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The t-accounts, ledger, unadjusted trial balance, adjustments, adjusted trial balance, financial statements, cash flows, closing entries, and post closing toal balance need to be completed.

Journal

T-Accounts

Ledger

Unadjusted TB

Adjustments

Adjusted TB

Financial Statements

Cash Flow

Closing Entries

Post Closing TB

try # Debit Credit 1 Account Names Started Corporation with $10,000.00 in exchange 10,000 shares common stock cash common stock $10,000.00 $10,000.00 2 Purchased a Computer for Cash $1,000.00 computer cash $ 1,000.00 $ 1.000.00 3 Paid the Rent for three Months in Advance $1500.00 prepaid rent cash $ 1,500.00 S 1,500.00 4 Did Work for $500.00 Cash cash 500.00 revenue 500.00 5 Bought Supplies for $250.00 Account supplies accounts payable S250.00 $ 250.00 6 Paid Wages of $1,500.00 wage expense $ 1,500.00 Journal T Accounts Copy of Ledger Copy of Unadiusted TR D Paid Wages of $1,500.00 wage expense cash $ 1,500.00 $ 1,500.00 Received $15,000.00 for work to be done next month cash $ 15,000.00 unearned revenue $15,000.00 3 Paid Advertising Fees to Google $1,500.00 advertising expense cash $ 1,500.00 $ 1,500.00 Purchased $1,500.00 of Supplies for Cash supplies cash 1,500.00 S 1500.00 10 Completed Work on Account and sent an INvoice for $1,000.00 accounts recievable revenue $ 1.000.00 S 1,000.00 Issued 5% Bond with a Face/Par Value of $1,000.00 for $1,100.00 Pays % Annually Cash Bonds Payable Bond Premium + Journal T Accounts Copy of Ledger - Type here to search Copy of Unadjusted TB e ! o revenue $ 1,000.00 11 Issued 5% Bond with a Face/Par Value of $1,000.00 for $1,100.00 Pays % Annually Cash Bonds Payable Bond Premium 12 Issued 100 shares $100.00 Par Value Preferred Stock Pays 10% Annually Cash Preferred Stock 2019 Paid the interest on the bond one year later and amortized the Premium 50.00 50.00 201 20 2019 Paid the Dividends on the Preferred Stock 1000 1000 Cash Computer Common Stock Marketing/Advertising Exp Accum.Depreciation Retained Earnings Supplies Expense Accounts Receivable Accounts Payable Revenue Rent Expense Prepaid Rent Depreciation Expense Wage Expense Supplies Unearned Revenue Interest Expense INCOME SUMMARY 5 F 1 BALANCE Debit Credit 2 Debit Credit Date Account-Cash 5 2 . 10 ** 12 ta 16 17 Account- Prepaid Insurance 20 + E Journal T Accounts Copy of Ledger A Account- Prepaid Insurance Account -Supplies Account- Merchandise Inventory Buy Lumber$ 2.00 Buy Lumber $3.00 Buy Lumber $4.00 Made a sale Account - Computer Account - Accumulated Depreciation Adjusting Entry Account- Accounts Payable Bulumhor $200 + Sauna x Account- Accounts Payable Buy Lumber $2.00 Supplies Bought Buy Lumber $3.00 Buy Lumber $4.00 Account - Dividends Payable Account- FICA Payable Account- Medicare Payable Account - FIT Payable fx D Account - FIT Payable B 5 Account - Blue Cross Blue Shield 62 $5.00 Account - World Vision Payable B $5.00 $0.00 44 $5.00 60 Account - Wages Payable Account - FUTA Payable $1.00 $1.00 $0.00 $1.000 Account - SUTA Payable $5.00 $5.00 $5.00 73 Account - Bond Payable $1,000.00 $1,000.00 Account - Amortization of Bond Premium $100.00 $100.00 2 ani An x D F Account - Amortization of Bond Premium $100.00 $100.00 $20.00 $80.00 Account - Preferred Stock $10,000.00 $10,000.00 Account- Common Stock $5,000.00 $5,000.00 Account - APIC C/S $5,000.00 $5,000.00 Account - Treasury Stock $2,000.00 $2,000.00 Account - Retained Earnings Paid dividend Paid dividend $1,000.00 $1,000.00 $1,000.00 $2,000.00 Account - Dividends Acraint inramo imman e 00 Account Income Summary Close Revenue Close Expense -Close Income Summary 100 564 Account - Revenue Record Sale 154 $1,500.00 $1,500.00 102 Account -Cost of Goods Sold 104 $550.00 $550.00 Account - Depreciation Expense $20.00 $20.00 Account -Supplies Expense $300.00 $300.00 Account - Bank