Is all of this correct?Journal EntriesCash4000 Common Stock4000Cash5000 ...Is all of this correct?Journal EntriesCash4000 Common...

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Accounting

Is all of this correct?
Journal Entries
Cash 4000
   Common Stock 4000
Cash 5000
   Notes Payable 5000
Rent Expense 900
   Cash 900
Supplies 450
   Accounts Payable 450
Equipment 7200
   Cash 7200
Equipment 2850
   Cash 1350
   Accounts Payable 1500
Prepaid Advertising 375
Advertising Expense 125
   Cash 500
Insurance Expense 225
   Cash 225
Cash 2625
   Service Revenue 2625
Cash 5125
   Unearned Service Revenue 5125
Accounts Recievable 1500
   Service Revenue 1500
Accounts Payable 600
   Cash 600
Cash 1300
   Accounts Recievable 1300
Dividends 1000
   Cash
1000
Adjusting Entries and Closing Entries
ADJUSTING ENTRIES
A1 Interest Expense 42
   Interest Payable 42
A2 Supplies Expense 250
   Supplies 250
A3 Depreciation Expense 167
   Accumulated Depreciation-Equipment 167
A3b Depreciation Expense 40
   Accumulated Depreciation-Equipment 40
A4 Unearned Revenue 1000
   Service Revenue 1000
A5 Accounts Recievable 330
   Service Revenue 330
A6 Salaries and Wages Expense 2060
   Salaries and Wages Payable 2060
A7 Utility Expense 150
   Utilities Payable 150
A8 Income Tax Expense 167
   Income Tax Payable 167
CLOSING ENTRIES
C1 Service Revenue 5455
   Income Summary 5455
C2 Income Summary 4126
   Salaries and Wages Expense 2060
   Depreciation Expense 207
   Insurance Expense 225
   Utilities Expense 150
   Income Tax Expense 167
   Interest Expense 42
   Supplies Expense 250
   Rent Expense 900
   Advertising Expense 125
C3 Income Summary 1354
   Retained Earnings 1354
C4 Retained Earnings 1000
   Dividends 1000
Worksheet
JACKSON TUTORINGSERVICES, INC. WORKSHEET 1/31/2018
Unadjusted Adjusted
Trial Balance Adjusting Entries Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash        6,275            6,275            6,275
Supplies           450           250           200               200
Accounts Rec.           200           330           530           530
Prepaid Advertising           375               375           375
Equipment      10,050      10,050      10,050
Accum. Depr.           207           207           207
Notes Payable        5,000        5,000        5,000
Interest Payable              42              42              42
Unearned Revenue        5,125        1,000        4,125        4,125
Accounts Payable        1,350        1,350        1,350
Utilities Payable           150           150           150
Inc. Taxes Payable           167           167           167
Sal. & Wages Pay.        2,060        2,060        2,060
Common Stock        4,000        4,000        4,000
Dividends        1,000                1,000
Retained Earnings                           329
Service Revenue            4,125            1,330            5,455            5,455
Sal. & Wages Exp.        2,060        2,060        2,060
Depr. Exp.           207           207           207
Insurance Expense           225           225           225
Utilities Expense           150           150           150
Income Tax Exp.           167           167           167
Interest Exp.              42              42              42
Suppies Expense           250           250           250
Rent Expense           900           900           900
Advertising Exp.           125           125           125
     19,600      19,600        4,206        4,206      22,556      22,556        4,126        5,455      17,430      17,430
                                     1,329
Post Closing Trial Balance
JACKSON TUTORINGSERVICES, INC.
Post-Closing TrialBalance
31-Jan-18
Account Title Debit Credit
Cash $6,275
Equipment 10050
Supplies 200
Prepaid Advertising 375
Accounts Recievable 530
Accumulated Depreciation 207
Accounts Payable 1350
Notes Payable 5000
Interest Payable 42
Salaries and Wages Payable 2060
Income Tax Payable 167
Utilities Payable 150
Unearned Revenue 4125
Common Stock 4000
Retained Earnings $329
$17,430 $17,430
    Totals
These are the journal entries and the adjusting journalentries
Issued commonstock in exchange for $4,000 cash.
Borrowed $5,000by issuing a 2-year, 10% note payable to SunTrust Bank.
Paid $900 for Januaryrent.
Purchased supplies on accountfor $450 from Traveler's Supply Company.
Purchasedequipment for $7,200 cash from DSI Computer Company. The equipmenthas a 3 year life and a $1,200 salvage value.
Purchasedadditional equipment from Bebo's Office Supply Co., paying cash of$1,350 and putting $1,500 on account. The equipment has a 5 yearlife and $450 salvage value.
Paid $125 foradvertisements to run in the current month and $375 for ads to runin February-April.
Paid the January insurancepremium of $225.
Performed services for $2,625cash.
Received cashadvance of $5,125 for services to be performed on a 5- monthcontract beginning in January.
Performed services and billedcustomers $1,500.
Made a $600 payment on accountto Traveler's Office Supply Company .
Collected $1,300 fromcustomers on account.
Declared and paid dividends of$1,000 cash.
Journalize transactions 1-14on page 1 of the general journal. Label the entries 1-14.
Post the journalentries to the ledger t-accounts using Excel formulas. Include thejournal entry number as a posting reference.
Prepare a worksheet formattingthe cells in Excel and using the following information:
1 Accrue interest expense onthe note assuming that the date of the loan was January 2 (use30/360 and round to the nearest dollar).
2 Supplies on hand at January 31 total $200.
3 Assume that all of theequipment was purchased at the beginning of January. Record Januarydepreciation expense using the straight-line method (round to thenearest dollar).
4 The cash advance is earned ratably over the 5-monthperiod.
5 The company has earned $330of revenue that has not yet been billed to customers.
6 Jackson pays its employees onthe first of every month. Salaries earned during the month ofJanuary total $2,060.
7 On January 29, Jacksonreceived the current month's utility bill for $150. The bill is dueon February 16.
8 Jackson estimates that the company will pay anincome tax rate of 11%.

