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i need help with practice set part B. Practice Set: Bob Morales owns a company called...

i need help with practice set part B.
Practice Set: Bob Morales owns a company called Road Rash Motorcycle Repair Shop. You have been hired by Bob as his bookkeepe
1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts
Practice Set: Bob Morales owns a company called Road Rash Motorcycle Repair Shop. You have been hired by Bob as his bookkeeper. After talking to Bob, you prepare his chart of accounts: Road Rash Motorcycle Repair Shop Chart of Accounts Account Account Name 101 Cash 102 Accounts Receivable 103 Supplies 201 Accounts Payable 301 B. Morales, Capital 302 B. Morales, Drawing 401 Service Revenue 501 Rent Expense 502 Supplies Expense 503 Advertising Expense 504 Utilities Expense The first month of business for Road Rash Motorcycle Repair Shop is June 2020, and the transactions are: Date Transaction 6/01/2020 Bob opened the bank account and deposited $5,000 for his capital contribution 6/02/2020 Bob rents space for his shop and paid $500 for rent 6/03/2020 Bob purchased supplies for the shop and paid cash of $2,000. 6/10/2020 Bob took out an ad in Bikers Weekly, a local magazine, for $200 which will be paid next month 6/22/2020 Bob repaired a motorcycle for a customer. The customer paid cash of $1,200. 6/30/2020 Bob transferred $500 to his personal bank account from the business bank account. Page 1 Practice Set Instructions
1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600. 2. Record the journal entries for the June transactions using General Journal Page 1. Make sure that you include 3. Post the entries to the general ledger. When you post your entries to the general ledger, use J1 to indicate Practice Set Part A: explanations. to General Journal page 1 in the ref column. 4. Calculate the balances in the general ledger accounts. 5. Prepare the Unadjusted Trial Balance Columns in the worksheet by adding all the accounts from the general ledger. Make sure you properly complete the heading. After completing the Unadjusted Trial Balance, compare the balance you calculated with the check figure, Unadjusted Trial Balance each column should be $6,400. Do not move on until your trial balance agrees. Resources: In your textbook, page 2-13 discusses the chart of accounts. Pages 2-7 to 2-9 contain step byn Solenoinstructions on how to journalize transactions and pages 2-10 to 2-12 shows how to post the transactions general ledger and pages 4-2 to 4-4 contain instructions on how to complete the worksheet. This assignment is graded for completion and the correct answers will be posted after the due date. Submit your assignment by attaching your excel worksheet to the Practice Set Part A Assignment in Canvas. Practice Set Part B: 6. Prepare the following adjustments in the worksheet: a. During June, Bob performed services for clients which were not billed for $3,200. b. Bob received the electric bill for the shop for $185 which he will pay next month. c. At the end of the month $250 in office supplies were remaining. 7. Prepare the Adjusted Trial Balance Columns in the worksheet. After completing the Adjusted Trial Balance, compare the balance you calculated with the check figure, Adjusted Trial Balance each column should be: $9,785. Do not move on until your trial balance agrees. Resources: Pages 4-5 through 4-7 in your textbook contain instructions on how to complete the worksheet. 8. Prepare the adjusting journal entries on the tab General Journal Page 2 for the adjustments from Step #6. 9. Post the adjusting entries to the General Ledger and calculate the new general ledger balances. When you post your entries to the general ledger, use J2 to indicate General Journal page 2 in the ref column. This assignment is graded for completion and the correct answers will be posted after the due date. Submit your assignment by attaching your excel worksheet to the Practice Set Part B Assignment in Canvas.
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Answer #1

Set Part B:

6) Journal Entries:

Date

Acc Titles

Debit $

Credit $

a

Acc Receivable

3200

Service revenue

3200

(services performed now booked)

b

Utilities exp.

185

Acc. Payable

185

(electric bill made due)

c

Supplies exp.

1750

Supplies

1750

(supplies expense booked)

7 & 8) Worksheet:

Acc. Titles

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Debit $

Credit $

Debit $

Credit $

Debit $

Credit $

Cash

3200

3200

Accounts Receivable

3200

3200

Capital

5000

5000

rent exp.

500

500

Supplies

2000

1750

250

Advertising exp.

200

200

Acc. Payable

200

185

385

Service revenue

1200

3200

4400

Withdrawals

500

500

Utilities exp.

185

185

Supplies exp.

1750

1750

Total

6400

6400

5135

5135

9785

9785

9) ledger accounts:

DEBIT

AMOUNT $

CREDIT

AMOUNT $

Accounts Receivable a/c

a

3200

CB

3200

Supplies a/c

OB

2000

c

1750

CB

250

Acc. Payable a/c

CB

385

OB

200

b

185

Service revenue a/c

CB

4400

OB

1200

a

3200

Utilities expense a/c

b

185

Supplies expense a/c

c

1750

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