Financial Accounting Adjusted Trial Balance Assignment Homework Help
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DESCRIPTION OF THE BUSINESS
Sophia LeBron’s vast experience in interior design provided her the opportunity to open a business of her own. She organized a corporation named My Place, House of Décor that offers decorating services to customers but subcontracts the manufacture of the merchandise needed. These subcontractors are to deal directly with the customers. After three months of successful operations, Sophia thought it would be an excellent idea to expand her business into the sale of antique furniture. She started buying merchandise inventory from a company named Golden Antiques for resale to retail stores.
TRANSACTIONS FOR JANUARY
Jan. 5 Received $60,000 from Sophia LeBron and issued 12,000 common shares of $5 par value.
5 Paid $6,000 of general liability and property insurance. The disbursement by Check No. 100 was for a complete year of service.
6 Rented an office and furniture for $2,000 per month. Issued Check No. 101 for $6,000, representing the first and last months’ rent and the security deposit. (The security deposit, the last month’s rent, and the current rent are to be classified separately.)
7 Issued Check No. 102 for $1,600 for the purchase of office supplies.
7 Issued Check No. 103 for $7,000 for advertising to be run in local newspapers and magazines in the month of January.
10 Roxana Perini engaged My Place, House of Décor to renovate her oceanfront condominium. Received $10,000 from Roxana Perini after services were completed.
12 Recorded $6,000 (net 30) decorating fees earned on account from Maribel Thompson to remodel her office.
Jan. 20 Received $8,000 from Frederick Lombart, a customer. These fees were related to services rendered to improve his office’s lobby.
25 Recorded $12,000 (net 60) decorating fees revenue earned on account from Roberto Andriani, a long-time customer who wanted to enhance his residence’s decor.
30 Issued Check No. 104 for $190 to pay the utilities bill for the month.
30 Issued Check No. 105 for $300 in payment of the telephone bill for the month.
30 Issued Check No. 106 for $200 for postage.
30 Issued Check No. 107 for $450 for business automobile expenses.
30 Issued Check No. 108 for $5,600 to Sophia LeBron for salary. (Payroll taxes are not considered in this entry. Transactions in later months will show you how to journalize payroll tax deductions and expenses.)
a) Expired insurance for the period, $500.
b) Supplies on hand as of the end of the month, $1,000.
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.
2) Prepare an unadjusted trial balance.
3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page.
4) Prepare an adjusted trial balance.
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5) Prepare a schedule of accounts receivable. List the balance of each customer account with a balance and total the balances. Compare the total to the balance of Accounts Receivable in the general ledger.
6) Prepare an income statement for the month ended January 31, 20–.
7) Prepare a retained earnings statement for the month ended January 31, 20–.
8) Prepare a balance sheet as of January 31, 20–.
9) Complete the analysis test for January.
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