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7. Post January's adjusting entries to the general kdger. 8. Prepare an adjusted trial balance. 9. Prepare the financial statements in the proper order (Income Statement, Retained Earnings Statement, Balance Sheet) 10. Journalize the closing entries for January in the general journal 11. Post January's closing entries in the general ledger 12. Prepare a post closing trial balance for January. Instructioms for February: I. Amalyze February's transactions on the transaction document 2. Journalize February's transactions in the general journal. 3. Post February's journal entries to the general ledger. 4. Prepare a trial balance. 5. Journalize adjusting entries for February in the general journal 6 Post February's adjusting entries to the general ledger. 7. Prepare an adjusted trial balance. 8. Prepare the financial statements in the proper order (Income Statement, Retained Earnings Statement, Balance Sheet) 9. Journalize the closing entries for February in the general journal. 10. Post February's closing entries in the general ledger 11. Prepare a post closing trial balance for February. 3 of 7 Graphic Design, Inc. Chart of Accounts Account Name Account Number Cash Accounts Receivable Graphic Supplies Office Supplies Prepaid Rent Prepaid Insurance Graphic Equipment Accumulated Depreciation, Graphic Equipment Office Equipment Accumulated Depreciation, Office Equipment Accounts Payable Unearned Graphic Fees Wages Payable Cash Dividends Payable Common Stock Retained Earnings Cash Dividends Income Summary Graphic Fees Earned Wages Expense Utilities Expense Telephone Expense Rent Expense Insurance Expense Graphic Supplies Expense Office Supplies Expense Depreciation Expense 113 115 116 118 144 145 146 147 212 213 214 311 312 313 314 511 512 513 514 515 518 Graphic Design, Inc. January Transactions Graphic Design, Inc. February Transactions February 3, 2014 Received an additional investment of cash from Anna, S5,000, in exchange for 5000 shares of SL00 par value common stock. February 3, 2014 Paid the receptionist for the last two weeks of January. Review January 31 adjusting journal entry February 4, 2014 Purchased additional office equipment with cash, S1,560 February 6, 2014Received graphic equipment transferred to the business from Anna, S2,800. Anna was given 2800 shares of S1.00 par value common stock. February 7, 2014Purchased additional office supplies with cash, S1,800 February 10,2014 Dividend previously declared to Anna, the sole shareholder, was paid. February 10,2014 Paid amount due for January's telephone bill received in January. February 12,2014 Purchased additional graphic supplies on credit from Taylor Supply Company, S1,250. February 15, 2014 Paid the total amount due to Morgan Equipment. February 17,2014 Paid the receptionist for the first two weeks of February February 18,2014 Accepted an advance fee in cash for design work to be done for Williams' Art Company, $6,500. February 21,2014 Purchased a copier (office equipment) from Thompson Equipment for $1,800, paid $500 in cash and agreed to pay the rest in equal payments over the next five months. February 21,2014 Performed design work and received a cash fee, 52,860. February 24,2014Received full payment on account from Ward Department Stores for work performed last month. February 24,2014 Performed design work for Mathis Department Stores and agreed to accept payment next month, S2,400 February 25,2014 Performed design work for a cash fee, S3,800 February 26, 2014 Paid the rent for March and April in advance, $1,600. February 27,2014 Received and paid the ulity bill for February, S265 February 28,2014 Received the telephone bill for February, which will be paid next month, $195. February 28,2014 The corporation declared a cash dividend of S.05 a share, to be paid in March ADJUSTING ENTRY INFORMATION FOR FEBRUARY 1. One month's prepaid rent has expired. 