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Terrific Tutoring has the following transactions in the month of November 2023:

Midterm Exam--continued

Required:
1 Properly post the journal entries I have provided in the General Journal tab to the general ledger.

2 Complete the worksheet. The information you need for the adjusting entries is:

a The supplies on hand on November 30 are $3,750.

b The unearned rent account balance on November 30 is $5,250 representing the remainder of an advance
payment on October 1 of rent from tenants (three months left).

c Wages accrued but not paid at November 30 are $3,250.

d Fees accrued but unbilled at November 30 are $29,000.

e Depreciation of office equipment is $3,000.

3 Journalize and post the adjusting entries.

4 Prepare an income statement.

5 Prepare a statement of stockholders’ equity.

6 Prepare a balance sheet.

7 Journalize and post the closing entries.

8 Prepare a post-closing trial balance.

User IgorCh
by
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1 Answer

2 votes

Answer: GENERAL LEDGER

ACCOUNT: Cash ACCOUNT NO: 11

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 46,750.00

1 GJ109 7,500.00 39,250.00

3 GJ109 10,000.00 49,250.00

10 GJ109 3,500.00 45,750.00

15 GJ109 21,000.00 66,750.00

22 GJ109 10,000.00 76,750.00

30 GJ109 1,200.00 75,550.00

ACCOUNT: Accounts Receivable ACCOUNT NO: 12

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 27,000.00

15 GJ109 21,000.00 6,000.00

ACCOUNT: Supplies ACCOUNT NO: 14

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 1,150.00

1 GJ109 7,500.00 8,650.00

ACCOUNT: Prepaid Insurance ACCOUNT NO: 15

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 1,875.00

ACCOUNT: Office Equipment ACCOUNT NO: 16

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 26,000.00

ACCOUNT: Accumulated Depreciation, Office Equipment ACCOUNT NO: 17

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 7,500.00

ACCOUNT: Accounts Payable ACCOUNT NO: 21

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 8,350.00

ACCOUNT: Unearned Rent ACCOUNT NO: 22

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 5,250.00

ACCOUNT: Wages Payable ACCOUNT NO: 23

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 3,500.00

10 gj109 3,500.00 -

ACCOUNT: Taxes Payable ACCOUNT NO: 24

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

ACCOUNT: Common Stock ACCOUNT NO: 31

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 19,000.00

3 GJ109 10,000.00 29,000.00

ACCOUNT: Retained Earnings ACCOUNT NO: 32

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 26,500.00

ACCOUNT: Dividends ACCOUNT NO: 33

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 3,500.00

ACCOUNT: Fees Earned ACCOUNT NO: 41

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 218,000.00

22 GJ109 10,000.00 228,000.00

ACCOUNT: Rent Revenue ACCOUNT NO: 42

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 25,250.00

ACCOUNT: Advertising Expense ACCOUNT NO: 51

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 1,500.00

30 GJ109 1,200.00 2,700.00

ACCOUNT: Insurance Expense ACCOUNT NO: 52

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 5,475.00

ACCOUNT: Rent Expense ACCOUNT NO: 53

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 36,000.00

ACCOUNT: Wages Expense ACCOUNT NO: 54

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 118,700.00

ACCOUNT: Supplies Expense ACCOUNT NO: 55

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 6,975.00

ACCOUNT: Utilities Expense ACCOUNT NO: 56

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 29,500.00

ACCOUNT: Depreciation Expense, Office Equipment ACCOUNT NO: 57

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 3,000.00

ACCOUNT: Miscellaneous Expense ACCOUNT NO: 58

POST BALANCE

DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT

2023

Nov 1 Balance Ö 5,925.00

Step-by-step explanation:

User Nerea
by
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