I need the Post Closing Trial Balance, the a General Ledger and the unadjusted t
ID: 2483343 • Letter: I
Question
I need the Post Closing Trial Balance, the a General Ledger and the unadjusted trial balance for the following transactions :
Andrea Gomez launched a new business, Andreas’ Hot Heels Boutique Consulting; that begun operation in January 1. The following transactions were completed by the company during the first month.
Jan1. Owner invested $20,000 cash in the company.
Jan1. Paid one month of rent in cash for $1,000.
Jan1. Andreas’ Hot Heels Boutique purchased $3,000 cash in office equipment.
Jan3. The Boutique Paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on Jan 3.
Jan.4 Recived Cash from clients as an advance payment for services to be provided and recorded it as unearned fees,$2,500
Jan5. Purchased merchandise from Bogo Shoes Company for 10,000 under credit terms of 2/10, n/30, FOB shipping point, and invoice dated May 5.
Jan7. Andrea’s Hot Heels Boutique consulting, purchased $1,000 of office supplies. Jan8. The Boutique paid $1,500 cash for this month’s advertising of the opening of the business.
Jan9. Andrea invested $4,000 cash on computer equipment.
Jan12. Sold Merchandise to Paula’s Company for $4,150 under credit terms of 2/10, n/30.FOB shipping point, invoiced dated Jan 12. The merchandise has cost $1,500.
Jan13. Paid $80 cash for freight charges on the purchase of Jan 5.
Jan15. The company record service provided on account for the period of Jan 1-15, $ 5,800
Jan23. Received the balance due from Paula’s Company for the invoice dated Jan 12, net of the discount.
Jan26. Paid the balance due to Bogo Shoes Company. Whiting the discount period.
Jan28. Receive cash from clients on account $1,450 Jan29. Andrea withdrew $3,000 for personal use.
Jan31. Paid telephone bill for Jan $100
Jan31. Paid electricity bill for Jan $300
Adjusting entries for the month of January:
a. $133 of the month’s insurance coverage has expired
b. At the end of the month $600 of the office supplies are still available
c. This month depreciation on computer equipment is $200
Explanation / Answer
Particulars Debit $ Credit $ Calculation Capital 23,000 =20000+3000 Cash 4,920 =20000-1000-3000-2400+2500-1000-1500-4000-80+4150-9800+1450-100-300 Rent 1,000 1000 Office equipment 3,000 3000 Insurance expenses 2,533 =2400+133 Unearned fees - =2500-2500 Purchases 10,000 10000 Accounts payable - =10000-10000 Office suplies 1,000 1000 Advertisement expenses 1,500 1500 Computer equipment 4,000 4000 Sales 4,150 4150 Accounts receivables 1,850 =4150+5800-2500-4150-1450 Freight charges 80 80 Service revenue 5,800 5800 Discount received 200 200 Drawings 3,000 3000 Telephone charges 100 100 electricity charges 300 300 Depreciation 200 200 Accumulated Depreciation 200 200 Insurance expenses outstanding 133 133 Total 33,483 33,483