2. One month's prepaid insurance has expired. 3. An inventory of graphic supplies reveals $750 still on hand on February 28. 4. An inventory of office supplies reveals S1,200 used during February. 5. Depreciation on graphic equipment for February is S200 and depreciation on the office equipment for February is S250. Graphic design work for Williams' Art Company totaling $4,200 was completed on February 28. Payment was received in advance. 6. 7. Anna completed the other half of the design work for Sam Jones. 8. Two weeks of wages have accrued at February 28, 2014. Anna will pay the receptionist on March 3, 2014. Date Account 20,000 $20.000 3-an Prepaid Rent -lan Graphic Equipmen 3,600 6-Jan Office Equipment 5,000 2,500 s 2.500 Accounts Payable 2.400 $1,200 -an Graphc Supplies Office Supplies Accounts Payable 10-Jan Prepaid Inurance 12.750 $ 12.730 nearned Graphic Fees 3-an Accounts Payable wages espense 1,000 4,000 uneamed Graphie Fees Acounts Payable 1-an Cash Dividends Cath Dividends Payable S 2000 2,000 Prepaid Rent Prepaid Insurance upplies expense Office supplies Equipment Accumulated Depreciation-Office Equigment 1-Jan Uneaned Graphic Fees Graphic Fees Eamed 1000 31-Jan wages expense Wages Payable 1.000 35,375 income Summary 1-an Income Summary wages expense $ 2000 31-Jan Income Summary S 5,695 S 2000 S 160 $ 135 Wages expense Ublities expense Telephone expense $ 800 Rent expense $ 150 insurance expense Graphic supplies expense 1.800 $ 400 $ 250 Office supplies expense Depreciation expense $ 9,680 31-Jan Income Summary 25375-5695 Retained Earnings S 9,680 $ 2,000 1-Jan Retained Earnings Cash Dividends $ 2,000 Graphic Design, Inc Date Debit te Credit Date bit edit Date Debit rit Dute Debit oute Accounts Receivable Graphic Supplies Office Supplies 3-Jan $ 1,600 24-1an $ 3,800 2-Jan $20,000an 13-Jan $12,750-Jan S 3,600 4-ian $ 3,606-a 2,500 21-Jan $4,00010-jan $ 1,800 7-ian 2400 33-an $ 1800-lan $ 1,20031-lar 13-jan $ 3,600 20-Jan $ 1,000 27-Jan 160 Bal. $26,090 5 800 Prepaid Rent Prepaid Insurance Graphic Equipment Accum. Depr,-Graphic t 3-1an $1,600 31-Jam S800 10-1an $ 1,80031-Jan$ 150 3-Jam $ 3,600 $ 3,600 Dal. Accum. Depr. Office Equip 31-Jam $ 150 Accounts Payable Unearned Graphic Fe 6-Jan $ 5,000 6-Jan $ 2.500 33-1am $ 1,60013-Jar 13-Jam $ 3,6007-a$ 3,60031-Jan $6,375 21-lar 5,000 Wages Payable S 150 s 2635 Cash Dividends Payable Retained Earnings 2-Jan $ 20,000 33-1am $ 2,00031-Jar Common Stock 31-Jan 1,000 11-Jan 2,000 1,000 $ 2,000 5 20,000 Cash Dividends Income Summary 31-Jan 2,000 31-Jan $ 2,000-a$ 5,69531-Jan $15,375 1-1an $9,680 Graphic Fees Earned Utilities expense Wages expense 14-Jan S 3,60020-an 1,000 24-Jan $ 3,800 31-Jan $1,000 31-Jan S 1,600 27-a 150 28-Jan $ 13 31-1an $15,375 31-Jan $ 6375 1-Jan $ 2,000 -Jam$ 160 Graphic supplies expense Office supplies exper Rent expense Insurance expense 31-Jan $ 8001 31-Jan $ 800 31-Jan $ 0| 31-Jan $ 150 31-Jan $ Lim 11-an $Lim 31-Jan $ 4001 31.1a Depreciation expense 1-Jan 250 31-Jan$ 250 Adjusted TB Post Closing TB Debit CreditDebit Credit Debit Credit Accumulated Depreciation-Graphic Equipment 2,000 1,000 48,785 48,785 50,035 50,035 40,340 42,340 3,740 3,600 For Month Ended Jan 31 5,000 8.330 9.880 Cash Dividends Payable 14410 Statement of Retained Earnings Retained Earnings, Balance on Jan (2.000) Total Stockholders Equity ,680 Total Liabilities& Stockholders Equity 7.080 Retained Earnings, Balance on Jan 3 As per Chegg rvles, we are reywired to do parts to a question 7. Post January's adjusting entries to the general kdger. 