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Exercise 1 (25 points total): Geo Inc. had the following account balances on January 1, 2016: Accounts Receivable $1,000 Cash 1,000 Common Stock 1,000 Equipment 500 Note Payable 3,000 Retained Earnings 2,100 Salaries and Wages Expense 3,500 Supplies 100 During January 2016, Geo entered into the following transactions: A. 1/7/2016 - Purchased $423 of supplies for cash. B. 1/10/2016 - Provided $26,000 of services. $17,000 was received in cash and $9,000 was provided on credit to customers. C. 1/18/2016 - Signed a rental agreement for office space and paid $3,600 in advance for six months of rent beginning February 1, 2016. D. 1/31/2016 - Paid workers $8,300 for work done in January. E. 1/31/2016 - Paid $689 for utilities that were used during January 2016 Required: A. Prepare journal entries, in complete, proper format, to record the transactions identified among activities (A) through (D). A blank joumal page is available for your answer. (10 points) B. Set up T-accounts for Cash, Accounts Receivable, Supplies, Prepaid Rent, Equipment, Note Payable, Common Stock, Retained Earnings, Service Revenue, Utilities Expense and Salaries and Wages Expense. The beginning balance in each T-account should be the amount shown in the list of account balances above or $0 if the account does not appear above. Then, summarize the effects of each transaction in the appropriate T- accounts. A blank page of T accounts is available for your answer. C. After posting the journal entries to the T-accounts, show ending balances for each of the T-accounts (10 points) D. Prepare an Unadjusted Trial Balance for the period January 1 - January 31, 2016 (5 points)

Answer 1

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View ♡ General 1 - Wrap Text Merge & Center 1 - 3 Autosum * * Cut La Copy Paste - Format Painter Clipboard Calibri - 11 - AA BI U DA Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells G H 1 3 423.00 423.00 17,000.00 9,000.00 120 fx А Geo Inc. Journal Entries-January 31st Date General Journal Dr 07-Jan Supplies $ To Cash (Being amount of Supplies Purchased) 10-Jan Cash Accounts Receivable To Service Revenue (Being amount of Service Revenue) 18-Feb Prepaid Rent To Cash (Being amount paid in advance for six months rent) 31-Jan Salaries & Wages Expense To Cash (Being amount paid to workers for work done in January) 31-Jan Utilites Expenses To Cash (Being amount paid for utilites expenses) 26,000.00 3,600.00 3,600.00 8,300.00 8,300.00 689.00 689.00 T-Accounts Cash Sheet1 Sheet2 Sheet3 Ready + OP O ^ 100% ENG 10:12o 19-02-2020 W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View General 1 1 - 3 Autosum * * Cut La Copy Paste - Format Painter Clipboard Calibri - 11 - AA BI U DA Font ♡ - Wrap Text Merge & Center Alignment Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Number Cells - fi 120 A F G H I JE T-Accounts Cash 23 24 Debit Credit Debit Balance Credit Balance 423.00 S 25 Date Account Title 26 01-01-2016 Balance 27 07-01-2016 10-01-2016 29 18-01-2016 31-01-2018 31-01-2018 17,000.00 1,000.00 577.00 17,577.00 13,977.00 5,677.00 4,988.00 3,600.00 $ 8,300.00 $ 689.00 $ 33 34 Accounts Receivable 36 Date Account Title Debit Credi Debit Balance Credit Balance 37 01-Jan Balance 08-Jan 1,000.00 10,000.00 9,000.00 Supplies Sheet1 Sheet2 Sheet3 Ready OO 100% ve of AVENG 0 10:12 . 19-02-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ General 1 - Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * Calibri - 11 - AA BI U DA Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells fe 120 A D F G H I JE 41 Supplies 42 Debt 43 Date Account The Debit Credit Debit Balance 44 01-Jan Balance 07-Jan Credit Balance 100.00 523.00 423.00 Prepaid Rent 50 Date Account Title Debit Credit Debit Balance Credit Balance 18-Jan 3,600.00 3,600.00 Equipment 55 Date Debit Credit Debit Balance Credit Balance Account Title 01-Jan Balance 500.00 Service Revenue Sheet1 Sheet2 Sheet30 Ke Ready 3O OP ^ 100% ve ENG 0 10:13 + S. o 19-02-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ General 1 - Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * Calibri - 11 - AA BI U DA Font Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells 120 fic A D F G H I JR 59 Service Revenue 60 61 Date Account Title Debit Credit Debit Balance Credit Balance $ 26,000.00 10-Jan 26,000.00 63 Common Stock Debit Credit Debit Balance 66 Date Account Title 01/10/2016 Balance Credit Balance $ 1,000.00 67 68 Retained Earnings 69 70 Debt Credit Debit Balance 71 Date Account Tile 01/101/2016 Balance Credit Balance $ 2,100.00 Notes Payable Debit Credit Debit Balance Debt Balance 76 Date Account Title 77 01/101/2016 Balance 78 Credit Balance $ 3,000.00 crede Balance Sheet1 Sheet2 Sheet3 > Ready OO ^ 100% @ ve ENG U 10:13 gl O 19-02-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy ♡ General - Wrap Text Merge & Center Autosum 7 Calibri - 11 - AA BI U DA Font Paste Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Format Painter Clipboard 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells fic 120 А D F G H I 80 81 Salaries and Wages Expense 82 Date Account The Debit Credit Debit Balance 83 84 85 01-Jan Balance 31-Jan Credit Balance 3,500.00 11,800.00 8,300.00 Utilities Expenses 86 87 88 Date Debit Credit Debit Balance Credit Balance Account Title 31-Jan 689.00 689.00 Geo Inc. Unadjusting Trial Balance on January 31st Debit Credit Account Tile & Explanation Cash Accounts Receivable Prepoaid Rent Supplies Equipment Notes Payable Common Stock Retained Earnings Sheet1 Sheet2 Sheet3 4,988.00 10,000.00 3,600.00 523.00 500.00 99 100 101 3,000.00 1,000.00 2,100.00 0 Ready U OU 100% of AVENG 10:13 19-02-2020 W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy General 1 1 - 3 Autosum * LE Paste Format Painter Clipboard Calibri - 11 - AA BI U DA Font ♡ - Wrap Text Merge & Center Alignment Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Filter Editing Find & Select Number o Cells 120 3000) D F G H E 1.800.000 F 84 31-Jan 8,300.00 85 86 87 Utilities Expenses 88 Date Account Title Debit Credit Debit Balance Credit Balance 31-Jan S 689.00 689.00 Geo Inc. Unadjusting Trial Balance on January 31st Debit Credit 4,988.00 10,000.00 3,600.00 523.00 500.00 98 99 Account Tile & Explanation Cash Accounts Receivable Prepoaid Rent Supplies Equipment Notes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities expense Total 100 101 3,000.00 1,000.00 2,100.00 26,000.00 102 $ 103 104 11,800.00 689.00 32,100.00 $ $ 32,100.00 105 106 Sheet1 Sheet2 Sheet30 Ke Ready OO 100% @ U 10:13 gp ^ ENG 10 19-02-2020 a