ATETRANSACTIONSJan.2Purchased supplies for $14,000; issued Check 1015. 2Purchased a one-year insurance policy for $16,800. 7Sold services for $30,000 in cash and $20,000 on credit during the first week of January. 12Collected a total of $8,000 on account from credit customers during the first week of January. 12Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month. 13Collected a total of $9,000 on account from credit customers during the second week of January. 14Returned supplies that were damaged for a cash refund of $1,500. 15Sold services for $41,400 in cash and $4,600 on credit during the second week of January. 20Purchased supplies for $10,000 from White’s, Inc.; received Invoice 2384 payable in 30 days. 20Sold services for $25,000 in cash and $7,000 on credit during the third week of January. 20Collected a total of $11,200 on account from credit customers during the third week of January. 21Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment. 22Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper. 23Received the monthly telephone bill for $2,050 and paid it with Check 1020. 26Collected a total of $3,200 on account from credit customers during the fourth week of January. 27Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223. 28Sent Check 1022 for $5,350 in payment of the monthly bill for utilities. 29Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January. 31Issued Checks 1023–1027 for $65,600 to pay the monthly salaries of the regular employees and three part-time workers. 31Issued Check 1028 for $24,000 for personal use. 31Issued Check 1029 for $8,300 to pay for maintenance services for the month. 31Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no salvage value. 31Sold services for $15,200 in cash and $3,240 on credit on January 31. ADJUSTMENTS 31Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,400 on hand. 31Compute and record the adjustment for expired insurance for the month. 31Record the adjustment for one month of expired rent of $4,000. 31Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February.Question: Using the information given, I must complete a worksheet below. I've already finished the general journal and I know it's correct. However my adjusting and closing entries, and general ledger some of them may be wrong and debits and credits dont add up. So that's why I'm struggling on the worksheet. If you could mostly help with the worksheet that would be perfect, thank you. I'll attach what I have and the worksheet. The adjustments for supplies, insurance, rent and depreciation in order are: 14,600, 1,400, 4000, and 183 I believe. GeneralJournalAdjustingand ClosingGeneralIncomeRequirementWorksheetStmt of OE Bal Sheet PostclosingAnalyzeLedgerStatementPrepare the trial balance section of the worksheet. Then prepare the Adjustments section using the adjusting transactions. Now complete the worksheet.ELI'S CONSULTING SERVICESWorksheetMonth Ended January 31, 20X2Trial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance SheetAccount NameDebitCreditDebitCreditDebitCreditDebitCreditDebitCreditCashAccounts receivableSuppliesPrepaid insurancePrepaid rentEquipmentAccumulated depreciation-EquipmentAccounts payableTrayton Eli, CapitalTrayton Eli, DrawingIncome summaryFees incomeSalaries expenseUtilities expenseSupplies expenseInsurance expenseRent expenseDepreciation expense-EquipmentAdvertising expenseTelephone expenseMaintenance expenseSub-totals$O $0 $$0 $0 $0 $0 $0 $Totals$O $0 $$ NODateGeneral JournaiDebitCreait1Jan. 02, 20X2Supplies14,000Cash14,0002Jan. 02, 20X2Prepaid insurance16,800Cash16,8003Jan. 07, 20X2Cash30,000Accounts receivable20,000Fees income50,0004Jan. 12, 20X2Cash8,000Accounts receivable8,0005Jan. 12, 20X2Advertising expense7,200Cash7,2006Jan. 13, 20X2Cash9,000Accounts receivable9,0007Jan. 14, 20X2Cash1,500Supplies1,5008Jan. 15, 20X2Cash41,400Accounts receivable4,600Fees income46,0009Jan. 20, 20X2Supplies10,000Accounts payable10,00010Jan. 20, 20X2Cash25,000Accounts receivable7,000Fees income32,00011Jan. 20, 20X2Cash11,200Accounts receivable11,20012lan 21 20X?Maintenance evnenee14 130

Financial Statements: These are the records of the financial activities and position of a business, which shows income statement, balance sheet or statement of financial position, Cash flow statement, Statement of changes in equity, notesSince December trial balance is not there, most of the account is not shown in work sheet. Eg: Capital

