Question

I need help with these problems. Please help me. Thank you.

General Journal tab - Prepare journal entries to record the transactions and adjustments listed in (a)-(). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - You may view the trial balance. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet.

Answer 1

Grid Iron Prep Inc. Journal Enteries Debit in $ Credit in $ Particulars Trans. Cash a/c 120000 Dr. а. 120000 To Common Stock (Common Stock issued) b. Building a/c 41600 Dr. Equipment a/c Dr. 10400 To Cash 52000 |(Assets purchased) Equipment a/c Dr. 400 C. To Cash 400 (Equipment refurbished) Accounts Receivable a/c Dr. d. 6000 To Training Revenue 6000 (Revenue on account) Cash a/c Dr. 38000 е. To Training Revenue 35000 To Unearned Revenue 3000 (Cash fro services) Wages Expense a/c Utilities Expense a/c f. 24500 Dr. 6000 Dr. To Cash 30500 (Expense paid)

Adjusting Enteries Debit in $ Credit in $ Particulars Trans. Depreciation a/c Dr. 322 g. To Accumulated Depreciationn - Build 322 |(Being depreciation charged to asset) (44800-5000)/10 x 12) =322 or 321.67 Depreciation a/c To Accumulated Depreciationn - Equip 450 Dr. 450 |(Being depreciation charged to asset) (10400 400) x 2 x 1/4 x 1/12 450 Advertising Expense a/c To Accounts Payable h. Dr. 260 260 |(Expense accrued) Bad Debts a/c i. Dr. 180 To Allowance fro Doubtful accounts 180 (Bad debts estimated) 6000 x 3% Income Tax Expense a/c j. Dr. 2787 To Income Tax Payable 2787 (Income tax accrued)

Worksheet For the period ending January 31 Adjustments Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Unadjusted Adjusted Particulars Cash 75100 75100 Accounts Receivable 6000 6000 Allowance for Doubtful accounts 180 180 Building 41600 41600 Accumulated Depreciationn - Build 322 322 Equipment 10800 10800 Accumulated Depreciationn Equip Accounts Payable 450 450 26 260 Unearned Revenue 3000 3000 Income Tax Payable 2787 2787 Common Stock 120000 120000 41000 Training Revenue 41000 Wages Expense 24500 24500 Utilities Expense 6000 6000 772 Depreciation 772 Advertising Expense 260 260 Bad Debts 180 180 Income Tax Expense 2787 2787 Totals 164000 164000 3998 3998 167998 167998 Statement of Income For the period ending January 31 Training Revenue 41000 Less: Wages Expense 24500 Utilities Expense 6000 Depreciation 772 Advertising Expense 260 Bad Debts 180 31712 9288 Income Tax Expense @ 30% -2787 6502 Net Income Statement of Retained Earnings For the period ending January 31 Net Income 6502

Balance sheet As at Jan 31 Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Assets Current Liabilities Current Assets Accounts Payable Cash 75100 260 Accounts Receivable 6000 Unearned Revenue 3000 80920 Income Tax Payable Allowance for Doubtfu -180 2787 6047 Non Current Assets Building Accumulated Deprecia 41600 41278 Shareholders Equity -322 mon Stock Equipment 10800 120000 Accumulated Deprecia 10350 Retained Earnings -450 6502 126502 Total Assets 132548 Total Liabilities & Shareholders Eq. 132548