UNV 103 All Weeks Discussions, Journal and Assignments Entire Course

UNV 103 All Weeks Discussions, Journal and Assignments Entire Course in $111 Only

UNV 103 Discovering GCU Tools, Resources and Developing Good Time Management

UNV 103 Full Course

UNV 103 Topic 1: DQ 1

Prior to answering your first initial Discussion Question (DQ), please do the following to better prepare yourself on how to respond to the required DQs each week:

Read the “Communications Expectations Resource,” (located in the Topic 1 Material). This outlines specific expectations for DQ participation and posts.

Discussion Question:

John’s House Painting Company _Journal to Financial statements

John’s House Painting Company _Journal to Financial statements in $11 only (Instant Download)John’s House Painting Company _Journal to Financial statements

Free Sample Answer Given Below

John’s House Painting Company has the following transactions for the year

1. December 1 – Issued capital stock for $100,000 to start a house painting business.

2. December 1 – Paid one year insurance premium costing $4,800.

3. December 1 – Paid gas expense $200.

4. December 1 – Purchased equipment costing $4,800 on credit.

5. December 12 – Purchased supplies costing $800 on credit.

6. December 18 – Painted three houses totaling $12,000 and billed customers.

7. December 23 – Painted three rooms and billed customers $500.

8. December 28 – Received $2,000 for houses painted in #6.

9. December 31 – Paid for equipment purchased in #4.

10. December 31 – Received $1,000 for a job to paint a house in January next year.

11. December 31 – Paid a $1,000 dividend.

Required:

1. Prepare journal entries for the above transactions.

2. Post the above transactions to T Accounts.

3. Prepare a Trial Balance.

4. Prepare adjusting entries in journal format and post to T Accounts.

  • Supplies on Hand December 31 was $400.
  • The Equipment is to be depreciated over 48 months starting with December. (HINT; Record one month depreciation expense).
  • Wages owed but not paid on December 31 was $200.
  • One month of insurance has expired.

5. Prepare an Adjusted Trial Balance.

6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet.

7. Prepare closing entries in journal format and post to the T Accounts.

8. Prepare a Post-Closing Trial Balance.

Sample Answer:

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Kelly Consulting PC_Journal to Balance Sheet

Kelly Consulting PC_Journal to Balance Sheet in $44 only (Instant Download)Kelly Consulting PC

Kelly Pitney began her consulting business, Kelly consulting PC on April, 2012. The accounting cycle for Kelly Consulting for April, including financial statement, was illustrated on pages 163-173. During May, Kelly consulting entered into the following transaction.

May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $3000 .
May 5. Received cash from clients on account, $2100 .
May 9. Paid cash for newspaper advertisement, $300 .
May 13. Paid Office Stations Co. for part of the debt incurred on April 5, $400.
May 15. Recorded services provided on account for the period May 1-15 , $7,350 .
May 16. Paid part-time receptionist for two weeks’ of salary including the amount owed on April 30, $750.

Record the following transaction on Page 6 of the journal
May 17. Recorded cash from cash clients for fees earned during the period May 1-16 , $6,150.
May 20. Purchases supplies on account , $600
May 21. Recorded services provided on account for the period May 1-16, $6,175.
May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $ 3,125.
May 27. Received cash from clients on account, $11,250 .
May 28. Paid part-tome receptionist for two weeks’ salary, $750
May 30. Paid telephone bill for May, $120.
May 31. Paid electricity bill for May, $290.
May 31. Recorded cash from cash clients for fees earned for the period May 26-31, $2,800.
May 31. Recorded services provided on account for the remainder of May, $1,900 .
May 31. Paid dividends of $15,000.

Instructions:
1. The chart of accounts for Kelly Consulting is shown on page 164, and the post-closing trial balance as of April 30, 2012, is shown on page 171. For each account in the post-closing trial balance enter the balance in the appropriate Balance column of the four-column account. Date the balances May, 1, 2012 and lace a ache mark in the posting reference column. Journalize each of the May transactions in the two column journal starting on page 5 of the journal and using Kelly consulting chart of accounts. (Do not insert the account number in the journal at this time)
2. Post the journal to a ledger of four-column accounts.
3. Prepare an unadjusted trial balance.
4. At the end of May, the following adjustment data were assembled. Analyze and use these data to comple part (5) and (6).
A. insurance expired during May is $300.
B. Supplies on hand on May 31 are $750
C. depreciation fo office equipment for May is $330
D. Accrued receptionist salary on May 31 is $300
E. Rent expired during May in $1,600 .
F Unearned fees on May 31 are $1,500 .
5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheets worksheet and complete the spreadsheet.
6.Journlalize and post the adjusting entries. Record the adjusting entries on page 7 of the journal.
7. Prepare an adjusted trial balance.
8. Prepare on income statement, retained earnings statement, and a balance sheet.
9. Prepare and post the closing entries. Record the losing entries on Page 8 of the Journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns apposite the closing entry.
10. Prepare a post-closing trial balance.

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If you need any type of help regarding Homework, Assignments, Projects,  Case study, Essay writing or anything else then just email us at question@solvemyquestion.com.  We will get back to you ASAP. Do not forget to maintain the time frame you need your work to be done.

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