Answer & Explanation Solved by verified expert

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Please hit LIKE button if this helped For any further explanation please put your query in comment will get back to you Everything is correct except one adjustment entry of unearned revenue which should be 1025 51255 instead of 1000 which have impact in Trial and Balance sheet as well giving correct answer below Account Debit Credit Cash 4000 Common Stock 4000 Cash 5000 Notes Payable 5000 Rent Expense 900 Cash 900 Supplies 450 Accounts Payable 450 Equipment 7200 Cash 7200 Equipment 2850 Cash 1350 Accounts Payable 1500 Prepaid Advertising 375 Advertising Expense 125 Cash 500 Insurance Expense 225 Cash 225 Cash See Answer

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In: AccountingIs all of this correct?Journal EntriesCash4000 Common Stock4000Cash5000 ...Is all of this correct?Journal EntriesCash4000 Common Stock4000Cash5000 Notes Payable5000Rent Expense900 Cash900Supplies450 Accounts Payable450Equipment7200 Cash7200Equipment2850 Cash1350 Accounts Payable1500Prepaid Advertising375Advertising Expense125 Cash500Insurance Expense225 Cash225Cash2625 Service Revenue2625Cash5125 Unearned Service Revenue5125Accounts Recievable1500 Service Revenue1500Accounts Payable600 Cash600Cash1300 Accounts Recievable1300Dividends1000 Cash1000Adjusting Entries and Closing EntriesADJUSTING ENTRIESA1Interest Expense42 Interest Payable42A2Supplies Expense250 Supplies250A3Depreciation Expense167 Accumulated Depreciation-Equipment167A3bDepreciation Expense40 Accumulated Depreciation-Equipment40A4Unearned Revenue1000 Service Revenue1000A5Accounts Recievable330 Service Revenue330A6Salaries and Wages Expense2060 Salaries and Wages Payable2060A7Utility Expense150 Utilities Payable150A8Income Tax Expense167 Income Tax Payable167CLOSING ENTRIESC1Service Revenue5455 Income Summary5455C2Income Summary4126 Salaries and Wages Expense2060 Depreciation Expense207 Insurance Expense225 Utilities Expense150 Income Tax Expense167 Interest Expense42 Supplies Expense250 Rent Expense900 Advertising Expense125C3Income Summary1354 Retained Earnings1354C4Retained Earnings1000 Dividends1000WorksheetJACKSON TUTORINGSERVICES, INC. WORKSHEET 1/31/2018UnadjustedAdjustedTrial BalanceAdjusting EntriesTrial BalanceIncome StatementBalance SheetAccount TitleDebitCreditDebitCreditDebitCreditDebitCreditDebitCreditCash 6,275 6,275 6,275Supplies 450 250 200 200Accounts Rec. 200 330 530 530Prepaid Advertising 375 375 375Equipment 10,050 10,050 10,050Accum. Depr. 207 207 207Notes Payable 5,000 5,000 5,000Interest Payable 42 42 42Unearned Revenue 5,125 1,000 4,125 4,125Accounts Payable 1,350 1,350 1,350Utilities Payable 150 150 150Inc. Taxes Payable 167 167 167Sal. & Wages Pay. 2,060 2,060 2,060Common Stock 4,000 4,000 4,000Dividends 1,000 1,000 Retained Earnings 329Service Revenue 4,125 1,330 5,455 5,455 Sal. & Wages Exp. 2,060 2,060 2,060Depr. Exp. 207 207 207Insurance Expense 225 225 225Utilities Expense 150 150 150Income Tax Exp. 167 167 167Interest Exp. 42 42 42Suppies Expense 250 250 250Rent Expense 900 900 900Advertising Exp. 125 125 125 19,600 19,600 4,206 4,206 22,556 22,556 4,126 5,455 17,430 17,430 1,329 Post Closing Trial BalanceJACKSON TUTORINGSERVICES, INC.Post-Closing TrialBalance31-Jan-18Account TitleDebitCreditCash$6,275Equipment10050Supplies200Prepaid