Question

need adjusted trial balance

Mnancial Information for August Thanks so much again for helping me out, I don't have any ide prepare those confusing financial statements. All I know is that it ve any idea how to "keep the books" and know is that my bank wants them! I wrote down everything I did in August, since I wasn't August 1: 1: 2: 10: 12: 18: 1 August, since I wasn't sure what you would need, so here it is: Treurd or not) I invested $29,000 cash and $21,000 of photo of photo/video equipment into the business Purchased $4,000 worth of office equipment on account. Paid landlord $1,200 cash for the month to rent the business space. Purchased $1,500 of office supplies for the business by paying cash. I paid my landlord $700 for the month to rent my loft apartment one block away. Paid $2,900 cash for a 12-month insurance policy, which is usually priced at $3,625 but we received a new customer discount. Coverage begins August 11. Paid $4,200 cash for two weeks' salaries earned by employees. Spoke with festival officials regarding the Redondo Beach Art Festival, permit fee to enter is $300. Still need to think about whether or not to enter. Received $21.500 cash from corporate client, CocoReno Athletic Wear, for completing advertising prints. Billed band, The Verb, $6,700 for photo shoot at local club. Swiggs Bar & Grille paid a 10% deposit for their menu and web photo shoot scheduled for the September 19th. The total quote for this shoot was $3.800. Meet with Keith Barnook and Betsy Alder regarding shooting their wedding in Costa Rica this December. My quote for this event is $8,300. The couple will make a decision in September and provide me their deposit at that time. Bi-weekly salaries of $4,200 was paid. I took money out of $6,000 for myself. Paid $550 cash for minor repairs to the video equipment. I got a deal since a friend repaired the equipment, normally it would have cost $1,500. Received the August utility bill. It is for $95. I will pay it next month since it is not due until September 23rd Interviewed by local paper for a piece regarding new businesses in the area. Usually the paper charges $85 to run a quarter page ad but this article will run free of charge to us and be a great source of advertising! 22: 24: 25: 26: 27: 29: 30: 31: w

Answer 1

1.

Date	Account Titles	Debit	Credit
August		$	$
1	Cash	29,000
	Video Equipment	21,000
	Capital		50,000
1	Office Equipment	4,000
	Accounts Payable		4,000
2.	Rent Expense	1,200
	Cash		1,200
3	Office Supplies	1,500
	Cash		1,500
5	Drawings	700
	Cash		700
10	Prepaid Insurance	2,900
	Cash		2,900
12.	Salaries Expense	4,200
	Cash		4,200
15.	No journal entry required	0	0
18	Cash	21,500
	Service Revenue		21,500
22	Accounts Receivable	6,700
	Service Revenue		6,700
24	Cash	380
	Unearned Revenue		380
25	No journal entry required	0	0
26	Salaries Expense	4,200
	Cash		4,200
27	Drawings	6,000
	Cash		6,000
29	Repairs Expense	550
	Cash		550
30	Utilities Expense	95
	Utilities Payable		95
31	No journal entry required	0	0
31	Insurance Expense ( 2,900 / 365 * 20 )	159
	Prepaid Insurance		159

2.

Adjusted Trial Balance August 31
Account Titles	Debit	Credit
	$	$
Cash	29,630
Accounts Receivable	6,700
Office Supplies	1,500
Prepaid Insurance	2,741
Video Equipment	21,000
Office Equipment	4,000
Accumulated Depreciation		???
Accounts Payable		4,000
UtilitiesPayable		95
Unearned Revenue		380
Capital		50,000
Drawings	6,700
Service Revenue		28,200
Salaries Expense	8,400
Rent Expense	1,200
Insurance Expense	159
Repairs Expense	550
Utilities Expense	95
Totals	$ 82,675	$ 82,675