Question

Accounting 2301 Instructions and Information for the Case Requirements: 1) Using the information given below (Trial Balance as of Feb. 28), enter the beginning balances in the T- Accounts in the Accounting Records Package. On page 2 note the format of the Financial Statements that were produced based on the Trial Balance as of Feb. 28 (single step income statement and classified balance sheet). 2) Use the descriptions of the March transactions which are on page 3 to journalize all of the entries for March in the journal provided in the Accounting Records Package 3) Post each entry into the T-Accounts provided in the Accounting Records Package. When finished posting, calculate the account balance for each T-Account and enter the balance on the Unadjusted Trial Balance on the form provided. Then, use the information found on the bottom of page 3 and any account balance information that is needed to journalize and post the adjusting entries. Calculate each account balance. 4) Using the T-Account balances, create an Adjusted Trial Balance on the form provided in the Accounting Records Package. 5) Using the provided templates in the Accounting Records Package, prepare the: a. Income Statement b. Statement of Retained Earnings c. Balance Sheet 6) Write the four closing entries in the journal and post them to the T-Accounts and calculate the ending balance for each account. 7) Create the Post Closing Trial Balance on the form provided in the Accounting Records Package. a Trial Balance as of February 28, 2019 Debit Credit Cash 8,000 Accounts Receivable 2,000 Merchandise Inventory 7,000 Supplies 100 Prepaid Insurance Equipment 11,000 Accumulated Depreciation 6,000 Accounts Payable 290 Salaries Payable 50 Unearned Revenue Common Stock 10,000 Retained Earnings 7,760 Dividends 10,000 Sales Revenue 63,000 Sales Discounts 1,000 Cost of Goods Sold 29,000 Rent Expense 6,600 Salary Expense 8,200 Supplies Expense 1,200 Depreciation Expense 0 Insurance Expense 3,000 Totals 87,100 87,100 0 THỂ

Another person already answered some of the previous questions on this but I just need help with the T- Accounts. If someone can do that for me, that'd be much appreciated. I put what the T-Accounts Demo for what it should look like, but it does not have the right answers for version A. If you need a guide look at 'Case- Check numbers' and also look at how the other person answered. Thanks for being helpful!

Answer 1

San Antonio Home Furnishings Company T Accounts Date Debit Date Credit Date Debit Date Credit Cash Accounts Receivable Op bal $ 8,000 1-Mar $ 900 Op bal $ 2,000 3-Mar $ 1,000 3-Mar $ 1,000 1-Mar $ 3,600 9-Mar $12,800 18-Mar $12,800 7-Mar $ 2,500 2-Mar $ 800 18-Mar $12,544 4-Mar $ 150 6-Mar $ 550 9-Mar $ 100 18-Mar $ 10,290 31-Mar $ 2,000 Date Debit Date Credit Merchandise Inventory Op bal $ 7,000 8-Mar $ 10,500 9-Mar $ 6,000 9-Mar $ 100 18-Mar 210 Date Debit Date Credit Supplies Op bal $ 100 1-Mar $ 900 2-Mar $ 300 31-Mar $ 1,100 Date Debit Date Credit Prepaid Insurance Op bal $ - 1-Mar $ 3,600 31-Mar $ 300 Bal. Bal. $ 5,654 Office Equipment Op bal $11,000 Bal. $1,000 Accum. Depr. - Office Equipment Op bal $ 6,000 31-Mar $1,000 Bal. $ 11,390 Accounts Payable 4-Mar $ 150 Op bal $ 290 18-Mar $ 10,500 2-Mar $ 300 8-Mar $ 10,500 Bal. $ 200 Salaries Payable 6-Mar $ 50 Op bal $ 50 $ 3,300 Unearned Revenue Op bal $ - 7-Mar $ 2,500 Bal. $11,000 Common Stock Op bal $10,000 Bal. $ 7,000 Bal. $ 440 Retained Earnings Dividends 31-Mar $12,000 Op bal $ 7,760 Op bal $10,000 31-Mar $16,844 31-Mar $ 2,000 31-Mar $12,000 Bal. $ - Income Summary 31-Mar $57,700 31-Mar $ 74,544 31-Mar $ 16,844 Bal. $ 2,500 Sales Revenue Op bal $63,000 31-Mar $ 75,800 9-Mar $12,800 Bal. $10,000 Sales Discounts Op bal $1,000 18-Mar $ 256 31-Mar $ 1,256 Bal. $12,604 Cost of goods sold Op bal $ 29,000 9-Mar $ 6,000 31-Mar $ 35,000 Bal. $ Rent expense Op bal $ 6,600 2-Mar $ 800 31-Mar $ 7,400 Bal. $ - Salary expense Op bal $ 8,200 6-Mar $ 500 31-Mar $ 8,700 Bal. $ - Supplies expense Op bal $ 1,200 31-Mar $ 1,100 31-Mar $ 2,300 Bal. $ - Bal. $ - Bal. $ - Bal. $ . Insurance expense Op bal $- 31-Mar $ 300 31-Mar $ Bal. Depreciation expense Op bal $ 3,000 31-Mar $ 1,000 31-Mar $ 4,000 300 Bal. $ . Bal. $ .

