account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE (UATB) for June 30. PART 6 Use the information below to prepare the June 30 ADJUSTING JOURNAL ENTRIES (AJES). AJE 1 June DEPRECIATION EXPENSE is for the COMPUTER SYSTEM is $200. AJE 2 Accrued INTEREST EXPENSE for June is $167. Accrued interest payments are due every May 1 and November 1, until the principle is repaid. AJE 3 INCOME TAX EXPENSE is 30% of the PRE-TAX INCOME amount. PART 7 Post the ADJUSTING JOURNAL ENTRIES (AJEs) to the GENERAL LEDGER accounts. PART 8 Calculate the ADJUSTED BALANCE (AB) for each GENERAL LEDGER account. PART 1 Use the JAN 1 BTB (BEGINNING TRIAL BALANCE) to fill in the 1-Jan BB for each GENERAL LEDGER account. PART 2 Prepare GENERAL JOURNAL ENTRIES (GJEs) for the JUNE TRANSACTIONS. Use the accompanying Excel spreadsheet labeled General Journal. JUNE TRANSACTIONS Jun 2: Received contributions of $10,000 cash from each of the three owners. Jun 5: Purchased a computer system for a total of $12,000. Paid cash of $2,500 and the balance is due in 60 days. Jun 8: Borrowed $20,000 on a 2-year promissory note. Jun 15: Billed $ 12,350 to clients for services performed during the first half of June. The clients have 10 days to pay Jun 17: Paid a $900 bill to the newspaper for advertisements that already ran. Jun 23: Collected from clients billed on June 15. Jun 28: Paid $2,700 on bills for gas, electricity and water that was already consumed. Jun 29: Received the landlord's bill for $2,200 due on July 10. The bill relates to the occupation of office space during June. Jun 30: Paid salaries and wages totaling $5,670 for work performed during June. Jun 30: Billed $ 18,400 to clients for services performed during the second half of June. Jun 30: Declared and paid dividends of $6,000. PART 3 Post the GENERAL JOURNAL ENTRIES (GJEs) to the GENERAL LEDGER accounts. PART 4 Calculate the UNADJUSTED BALANCE (UAB) for each GENERAL LEDGER account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE (UATB) for June 30. PART 6 Use the information below to prepare the June 30 ADJUSTING JOURNAL ENTRIES (AJES). AJE 1 June DEPRECIATION EXPENSE is for the COMPUTER SYSTEM is $200. AJE 2 Accrued INTEREST EXPENSE for June is $167. Accrued interest payments are due every May 1 and November 1, until the principle is repaid. AJE 3 INCOME TAX EXPENSE is 30% of the PRE-TAX INCOME amount. PART 7 Post the ADJUSTING JOURNAL ENTRIES (AJEs) to the GENERAL LEDGER accounts. PART 8 Calculate the ADJUSTED BALANCE (AB) for each GENERAL LEDGER accountStep by Step Solution
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