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Solution Library
Prepare Journal Entries Ledger Accounts And Trial Balance
Question
On June 1 2011 Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company's first month:
June1 Near created the new company by investing $40,000 cash, $5,000 of furniture, and computer equipment worth $60,000.
2 The company rented furnished office space by paying $3,200 rent for the first month.
3 The company purchased $2,400 of office supplies for cash.
10 The company paid $7,200 for the premium on a one-year insurance policy.
14 The owner’s assistant was paid $3,600 for two weeks' salary.
24 The company collected $13,600 of commissions from airlines on tickets obtained for customers.
28 The assistant was paid another $3,600 for two weeks' salary.
29 The company paid the month's $3,500 phone bill.
30 The company repaired its computer for $700 on account
30 The owner withdrew $2,850 cash from the business for personal use.
The company's chart of accounts included these accounts:
|
101 Cash |
302 Sam Near, Withdrawals |
|
106 Accounts Receivable |
405 Commissions Earned |
|
124 Office Supplies |
610 Depreciation Expense, Furniture |
|
128 Prepaid Insurance |
612 Depreciation Expense, Computer Equipment |
|
160 Furniture |
|
|
161 Accumulated Depreciation, Furniture |
622 Salaries Expense |
|
167 Computer Equipment |
637 Insurance Expense |
|
168 Accumulated Depreciation, Computer Equipment |
640 Rent Expense |
|
|
650 Office Supplies Expense |
|
201 Accounts Payable |
684 Repairs Expense |
|
209 Salaries Payable |
688 Telephone Expense |
|
301 Sam Near, Capital |
901 Income Summary |
Required
- Prepare journal entries to record the transactions for June and post them to the accounts.
- Use the following information to journalize and post the adjustments for the month:
- Two-thirds of one month's insurance coverage was consumed.
- There were $1,600 of office supplies on hand at the end of the month.
- Depreciation on the computer equipment was estimated to be $1,650 and $400 on the furniture.
- The assistant had earned $320 of unpaid and unrecorded salary.
- The company had earned $3,500 of commissions that had not yet been billed.
- Prepare an income statement, a statement of changes in equity, and a classified balance sheet.
- Prepare journal entries to close the temporary accounts and post them to the accounts.
- Prepare a post-closing trial balance.
Summary
The question belongs to Accounting and it discusses about preparing journal entries, posting the entries into specific accounts and preparing a trial balance for given details.
Total Word Count NA
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