Prepare a Trial Balance for January 31, 2022. As a note:  As a self check, your Trial Balance (Instruction # 1) should first of all have equal Debit and Credit totals and second come out to be $51,089.    J & M Accounting Services and Office Supplies, LLC Trial Balance January 1, 2022 Title Debit Credit Cash 9,200   Accounts Receivable 2,400   Merchandise Inventory 2,100*   Supplies 860   Equipment 23,000   Accumulated Depreciation   1,500 Accounts Payable   3,300 Unearned Service Revenue   3,600 Salaries and Wages Payable   2,485 Common Stock   20,000 Retained Earnings   6,675 Totals $37,560 $37,560 *(3,000 units at $0.70)       During the month of January, the following summary transactions were completed. 3     Paid January’s rent $350. 3    Purchased merchandise on account from dd’s Discount Supply terms 2/10, n/30. (4,000 units @ $0.75) 4    Sold 4,400 units of inventory for Cash at $0.96 each. (3,000 @ $0.70 and 1,400 @ $0.75) 7    Gave a January 4th customer $192 for 200 units returned costing $150. (Units were returned to inventory.) 7    Received $2,000 cash from customers in payment of account. (No Discounts) 10    Paid $3,550 for salaries due employees, of which $2,485 is for December and $1,065 is for January. 11    Paid $2,800 on account. (No Discounts) 12    Paid dd’s Discount Supply in full, less discount. 13    Purchased 5,000 units for inventory on account from Office Headquarters at $0.80 each. Terms 2/10, n30. 14    Sold 4,000 units of inventory to customers on account at $0.99 per unit. Terms 2/10, n30.              (Sold 2,800 units @ $0.75 and 1,200 units @ $0.80) 17    Received $5,450 Cash for services performed in January. 19    Purchased supplies on account $1,500. 24    Paid Salaries $3,550. 24    Received collections in full, less discount, from customers billed for sales on January 14th.   Round to Whole Dollars.    28    Performed services on account and billed customers $2,180. 28    Paid Office Headquarters in full. (No discount). 31    Received $1,500 from customers for services to be performed in the future.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  1. Prepare a Trial Balance for January 31, 2022.

As a note: 

As a self check, your Trial Balance (Instruction # 1) should first of all have equal Debit and Credit totals and second come out to be $51,089. 

 

J & M Accounting Services and Office Supplies, LLC

Trial Balance

January 1, 2022

Title

Debit

Credit

Cash

9,200

 

Accounts Receivable

2,400

 

Merchandise Inventory

2,100*

 

Supplies

860

 

Equipment

23,000

 

Accumulated Depreciation

 

1,500

Accounts Payable

 

3,300

Unearned Service Revenue

 

3,600

Salaries and Wages Payable

 

2,485

Common Stock

 

20,000

Retained Earnings

 

6,675

Totals

$37,560

$37,560

*(3,000 units at $0.70)

 

 

 

During the month of January, the following summary transactions were completed.


3     Paid January’s rent $350.
3    Purchased merchandise on account from dd’s Discount Supply terms 2/10, n/30. (4,000 units @ $0.75)

4    Sold 4,400 units of inventory for Cash at $0.96 each. (3,000 @ $0.70 and 1,400 @ $0.75)

7    Gave a January 4th customer $192 for 200 units returned costing $150. (Units were returned to inventory.)

7    Received $2,000 cash from customers in payment of account. (No Discounts)

10    Paid $3,550 for salaries due employees, of which $2,485 is for December and $1,065 is for January.

11    Paid $2,800 on account. (No Discounts)

12    Paid dd’s Discount Supply in full, less discount.

13    Purchased 5,000 units for inventory on account from Office Headquarters at $0.80 each. Terms 2/10, n30.
14    Sold 4,000 units of inventory to customers on account at $0.99 per unit. Terms 2/10, n30.     
        (Sold 2,800 units @ $0.75 and 1,200 units @ $0.80)

17    Received $5,450 Cash for services performed in January.

19    Purchased supplies on account $1,500.

24    Paid Salaries $3,550.

24    Received collections in full, less discount, from customers billed for sales on January 14th.   Round to Whole Dollars.   

28    Performed services on account and billed customers $2,180.

28    Paid Office Headquarters in full. (No discount).

31    Received $1,500 from customers for services to be performed in the future.

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