. This is the fourth time I am posting this. Can someone help me do the general journal entry. I need help putting these items in a general journal (see picture) and post to the ledger accounts. This is all the info see below I added some. Do the best u can. Can you help if not let me know
You are to do the following: 1 Review the opening account balances in the ledger accounts provided 2 Enter the transactions in the general journal and post to the ledger accounts. 3 Prepare a trial balance based on your ledger accounts and compare it to the check-sums provided with this assignment. Correct any ledger and journal errors you may have found. The transactions and postings in your accounts must match the totals from the check sums. If you only correct the trial balance, you will lose marks. $26,300 $6,500 $3,680 $734 $500 $40 $165 $5 4 Transfer the now corrected numbers from Step # 3 into the Unadjusted Trial Balance columns of the provided work sheet form, and complete the work sheet using the following information for your adjusting entries. - Ending merchandise inventory - Ending store supplies inventory - Ending office supplies inventory - Estimated monthly depreciation of store equipment - Estimated monthly depreciation of office equipment - Expired insurance - Bank Service charges for May - Overdraft fee for when your cash account went negative 1 - Interest Earned in the month of May 5 Prepare a May classified, multiple-step income statement, a May statement of owner's equity, and a May 31 classified balance sheet. 6 Prepare and post adjusting and closing entries (omit explanations). 7 Prepare a post-closing trial balance. Also prepare a list of the outstanding Accounts Receivable and Accounts Payable. Submit all of your work including: journal entries, ledger accounts, worksheet, financial statements, and your journals with adjusting and closing entries along with the post closing trial balance and the list of Accounts Payable and Accounts Receivable. ***YOUR LEDGER ACCOUNT BALANCES MUST EQUAL THE AMOUNTS YOU HAVE LISTED ON YOUR UNADJUSTED AND ADJUSTED TRIAL BALANCES, WORKSHEET AND FINANCIAL REPORTS. DATA and TRANSACTIONS Assume it is Monday, May 1, 202X, the first business day of the month, and you have just been hired as the accountant for Kodi and Company, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Kodi uses a perpetual system to account for inventory. The terms of all credit sales are 2/10, n/30. During your first month on the job, you record the following transactions: May 1 -hy hin May 2 $3,000.00 May 2 Issued cheque # 3410 to YOUR LAST NAME] Management Co. in payment of the May rent. Charge 75% of the rent to Rent Expense - Selling Space and the balance to Rent Expense - Office Space. Total amount of the cheque is: Issued cheque #3411 to Village of Kipp for water & sewer charges, total is: Sold merchandise on credit to the Chinook Tractor Company, invoice 8785. The total retail price for the merchandise is: The wholesale cost of the merchandise is: $200.00 $14,000.00 $6,720.00 Kodi_and_Co 2020 Alan.xlsm Studes DATA and TRANSACTIONS Assume it is Monday, May 1, 202X, the first business day of the month, and you have just been hired as the accountant for Kodi and Company, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Kodi uses a perpetual system to account for inventory. The terms of all credit sales are 2/10, 1/30. During your first month on the job, you record the following transactions: May 1 $3,000.00 Issued cheque # 3410 to [YOUR LAST NAME] Management Co. in payment of the May rent. Charge 75% of the rent to Rent Expense - Selling Space and the balance to Rent Expense- Office Space. Total amount of the cheque is: Issued cheque #3411 to Village of Kipp for water & sewer charges, total is; Sold merchandise on credit to the Chinook Tractor Company, invoice 8785. The total retail price for the merchandise is The wholesale cost of the merchandise is: $200.00 May 2 May 2 S14,000.00 $6,720.00 $2,000.00 5960.00 $4,000.00 $15,000.00 $2,600.00 $400.00 $1.248.00 May 2 Issued a credit memorandum to