Question

with balance sheet and income statement too.

thanks

3.39 Journalizing. Pastime and Preparing B. and Preparing a Trial Balance Jersey Enterprises uses the following 8 Is its balance as of January 1, 2020. Identify each amount as a debit balance o owing general leder accounts in its accounting system. Listed for each acco alance or a credit balance, making sure that Total Debits - Total Credits Cash Accounts Receivable Supplies on Hand (Asset) Office Equipment Accumulated Depreciation Office Equipmt Accounts Payable Common Stock Retained Earnings Fee Revenue Selling Expense Salary Expense Balance $ 80,000 85,000 30,000 325,000 135,000 70,000 90,000 225,000 In early January 2020, Jersey Enterprises engaged in the following transactions: January 2 Paid $30,000 on accounts payable January 5 Purchased $2,100 of supplies with cash Purchased office equipment for $4,700 cash January 6 Earned and received fees (revenues) of $16,400 from customers January 7 Paid selling expenses of $7,100 January 8 Received $25,000 from customers who had owed money at January 1 January 9 Paid employee salaries of $15,200 Required: Why do some of Jersey's accounts have zero balances at the beginning of January? Make a single compound journal entry for all of the opening balances at January 1, 2020. Prepare general ledger accounts for Jersey Enterprises as of January 1, 2020 and post the opening balance to each account. d. Make journal entries for each of the transactions described above for January 2.9. e. Post the journal entries to the general ledger accounts, and calculate balances as of January 9. f. Prepare a trial balance for Jersey Enterprises as of January 9, 2020. - There are some of the Accounts that have a zero Balance Is because it had to be close Al he End of the Period so that it could start an A Clear State. Revene & Expense Are considered As lemporary Accounts, which including Expense, Revene and Dividends. And they Required to Have A zero balance in Each Accountin Period.

Answer 1

16,400 Jersey Enterprises Income Statement For the Period Ended January 9, 2020 Revenues Fee Revenue Expenses Selling Expense Salary Expense Total Expenses Net Income (Loss) 7,100 15,200 22,300 (5,900) Statement of Retained Earnings For the Period Ended January 9, 2020 Beginning balance, January 1, 2020 Net Income (Loss) Less Dividends Ending Balance, January 9, 2020 225,000 (5,900) 219,100

Jersey Enterprises Balance Sheet As of January 9, 2020 Assets Current Assets Cash Accounts Receivable Supplies on Hand Total Current Assets 40,000 Liabilities & Stockholders Equity Current Liabilities 62,300 Accounts Payable 60,000 32.100 154,400 Property, Plant & Equipment Office Equipment Accumulated Depreciation Office Equipment Total Property, Plant & Equipment Stockholders Equity 329,700 Common Stock (135,000) Retained earnings 194,700 Total Stockholders Equity 90,000 219,100 309,100 Total Assets 349,100 Total Liabilities & Stockholders Equity 349,100

Debit Credit Jersey Enterprises Journal entries Date Account Reqb 1-Jan Cash Accounts Receivable Supplies on Hand Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Common Stock Retained Earnings Reqd 2-Jan Accounts Payable Cash $ 80,000 $ 85,000 $ 30,000 $ 325,000 $ 135,000 $ 70,000 $ 90,000 $ 225,000 $ 30,000 $ 30,000 $ 2,100 5-Jan Supplies on Hand Cash $ 2,100 $ 4,700 5-Jan Office Equipment Cash $ 4,700 $ 16,400 6-Jan Cash Fee Revenue $ 16,400 $ 7,100 7-Jan Selling Expense Cash $ 7,100 $ 25,000 8-Jan Cash Accounts Receivable $ 25,000 $ 15,200 9-Jan Salary Expense Cash $ 15,200

Credit Jersey Enterprises T Accounts Date Debit Date Credit Date Cash Op bal $ 80,000 2-Jan $ 30,000 Op bal 6-Jan $ 16,400 5-Jan $ 2,100 8-Jan $ 25,000 5-Jan $ 4,700 7-Jan $ 7,100 9-Jan $ 15,200 Debit Date Credit Date Debit Date Accounts Receivable Supplies on Hand $ 85,000 8-Jan $ 25,000 Op bal $30,000 5-Jan $ 2,100 Bal. Bal. Bal. $ 32,100 $ 62,300 Office Equipment $325,000 $ 4,700 $ 60,000 Accum. Depr.- Office Equip Op bal $135,000 Op bal 5-Jan $135,000 Bal. $329,700 Accounts Payable 2-Jan $ 30,000 Op bal Bal. Common Stock Op bal Retained Earnings Op bal $ 70,000 $ 90,000 $225,000 $ 40,000 $ 90,000 $225,000 Bal. Fee Revenue 6-Jan Bal. Selling Expense $ 7,100 Bal. Salary expense $ 15,200 $ 16,400 7-Jan 9-Jan Bal. $16,400 Bal. $ 7,100 Bal. $ 15,200

Jersey Enterprises Account Names Cash Accounts Receivable Supplies on Hand Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Common Stock Retained Earnings Fee Revenue Selling Expense Salary Expense Totals Trial Balance Debit Credit 62,300 60,000 32,100 329,700 135,000 40,000 90,000 225,000 16,400 7,100 15,200 506,400 506,400