Reverse Engineer the Journal You are to translate the accounting journal into transactions. Make sure to include the accurate: 1. Dates/timeline 2. Items being bought (e.g. computer, stationary, insurance) 3. Amounts paid and by which method e.g. cash, AP, NP, etc... Then prepare a ledger, income statement, statement of owner's Equity and balance sheet Date May 1 Cr Dr $1,200 8,000 9,000 Account-Explain Prepaid-insurance 1 year Prepaid -rent 4 months Vehicle-minivan Notes Payable - Carland 4 yr loan Cash Equipment-Coffee Machine IBO-Mr. E Supplies-stationary Accounts Payable - Staples Cash 5,000 13,200 2. 80 3. 80 500 4 500 3. 80 500 500 4. IBO-Mr.E Supplies-stationary Accounts Payable - Staples Cash Revenue IBO-Mr. E IBO-Mrs. E 17,000 2,000 7,000 8,000 5. 4 + 3,000 I 3,000 6. 200 200 7. 2,000 Accounts Receivable-Mrs. Pink Revenue Accounts Payable -Staples Cash Equipment-Computer Accounts Payable-CanComp Cash Salary Expense Cash WBO-Mrs. E Supplies Cash 1,500 500 10 550 550 11 40 40 14 700 15 700 200 Unearned Revenue -Ms. Yellow Accounts Payable - Staples Cash Cash Accounts Receivable-Mrs. Pink 16 200 1,000 1,000 19 1,000 1,000 I 2,000 21 Cash Accounts Receivable-Mr. Brown Revenue Accounts Payable-CanComp Cash Cash IBO-Mr. E 400 400 24 2,000 2,000 25 1,000 1,000 28. 150 150 29. 500 500 31. Cash Accounts Receivable-Mr. Brown Utilities-Gas/Hydro Expense Cash Unearned Revenue -Ms. Yellow Revenue Supplies Expense Supplies Prepaid-insurance Expense Prepaid-insurance Amortization Expense-minivan Accumulative Amortization-minivan Salary Expense-2 days pay Salary Payable 200 200 31. 100 100 31. 79.99 79.99 31. 200 $200 Reverse Engineer the Journal You are to translate the accounting journal into transactions. Make sure to include the accurate: 1. Dates/timeline 2. Items being bought (e.g. computer, stationary, insurance) 3. Amounts paid and by which method e.g. cash, AP, NP, etc... Then prepare a ledger, income statement, statement of owner's Equity and balance sheet Date May 1 Cr Dr $1,200 8,000 9,000 Account-Explain Prepaid-insurance 1 year Prepaid -rent 4 months Vehicle-minivan Notes Payable - Carland 4 yr loan Cash Equipment-Coffee Machine IBO-Mr. E Supplies-stationary Accounts Payable - Staples Cash 5,000 13,200 2. 80 3. 80 500 4 500 3. 80 500 500 4. IBO-Mr.E Supplies-stationary Accounts Payable - Staples Cash Revenue IBO-Mr. E IBO-Mrs. E 17,000 2,000 7,000 8,000 5. 4 + 3,000 I 3,000 6. 200 200 7. 2,000 Accounts Receivable-Mrs. Pink Revenue Accounts Payable -Staples Cash Equipment-Computer Accounts Payable-CanComp Cash Salary Expense Cash WBO-Mrs. E Supplies Cash 1,500 500 10 550 550 11 40 40 14 700 15 700 200 Unearned Revenue -Ms. Yellow Accounts Payable - Staples Cash Cash Accounts Receivable-Mrs. Pink 16 200 1,000 1,000 19 1,000 1,000 I 2,000 21 Cash Accounts Receivable-Mr. Brown Revenue Accounts Payable-CanComp Cash Cash IBO-Mr. E 400 400 24 2,000 2,000 25 1,000 1,000 28. 150 150 29. 500 500 31. Cash Accounts Receivable-Mr. Brown Utilities-Gas/Hydro Expense Cash Unearned Revenue -Ms. Yellow Revenue Supplies Expense Supplies Prepaid-insurance Expense Prepaid-insurance Amortization Expense-minivan Accumulative Amortization-minivan Salary Expense-2 days pay Salary Payable 200 200 31. 100 100 31. 79.99 79.99 31. 200 $200