Using your corrected adjusting journal entries from Assignment #2, post your adjusting entries into the General Ledger included in the Workpaper file for Assignments #2 and #3. Prepare an Adjusted Trial Balance on the adjusted trial balance sheet included in the Workpaper file for Assignment #3. Prepare an income statement, statement of owner's equity, and a classified balance sheet in the Workpaper file on the financial statement sheet included for Assignment #3. Note, you will be "creating" these financials on your own. You can use the following financial statements template as a guide: Financial Statement Template.pdf Download Financial Statement Template.pdf Journalize the required closing entries in the General Journal included in the Workpaper file for Assignment #3. Post your closing entries to the General Ledger included in the Workpaper file for Assignments #2 and #3. Prepare a Post-Closing Trial Balance in the post-closing trial balance sheet included in the Workpaper file for Assignment #3. Submit your saved Workpaper file here. On January 31, the following adjusting data is available: a. There are $2,700 of office supplies still on hand on January 31. b. The insurance expires at $400 per month. c. Monthly depreciation on the office equipment is $200. d. Monthly depreciation on the truck $350 per month. e. As of January 31, $200 of wages have accrued. f. As of January 31, $300 of the unearned repair revenue received on January 23 has been earned. g. Interest of $120 has accrued on the notes payable. Assignment 2: Harbor Repair Service Trial Balance January 31, 2021 DR CR Cash 6,740 Accounts Receivable 1,800 Office Supplies 3,500 Prepaid Insurance 4,000 Office Equipment 12,000 Accum. Depr.-Equip. 2,000 Truck 30,000 Accum. Depr.-Truck 8,000 Accounts Payable 9,200 Notes Payable 10,800 Unearned Repair Revenue 1,200 Harbor, Capital 24,500 Harbor, Drawing 400 Repair Revenue 6,200 Wages Expense 2,000 Rent Expense 700 Repairs Expense 280 Telephone Expense 92 Utilities Expense 128 Advertising Expense 200 Miscellaneous Expense 40 Interest Expense 20 Totals 61,900 61,900 Check Figure: $61,900 Harbor Repair Service Adjusted Trial Balance January 31, 2021 DR CR Cash Accounts Receivable Office Supplies Prepaid Insurance Office Equipment Accum. Depr.-Equip. Truck Accum. Depr.-Truck Accounts Payable Notes Payable Wages Payable Unearned Repair Revenue Interest Payable Harbor, Capital Harbor, Drawing Repair Revenue Wages Expense Rent Expense Insurance Expense Office Supplies Expense Depr. Expense-Equip. Depr. Expense-Truck Repairs Expense Telephone Expense Utilities Expense Advertising Expense Miscellaneous Expense Interest Expense Totals 0 0 Check Figure: $62,770 Assignment 2: GENERAL JOURNAL Page 24 Date Account Titles PR DR CR 31-Jan Office Supplies Expense 800 Office Supplies 800 31-Jan Insurance Expense 400 Prepaid Insurance 400 31-Jan Depreciation Expense 200 Accumulated Dereciation (Office Equi) 200 31-Jan Depreciation Expense 350 Accumulated Depreciation (Truck) 350 31-Jan Wages Expense 200 Wages Payable 200 31-Jan Unearned Repair Revenue 300 Repair Revenue 300 31-Jan Interest Expense 120 Interest Payable 120 Assignment 3: Harbor Repair Service Post-Closing Trial Balance January 31, 2021 DR CR Cash 6,740 Accounts Receivable 1,800 Office Supplies 2,700 Prepaid Insurance 3,600 Office Equipment 12,000 Accum. Depr.-Equip. 2,200 Truck 30,000 Accum. Depr.-Truck 8,350 Accounts Payable 9,200 Notes Payable 10,800 Wages Payable 200 Uneaerned Repair Revenue 900 Interest Payable 120 Harbor, Capital 25,070 Totals 56,840 56,840 Check Figure: $56,840