Answered: General Adjusting and Closing General…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ATE	TRANSACTIONS
Jan.	2	Purchased supplies for $14,000; issued Check 1015.
	2	Purchased a one-year insurance policy for $16,800.
	7	Sold services for $30,000 in cash and $20,000 on credit during the first week of January.
	12	Collected a total of $8,000 on account from credit customers during the first week of January.
	12	Issued Check 1017 for $7,200 to pay for special promotional advertising to new businesses on the local radio station during the month.
	13	Collected a total of $9,000 on account from credit customers during the second week of January.
	14	Returned supplies that were damaged for a cash refund of $1,500.
	15	Sold services for $41,400 in cash and $4,600 on credit during the second week of January.
	20	Purchased supplies for $10,000 from White’s, Inc.; received Invoice 2384 payable in 30 days.
	20	Sold services for $25,000 in cash and $7,000 on credit during the third week of January.
	20	Collected a total of $11,200 on account from credit customers during the third week of January.
	21	Issued Check 1018 for $14,130 to pay for maintenance work on the office equipment.
	22	Issued Check 1019 for $7,200 to pay for special promotional advertising to new businesses in the local newspaper.
	23	Received the monthly telephone bill for $2,050 and paid it with Check 1020.
	26	Collected a total of $3,200 on account from credit customers during the fourth week of January.
	27	Issued Check 1021 for $6,000 to Office Plus as payment on account for Invoice 2223.
	28	Sent Check 1022 for $5,350 in payment of the monthly bill for utilities.
	29	Sold services for $38,000 in cash and $5,500 on credit during the fourth week of January.
	31	Issued Checks 1023–1027 for $65,600 to pay the monthly salaries of the regular employees and three part-time workers.
	31	Issued Check 1028 for $24,000 for personal use.
	31	Issued Check 1029 for $8,300 to pay for maintenance services for the month.
	31	Purchased additional equipment for $30,000 from Contemporary Equipment Company; issued Check 1030 for $20,000 and bought the rest on credit. The equipment has a five-year life and no salvage value.
	31	Sold services for $15,200 in cash and $3,240 on credit on January 31.
		ADJUSTMENTS
	31	Compute and record the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $9,400 on hand.
	31	Compute and record the adjustment for expired insurance for the month.
	31	Record the adjustment for one month of expired rent of $4,000.
	31	Record the adjustment for depreciation of $183 on the old equipment for the month. The first adjustment for depreciation for the new equipment will be recorded in February.

Question: Using the information given, I must complete a worksheet below. I've already finished the general journal and I know it's correct. However my adjusting and closing entries, and general ledger some of them may be wrong and debits and credits dont add up. So that's why I'm struggling on the worksheet. If you could mostly help with the worksheet that would be perfect, thank you. I'll attach what I have and the worksheet. The adjustments for supplies, insurance, rent and depreciation in order are: 14,600, 1,400, 4000, and 183 I believe.

General
Journal
Adjusting
and Closing
General
Income
Requirement
Worksheet
Stmt of OE Bal Sheet Postclosing
Analyze
Ledger
Statement
Prepare the trial balance section of the worksheet. Then prepare the Adjustments section using the adjusting transactions. Now complete the worksheet.
ELI'S CONSULTING SERVICES
Worksheet
Month Ended January 31, 20X2
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Name
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
Accounts receivable
Supplies
Prepaid insurance
Prepaid rent
Equipment
Accumulated depreciation-Equipment
Accounts payable
Trayton Eli, Capital
Trayton Eli, Drawing
Income summary
Fees income
Salaries expense
Utilities expense
Supplies expense
Insurance expense
Rent expense
Depreciation expense-Equipment
Advertising expense
Telephone expense
Maintenance expense
Sub-totals
$
O $
0 $
$
0 $
0 $
0 $
0 $
0 $
Totals
$
O $
0 $
$

NO
Date
General Journai
Debit
Creait
1
Jan. 02, 20X2
Supplies
14,000
Cash
14,000
2
Jan. 02, 20X2
Prepaid insurance
16,800
Cash
16,800
3
Jan. 07, 20X2
Cash
30,000
Accounts receivable
20,000
Fees income
50,000
4
Jan. 12, 20X2
Cash
8,000
Accounts receivable
8,000
5
Jan. 12, 20X2
Advertising expense
7,200
Cash
7,200
6
Jan. 13, 20X2
Cash
9,000
Accounts receivable
9,000
7
Jan. 14, 20X2
Cash
1,500
Supplies
1,500
8
Jan. 15, 20X2
Cash
41,400
Accounts receivable
4,600
Fees income
46,000
9
Jan. 20, 20X2
Supplies
10,000
Accounts payable
10,000
10
Jan. 20, 20X2
Cash
25,000
Accounts receivable
7,000
Fees income
32,000
11
Jan. 20, 20X2
Cash
11,200
Accounts receivable
11,200
12
lan 21 20X?
Maintenance evnenee
14 130

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