San Antonio Home Furnishings Company
Journal entries
Date	Account	Debit	Credit	Calculation
1-Mar	Supplies	$           900
	Cash		$           900
1-Mar	Prepaid Insurance	$        3,600
	Cash		$        3,600
2-Mar	Rent expense	$           800
	Cash		$           800
2-Mar	Supplies	$           300
	Accounts Payable		$           300
3-Mar	Cash	$        1,000
	Accounts Receivable		$        1,000
4-Mar	Accounts Payable	$           150
	Cash		$           150
6-Mar	Salaries Payable	$              50
	Salary expense	$           500		=550-50
	Cash		$           550
7-Mar	Cash	$        2,500
	Unearned Revenue		$        2,500
8-Mar	Merchandise Inventory	$     10,500
	Accounts Payable		$     10,500
9-Mar	Merchandise Inventory	$           100
	Cash		$           100
9-Mar	Accounts Receivable	$     12,800
	Sales Revenue		$     12,800
	Cost of goods sold	$        6,000
	Merchandise Inventory		$        6,000
18-Mar	Cash	$     12,544
	Sales Discounts	$           256		=12,800*2%
	Accounts Receivable		$     12,800
18-Mar	Accounts Payable	$     10,500
	Merchandise Inventory		$           210	=10,500*2%
	Cash		$     10,290
31-Mar	Dividends	$        2,000
	Cash		$        2,000
Adjusting entries
31-Mar	Supplies expense	$        1,100		=1,300-200
	Supplies		$        1,100
31-Mar	Insurance expense	$           300		=3,600/12
	Prepaid Insurance		$           300
31-Mar	Depreciation expense	$        1,000
	Accumulated Depreciation		$        1,000
Closing entries
31-Mar	Sales Revenue	$     75,800
	Sales Discounts		$        1,256
	Income Summary		$     74,544
31-Mar	Income Summary	$     57,700
	Cost of goods sold		$     35,000
	Rent expense		$        7,400
	Salary expense		$        8,700
	Supplies expense		$        2,300
	Insurance expense		$           300
	Depreciation expense		$        4,000
31-Mar	Income Summary	$     16,844
	Retained Earnings		$     16,844
31-Mar	Retained Earnings	12000
	Dividends		$     12,000

Income Statement Debit Credit Unadjusted TB Debit Credit 5,654 1,000 11,390 1,300 3,600 11,000 6,000 440 Adjusted TB Debit Credit 5,654 1,000 11,390 200 3,300 11,000 7,000 440 Post Closing TB Debit Credit 5,654 1,000 11,390 200 3,300 11,000 Balance Sheet Debit Credit 5,654 1,000 11,390 200 3,300 11,000 7,000 440 7,000 440 San Antonio Home Furnishing Account Names Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Income Summary Sales Revenue Sales Discounts Cost of goods sold Rent expense Salary expense Supplies expense Insurance expense Depreciation expense Totals Net Income Totals 2,500 10,000 7,760 2,500 10,000 7,760 2,500 10,000 12,604 2,500 10,000 7,760 12,000 12,000 12,000 75,800 75,800 75,800 1,256 35,000 7,400 8,700 1,200 1,256 35,000 7,400 8,700 2,300 1,256 35,000 7,400 8,700 2,300 300 4,000 58,956 16,844 75,800 300 3,000 102,500 4,000 103,500 102,500 103,500 32,544 32,544 75,800 44,544 27,700 16,844 44,544 75,800 44,544