Use the given information to construct the following:
1. Journal Entries
2. T Accounts
3. Unadjusted Trial Balance
4. Adjusting Journal Entries
5. Adjusted Trial Balance
6. Income Statement
7. Statement of Equity
8. Balance Sheet
9. Closing Journal Entries
10. Post Closing Trial Balance
Thank You in Advance!
Accounting Systems Essentials Assumptions DRSMM Post Closing Trial Balance As of September 30, 2020 Current Year 2020 Current Quarter End December Current Day End 31 Current Quarter End December 31, 2020 Dr Cr Prior Year Prior Quarter End Prior Day End Prior Quarter End 2020 September 30 September 30, 2020 Company Name DRSMM DRSMM Chart of Accounts 576,285 532,400 235,635 1,975,455 13,560 48,000 33,000 0 0 792,000 437,500 1,467,000 Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings 101 102 103 104 105 106 107 108 109 110 111 112 113 114 201 202 203 204 205 206 301 302 303 304 401 402 403 501 502 503 504 505 506 507 508 509 510 257,000 Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Income Summary Dividends Sales Revenue Service Revenue Interest Revenue Cost of Goods Sold Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Sales Commission Expense Supplies Expense Utilities Expense 895,400 158,930 10,350 13,750 15,000 126,100 275,000 1,500,000 4,650,105 7,006,235 7,006,235 1. Journal Entries 2. T Accounts Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies DRSMM Journal Entries DRSMM T-accounts Date Dr Accoui Cr Account Dr Cr Cash Unadj Bal Adj Bal Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Unadj Bal Adj Bal Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Unadi Bal Adj Bal Notes Payable Common Stock Retained Earnings Income Summary Dividends Unadj Bal Adj Bal Unadj Bal Adj Bal Post Closing Bal Service Revenue Sales Revenue Interest Revenue Cost of Goods Sold Unadj Bal Adj Bal Post Closing Bal Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Unadj Bal Adj Bal Post Closing Bal Sales Commission Expense Supplies Expense Utilities Expense Unadj Bal Adj Bal Post Closing Bal 3. Unadjusted Trial Balance 4. Adjusting Journal Entries 5. Adjusted Trial Balance 6. Income Statement Dr Cr DRSMM Unadjusted Trial Balance December 31, 2020 DRSMM Adjusting Journal Entries Date Dr Account Cr Account Dr Cr Dr Cr Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Income Summary Dividends Sales Revenue Service Revenue Interest Revenue Cost of Goods Sold Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Sales Commission Expense Supplies Expense Utilities Expense Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Income Summary Dividends Sales Revenue Service Revenue Interest Revenue Cost of Goods Sold Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Sales Commission Expense Supplies Expense Utilities Expense 7. Statement of Equity 8. Balance Sheet 9. Closing Journal Entries 10. Post Closing Trial Balance DRSMM Closing Journal Entries DRSMM Post Closing Trial Balance December 31, 2020 Date Dr Accoun Cr Account Dr Cr Dr Cr Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Accounting Systems Essentials Assumptions DRSMM Post Closing Trial Balance As of September 30, 2020 Current Year 2020 Current Quarter End December Current Day End 31 Current Quarter End December 31, 2020 Dr Cr Prior Year Prior Quarter End Prior Day End Prior Quarter End 2020 September 30 September 30, 2020 Company Name DRSMM DRSMM Chart of Accounts 576,285 532,400 235,635 1,975,455 13,560 48,000 33,000 0 0 792,000 437,500 1,467,000 Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings 101 102 103 104 105 106 107 108 109 110 111 112 113 114 201 202 203 204 205 206 301 302 303 304 401 402 403 501 502 503 504 505 506 507 508 509 510 257,000 Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Income Summary Dividends Sales Revenue Service Revenue Interest Revenue Cost of Goods Sold Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Sales Commission Expense Supplies Expense Utilities Expense 895,400 158,930 10,350 13,750 15,000 126,100 275,000 1,500,000 4,650,105 7,006,235 7,006,235 1. Journal Entries 2. T Accounts Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies DRSMM Journal Entries DRSMM T-accounts Date Dr Accoui Cr Account Dr Cr Cash Unadj Bal Adj Bal Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Unadj Bal Adj Bal Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Unadi Bal Adj Bal Notes Payable Common Stock Retained Earnings Income Summary Dividends Unadj Bal Adj Bal Unadj Bal Adj Bal Post Closing Bal Service Revenue Sales Revenue Interest Revenue Cost of Goods Sold Unadj Bal Adj Bal Post Closing Bal Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Unadj Bal Adj Bal Post Closing Bal Sales Commission Expense Supplies Expense Utilities Expense Unadj Bal Adj Bal Post Closing Bal 3. Unadjusted Trial Balance 4. Adjusting Journal Entries 5. Adjusted Trial Balance 6. Income Statement Dr Cr DRSMM Unadjusted Trial Balance December 31, 2020 DRSMM Adjusting Journal Entries Date Dr Account Cr Account Dr Cr Dr Cr Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Income Summary Dividends Sales Revenue Service Revenue Interest Revenue Cost of Goods Sold Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Sales Commission Expense Supplies Expense Utilities Expense Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Income Summary Dividends Sales Revenue Service Revenue Interest Revenue Cost of Goods Sold Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Salary Expense Sales Commission Expense Supplies Expense Utilities Expense 7. Statement of Equity 8. Balance Sheet 9. Closing Journal Entries 10. Post Closing Trial Balance DRSMM Closing Journal Entries DRSMM Post Closing Trial Balance December 31, 2020 Date Dr Accoun Cr Account Dr Cr Dr Cr Cash Accounts Receivable Inventory - Parts Inventory - Instruments Office Supplies Prepaid Rent Prepaid Insurance Interest Receivable Notes Receivable Furniture and Fixtures Machinery and Equipment Building Accumulated Depreciation Land Accounts Payable Salaries Payable Interest Payable Dividends Payable Deferred Revenue Notes Payable Common Stock Retained Earnings