8. Prepare an adjusted trial balance. 9. Prepare the financial statements in the proper order (Income Statement, Retained Earnings Statement, Balance Sheet) 10. Journalize the closing entries for January in the general journal 11. Post January's closing entries in the general ledger 12. Prepare a post closing trial balance for January. Instructioms for February: I. Amalyze February's transactions on the transaction document 2. Journalize February's transactions in the general journal. 3. Post February's journal entries to the general ledger. 4. Prepare a trial balance. 5. Journalize adjusting entries for February in the general journal 6 Post February's adjusting entries to the general ledger. 7. Prepare an adjusted trial balance. 8. Prepare the financial statements in the proper order (Income Statement, Retained Earnings Statement, Balance Sheet) 9. Journalize the closing entries for February in the general journal. 10. Post February's closing entries in the general ledger 11. Prepare a post closing trial balance for February. 3 of 7 Graphic Design, Inc. Chart of Accounts Account Name Account Number Cash Accounts Receivable Graphic Supplies Office Supplies Prepaid Rent Prepaid Insurance Graphic Equipment Accumulated Depreciation, Graphic Equipment Office Equipment Accumulated Depreciation, Office Equipment Accounts Payable Unearned Graphic Fees Wages Payable Cash Dividends Payable Common Stock Retained Earnings Cash Dividends Income Summary Graphic Fees Earned Wages Expense Utilities Expense Telephone Expense Rent Expense Insurance Expense Graphic Supplies Expense Office Supplies Expense Depreciation Expense 113 115 116 118 144 145 146 147 212 213 214 311 312 313 314 511 512 513 514 515 518 Graphic Design, Inc. January Transactions Graphic Design, Inc. February Transactions February 3, 2014 Received an additional investment of cash from Anna, S5,000, in exchange for 5000 shares of SL00 par value common stock. February 3, 2014 Paid the receptionist for the last two weeks of January. Review January 31 adjusting journal entry February 4, 2014 Purchased additional office equipment with cash, S1,560 February 6, 2014Received graphic equipment transferred to the business from Anna, S2,800. Anna was given 2800 shares of S1.00 par value common stock. February 7, 2014Purchased additional office supplies with cash, S1,800 February 10,2014 Dividend previously declared to Anna, the sole shareholder, was paid. February 10,2014 Paid amount due for January's telephone bill received in January. February 12,2014 Purchased additional graphic supplies on credit from Taylor Supply Company, S1,250. February 15, 2014 Paid the total amount due to Morgan Equipment. February 17,2014 Paid the receptionist for the first two weeks of February February 18,2014 Accepted an advance fee in cash for design work to be done for Williams' Art Company, $6,500. February 21,2014 Purchased a copier (office equipment) from Thompson Equipment for $1,800, paid $500 in cash and agreed to pay the rest in equal payments over the next five months. February 21,2014 Performed design work and received a cash fee, 52,860. February 24,2014Received full payment on account from Ward Department Stores for work performed last month. February 24,2014 Performed design work for Mathis Department Stores and agreed to accept payment next month, S2,400 February 25,2014 Performed design work for a cash fee, S3,800 February 26, 2014 Paid the rent for March and April in advance, $1,600. February 27,2014 Received and paid the ulity bill for February, S265 February 28,2014 Received the telephone bill for February, which will be paid next month, $195. February 28,2014 The corporation declared a cash dividend of S.05 a share, to be paid in March ADJUSTING ENTRY INFORMATION FOR FEBRUARY 1. One month's prepaid rent has expired. 