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 cach 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 Packageb. Credit Trial Balance as of February 28, 2019 Debit 6,000 5,000 8.000 0 3,000 2,290 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Cost of Goods Sold Rent Expense Salary Expense Supplies Expense Depreciation Expense Insurance Expense 10,000 7.760 14,000 64,000 1,000 28,000 4,600 6,200 4,200 2,000 87,100 Totals 87,100
Need help answering this whole sheet.  

Answer 1

ANSWER

As per the given question,

Beginning		March		Unadjusted		Adjustments		Adjusted		Post Closing
Account	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$                    6,000			$         5,648	$            352				$            352		$            352
Accounts Receivable	$                    5,000			$         1,200	$         3,800				$         3,800		$         3,800
Merchandise Inventory	$                    8,000		$         5,880		$       13,880				$       13,880		$       13,880
Supplies	$                       100		$            900		$         1,000			$            850	$            150		$            150
Prepaid Insurance			$         1,800		$         1,800			$            150	$         1,650		$         1,650
Equipment	$                    8,000				$         8,000				$         8,000		$         8,000
Accumulated Depreciation		$                    3,000				$         3,000		$         1,200		$         4,200		$         4,200
Accounts Payable		$                    2,290	$            150			$         2,140				$         2,140		$         2,140
Salaries Payable		$                         50	$              50			$               -				$               -		$               -
Unearned Revenue				$            800		$            800				$            800		$            800
Common Stock		$                  10,000				$       10,000				$       10,000		$       10,000
Retained Earning		$                    7,760				$         7,760				$         7,760		$       10,692
Dividends	$                  14,000		$         1,500		$       15,500				$       15,500
Sales Revenue		$                  64,000		$       10,900		$       74,900				$       74,900
Sales Discounts	$                    1,000		$            218		$         1,218				$         1,218
Cost of Goods Sold	$                  28,000		$         6,500		$       34,500				$       34,500
Rent Expense	$                    4,600		$            700		$         5,300				$         5,300
Salary Expense	$                    6,200		$            850		$         7,050				$         7,050
Supplies Expense	$                    4,200				$         4,200		$            850		$         5,050
Depreciation Expense					$               -		$         1,200		$         1,200
Insurance Expense	$                    2,000				$         2,000		$            150		$         2,150
Total	$                  87,100	$                  87,100	$       18,548	$       18,548	$       98,600	$       98,600	$         2,200	$         2,200	$       99,800	$       99,800	$       27,832	$       27,832
	Unadjusted	Adjusted		Year End	Year End	Post Closing
	Trial Balance Total	Trial Balance Total	Net Income	Ret Earn	Total Asset	Trial Total
	$                  98,600	$                  99,800	$       18,432	$       10,692	$       23,632	$       27,832
	From Trial	From Trial	Sales-Exp	RE+NI-Div	From Trial	From Trial

Working:

Date	Account	Debit	Credit
Mar 1	Supplies	$       400
	Cash		$       400
Mar 1	Prepaid Insurance	$    1,800
	Cash		$    1,800
Mar 2	Rent Expense	$       700
	Cash		$       700
Mar 2	Supplies	$       500
	Accounts Payable		$       500
Mar 3	Cash	$    1,200
	Accounts Receivable		$    1,200
Mar 4	Accounts Payable	$       650
	Cash		$       650
Mar 6	Salaries Expense	$       850
	Salaries Payable	$         50
	Cash		$       900
Mar 7	Cash	$       800
	Unearned Service Revenue		$       800
Mar 8	Merchandise Inventory	$ 12,000
	Accounts Payable		$ 12,000
Mar 9	Merchandise Inventory	$       500
	Cash		$       500
Mar 9	Accounts Receivable	$ 10,900
	Sales		$ 10,900
Mar 9	Cost of goods sold	$    6,500
	Merchandise Inventory		$    6,500
Mar 18	Cash	$ 10,682
	Sales Discount	$       218
	Accounts Receivable		$ 10,900
Mar 18	Accounts Payable	$ 12,000
	Merchandise Inventory		$       120
	Cash		$ 11,880
Mar 31	Dividends	$    1,500
	Cash		$    1,500
Adjusting
Date	Account	Debit	Credit
a	Supplies Expense	$       850
	Supplies		$       850
	($100+$900-$150)
b	Insurance Expense	$       150
	Prepaid Insurance		$       150
	($1,800/12)
c	Depreciation Expense	$    1,200
	Accumulated Depreciation		$    1,200

THANK YOU FOR THE QUESTION....KINDLY RATE...IT HELPS ME A LOT