Charges $36.251 $36.25 Account -Insurance Expense $250.000 $250.000 MA fx F 111 112 113 Account -Supplies Expense $300.00 $300.00 110 115 Account - Bank Charges $36.25 $36.25 116 7 Account -Insurance Expense $250.00 $250.00 110 $50.000 Account - Interest Expense Amortize Bond Premium $50.00 $30.00 116 $20.00 Account - Payroll Tax Expense $13.75 $13.75 124 Account - Wage Expense $100.00 $100.00 6,350.00 22.691.00 Unadjusted Trial Balance 1 3 Cash * Accounts Receivable : Prepaid Insurance Prepaid Rent ; Supplies Computer Accumulated Depreciation Accounts Payable Unearned Revenue 119 Common Stock Retained Earnings Dividends Revenue * Wage Expense Depreciation Expense Payroll Expense - Marketing Expense Rent Expense * Supplies Expense Totals S 26,350.00 Bank Reconciliation The Balance per the Bank is $12,300.00 There is a bank charge of $36.25 Balance Per the Bank $ 12,300.00 Additions Deductions Adjusted Balance Balance Per the General Ledger $ 12,336.25 Additions Deductions Adjusted Balance Credit ADJUSTING ENTRIES Compute 1 Month Depreciation for a computer you paid $1,000.00 Debit Salvage is $100.00 Life 60 Months or 5 Years depred acc 15.00 $ 15.00 We only counted Supplies left of $500.00 $ 1,250.00 $ 1,250,00 Need to bill $2000.00 of accured revenue $ 2,000.00 $ 2,000.00 Make the adjusting entry for the prepaid rent All! Copy of Adjustments - Copy of Adjusted Trial Balances Copy of Financial Statements Cash Flow Need to bill $2000.00 of accured revenue $ 2,000.00 $ 2,000.00 Make the adjusting entry for the prepaid rent 500.00 $ 500.00 You earned all the revenue received in advance $ 15,000.00 $ 15,000.00 04 Debit Credit 2 & - Cash Accounts Receivable - Prepaid Insurance - Prepaid Rent Supplies Computer Accumulated Depreciation Accounts Payable Unearned Revenue 3 13 Common Stock * Retained Earnings Dividends Revenue Wage Expense Depreciation Expense Payroll Expense Marketing Expense Rent expense Supplies Expense Totals For the Month Ended July 31th, 2020 $ $ 1,000.00 Revenue : 5 Less: Cost of Goods Sold Gross Profit Expenses: Depreciation $ 100.00 - Total Expenses - Income from Operations $ 100.00 900.00 $ Total Expenses Net Income This Could Be Your Company, LLC Statement of Retained Earnings For the Month Ended July 31th, 2020 Retained Earnings, July 1st, 2020 S Plus Net Income Less Dividends S Retained Earnings, July 31th, 2020 This Could Be Your Company, LLC Balance Sheet This Could Be Your Company, LLC Balance Sheet July 31st 2020 22 Assets Liabilities - Cash e Accounts Receivable * Prepaid Rent Supplies Total Current Assets * Computer Less: Accumulated Depreciation Net Property Plant and Equipment Accounts Payable Bond Payable Premium on Bond Total Liabilities Preferred Stock Common Stock APIC - Common Stock Treasury Stock Retained Earnings Total Stockholder's Equity Total Liabilities & Stockholder's S Total Assets S B c 12 Total Cash Flow from Investing Activities 14 15 16 17 18 Financing Dividends Paid $ Sale of Stock Purchase of Stock $ Issue Bond $ Total Cash Flow from Financing Activities Change in Cash for the Period Beginning Cash April 1st, 2018 Ending Cash November 30th, 2018 20 $ 24 $ a 34 26 A B D 1 Journal 2 Closing Entries Debit Credit CO 1)Close Revenue to Income Summary Revenue 5 Income Summary 2)Close Expenses to Income Summary g Income Summary 9 Sales Discount 10 Cost of Goods Sold Bank Expense 12 18 Depreciation Expense Payroll Expense Payroll Taxes Expense THE + Ences Copy of Financial Statements aata B C D 12 Depreciation Expense 05 Payroll Expense 14 Payroll Taxes Expense 15 Rent Expense 16 Supplies Expense 17 Marketing Expense 18 3) Close Income Summary to Retained Earnings 19 Retained Earnings 20 Income Summary 21 22 4) Close Dividends to Retained Earnings 23 Retained Earnings 24 Dividends 25 2 31-Jul-20 Debit Credit Cash Accounts Receivable Prepaid Rent Supplies