2. One month's prepaid insurance has expired. 3. An inventory of graphic supplies reveals $750 still on hand on February 28. 4. An inventory of office supplies reveals S1,200 used during February. 5. Depreciation on graphic equipment for February is S200 and depreciation on the office equipment for February is S250. Graphic design work for Williams' Art Company totaling $4,200 was completed on February 28. Payment was received in advance. 6. 7. Anna completed the other half of the design work for Sam Jones. 8. Two weeks of wages have accrued at February 28, 2014. Anna will pay the receptionist on March 3, 2014. Date Account 20,000 $20.000 3-an Prepaid Rent -lan Graphic Equipmen 3,600 6-Jan Office Equipment 5,000 2,500 s 2.500 Accounts Payable 2.400 $1,200 -an Graphc Supplies Office Supplies Accounts Payable 10-Jan Prepaid Inurance 12.750 $ 12.730 nearned Graphic Fees 3-an Accounts Payable wages espense 1,000 4,000 uneamed Graphie Fees Acounts Payable 1-an Cash Dividends Cath Dividends Payable S 2000 2,000 Prepaid Rent Prepaid Insurance upplies expense Office supplies Equipment Accumulated Depreciation-Office Equigment 1-Jan Uneaned Graphic Fees Graphic Fees Eamed 1000 31-Jan wages expense Wages Payable 1.000 35,375 income Summary 1-an Income Summary wages expense $ 2000 31-Jan Income Summary S 5,695 S 2000 S 160 $ 135 Wages expense Ublities expense Telephone expense $ 800 Rent expense $ 150 insurance expense Graphic supplies expense 1.800 $ 400 $ 250 Office supplies expense Depreciation expense $ 9,680 31-Jan Income Summary 25375-5695 Retained Earnings S 9,680 $ 2,000 1-Jan Retained Earnings Cash Dividends $ 2,000 Graphic Design, Inc Date Debit te Credit Date bit edit Date Debit rit Dute Debit oute Accounts Receivable Graphic Supplies Office Supplies 3-Jan $ 1,600 24-1an $ 3,800 2-Jan $20,000an 13-Jan $12,750-Jan S 3,600 4-ian $ 3,606-a 2,500 21-Jan $4,00010-jan $ 1,800 7-ian 2400 33-an $ 1800-lan $ 1,20031-lar 13-jan $ 3,600 20-Jan $ 1,000 27-Jan 160 Bal. $26,090 5 800 Prepaid Rent Prepaid Insurance Graphic Equipment Accum. Depr,-Graphic t 3-1an $1,600 31-Jam S800 10-1an $ 1,80031-Jan$ 150 3-Jam $ 3,600 $ 3,600 Dal. Accum. Depr. Office Equip 31-Jam $ 150 Accounts Payable Unearned Graphic Fe 6-Jan $ 5,000 6-Jan $ 2.500 33-1am $ 1,60013-Jar 13-Jam $ 3,6007-a$ 3,60031-Jan $6,375 21-lar 5,000 Wages Payable S 150 s 2635 Cash Dividends Payable Retained Earnings 2-Jan $ 20,000 33-1am $ 2,00031-Jar Common Stock 31-Jan 1,000 11-Jan 2,000 1,000 $ 2,000 5 20,000 Cash Dividends Income Summary 31-Jan 2,000 31-Jan $ 2,000-a$ 5,69531-Jan $15,375 1-1an $9,680 Graphic Fees Earned Utilities expense Wages expense 14-Jan S 3,60020-an 1,000 24-Jan $ 3,800 31-Jan $1,000 31-Jan S 1,600 27-a 150 28-Jan $ 13 31-1an $15,375 31-Jan $ 6375 1-Jan $ 2,000 -Jam$ 160 Graphic supplies expense Office supplies exper Rent expense Insurance expense 31-Jan $ 8001 31-Jan $ 800 31-Jan $ 0| 31-Jan $ 150 31-Jan $ Lim 11-an $Lim 31-Jan $ 4001 31.1a Depreciation expense 1-Jan 250 31-Jan$ 250 Adjusted TB Post Closing TB Debit CreditDebit Credit Debit Credit Accumulated Depreciation-Graphic Equipment 2,000 1,000 48,785 48,785 50,035 50,035 40,340 42,340 3,740 3,600 For Month Ended Jan 31 5,000 8.330 9.880 Cash Dividends Payable 14410 Statement of Retained Earnings Retained Earnings, Balance on Jan (2.000) Total Stockholders Equity ,680 Total Liabilities& Stockholders Equity 7.080 Retained Earnings, Balance on Jan 3 As per Chegg rvles, we are reywired to do parts to a