Question

Please fill out the journal entry and then fill out the blue section of the worksheet entry based on the information which is in blue. This is an accounting project 1 part 2. Please complete this as soon as possible. Thank you.

BEGINNING NUMBERS JANUARY ENTRIES ADJUSTMENTS ADJUSTED TRIAL BALANCE 49,200 37586 8950 63.210 11500 5.650 9,000 UNADJUSTED TRIAL BALANCE 74,824 2,550 16,240 9,000 58,300 67,500 10530 58,300 67,500 8.950 8,950 10,530 10,5901 5650 5,650 Cash Accounts Receivable Supplies Prepaid Rent Land Computer Equipment Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation Off Furn Accounts Payable Salaries Payable Interest Payable Unearned Revenue Long-term Notes Payable Common Stock Retained Earning Dividends Service Revenue Salaries Expense Rent Expenda Supplic. Expense Utilities Expande Interest Expenda Depreciation Expense, Comp Equip Depreciation Expense, Office Furniture 11.760 30,000 11,760 30,000 175.000 175,000 500 500 24,000 24,000 6,560 6,560 1986 1986 185,590 185,530 117.946 117.946 246,410 246410

Answer 1

The solution is provided below.

There are some assumptions taken because of lack of information.

1. Interest rate on notes payable 12%

2.Prepaid rent is of 12 month

3.Unearned revenue is of 12 month.

(If the following assumptions are incorrect just change vealues in calculation.)

Also Depreciation is shown in a single account and the assets are net of depriciation.

Date	Account	Debit Amount $	Credit Amount $
31-01-2020	Interest Expense - Dr	300.00
	Interest Payable - Cr		300.00
	(being interest accrued. Assumed 12% p.a = 30000 x 12% x 1/12)
31-01-2020	Account Receivables - Dr	6985.00
	Service Revenue - Cr		6985.00
	(being pending service reveue Recognized)
31-01-2020	Supplies Expenses -Dr	11560.00
	Supplies - Cr		11560.00
	(being supplies expenses for the month = 16240- 4680)
31-01-2020	Rent Expense -Dr	750.00
	Prepaid Rent - Cr		750.00
	(assumed that rent was prepaid of 12 months. = 9000/12)
31-01-2020	Depreciation -Dr	380.00
	Computer Equipment - Cr		295.00
	Office Furniture - Cr		85.00
	(being depreciation for the month)
31-01-2020	Unearned Revenue -Dr	980.00
	Service Revenue - Cr		980.00
	(assumed 12 months advance so =11760/12)
31-01-2020	Salaries Expense -Dr	6560.00
	Salaries Payable - Cr		6560.00
	(being salary for the month recorded)

	Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance
	Debit $	Credit $	Debit $	Credit $	Debit $	Credit $
Common Stock		175000.00				175000.00
Dividends	500.00				500.00
Long-Term Notes Payable		30000.00				30000.00
Sundry Creditors		5650.00				5650.00
Interest Payable				300.00		300.00
Salaries Payable				6560.00		6560.00
Unearned Revenue		11760.00	980.00			10780.00
Computer Equipment	67500.00			295.00	67205.00
Land	58300.00				58300.00
Office Furniture	8950.00			85.00	8865.00
Sundry Debtors	2550.00		6985.00		9535.00
Cash	74824.00				74824.00
Prepaid Rent	9000.00			750.00	8250.00
Supplies	16240.00			11560.00	4680.00
Service Revenue		24000.00		7965.00		31965.00
Depriciation			380.00		380.00
Interest Expense			300.00		300.00
Rent Expense			750.00		750.00
Salaries Expense	6560.00		6560.00		13120.00
Supplies Expenses			11560.00		11560.00
Utilities Expenses	1986.00				1986.00
Grand Total	246410.00	246410.00	27515.00	27515.00	260255.00	260255.00

Please mind if there is changes in arrangements.

Also if your need any changes in the above answer or explanation, feel free to comment, I will be happy to help.