Can someone do the worksheet portion of the Mini Practice Set of Sousa Realty? I
ID: 2566915 • Letter: C
Question
Can someone do the worksheet portion of the Mini Practice Set of Sousa Realty? I’m having an extremely hard time with getting my numbers to match with the answers I have found on here.
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, $210.
3. Prepare a Septmeber income statement, statement of owner's equity, and balance sheet.
4. From the worksheet, journalize, and post adjusting and closing entries (p. 3 of journal).
5. Prepare a post-closing trial balance.
Explanation / Answer
Answer:
1.
Posting to Ledgers
Sousa Realty General Journal for the month of September Date Particulars Debit ($) Credit ($) 201X Sep.1 Cash 12,000 James Sousa Capital 12,000 (Being initial investment of the cash by the owner) Sep.1 Office Equipment 5,000 Cash 5,000 (Being office equioment purchased) Sep.1 Prepaid Rent 1,000 Cash 1,000 (Being paid 5 months' rent in advance to Murray Property Management) Sep.1 Automobile 19,000 Accounts Payable 19,000 (Being automobile purchased from Hyundai North) Sep.4 Office Supplies 600 Cash 600 (Being Purchased supplies for cash from Paper Company) Sep.5 Office Supplies 250 Accounts Payable 250 (Being Purchased additional office supplies from Paper Company on acct) Sep.6 cash 11,000 Commission Earned 11,000 (Being Sold a house to Brendan Hue and earned Commission) Sep.8 Gas Expense 45 Cash 45 (Being Gas bill paid to Haffner Gas Co.) Sep.15 Salary Expense 300 Cash 300 (Being salary paid to office secretary Rosie Petrillo) Sep.17 Accounts Receivable 10,000 Commission Earned 10,000 (Being building sold to Tropic Developers and earned commission) Sep.20 James Sousa Withdrawal (Drawings) 4,000 Cash 4,000 (Being cash withdrawn for personal expenses) Sep.21 cash 7,000 Commission Earned 7,000 (Being Sold a house to Suzanne Horngam and earned Commission) Sep.22 Gas Expense 80 Cash 80 (Being Gas bill paid to Haffner Gas Co.) Sep.24 Repairs Expense 800 Cash 800 (Being repair expenses paid to Hyundai North) Sep.30 Salary Expense 300 Cash 300 (Being salary paid to office secretary Rosie Petrillo) Sep.30 Telephone Expense 330 Cash 330 (Being Telephone expenses paid to Comcast)