Question

Transaction Entries, Posting. Trial Balance, and Adjusting Entries Huang Karate School began business on June 1. Transactions for June are as follows: 1 Po Huang contributed his personal funds in exchange for common stock to begin the business $10,000 2 Purchased equipment for a total of 54,750 Paid cash of $750, with the balance due in 30 days. 3 Paid 6 months' rent. $6,450 4 Paid one-year premium on ability insurance. 5826 5 Paid June newspaper advertising $525 6 Bulled participants for karate lessons to date $2.200 7 Received from a local company funds to conduct 3 sessions. $855 The 3 sessions will be June 29, July 6, and July 13, with a cost per session of $285 8 Collected on account from participants $2,800 9 Paid to repair damage caused by an errant kick 10 Billed participants for karate lessons to date. $2.000 11 Paid assistants' wages. 5950 $275 Required Using the following accounts: Cash; Accounts Receivable; Prepaid Reit: Prepaid Insurance: Equipment: Accumulated Depreciation Equipment Accounts Payable; Utilities Payable; Unearned Karate Fees: Common Stock: Karate Fees Earned; Advertising Expense; Repairs Expense; Wages Expense; Rent Expense; Insurance Expense: Depreciation Expense-Equipment and Utilities Expense. a. Record the transactions in the general journal. b. Post the transactions to the ledger accounts. c. Prepare an unadjusted trial balance as of June 30. d. Prepare and record the adjusting entries for rent expense, insurance expense, depreciation expense, utilities expense, and karate fees earned in the general journal Depreciation expense for June is $150 and estimated utilities expense for June is $320. Post the adjusting entries to the ledger accounts in part b. Journal Entries T-Accounts Unadjusted Trial Balance Adjusted journal Entries

please provide journal entries, T-accounts, unajusted trial Balance, adjusted Entries. Thank you

Answer 1

Huang Karate School Journal entries Date Account 1 Cash Common Stock Credit Calculation Debit $ 10,000 $ 10,000 2 $ 4,750 Equipment Cash Accounts Payable $ $ 750 4,000 3 $ 6,450 Prepaid Rent Cash $ 6,450 4 $ 876 Prepaid Insurance Cash $ 876 5 $ 525 Advertising expense Cash $ 525 6 $ 2,200 Accounts Receivable Karate Fees Earned $ 2,200 $ 855 Cash Unearned Karate Fees $ 855 $ 2,800 Cash Accounts Receivable $ 2,800 $ 275 Repairs expense Cash $ 275 10 $ 2,000 Accounts Receivable Karate Fees Earned $ 2,000 $ 950 $ 950 11 Wages expense Cash Adjusting entries 12 Rent expense Prepaid Rent $ 1,075 =6,450/6 $ 1,075 13 $ 73 =876/12 Insurance expense Prepaid Insurance $ 73 14 $ 150 Depreciation expense-Equipment Accumulated Depreciation Equipment $ 150 $ 320 Utilities expense Utilities Payable $ 320 16 $ 285 =855/3 Unearned Karate Fees Karate Fees Earned $ 285

Credit Date Date Credit Date Credit Huang Karate School T Accounts Date Debit Date Cash 1 $10,000 $ 855 8 $ 2,800 Debit Date Credit Accounts Receivable $ 2,200 8 $ 2,800 $ 2,000 Debit Date Prepaid Rent $ 6,450 Debit Date Prepaid Insurance $ 876 3 4 6 10 $ 750 $ 6,450 $ 876 $ 525 $ 275 $ 950 Unadj Bal. $ 3,829 Unadj Bal. $ 1,400 Unadj Bal. $ 6,450 Unadj Bal. $ 876 12 $ 1,075 13 $ 73 Adj Bal. Adj Bal. $ 5,375 Adj Bal. $ 803 $ 3,829 Equipment $ 4,750 Adj Bal. $ 1,400 Accumulated Depreciation-Equipment 2 Unadj Bal. $ 4,750 Unadj Bal. $ 14 $ - 150 Adj Bal. $ 150 $ 4,750 Accounts Payable Adj Bal. Utilities Payable Unearned Karate Fees 7 $ $ 4,000 Common Stock 1 855 $ 10,000 Unadj Bal. $ 4,000 Unadj Bal. $ 855 Unadj Bal. $ 10,000 Unadj Bal. $ 15 $ - 320 16 $ 285 $ 4,000 $ 320 $ 570 $10,000 Adj Bal. Karate Fees Earned 6 10 Adj Bal. Advertising expense $ 525 Adj Bal. Repairs expense $ 275 Adj Bal. Wages expense $ 950 5 9 11 $ 2,200 $ 2,000 Unadj Bal. $ 525 Unadj Bal. $ 275 Unadj Bal. $ 950 Unadj Bal. $ 4,200 16 $ 285 $ 4,485 Adj Bal. Adj Bal. Adj Bal. Rent expense $ 525 Insurance expense Adj Bal. $ 275 Depreciation expense-Equipment $ 950 Utilities expense Unadj Bal. $ 12 $ 1,075 Unadj Bal. $ 13 $ . 73 Unadj Bal. $ 14 $ . 150 Unadj Bal. $ 15 $ - 320 Adj Bal. $1,075 Adj Bal. $ 73 Adj Bal. $ 150 Adj Bal. $ 320

Unadjusted TB Debit Credit 3,829 1,400 6,450 876 4,750 335 33 4,000 Huang Karate School Account Names Cash Accounts Receivable Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Utilities Payable Unearned Karate Fees Common Stock Karate Fees Earned Advertising expense Repairs expense Wages expense Rent expense Insurance expense Depreciation expense-Equipment Utilities expense Totals 855 10,000 4,200 Adjusted TB Debit Credit 3,829 1,400 5,375 803 4,750 150 4,000 320 570 10,000 4,485 525 275 350 1,075 73 150 320 19,52519,525 8 8 8 8 8 8 19,055 19,055