Advertising375Accounts Recievable530Accumulated Depreciation207Accounts Payable1350Notes Payable5000Interest Payable42Salaries and Wages Payable2060Income Tax Payable167Utilities Payable150Unearned Revenue4125Common Stock4000Retained Earnings$329$17,430$17,430 TotalsThese are the journal entries and the adjusting journalentriesIssued commonstock in exchange for $4,000 cash.Borrowed $5,000by issuing a 2-year, 10% note payable to SunTrust Bank.Paid $900 for Januaryrent.Purchased supplies on accountfor $450 from Traveler's Supply Company.Purchasedequipment for $7,200 cash from DSI Computer Company. The equipmenthas a 3 year life and a $1,200 salvage value.Purchasedadditional equipment from Bebo's Office Supply Co., paying cash of$1,350 and putting $1,500 on account. The equipment has a 5 yearlife and $450 salvage value.Paid $125 foradvertisements to run in the current month and $375 for ads to runin February-April.Paid the January insurancepremium of $225.Performed services for $2,625cash.Received cashadvance of $5,125 for services to be performed on a 5- monthcontract beginning in January.Performed services and billedcustomers $1,500.Made a $600 payment on accountto Traveler's Office Supply Company .Collected $1,300 fromcustomers on account.Declared and paid dividends of$1,000 cash.Journalize transactions 1-14on page 1 of the general journal. Label the entries 1-14.Post the journalentries to the ledger t-accounts using Excel formulas. Include thejournal entry number as a posting reference.Prepare a worksheet formattingthe cells in Excel and using the following information:1Accrue interest expense onthe note assuming that the date of the loan was January 2 (use30/360 and round to the nearest dollar).2Supplies on hand at January 31 total $200.3Assume that all of theequipment was purchased at the beginning of January. Record Januarydepreciation expense using the straight-line method (round to thenearest dollar).4The cash advance is earned ratably over the 5-monthperiod.5The company has earned $330of revenue that has not yet been billed to customers.6Jackson pays its employees onthe first of every month. Salaries earned during the month ofJanuary total $2,060.7On January 29, Jacksonreceived the current month's utility bill for $150. The bill is dueon February 16.8Jackson estimates that the company will pay anincome tax rate of 11%.

Cash	4000
Common Stock		4000
Cash	5000
Notes Payable		5000
Rent Expense	900
Cash		900
Supplies	450
Accounts Payable		450
Equipment	7200
Cash		7200
Equipment	2850
Cash		1350
Accounts Payable		1500
Prepaid Advertising	375
Advertising Expense	125
Cash		500
Insurance Expense	225
Cash		225
Cash	2625
Service Revenue		2625
Cash	5125
Unearned Service Revenue		5125
Accounts Recievable	1500
Service Revenue		1500
Accounts Payable	600
Cash		600
Cash	1300
Accounts Recievable		1300
Dividends	1000
Cash		1000

	ADJUSTING ENTRIES
A1	Interest Expense	42
	Interest Payable		42
A2	Supplies Expense	250
	Supplies		250
A3	Depreciation Expense	167
	Accumulated Depreciation-Equipment		167
A3b	Depreciation Expense	40
	Accumulated Depreciation-Equipment		40
A4	Unearned Revenue	1000
	Service Revenue		1000
A5	Accounts Recievable	330
	Service Revenue		330
A6	Salaries and Wages Expense	2060
	Salaries and Wages Payable		2060
A7	Utility Expense	150
	Utilities Payable		150
A8	Income Tax Expense	167
	Income Tax Payable		167

