This is a continuation of the Serial Problem! PLUIUS JU LUPULUI Getting ready for the upcoming holiday season is traditionally a busy time for greeting cards panies, and it was no exception for Kate. The following transactions occurred during the month October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receive a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $3,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utiling bill. s Receives an advance deposit of $500 for a new set of cards she is designing for a new customer. 6 Pays her assistant $200 for the work done this month 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1.000. These were paid for during the month. 9. Counts her remaining inventory of supplies at the end of the month and determines the balance to be $300. Don't forget to consider the supplies inventory balance at September 30, from Chapter 2. (Hint: This expense will be a debit to Cost of Goods Sold.) 10. Records the adjusting entries for depreciation and insurance expense for the month. 11. Pays herself a salary of $1,000. 12. Paid monthly rent of $1,200 in cash. 13. Receives her next utility bill during December and determines $85 applies to October's operations. 14. Deciding she needs a little more cash, Kate pays herself a $100 dividend. Required Using the information that you gathered and the general ledger accounts that you prepared through Chapter 2, plus the new information above, complete the following: a. Journalize the above transactions and adjusting entries. b. Post the October transactions and adjusting entries. (Use the general ledger accounts prepared in Chapter 2 and add any new accounts that you may need.) c. Prepare a trial balance as of October 31, 2018 d. Prepare an income statement and a statement of stockholders' equity for the two-month period ending October 31, 2018, and a balance sheet as of October 31, 2018. e. Prepare the closing entries as of October 31, 2018. f. Prepare a post-closing trial balance. General Journal Posting reference 1 No entry necessary Description Debit Credit POON Kate's Cards Income Statement For the Two Months Ended October 31, 2019 Revenue Accounts receivable Supplies inventory Prepaid insurance Equipment Accumulated depreciation Accounts payable Wages payable Dividends Sales revenue Teachine revenue 10,000 Insurance expense Consulting expense Cost of goods sold Cost of goods sold Consulting expense Insurance expense Depreciation expense Wages expense Utilities expens Rent expense Kate's Cards Trial Balance September 30, 2019 Debit Credit Totals Cost of goods sold Consulting expense Insurance expense Depreciation expense Wages expens Utilities expens Rent expense Kate's Cards Income Statement For the Two Months Ended October 31, 2019 Revenue This is a continuation of the Serial Problem! PLUIUS JU LUPULUI Getting ready for the upcoming holiday season is traditionally a busy time for greeting cards panies, and it was no exception for Kate. The following transactions occurred during the month October: 1. Hired an assistant at an hourly rate of $10 per hour to help with some of the computer layouts administrative chores. 2. Supplements her business by teaching a class to aspiring card designers. She charges and receive a total of $450. 3. Delivers greeting cards to several new customers. She bills them a total of $3,500. 4. Pays a utility bill in the amount of $250 that she determines is the business portion of her utiling bill. s Receives an advance deposit of $500 for a new set of cards she is designing for a new customer. 6 Pays her assistant $200 for the work done this month 7. Determines that the assistant has worked 10 additional hours this month that have not yet been paid. 8. Ordered and receives additional supplies in the amount of $1.000. These were paid for during the month. 9. Counts her remaining inventory of supplies at the end of the month and determines the balance to be $300. Don't forget to consider the supplies inventory balance at September 30, from Chapter 2. (Hint: This expense will be a debit to Cost of Goods Sold.) 10. Records the adjusting entries for depreciation and insurance expense for the month. 11. Pays herself a salary of $1,000. 12. Paid monthly rent of $1,200 in cash. 13. Receives her next utility bill during December and determines $85 applies to October's operations. 14. Deciding she needs a little more cash, Kate pays herself a $100 dividend. Required Using the information that you gathered and the general ledger accounts that you prepared through Chapter 2, plus the new information above, complete the following: a. Journalize the above transactions and adjusting entries. b. Post the October transactions and adjusting entries. (Use the general ledger accounts prepared in Chapter 2 and add any new accounts that you may need.) c. Prepare a trial balance as of October 31, 2018 d. Prepare an income statement and a statement of stockholders' equity for the two-month period ending October 31, 2018, and a balance sheet as of October 31, 2018. e. Prepare the closing entries as of October 31, 2018. f. Prepare a post-closing trial balance. General Journal Posting reference 1 No entry necessary Description Debit Credit POON Kate's Cards Income Statement For the Two Months Ended October 31, 2019 Revenue Accounts receivable Supplies inventory Prepaid insurance Equipment Accumulated depreciation Accounts payable Wages payable Dividends Sales revenue Teachine revenue 10,000 Insurance expense Consulting expense Cost of goods sold Cost of goods sold Consulting expense Insurance expense Depreciation expense Wages expense Utilities expens Rent expense Kate's Cards Trial Balance September 30, 2019 Debit Credit Totals Cost of goods sold Consulting expense Insurance expense Depreciation expense Wages expens Utilities expens Rent expense Kate's Cards Income Statement For the Two Months Ended October 31, 2019 Revenue