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the trial balance to prepare an income statement and statement of changes in equity for the three did July 31, 2020, as well as a balance sheet at July 31, 3020. Use the trial bala mots ended July Problem 2-3A Jou CHECK OURES: 4. DE $68100 Ranjeet all is a wedding plan en 2-13A Joumanang pong, preparing a trial balance and financial statements 101.3.4.5.6 FIGURES: 4. DL-368.100: 5. Proht - $11.250 Total assets $16.900 Gill is a wedding planner who is one of the best known in her area; she has a high presence a wedding ws and works closy with a wedding dress boutique. On January 1, 2000. Ranjeet started her business called thing Wedding P o wing activities occurred during March, the third month of operations ering the $3.000 Bild le (251) ng Re trtising Macht Purch suppres for organingfles on credit for 5200 Colected $4.400 in advance for a wedding in May 7 Collected the final payment of $2.200 for the Singh wedding haponing is weekend + Paid $3,200 to rent the halfort Singh wedding 5 Paid $600 for supplies purchased on account last month 15 Ranjeet withdrew cash or $450 to do some personal shopping on the weekend 20 Paid her assistant wages of $1,500 31 Purchased new punch bowl equipment on credit for $400. Required 1 Prepare journal entries to record the July transactions. 2. Set up the following general ledger accounts using T-accounts, entering the balances brought forward from February 29, 2020: Cash (101) S6,200, Supplies (126) S1,050; Equipment (161) 58.200; Accounts Payable (201) 51.700; Unearned Wedding Planning Revenue (233) $10.000: Ranjeet Gill, Capital (301) $3,200, Ranjeet Gill, Withdrawals (302) $13,200: Wedding Planning Revenue (401) $46,600; Wages Expense (623) $26,650; and Rent Expense (640) 56,200. 3. Post the entries to the T-accounts, calculate the ending balance in each account. 4. Prepare a trial balance at March 31, 2020. 5. Use the trial balance to prepare an income statement and statement of changes in equity for the three months ended March 31, 2020, as well as a balance sheet at March 31, 2020. for

2-13A

Answer 1

1. Journal Entries
	Particulars		Debit	Credit
1-Mar	Supplies A/c	Dr.	$200
	To Accounts Payable A/c			$200
2-Mar	Cash A/c	Dr.	$4,400
	To Unearned Wedding Planning Revenue A/c			$4,400
3-Mar	Cash A/c	Dr.	$2,200
	To Wedding Planning Revenue A/c			$2,200
4-Mar	Rent A/c	Dr	$3,200
	To Cash A/c			$3,200
5-Mar	Accounts Payable A/c	Dr.	$600
	To Cash A/c			$600
15-Mar	Ranjeet Gill Withdrawals A/c	Dr.	$450
	To Cash A/c			$450
20-Mar	Wages Expenses A/c	Dr.	$1,500
	To Cash A/c			$1,500
31-Mar	Equipment A/c	Dr.	$400
	To Accounts Payable A/c			$400

2. General Ledger Accounts
Cash A/c (101)
1-Mar	Balance Brought forward	$6,200	4-Mar	Rent A/c	$3,200
2-Mar	To Unearned Wedding Planning Revenue A/c	$4,400	5-Mar	Accounts Payable A/c	$600
3-Mar	To Wedding Planning Revenue A/c	$2,200	15-Mar	Ranjeet Gill Withdrawals A/c	$450
			20-Mar	Wages Expenses A/c	$1,500
			31-Mar	Balance carried forward	$7,050
		$12,800			$12,800
Supplies A/c (126)
1-Mar	Balance Brought forward	$1,050
1-Mar	To Accounts Payable A/c	$200
			31-Mar	Balance carried forward	$1,250
		$1,250			$1,250
Equipment A/c (161)
1-Mar	Balance Brought forward	$8,200
31-Mar	To Accounts Payable A/c	$400
			31-Mar	Balance carried forward	$8,600
		$8,600			$8,600
Accounts Payable A/c (201)
5-Mar	To Cash A/c	$600	1-Mar	Balance Brought forward	$1,700
			1-Mar	Supplies A/c	$200
			31-Mar	Equipment A/c	$400
31-Mar	Balance carried forward	$1,700
		$2,300			$2,300
Unearned Wedding Planning Revenue A/c (233)
			1-Mar	Balance Brought forward	$10,000
			2-Mar	Cash A/c	$4,400
31-Mar	Balance carried forward	$14,400
		$14,400			$14,400
Ranjeet Gill Capital A/c (301)
			1-Mar	Balance Brought forward	$3,200
31-Mar	Balance carried forward	$3,200
		$3,200			$3,200
Ranjeet Gill Withdrawals A/c (302)
1-Mar	Balance Brought forward	$13,200
15-Mar	To Cash A/c	$450
			31-Mar	Balance carried forward	$13,650
		$13,650			$13,650
Wedding Planning Revenue A/c (401)
			1-Mar	Balance Brought forward	$46,600
			3-Mar	Cash A/c	$2,200
31-Mar	Balance carried forward	$48,800
		$48,800			$48,800
Wages Expenses A/c (623)
1-Mar	Balance Brought forward	$26,650
20-Mar	To Cash A/c	$1,500
			31-Mar	Balance carried forward	$28,150
		$28,150			$28,150
Rent Expenses A/c (640)
1-Mar	Balance Brought forward	$6,200
4-Mar	To Cash A/c	$3,200
			31-Mar	Balance carried forward	$9,400
		$9,400			$9,400

Trial Balance
		Debit	Credit
101	Cash	$7,050
126	Supplies	$1,250
161	Equipment	$8,600
201	Accounts Payable		$1,700
233	Unearned Wedding revenue		$14,400
301	Ranjeet Gill Capital		$3,200
302	Ranjeet Gill Withdrawals	$13,650
401	wedding Planning Revenue		$48,800
623	Wages Expenses	$28,150
640	Rent Expenses	$9,400
		$68,100	$68,100

Statement of Profit or Loss
Revenue		$48,800
Less: Operating Expenses
Wages Expenses	$28,150
Rent Expenses	$9,400	$37,550
Net Income		$11,250
Statement of Changes in Equity
Ranjeet Capital		$3,200
Add: Net Income		$11,250
Less: Ranjeet Withdrawal		$13,650
Ending Balance of equity		$800
Balance Sheet
Assets
Cash	$7,050
Supplies	$1,250
Equipment	$8,600
Total Assets	$16,900
Equity And Liabilities
Liabilities
Accounts Payable	$1,700
Unearned Wedding Revenue	$14,400
Equity	$800
Total Of Equity and Liabilities	$16,900