Using your corrected adjusting journal entries from Assignment #2, post your adjusting entries into the General Ledger included in the Workpaper file for Assignments #2 and #3. Prepare an Adjusted Trial Balance on the adjusted trial balance sheet included in the Workpaper file for Assignment #3. Prepare an income statement, statement of owner's equity, and a classified balance sheet in the Workpaper file on the financial statement sheet included for Assignment #3. Note, you will be "creating" these financials on your own. You can use the following financial statements template as a guide: Financial Statement Template.pdf Download Financial Statement Template.pdf Journalize the required closing entries in the General Journal included in the Workpaper file for Assignment #3. Post your closing entries to the General Ledger included in the Workpaper file for Assignments #2 and #3. Prepare a Post-Closing Trial Balance in the post-closing trial balance sheet included in the Workpaper file for Assignment #3. Submit your saved Workpaper file here. On January 31, the following adjusting data is available: a. There are $2,700 of office supplies still on hand on January 31. b. The insurance expires at $400 per month. c. Monthly depreciation on the office equipment is $200. d. Monthly depreciation on the truck $350 per month. e. As of January 31, $200 of wages have accrued. f. As of January 31, $300 of the unearned repair revenue received on January 23 has been earned. g. Interest of $120 has accrued on the notes payable. Assignment 2: Harbor Repair Service Trial Balance January 31, 2021 DR CR Cash 6,740 Accounts Receivable 1,800 Office Supplies 3,500 Prepaid Insurance 4,000 Office Equipment 12,000 Accum. Depr.-Equip. 2,000 Truck 30,000 Accum. Depr.-Truck 8,000 Accounts Payable 9,200 Notes Payable 10,800 Unearned Repair Revenue 1,200 Harbor, Capital 24,500 Harbor, Drawing 400 Repair Revenue 6,200 Wages Expense 2,000 Rent Expense 700 Repairs Expense 280 Telephone Expense 92 Utilities Expense 128 Advertising Expense 200 Miscellaneous Expense 40 Interest Expense 20 Totals 61,900 61,900 Check Figure: $61,900 Harbor Repair Service Adjusted Trial Balance January 31, 2021 DR CR Cash Accounts Receivable Office Supplies Prepaid Insurance Office Equipment Accum. Depr.-Equip. Truck Accum. Depr.-Truck Accounts Payable Notes Payable Wages Payable Unearned Repair Revenue Interest Payable Harbor, Capital Harbor, Drawing Repair Revenue Wages Expense Rent Expense Insurance Expense Office Supplies Expense Depr. Expense-Equip. Depr. Expense-Truck Repairs Expense Telephone Expense Utilities Expense Advertising Expense Miscellaneous Expense Interest Expense Totals 0 0 Check Figure: $62,770 Assignment 2: GENERAL JOURNAL Page 24 Date Account Titles PR DR CR 31-Jan Office Supplies Expense 800 Office Supplies 800 31-Jan Insurance Expense 400 Prepaid Insurance 400 31-Jan Depreciation Expense 200 Accumulated Dereciation (Office Equi) 200 31-Jan Depreciation Expense 350 Accumulated Depreciation (Truck) 350 31-Jan Wages Expense 200 Wages Payable 200 31-Jan Unearned Repair Revenue 300 Repair Revenue 300 31-Jan Interest Expense 120 Interest Payable 120 Assignment 3: Harbor Repair Service Post-Closing Trial Balance January 31, 2021 DR CR Cash 6,740 Accounts Receivable 1,800 Office Supplies 2,700 Prepaid Insurance 3,600 Office Equipment 12,000 Accum. Depr.-Equip. 2,200 Truck 30,000 Accum. Depr.-Truck 8,350 Accounts Payable 9,200 Notes Payable 10,800 Wages Payable 200 Uneaerned Repair Revenue 900 Interest Payable 120 Harbor, Capital 25,070 Totals 56,840 56,840 Check Figure: $56,840

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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Question