Waterton Farms Inc. for merchandise we sold them on April 30 and which they returned for credit. The merchandise was returned to inventory. The memorandum was for the amount of The wholesale cost of the returned merchandise is: May 3 Received a credit memorandum from Canola Products for merchandise purchased on April 29 and that we returned for credit this morning The amount of the return was. May 4 Purchased the following items on credit from Taber Supply Co. with invoice dated May 4, terms w/10 EOM - Merchandise for resale: -Office Equipment: - Office Supplies May 7 Received payment from Waterton Farms Inc, from the sale of April 30. May 8 Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 n/30). May 11 Received payment from Chinook Tractor Company for the May 2 sale. May 12 Received a credit memorandum from Taber Supply Co. for defective office equipment received on May 10 and returned for credit. The amount of the return was: May 15 Recorded the cash sales for the first half of the month The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 17 Received merchandise and an invoice dated May 14, terms 2/10, 1/60, from The Kipp Corp. The amount of the invoice was: May 22 Sold merchandise to Coaldale Services, invoice 8786. Terms 2/10, 1/60 The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 26 Issued cheque #3413 to [YOUR FIRST NAME] Power Works in payment of the May electric bill. The amount of the bill was: May 29 The owner, Benny Kodiak, withdrew money from the business for personal use using cheque # 3414. The amount of the withdrawal was: May 30 Received payment from Coaldale Services for the May 22 sale, May 30 Made an electronic transfer to pay the monthly bank loan payment May 30 Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise May 31 Recorded the cash sales for the second half of the month. The total retail price for the merchandise is: The wholesale cost of the merchandise is: $30,000.00 $14,400.00 $10,000.00 $16,000.00 $7.680.00 $250.00 $4,000.00 $1,000.00 $200.00 $40,000.00 $19,200.00 Date Apr 30 AIR - Turin Corp Explanation Balance PR Debit Account # Credit 105a Balance 20,000.00 Date AIR - Chinook Tractor Company Explanation PR Debit Account # Credit 105b Balance Date Apr 30 AIR - Waterton Farms Inc. Explanation Balance PR Debit Account # Credit 1050 Balance 20.000.00 Date Apr 30 Benny Kodiak, Capital Explanation Balance Account # Credit PR Debit 301 Balance 29,000.00 Benny Kodiak, Withdrawals Explanation Account # Credit Date PR Debit 302 Balance Sales Explanation Account # Credit 413 Balance Date PR Debit Date Office Equipment Explanation PR Account # Credit Apr 30 Balance Debit 163 Balance 58.000.00 Date Apr 30 Accumulated Depreciation, Office Equip. Explanation PR Balance Debit Account # Credit 164 Balance 30,000.00 Date Apr 30 Store Equipment Explanation Account # Credit PR Debit Balance 165 Balance 110,000.00 Office Supplies Explanation PR Debit Date Apr 30 Account # Credit 124 Balance 4,000.00 Balance Store Supplies Explanation Account # Credit PR Debit Date Apr 30 125 Balance 10,000.00 Balance Prepaid Insurance Explanation Account # Credit PR Debit Date Apr 30 128 Balance 6,000.00 Balance Date Apr 30 AJP - Canola Products Explanation Balance PR Debit Account # Credit 2010 Balance 62,000.00 Date AJP - Taber Supply Co. Explanation Account # PR Debit Credit 2010 Balance Date Apr 30 Bank Loan Payable Explanation Balance PR Debit Account # Credit 240 Balance 75,000.00 Date Apr 30 Accumulated Depreciation, Store Equip. Explanation PR Balance Debit Account # Credit 166 Balance 80,000.00 Date A/P - Kipp Corp Explanation Account # Credit PR Debit 201a Balance Account # Date Apr 30 A/P-Windworks Inc Explanation Balance PR Debit Credit 201b Balance 24,000.00 Benny Kodiak, Capital Explanation Balance Date Apr 30 301 PR Account # Credit Debit Balance 29,000.00 Date Benny Kodiak, Withdrawals Explanation PR Debit Account # Credit 302 Balance Sales Explanation Date Account # Credit PR 413 Balance Debit General Journal Explanation Page # Credit PR Debit Date Student Handout Kodi_and_Co 2020 Alantan
