Question
The chart of accounts and the post-closing trial balance as of September 30, 2023 are given.For each account in the post-closing trial balance, enter the
- The chart of accounts and the post-closing trial balance as of September 30, 2023 are given.For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the General Ledger. Date the balances October 1, 2023, and place a check mark ( ) in the Posting Reference column.
Journalize each of the October transactions in the journal provided using Target Companys chart of accounts. (Do not insert the account numbers in the journal at this time).
2. Post the journal to the ledger. (Remember to enter Post References)
3. Prepare an unadjusted trial balance.
Target: Chart of Accounts
11 Cash
12 Accounts Receivable
14 Supplies
15 Prepaid Rent
16 Prepaid Insurance
18 Office Equipment
19 Accumulated Depreciation
21 Accounts Payable
22 Salaries Payable
23 Unearned Fees
31 T. Arget, Capital
32 T. Arget, Drawing
41 Fees Earned
51 Salary Expense
52 Rent Expense
53 Supplies Expense
54 Depreciation Expense
55 Insurance Expense
59 Miscellaneous Expense
Target Co.
Post Closing Trial Balance
September 30, 2023
DEBIT CREDIT
Cash 21,300
Accounts Receivable 5,200
Supplies 1,750
Prepaid Rent 3,400
Prepaid Insurance 1,800
Office Equipment 12,500
Accumulated Depreciation 475
Accounts Payable 500
Salaries Payable 400
Unearned Fees 1,000
T. Arget, Capital 43,575
45,950 45,950
Target had the following transactions occurred in October 2023:
Oct 1 Received $8,800 cash for fees earned for jobs completed.
1 Received cash from clients on account, $1,250.
2 Paid three months rent on a lease on storage unit, $5,400.
2 Paid September electricity bill, $775.
5 Purchased supplies on account, $3,250.
6 Paid $1,600 technician salary, including the amount owed at the end of September.
8 Billed customers for services provided on account $9,200.
9 Paid $3,000 on account.
10 Paid cash for advertising $350.
12 Received cash from customers as an advance payment for services to be provided in the future and recorded as unearned fees, $8,000.
14 Received cash from customers on account, $2,500.
17 Paid cash for supplies, $275.
19 Billed customers for services provided on account, $5,800
20 Paid technician salary, $1,600.
24 Received $22,500 cash for fees earned for jobs completed.
25 Paid phone bill for the month, $620.
26 Received cash from customers on account, $12,000.
28 Billed customers for services provided on account, $9,750.
31 T. Arget withdrew $4,500 for personal use.
31 Purchased new office equipment for $6,400 paying $1,400 cash and the remainder on account.
The two pictures below is the journal form.
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