1. Sanchez Computer Center, ** TRIAL BALANCE SHEET IN IMAGES PLEASE SEE TO COMPLETE ** At the end of September, Tony took a complete inventory of his supplies and found the following: 5 dozen " screws at a cost of $8.00 a dozen 2 dozen " screws at a cost of $5.00 a dozen 2 cartons of computer inventory paper at a cost of $14 a carton 3 feet of coaxial cable at a cost of $4.00 per foot

After speaking to his accountant, he found that a reasonable depreciation amount for each of his long-term assets is as follows: Computer purchased July 5, 201X Depreciation $33 a month Office equipment purchased July 17, 201X Depreciation $10 a month Computer workstations purchased Sept. 17, 201X Depreciation $20 a month Tony uses the straight-line method of depreciation and declares no salvage value for any of the assets. If any long-term asset is purchased in the first 15 days of the month, he will charge depreciation for the full month. If an asset is purchased on the 16th of the month, or later, he will not charge depreciation in the month it was purchased. August and Septembers rent has now expired.

__________________________ TASKS Use the trial balance from the images below and the adjusting information given here to complete the worksheet for the three months ended September 30, 201X. From the worksheets, prepare the financial statements. (attached images are 2 of the 3 months of figures from last two modules)

Complete the following: a. Journalize the adjusting entries. b. Post the adjusting entries to the ledger. c. Journalize the closing entries. d. Post the closing entries to the ledger. e. Prepare a post-closing trial balance.

Tony decided to end the Sanchez Computer Centers first fiscal year as of September 30, 201X.

The Following is an updated chart of accounts to use to correct the trial Balance:

Chart of Accounts Assets Revenue 1000 Cash 4000 Service Revenue 1020 Accounts Receivable Expenses 1025 Prepaid Rent 5010 Advertising Expense 1030 Supplies 5020 Rent Expense 1080 Computer Shop Equipment 5030 Utilities Expense 1081 Accum. Depr. C. S. Equip. 5040 Phone Expense 1090 Office Equipment 5050 Supplies Expense 1091 Accum. Depr. Office Equip. 5060 Insurance Expense Liabilities 5070 Postage Expense 2000 Accounts Payable 5080 Depr. Exp. C. S. Equip. Owners Equity 5090 Depr. Exp. Office Equip. 3000 T. Freedman, Capital 3010 T. Freedman, Withdrawals 3020 Income Summary

images show previous work to be continued

Trial Balance sheet as on 30.09.2018 Liability and owned Assets equity accounts 335 cash 3385 payable freedman 250 supplies capital 5565 freedman withdrawal 4130 Office equipment 1800 equipment 1200 405 expenses Service revenue 3400 Prepaid rent 400 total total assets 10435 liability 10435 Income statement for the period of September 2018 Revenue 95.00 a/c electricity exp 3,285.00 Telephone exp 65.00 Computer exp 200.00 Rent paid 1,200.00 Income 1,725.00 3,285.00 3,285.00 + debit computer expenses 15.09.2018 200 SANCHEZ COMPUTERS CENTRE Business Name credit first union bank a/c 200 Mr Tony Freedman Owner Name (being computer exp paid by cheque) Forwarded Balance from august onwards 12.09.2018 Debit First union bank a/c 850 b. Credit Service revenue a/c 850 Debit Service revenue A/c 28.09.2018 2600 Credit revenue A/c 2600 Debit telephone expenses 08.09.2018 155 Credit first union bank a/c 155 (being payment for telephone exp made) 26.09.2019 Debit Cash A/c 140 Credit Service revenue A/c 140 06.09.2018 debit Cash ac 220 credit revenue a/c 220 (being service rendered to summer luppie in cash) debit Electricity expenses a/c 22.09.2018 95 Credit electricity expenses payable a/c 95 06.09.2018 debit Cash a/c 325 credit revenue a/c 325 (being service rendered to tonya parker in cash) Debit Telephone Expenses A/c 20.09.2018 65 Credit Pacific Bell USA a/c 65 debit rent a/c 01.09.2018 800 Debit prepaid rent a/c 400 credit first union bank a/c 1200 Debit Equipment a/c 17.09.2019 1200 (being payment for the rent 3 months) Credit First Union Bank a/c 1200 C & D Tony freedman - Sanchez computer center Balance sheet as on 30.09.2018 Liability and owned equity Assets accounts cash 3385 payable 335 freedman capital supplies 250 5565 freedman Office equipment 1800 withdrawal 4130 equipment 1200 405 expenses Service revenue 3400 Prepaid rent 400 10435 total liability total assets 10435 Income statement for the period of September 2018 95.00 Revenue a/c electricity exp 3,285.00 Telephone exp 65.00 Computer exp 200.00 Rent paid 1,200.00 1,725.00 Income 3,285.00 3,285.00 Trial Balance sheet as on 30.09.2018 Liability and owned Assets equity accounts 335 cash 3385 payable freedman 250 supplies capital 5565 freedman withdrawal 4130 Office equipment 1800 equipment 1200 405 expenses Service revenue 3400 Prepaid rent 400 total total assets 10435 liability 10435 Income statement for the period of September 2018 Revenue 95.00 a/c electricity exp 3,285.00 Telephone exp 65.00 Computer exp 200.00 Rent paid 1,200.00 Income 1,725.00 3,285.00 3,285.00 + debit computer expenses 15.09.2018 200 SANCHEZ COMPUTERS CENTRE Business Name credit first union bank a/c 200 Mr Tony Freedman Owner Name (being computer exp paid by cheque) Forwarded Balance from august onwards 12.09.2018 Debit First union bank a/c 850 b. Credit Service revenue a/c 850 Debit Service revenue A/c 28.09.2018 2600 Credit revenue A/c 2600 Debit telephone expenses 08.09.2018 155 Credit first union bank a/c 155 (being payment for telephone exp made) 26.09.2019 Debit Cash A/c 140 Credit Service revenue A/c 140 06.09.2018 debit Cash ac 220 credit revenue a/c 220 (being service rendered to summer luppie in cash) debit Electricity expenses a/c 22.09.2018 95 Credit electricity expenses payable a/c 95 06.09.2018 debit Cash a/c 325 credit revenue a/c 325 (being service rendered to tonya parker in cash) Debit Telephone Expenses A/c 20.09.2018 65 Credit Pacific Bell USA a/c 65 debit rent a/c 01.09.2018 800 Debit prepaid rent a/c 400 credit first union bank a/c 1200 Debit Equipment a/c 17.09.2019 1200 (being payment for the rent 3 months) Credit First Union Bank a/c 1200 C & D Tony freedman - Sanchez computer center Balance sheet as on 30.09.2018 Liability and owned equity Assets accounts cash 3385 payable 335 freedman capital supplies 250 5565 freedman Office equipment 1800 withdrawal 4130 equipment 1200 405 expenses Service revenue 3400 Prepaid rent 400 10435 total liability total assets 10435 Income statement for the period of September 2018 95.00 Revenue a/c electricity exp 3,285.00 Telephone exp 65.00 Computer exp 200.00 Rent paid 1,200.00 1,725.00 Income 3,285.00 3,285.00