Question

Please help me with this problem P2-36B - Please include ledger, journal, trial balance, income statement and balance sheet.

Recordi P2-36B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Beth Stewart started her practice as a design consultant on November 1, 2018. During the first month of operations, the business completed the following transactions: Nov. 1 4 6 7 10 14 15 17 20 25 28 29 30 30 30 30 Received $41,000 cash and gave capital to Stewart. Purchased office supplies, $1,200, and furniture, $2,300, on account. Performed services for a law firm and received $2,100 cash. Paid $27,000 cash to acquire land to be used in operations. Performed services for a hotel and received its promise to pay the $800 within one week. Paid for the furniture purchased on November 4 on account. Paid assistant's semimonthly salary, $1,470. Received cash on account, $500. Prepared a design for a school on account, 5680. Received $1,900 cash for design services to be performed in December. Received $3,100 cash for consulting with Plummer & Gordon. Paid $840 cash for a 12-month insurance policy starting on December 1. Paid assistant's semimonthly salary, 51,470. Paid monthly rent expense, $650. Received a bill for utilities, $650. The bill will be paid next month. Stewart withdrew cash of $2,800. Requirements 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Furniture, Accounts Payable; Utilities Payable; Unearned Revenue; Stewart, Capital; Stewart, With- drawals; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. Open a T-account for each of the accounts. 3. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 4. Prepare the trial balance of Beth Stewart, Designer, as of November 30, 2018.

Answer 1

Journals:

Date	Account	Debit	Credit
Nov.1	Cash	$              41,000
	Stewart, Capital		$                 41,000
4	Office Supplies	$                1,200
	Furniture	$                2,300
	Accounts Payable		$                   3,500
6	Cash	$                2,100
	Service Revenue		$                   2,100
7	Land	$              27,000
	Cash		$                 27,000
10	Accounts Receivable	$                    800
	Service Revenue		$                       800
14	Accounts Payable	$                2,300
	Cash		$                   2,300
15	Salaries Expense	$                1,470
	Cash		$                   1,470
17	Cash	$                    500
	Accounts Receivable		$                       500
20	Accounts Receivable	$                    680
	Service Revenue		$                       680
25	Cash	$                1,900
	Unearned Revenue		$                   1,900
28	Cash	$                3,100
	Service Revenue		$                   3,100
29	Prepaid Insurance	$                    840
	Cash		$                       840
30	Salaries Expense	$                1,470
	Cash		$                   1,470
30	Rent Expense	$                    650
	Cash		$                       650
30	Utilities Expense	$                    650
	Utilities Payable		$                       650
30	Stewart, Withdrawals	$                2,800
	Cash		$                   2,800

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Ledger accounts:

Item Amount Service Revenue Date Item Nov Amount Amount Cash Date Item Nov.1 Stewart, Capital 6 Service Revenue 17 Accounts Receivable 25 Unearned Revenue 28 Service Revenue Date 41,000 Nov 2,100 500 1,900 3,100 27,000 2,300 Date Item Noy 6 Cash 10 Accounts Receivable 20 Accounts Receivable 28 Cash $ $ 7 Land Accounts Payable Salaries Expense Prepaid Insurance 30 Salaries Expense 30 Rent Expense 30 Stewart, Withdrawals 2,100 800 680 3,100 1.470 301 Balance 6,680 $ 6,680 IS 6,680 650 2,800 30 Balance 12,070 48,600 48,600 $ Stewart, Capital Date Item Nov Amount Amount Amount Date Nov.1 Item Cash Amount 41,000 Accounts Receivable Date Item Nov 10 Service Revenue 20 Service Revenue Date Item Nov 17 Cash 500 $ $ 800 680 30 Balance 41,000 30 Balance 980 1,480 41,000 41,000 $ 1,480 Amount Item Amount Amount Item Amount Office Supplies Date Item Nov 4 Accounts Payable Date Nov Rent Expense Date Item Nov 30 Cash Date Nov $ 1,200 1 $ 650 30 Balance 30 Balance 1,200 1,200 650 650 1,200 $ 650 Furniture Date Item Amount Item Amount Amount Item Amount Date Nov Utilities Expense Date Item Nov 30 Utilities Payable Date Nov Nov 4 Accounts Payable $ 2,300 $ 650 30 Balance $ 30 Balance 650 2,300 2,300 2,300 $ 650 ulu 650

Amount Item A mount Amount Utilities Payable Date Item Nov A Accounts Payable Date Item Nov 14 Cash mount Date Nov Date Item Nov | 30 Utilities Expense $ 2,300 4 Office Supplies 4 Furniture $ $ 1,200 2,300 30 Balance $ 650 301 Balance 1,200 3,500 $ $ 3,500 $ 650 Unearned Revenue Date Item Νον A mount Amount Amount Item Amount DateItem Nov 25 Cash Stewart, Withdrawals Date Item Nov 30 Cash Date Nov $ 1,900 $ 2,800 30 Balance 30 Balance $ $ 1,900 1,900 1,900 $ $ 2,800 2,800 $ 1,900 $ 2,800 Amount Amount Item Land Date Nov A mount A Prepaid Insurance Date Item Nov 29 Cash mount DateItem Nov Date Item Nov $ $ 840 $ 27,000 30 Balance 30 Balance $ $ 27,000 27,000 $ 840 $ 27,000 Salaries Expense Date Item A mount Item Amount Date Noy Noy 15 Cash 30 Cash $ $ 1,470 1,470 .940 30 Balance $ $ 2,940 2,940 S 2
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Trial Balance:

Trial Balance
Cash	$              12,070
Accounts Receivable	$                    980
Office Supplies	$                1,200
Prepaid Insurance	$                    840
Land	$              27,000
Furniture	$                2,300
Accounts Payable		$                   1,200
Utilities Payable		$                       650
Unearned Revenue		$                   1,900
Stewart, Capital		$                 41,000
Stewart, Withdrawals	$                2,800
Service Revenue		$                   6,680
Salaries Expense	$                2,940
Rent Expense	$                    650
Utilities Expense	$                    650
	$              51,430	$                 51,430

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Income Statement and Balance Sheet:

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Balance Sheet Balance Sheet as at 30th Nov. 2018 Income Statement Statement of Income for the month ended 30th Nov. 2018 Revenue Service Revenue $ 6,680 Assets Cash Accounts Receivable Office Supplies Prepaid Insurance Total Current Asset Expenses Salaries expense Bad debts Interest expense 12,070 980 1,200 840 15,090 $ $ $ 2,940 650 650 Total Expenses $ 4,240 Furniture Land Total Non-Current Assets 2,300 27,000 29,300 Net Income - $ 2,440 Total Assets 44,390 Liabilities Accounts Payable Utilities Payable Unearned Revenue Total Current Liabilities s 1,200 650 1,900 3,750 $ $ Total Liabilities $ 3,750 $ Owner's Equity Stewart, Capital Net Income Stewart, Withdrawals Total 41,000 2,440 -2,800 40,640 $ S Total Liabilities and Owner's Equity $ 44,390

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