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.
- 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 |
|
|
|
2,400 |
|
|
Merchandise Inventory |
2,100* |
|
|
Supplies |
860 |
|
|
Equipment |
23,000 |
|
|
|
|
1,500 |
|
Accounts Payable |
|
3,300 |
|
Unearned Service Revenue |
|
3,600 |
|
Salaries and Wages Payable |
|
2,485 |
|
Common Stock |
|
20,000 |
|
|
|
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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