Can anyone help me with the October portion of Sousa Realty Mini Practice Set fr
ID: 2555466 • Letter: C
Question
Can anyone help me with the October portion of Sousa Realty Mini Practice Set from the College Accounting A Practical Approach 13th Edition textbook by Slater in Chapter 5?
September 1, 201X: James Sousa invested $12,000 cash in the real estate agency along with $5,000 of office equipment. Sept. 1: Rented and paid 5 months' rent in advance to Murray Property Management, $1,000. Sept. 1: Bought an automobile on account from Hyundai North, $19,000. Sept. 4: Purchased office supplies from Paper Company, for cash, $600. Sept. 5: Purchased additional office supplies from Paper Company, on account, $250. Sept. 6: Sold a house to Brendan Hue and collected a $11,000 commission. Sept. 8: Paid gas bill to Haffner Gas Co., $45. Sept. 15: Paid Rosie Petrillo, office secretary, $300. Sept. 17: Sold a building lot to Tropic Developers and earned a commission, $10,000; payment to be received on October 8. Sept. 20: James Sousa withdrew $4,000 from the business to pay personal expenses. Sept. 21: Sold a house to Suzanne Horngam and collected a $7,000 commission. Sept. 22: Paid gas bill, $80, to Haffner Gas Co. Sept. 24: Paid Hyundai North $800 to repair automobile. Sept. 30: Paid Rosie Petrillo, office secretary, $300. Sept. 30: paid Comcast September telephone bill, $330. Sept. 30: Received advertising bill for September, $900, from Chicago Times. The bill is to be paid on October 2.
Required Work for September:
1. Journalize transactions and post to ledger accounts
2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data: a) One month's rent had expired. b) An inventory shows $100 of office supplies remaining. c) Depreciation on office equipment, $160. d) Depreciation on automobile, $210.
3. Prepare a Septmeber income statement, statement of owner's equity, and balance sheet.
4. From the worksheet, journalize, and post adjusting and closing entries (p. 3 of journal).
5. Prepare a post-closing trial balance.
Oct.1: Purchased additional office supplies on account from Paper Co., $850. Oct.2: Paid Chicago times advertising bill for Septmeber, $900. Oct. 3: Sold a house to Helen Baker and collected a commission of $7,300. Oct. 6: Paid gas bill to Haffner Gas Co., $29. Oct. 8: Collected commission from Tropic Developers for sale of building lot on September 17, $10,000. Oct. 12: Paid $530 to Long Realtors Assoc. to send employees to realtors' workshop. Oct. 15: Paid Rosie Petrillo, office secretary, $300. Oct. 17: Sold a house to Gary Schneider and earned a commission of $2,900. Commission to be received on November 10. Oct. 18: Sold a building lot to Lombardi Builders and collected a commission of $4,500. Oct. 22: Sent a check to Heritage Charities for $65 to help sponsor a local road race to aid the poor. (This amount is not to be considered an advertsing expense; it is a business expense and is posted to Miscellaneous Expense.) Oct. 24: Paid Hyundai North $620 for repairs to automobile due to accident. Oct. 28: James Sousa withdrew $2,200 from the business to pay personal expenses. Oct. 30: Paid Comcast telephone bill, $480. Oct. 30: Advertising bill from Chicago Times for October, $1,300. The bill is to be paid on November 2.
Required Work for October:
1. Journalize transactions in a general journal (p.4) and post to ledger accounts.
2. Prepare a trial balance in the first two columns of a blank, fold-out worksheet located at the end of your textbook at the end of your textbook and complete the worksheet using the following data: a) One month's rent had expired. Paid 5 months' rent in advance on September 1, $1,000. b) An inventory shows $130 of office supplies remaining. c) Depreciation on office equipment, $160. d) Depreciation on automobile, $210.
3. Prepare an October income statement, statement of owner's equity, and balance sheet.
4. From the worksheet, journalize and post adjusting and closing entries (p. 6 of journal).
5. Prepare a post-closing trial balance.
Explanation / Answer
September work
October work
Sep Particulars Dr/Cr Amount 1 Cash Dr 12,000 Office Equipment Dr 5,000 Capital Cr -17,000 1 Advance rent Dr 5,000 Cash Cr -5,000 1 Automobile Dr 19,000 Hyundai North Cr -19,000 4 Office Stationery Dr 600 Cash Cr -600 5 Office Stationery Dr 250 Paper Company Cr -250 6 Cash Dr 11,000 Commission Income Cr -11,000 8 Gas expenses Dr 45 Cash Cr -45 15 Salary Dr 300 Cash Cr -300 17 Tropic Developers Dr 10,000 Commission Income Cr -10,000 20 Drawings Dr 4,000 Cash Cr -4,000 21 Cash Dr 7,000 Commission Income Cr -7,000 22 Gas expenses Dr 80 Cash Cr -80 24 Repair expenses Dr 800 Cash Cr -800 30 Salary Dr 300 Cash Cr -300 30 Telephone expenses Dr 330 Cash Cr -330 30 Advertising expenses Dr 900 Chicago times Cr -900 30 Rent Dr 1,000 Advance Rent Cr -1,000 30 Depreciation Dr 160 Office Equipment Cr -160 30 Depreciation Dr 210 Automobile Cr -210