	CLOSING ENTRIES
C1	Service Revenue	5455
	Income Summary		5455
C2	Income Summary	4126
	Salaries and Wages Expense		2060
	Depreciation Expense		207
	Insurance Expense		225
	Utilities Expense		150
	Income Tax Expense		167
	Interest Expense		42
	Supplies Expense		250
	Rent Expense		900
	Advertising Expense		125
C3	Income Summary	1354
	Retained Earnings		1354
C4	Retained Earnings	1000
	Dividends		1000

JACKSON TUTORINGSERVICES, INC. WORKSHEET 1/31/2018
	Unadjusted				Adjusted
	Trial Balance		Adjusting Entries		Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	6,275				6,275				6,275
Supplies	450			250	200				200
Accounts Rec.	200		330		530				530
Prepaid Advertising	375				375				375
Equipment	10,050				10,050				10,050
Accum. Depr.				207		207				207
Notes Payable		5,000				5,000				5,000
Interest Payable				42		42				42
Unearned Revenue		5,125	1,000			4,125				4,125
Accounts Payable		1,350				1,350				1,350
Utilities Payable				150		150				150
Inc. Taxes Payable				167		167				167
Sal. & Wages Pay.				2,060		2,060				2,060
Common Stock		4,000				4,000				4,000
Dividends	1,000				1,000
Retained Earnings										329
Service Revenue		4,125		1,330		5,455		5,455
Sal. & Wages Exp.			2,060		2,060		2,060
Depr. Exp.			207		207		207
Insurance Expense	225				225		225
Utilities Expense			150		150		150
Income Tax Exp.			167		167		167
Interest Exp.			42		42		42
Suppies Expense			250		250		250
Rent Expense	900				900		900
Advertising Exp.	125				125		125
	19,600	19,600	4,206	4,206	22,556	22,556	4,126	5,455	17,430	17,430
								1,329

JACKSON TUTORINGSERVICES, INC.
Post-Closing TrialBalance
31-Jan-18
	Account Title	Debit	Credit
	Cash	$6,275
	Equipment	10050
	Supplies	200
	Prepaid Advertising	375
	Accounts Recievable	530
	Accumulated Depreciation		207
	Accounts Payable		1350
	Notes Payable		5000
	Interest Payable		42
	Salaries and Wages Payable		2060
	Income Tax Payable		167
	Utilities Payable		150
	Unearned Revenue		4125
	Common Stock		4000
	Retained Earnings		$329





		$17,430	$17,430

	Totals

Issued commonstock in exchange for $4,000 cash.
Borrowed $5,000by issuing a 2-year, 10% note payable to SunTrust Bank.
Paid $900 for Januaryrent.
Purchased supplies on accountfor $450 from Traveler's Supply Company.
Purchasedequipment for $7,200 cash from DSI Computer Company. The equipmenthas a 3 year life and a $1,200 salvage value.
Purchasedadditional equipment from Bebo's Office Supply Co., paying cash of$1,350 and putting $1,500 on account. The equipment has a 5 yearlife and $450 salvage value.
Paid $125 foradvertisements to run in the current month and $375 for ads to runin February-April.
Paid the January insurancepremium of $225.
Performed services for $2,625cash.
Received cashadvance of $5,125 for services to be performed on a 5- monthcontract beginning in January.
Performed services and billedcustomers $1,500.
Made a $600 payment on accountto Traveler's Office Supply Company .
Collected $1,300 fromcustomers on account.
Declared and paid dividends of$1,000 cash.


Journalize transactions 1-14on page 1 of the general journal. Label the entries 1-14.
Post the journalentries to the ledger t-accounts using Excel formulas. Include thejournal entry number as a posting reference.
Prepare a worksheet formattingthe cells in Excel and using the following information:
1	Accrue interest expense onthe note assuming that the date of the loan was January 2 (use30/360 and round to the nearest dollar).
2	Supplies on hand at January 31 total $200.
3	Assume that all of theequipment was purchased at the beginning of January. Record Januarydepreciation expense using the straight-line method (round to thenearest dollar).
4	The cash advance is earned ratably over the 5-monthperiod.
5	The company has earned $330of revenue that has not yet been billed to customers.
6	Jackson pays its employees onthe first of every month. Salaries earned during the month ofJanuary total $2,060.
7	On January 29, Jacksonreceived the current month's utility bill for $150. The bill is dueon February 16.
8	Jackson estimates that the company will pay anincome tax rate of 11%.