Using your corrected adjusting journal entries from Assignment #2, post your adjusting entries into the General Ledger included in the Workpaper file for Assignments #2 and #3.
Prepare an Adjusted Trial Balance on the adjusted trial balance sheet included in the Workpaper file for Assignment #3.
Prepare an income statement, statement of owner's equity, and a classified balance sheet in the Workpaper file on the financial statement sheet included for Assignment #3. Note, you will be "creating" these financials on your own. You can use the following financial statements template as a guide:
- Financial Statement Template.pdf Download Financial Statement Template.pdf
Journalize the required closing entries in the General Journal included in the Workpaper file for Assignment #3.
Post your closing entries to the General Ledger included in the Workpaper file for Assignments #2 and #3.
Prepare a Post-Closing Trial Balance in the post-closing trial balance sheet included in the Workpaper file for Assignment #3.
Submit your saved Workpaper file here.

On January 31, the following adjusting data is available:
a. There are $2,700 of office supplies still on hand on January 31.
b. The insurance expires at $400 per month.
c. Monthly depreciation on the office equipment is $200.
d. Monthly depreciation on the truck $350 per month.
e. As of January 31, $200 of wages have accrued.
f. As of January 31, $300 of the unearned repair revenue received on January 23 has
been earned.
g. Interest of $120 has accrued on the notes payable.

Assignment 2:

	Harbor Repair Service
	Trial Balance
	January 31, 2021

		DR	CR
	Cash		6,740
	Accounts Receivable		1,800
	Office Supplies		3,500
	Prepaid Insurance		4,000
	Office Equipment		12,000
	Accum. Depr.-Equip.			2,000
	Truck		30,000
	Accum. Depr.-Truck			8,000
	Accounts Payable			9,200
	Notes Payable			10,800
	Unearned Repair Revenue			1,200
	Harbor, Capital			24,500
	Harbor, Drawing		400
	Repair Revenue			6,200
	Wages Expense		2,000
	Rent Expense		700
	Repairs Expense		280
	Telephone Expense		92
	Utilities Expense		128
	Advertising Expense		200
	Miscellaneous Expense		40
	Interest Expense		20
	Totals	61,900	61,900

	Check Figure: $61,900

Harbor Repair Service
Adjusted Trial Balance
January 31, 2021

	DR	CR
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Office Equipment
Accum. Depr.-Equip.
Truck
Accum. Depr.-Truck
Accounts Payable
Notes Payable
Wages Payable
Unearned Repair Revenue
Interest Payable
Harbor, Capital
Harbor, Drawing
Repair Revenue
Wages Expense
Rent Expense
Insurance Expense
Office Supplies Expense
Depr. Expense-Equip.
Depr. Expense-Truck
Repairs Expense
Telephone Expense
Utilities Expense
Advertising Expense
Miscellaneous Expense
Interest Expense
Totals	0	0

Check Figure: $62,770

Assignment 2:

GENERAL JOURNAL	Page 24
Date	Account Titles		PR	DR	CR
31-Jan	Office Supplies Expense			800
		Office Supplies			800

31-Jan	Insurance Expense			400
		Prepaid Insurance			400

31-Jan	Depreciation Expense			200
		Accumulated Dereciation (Office Equi)			200

31-Jan	Depreciation Expense			350
		Accumulated Depreciation (Truck)			350

31-Jan	Wages Expense			200
		Wages Payable			200

31-Jan	Unearned Repair Revenue			300
		Repair Revenue			300

31-Jan	Interest Expense			120
		Interest Payable			120

Assignment 3:

	Harbor Repair Service
	Post-Closing Trial Balance
	January 31, 2021

		DR	CR
	Cash		6,740
	Accounts Receivable		1,800
	Office Supplies		2,700
	Prepaid Insurance		3,600
	Office Equipment		12,000
	Accum. Depr.-Equip.			2,200
	Truck		30,000
	Accum. Depr.-Truck			8,350
	Accounts Payable			9,200
	Notes Payable			10,800
	Wages Payable			200
	Uneaerned Repair Revenue			900
	Interest Payable			120
	Harbor, Capital			25,070
	Totals	56,840	56,840

	Check Figure: $56,840

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