Computer Accumulated Depreciation 13 Accounts Payable Unearned Revenue Common Stock Retained Earnings 14 Dividends Revenue * Wage Expense Depreciation Expense Totals try # Debit Credit 1 Account Names Started Corporation with $10,000.00 in exchange 10,000 shares common stock cash common stock $10,000.00 $10,000.00 2 Purchased a Computer for Cash $1,000.00 computer cash $ 1,000.00 $ 1.000.00 3 Paid the Rent for three Months in Advance $1500.00 prepaid rent cash $ 1,500.00 S 1,500.00 4 Did Work for $500.00 Cash cash 500.00 revenue 500.00 5 Bought Supplies for $250.00 Account supplies accounts payable S250.00 $ 250.00 6 Paid Wages of $1,500.00 wage expense $ 1,500.00 Journal T Accounts Copy of Ledger Copy of Unadiusted TR D Paid Wages of $1,500.00 wage expense cash $ 1,500.00 $ 1,500.00 Received $15,000.00 for work to be done next month cash $ 15,000.00 unearned revenue $15,000.00 3 Paid Advertising Fees to Google $1,500.00 advertising expense cash $ 1,500.00 $ 1,500.00 Purchased $1,500.00 of Supplies for Cash supplies cash 1,500.00 S 1500.00 10 Completed Work on Account and sent an INvoice for $1,000.00 accounts recievable revenue $ 1.000.00 S 1,000.00 Issued 5% Bond with a Face/Par Value of $1,000.00 for $1,100.00 Pays % Annually Cash Bonds Payable Bond Premium + Journal T Accounts Copy of Ledger - Type here to search Copy of Unadjusted TB e ! o revenue $ 1,000.00 11 Issued 5% Bond with a Face/Par Value of $1,000.00 for $1,100.00 Pays % Annually Cash Bonds Payable Bond Premium 12 Issued 100 shares $100.00 Par Value Preferred Stock Pays 10% Annually Cash Preferred Stock 2019 Paid the interest on the bond one year later and amortized the Premium 50.00 50.00 201 20 2019 Paid the Dividends on the Preferred Stock 1000 1000 Cash Computer Common Stock Marketing/Advertising Exp Accum.Depreciation Retained Earnings Supplies Expense Accounts Receivable Accounts Payable Revenue Rent Expense Prepaid Rent Depreciation Expense Wage Expense Supplies Unearned Revenue Interest Expense INCOME SUMMARY 5 F 1 BALANCE Debit Credit 2 Debit Credit Date Account-Cash 5 2 . 10 ** 12 ta 16 17 Account- Prepaid Insurance 20 + E Journal T Accounts Copy of Ledger A Account- Prepaid Insurance Account -Supplies Account- Merchandise Inventory Buy Lumber$ 2.00 Buy Lumber $3.00 Buy Lumber $4.00 Made a sale Account - Computer Account - Accumulated Depreciation Adjusting Entry Account- Accounts Payable Bulumhor $200 + Sauna x Account- Accounts Payable Buy Lumber $2.00 Supplies Bought Buy Lumber $3.00 Buy Lumber $4.00 Account - Dividends Payable Account- FICA Payable Account- Medicare Payable Account - FIT Payable fx D Account - FIT Payable B 5 Account - Blue Cross Blue Shield 62 $5.00 Account - World Vision Payable B $5.00 $0.00 44 $5.00 60 Account - Wages Payable Account - FUTA Payable $1.00 $1.00 $0.00 $1.000 Account - SUTA Payable $5.00 $5.00 $5.00 73 Account - Bond Payable $1,000.00 $1,000.00 Account - Amortization of Bond Premium $100.00 $100.00 2 ani An x D F Account - Amortization of Bond Premium $100.00 $100.00 $20.00 $80.00 Account - Preferred Stock $10,000.00 $10,000.00 Account- Common Stock $5,000.00 $5,000.00 Account - APIC C/S $5,000.00 $5,000.00 Account - Treasury Stock $2,000.00 $2,000.00 Account - Retained Earnings Paid dividend Paid dividend $1,000.00 $1,000.00 $1,000.00 $2,000.00 Account - Dividends Acraint inramo imman e 00 Account Income Summary Close Revenue Close Expense -Close Income Summary 100 564 Account - Revenue Record Sale 154 $1,500.00 $1,500.00 102 Account -Cost of Goods Sold 104 $550.00 $550.00 Account - Depreciation Expense $20.00 $20.00 Account -Supplies Expense $300.00 $300.00 Account - Bank Charges $36.251 $36.25 Account -Insurance Expense $250.000 $250.000 MA fx F 111 112 113 Account -Supplies Expense $300.00 $300.00 110 115 Account - Bank Charges $36.25 $36.25 116 7 Account -Insurance Expense $250.00 $250.00 110 $50.000 Account - Interest Expense Amortize Bond Premium $50.00 $30.00 116 $20.00 Account - Payroll Tax Expense $13.75 $13.75 124 Account - Wage Expense $100.00 $100.00 6,350.00 22.691.00 Unadjusted Trial Balance 1 3 Cash * Accounts Receivable : Prepaid Insurance Prepaid Rent ; Supplies Computer Accumulated Depreciation Accounts Payable Unearned Revenue 119 Common Stock Retained Earnings Dividends Revenue * Wage Expense Depreciation Expense Payroll Expense - Marketing Expense Rent Expense * Supplies Expense Totals S 26,350.00 Bank Reconciliation The Balance per the Bank is $12,300.00 There is a bank charge of $36.25 Balance Per the Bank $ 12,300.00 Additions Deductions Adjusted Balance Balance Per the General Ledger $ 12,336.25 Additions Deductions Adjusted Balance Credit ADJUSTING ENTRIES Compute 1 Month Depreciation for a computer you paid $1,000.00 Debit Salvage is $100.00 Life 60 Months or 5 Years depred acc 15.00 $ 15.00 We only counted Supplies left of $500.00 $ 1,250.00 $ 1,250,00 Need to bill $2000.00 of accured revenue $ 2,000.00 $ 2,000.00 Make the adjusting entry for the prepaid rent All! Copy of Adjustments - Copy of Adjusted Trial Balances Copy of Financial Statements Cash Flow Need to bill $2000.00 of accured revenue $ 2,000.00 $ 2,000.00 Make the adjusting entry for the prepaid rent 500.00 $ 500.00 You earned all the revenue received in advance $ 15,000.00 $ 15,000.00 04 Debit Credit 2 & - Cash Accounts Receivable - Prepaid Insurance - Prepaid Rent Supplies Computer Accumulated Depreciation Accounts Payable Unearned Revenue 3 13 Common Stock * Retained Earnings Dividends Revenue Wage Expense Depreciation Expense Payroll Expense Marketing Expense Rent expense Supplies Expense Totals For the Month Ended July 31th, 2020 $ $ 1,000.00 Revenue : 5 Less: Cost of Goods Sold Gross Profit Expenses: Depreciation $ 100.00 - Total Expenses - Income from Operations $ 100.00 900.00 $ Total Expenses Net Income This Could Be Your Company, LLC Statement of Retained Earnings For the Month Ended July 31th, 2020 Retained Earnings, July 1st, 2020 S Plus Net Income Less Dividends S Retained Earnings, July 31th, 2020 This Could Be Your Company, LLC Balance Sheet This Could Be Your Company, LLC Balance Sheet July 31st 2020 22 Assets Liabilities - Cash e Accounts Receivable * Prepaid Rent Supplies Total Current Assets * Computer Less: Accumulated Depreciation Net Property Plant and Equipment Accounts Payable Bond Payable Premium on Bond Total Liabilities Preferred Stock Common Stock APIC - Common Stock Treasury Stock Retained Earnings Total Stockholder's Equity Total Liabilities & Stockholder's S Total Assets S B c 12 Total Cash Flow from Investing Activities 14 15 16 17 18 Financing Dividends Paid $ Sale of Stock Purchase of Stock $ Issue Bond $ Total Cash Flow from Financing Activities Change in Cash for the Period Beginning Cash April 1st, 2018 Ending Cash November 30th, 2018 20 $ 24 $ a 34 26 A B D 1 Journal 2 Closing Entries Debit Credit CO 1)Close Revenue to Income Summary Revenue 5 Income Summary 2)Close Expenses to Income Summary g Income Summary 9 Sales Discount 10 Cost of Goods Sold Bank Expense 12 18 Depreciation Expense Payroll Expense Payroll Taxes Expense THE + Ences Copy of Financial Statements aata B C D 12 Depreciation Expense 05 Payroll Expense 14 Payroll Taxes Expense 15 Rent Expense 16 Supplies Expense 17 Marketing Expense 18 3) Close Income Summary to Retained Earnings 19 Retained Earnings 20 Income Summary 21 22 4) Close Dividends to Retained Earnings 23 Retained Earnings 24 Dividends 25 2 31-Jul-20 Debit Credit Cash Accounts Receivable Prepaid Rent Supplies Computer Accumulated Depreciation 13 Accounts Payable Unearned Revenue Common Stock Retained Earnings 14 Dividends Revenue * Wage Expense Depreciation Expense Totals

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