This first phase will take you to the UNadjusted trial balance. You will need to:

Start with the post-closing trial balance dated December 31, 2018 provided in the appropriate tab, and enter the ending balances from the post-closing trial balance into your general ledger accounts. These will be your beginning balances for 2019.

Make the general journal entries in the general journal. There are 19 summary entries that you will need to record. No dates are provided so use the entry number as the date; you should have 'dates' of 1 through 19.

Post the general journal entries to the appropriate general ledger accounts. Note that I have the account titles already entered into the general ledger area but I did not put in the beginning balances.

Prepare an unadjusted trial balance for December 31, 2019.

Our Favorite Store's activities for 2019

Summary Transactions for 2019

1

Purchased inventory on account for $300,000.

2

Sold goods for cash $50,000; the cost of goods sold was $15,250.

3

Sales returns were $12,000, and had a cost of $3,660.

4

Sold goods on account for $950,000; the cost of goods sold was $289,750.

5

Collected $960,000 of accounts receivable consisting of $957,150 in cash and discounts of $2,850. The gross method for sales discounts is used.

6

Purchased supplies on account $3,200, debit supplies.

7

Paid $320,000 of accounts payable - this includes supplies and inventory.

8

Paid the principal balance of $51,000 on the note payble plus interest of $3,060. The balance in interest payable is related to this interest.

9

Paid salaries of $90,000, this includes the beginning balance in salaries payable, which represents the salaries owed on December 31 of last year.

10

Paid 12-months rent in advance on October 1, 2019 of $24,000, debit pre-paid rent.

11

Purchased equipment for $60,000 on August 1, 2019 by giving a 9-month, 6% note for $60,000.

12

Paid $2,500 for maintenance and repairs.

13

Sold common stock (on January 1), 30,000 shares for $10 per share. The par value is $2 per share.

14

Sold preferred stock, 2,000 shares for $25 per share. The par value is $25 per share.

15

Paid utilities of $4,800.

16

Declared and paid cash dividends to common shareholders, $6,000.

17

Declared and paid cash dividends to preferred shareholders, $2,000.

18

Wrote off $1,450 of uncollectible accounts receivable.

19. Sold equipment having an original cost of $30,000, and accumulated depreciation of $5,000 for $27,000 cash.

Our Favorite Store
Post-Closing Trial Balance
December 31, 2018
Account Title	Debit	Credit
Cash	85,890
Accounts Receivable	33,700
Allowance for Doubtful (Uncollectible) Accounts		1,250
Inventory	45,000
Supplies	5,500
Prepaid Rent	13,500
Equipment	260,000
Accumulated Depreciation - Equipment		30,000
Accounts Payable		48,500
Salaries Payable		1,800
Interest Payable		2,040
Income Taxes Payable		6,500
Notes Payable		51,000
Common Stock, $2 par value		130,000
Additional Paid In Capital - Common		85,000
Preferred Stock, $25 par value		25,000
Retained Earnings		62,500
	443,590	443,590

Need General journal entries and an unadjusted trial balance