Question

for Set B, make a journal entry and fill put the ledger.

Practice Set Part A: 1. Using the chart of accounts, open the accounts in the general ledger. In addition to the accounts in the chart of accounts, make sure that you open the income summary account as the last account, number 600. 2. Record the journal entries for the August transactions using General Journal Page 1. Make sure that you include explanations. 3. Post the entries to the general ledger. When you post your entries to the general ledger, use J1 to indicate General Journal page 1 in the ref column 4. Calculate the balances in the general ledger accounts. 6. Prepare the Unadjusted Trial Balance Columns in the worksheet by adding all the accounts from the general ledger. Make sure you properly complete the heading After completing the Unadjusted Trial Balance in Step 5, compare the balance you calculated with the check figure for the Unadjusted Trial Balance in the Instructions. Do not move on until your trial balance agrees. Suggestion Pages 2-8 to 2-12 in your textbook contains step by step instructions on how to journalize transactions and post them to the general ledger and pages 4-2 to 4-10 contain instructions on how to complete the worksheet. This assignment is graded for completion and the correct answers will be posted after the due date. Submit your assignment by attaching your excel worksheet to the Practice Set Part 1 assignment in Canvas. Practice Set Part B: 6. Prepare the following adjustments in the worksheet: a. During August, Gloria performed services for clients which were not billed for $2.750. b. During the last 2 weeks of August, the cleaning staff worked 20 hours but will not be paid until September. Her hourly rate is $12.50 per hour. Accrue only the wages. c. At the end of the month $25 in office supplies were remaining. 7. Prepare the Adjusted Trial Balance Columns in the worksheet. After completing the Adjusted Trial Balance in Step 7, compare the balance you calculated with the check figure for the Adjusted Trial Balance in the Instructions. Do not move on until your adjusted trial balance agrees. Suggestion: Pages 4-2 through 4-10 in your textbook contain instructions on how to complete the worksheet. 8. Prepare the adjusting journal entries on the tab General Journal Page 2 for the adjustments prepared in #6. 9. Post the adjusting entries to the General Ledger and calculate the new general ledger balances. When you post your entries to the general ledger, use J2 to indicate General Journal page 2 in the ref column. This assignment is graded for completion and the correct answers will be posted after the due date. Submit your assignment by attaching your excel worksheet to the Practice Set Part 2 assignment in Canvas. Practice Set Part C: 10. Prepare the income Statement and Balance Sheet Columns in the worksheet. Check the Net Income you calculated in Step 9 against the check figures in the Instructions before proceeding, Do not move on until your Net Income agrees. Suggestion: Pages 4-2 through 4.10 in your textbook contain instructions on how to complete the worksheet 11. Prepare the Income Statement, Statement of Owner's Equity and Balance Sheet. Make sure you properly complete the heading for each statement. Check the Canital balance you calculated in the Statement of Owner's Equity (and Balance Sheet. It should be the samel in Step 111 against the check figures in the instructions before proceeding. Do not move on until your Capital balance agrees. Thie secinment is graded for completion and the correct answers will be posted after the due date. Submit Assianment by attaching your excel worksheet to the Practice Ser Part 3 assignment in Canva Page 2

Answer 1

Gloria's Cleaning Service Journal Enteries Date Particulars 1.8.2019 Cash a/c Dr. To G.Spencer, Capital (Capital Invested) Debit in $ Credit in $ 3000 3000 Dr. 225 5.8.2019 Rent Expense a/c To Cash (Rent paid) 225 Dr. 200 16.8.2019 Wages Expense a/c To Cash (Wages paid) 200 3250 15.8.2019 Cash a/c Dr. To Service Revenue (Services performed for cash) 3250 75 22.8.2019 Supplies a/c Dr. To Accounts Payable (Supplies on account) 800 31.8.2019 G.Spencer, Drawing a/c Dr. To Cash (Cash drawn for personal use) 800 Adjusting Enteries Date Particulars 31.8.2019 Accounts Receivable a/c Dr. To Service Revenue (Services on account) Debit in $ Credit in $ 2750 2750 Dr. 250 31.8.2019 Wages Expense a/c To Wages Payable (Wages accrued) 250 50 31.8.2019 Supplies Expense a/c Dr. To Supplies (Supplies expensed) 75 - 25 50

Worksheet For the Month ending 31.8.2019 250 Particulars Cash Accounts Receivable Supplies Accounts Payable Wages Payable G.Spencer, Capital G.Spencer, Drawing Service Revenue Rent Expense Wages Expense Supplies Expense Totals Unadjusted Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 5025 5025 2750 2750 75 50 25 75 75 250 3000 3000 800 800 3250 2750 6000 225 225 200 250 450 50 50 6325 6325 3050 3050 9325 9325 6000 Statement of Income For the Month ending 31.8.2019 Service Revenue Less: Rent Expense Wages Expense Supplies Expense Net Income 225 450 50 725 5275 Statement of Owner's Equity For the Month ending 31.8.2019 G.Spencer, Capital Net Income 3000 5275 8275 -800 7475 G.Spencer, Drawing

Balance sheet As at 31.8.2019 Assets Current Assets Cash Accounts Receivable Supplies Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Current Liabilities 5025 Accounts Payable 2750 Wages Payable 250 325 25 7800 Owner's Equity G.Spencer, Capital 7475 7800 Total Liabilities & Equity 7800 Total Assets