Journalize each transaction, in chronological order, in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) For a compound transaction, if an amount box does not require an entry, leave it blank. 11 Cash   31 Jeff Horton, Capital 12 Accounts Receivable   32 Jeff Horton, Drawing 14 Supplies   41 Fees Earned 15 Prepaid Rent   51 Salary Expense 16 Prepaid Insurance   52 Supplies Expense 18 Office Equipment   53 Rent Expense 19 Accumulated Depreciation   54 Depreciation Expense 21 Accounts Payable   55 Insurance Expense 22 Salaries Payable   59 Miscellaneous Expense 23 Unearned Fees       You will use the attached spreadsheet to complete several of the remaining parts of this problem. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. 2.   Post the transactions from part 1 to the general ledger in the attached spreadsheet. The posting must be in chronological order. Be sure to go back and enter the appropriate posting references in the journal. 3.  In the spreadsheet, prepare an unadjusted trial balance. 4.  At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during April is $350. b. Supplies on hand on April 30 are $1,225. c. Depreciation of office equipment for April is $400. d. Accrued receptionist salary on April 30 is $275. e. Rent expired during April is $2,000. f. Unearned fees on April 30 are $2,350. 5.  (Optional) In the spreadsheet, notice that the unadjusted trial balance amounts have been entered. Enter the adjusting entries and complete the remainder of the worksheet. 6.  Journalize the adjusting entries on Page 3 of the journal. (Do not insert the account numbers in the journal at this time.) Post the adjusting entries to the general ledger in the spreadsheet. The posting must be in chronological order. Then go back and enter the appropriate posting references in the journal. 7.  In the spreadsheet, prepare the adjusted trial balance. 8.  Prepare an income statement, a statement of owner's equity, and a balance sheet. 9.  Journalize the closing entries on Page 4 of the journal. (Do not insert the account numbers in the journal at this time.) Post the closing entries to the general ledger in the spreadsheet. Then go back and enter the appropriate posting references in the journal. (Income Summary is account #33 in the chart of accounts.) For a compound transaction, if an amount box does not require an entry, leave it blank. 10.  Prepare a post-closing trial balance. If a box does not require an entry, leave it blank.

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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1.  Journalize each transaction, in chronological order, in a two-column journal starting on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. If there is more than one entry on the same date, be sure to enter the transactions in the exact order as presented in the data. (Do not insert the account numbers in the journal at this time.) For a compound transaction, if an amount box does not require an entry, leave it blank.

11 Cash   31 Jeff Horton, Capital
12 Accounts Receivable   32 Jeff Horton, Drawing
14 Supplies   41 Fees Earned
15 Prepaid Rent   51 Salary Expense
16 Prepaid Insurance   52 Supplies Expense
18 Office Equipment   53 Rent Expense
19 Accumulated Depreciation   54 Depreciation Expense
21 Accounts Payable   55 Insurance Expense
22 Salaries Payable   59 Miscellaneous Expense
23 Unearned Fees      

You will use the attached spreadsheet to complete several of the remaining parts of this problem. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

2.   Post the transactions from part 1 to the general ledger in the attached spreadsheet. The posting must be in chronological order. Be sure to go back and enter the appropriate posting references in the journal.

3.  In the spreadsheet, prepare an unadjusted trial balance.

4.  At the end of April, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).

a. Insurance expired during April is $350.
b. Supplies on hand on April 30 are $1,225.
c. Depreciation of office equipment for April is $400.
d. Accrued receptionist salary on April 30 is $275.
e. Rent expired during April is $2,000.
f. Unearned fees on April 30 are $2,350.

5.  (Optional) In the spreadsheet, notice that the unadjusted trial balance amounts have been entered. Enter the adjusting entries and complete the remainder of the worksheet.

6.  Journalize the adjusting entries on Page 3 of the journal. (Do not insert the account numbers in the journal at this time.) Post the adjusting entries to the general ledger in the spreadsheet. The posting must be in chronological order. Then go back and enter the appropriate posting references in the journal.

7.  In the spreadsheet, prepare the adjusted trial balance.

8.  Prepare an income statement, a statement of owner's equity, and a balance sheet.

9.  Journalize the closing entries on Page 4 of the journal. (Do not insert the account numbers in the journal at this time.) Post the closing entries to the general ledger in the spreadsheet. Then go back and enter the appropriate posting references in the journal. (Income Summary is account #33 in the chart of accounts.)

For a compound transaction, if an amount box does not require an entry, leave it blank.

10.  Prepare a post-closing trial balance. If a box does not require an entry, leave it blank.

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