Question

ther months coded the trial balance c a n come Matement and statement of changes in equity for the three coded July 31, 2020, as well as a balance sheet at July 31, 2020. 2-13A Joumang pong, preparing a trial balance and financial statements 101, 3, 4, 5, 6 GURES: 4 D = $68,100; 5. Profit $11,250, Total assets - $16.900 bet Gillis a wedding planner WK in one of the best known in her are she has a high presence a wedding and works closely with a wedding dress boutique. On January 1, 2020, Ranjeet started her business called arthing Weckling Planning. The following activities occurred during March, the third month of operations: Problem 2-13A Journalizing CHECK FIGURES: 4 D = $681005 ering the 53.00 3. Build le (251) ng Rev. ertising Mall 1 2 3 and 5 15 20 31 Purchased supples for orging files on credit for $200. Colected $4400 advance for a wedding in May Colected the final payment of $2.200 for the Singh wedding happening is w Pald 3.200 to rent the hall for the Singh wedding Paid $600 for suppies purchased on account last month. Ranjeet withdrew cash or $450 to do some personal Shopping on the weekend Paid her assistant wages of $1,500. Purchased new punch bowl equipment on credt for $400 - state July 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) $8,200, Accounts Payable (201) $1,700; 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) $6,200. 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. 5,6 Flor

Answer 1

Everything Wedding Planning Journal Enteries Date Particulars 1.3.2020 Supplies a/c Dr. To Accounts Payable (Supplies on account) Debit in $ Credit in $ 200 200 2.3.2020 4400 Cash a/c Dr. To Unearned Wedding Planning Revenue (Advance from client) 4400 3.3.2020 2200 Cash a/c Dr. To Wedding Planning Revenue (Services provided for cash) 2200 Dr. 3200 4.3.2020 Rent Expense a/c To Cash (Rent paid) 3200 5.3.2020 Dr. 600 Accounts Payable a/c To Cash (Creditors paid) 600 450 15.3.2020 Ranjeet Gill, Withdrawals a/c To Cash (Personal shopping) 450 Dr. 1500 20.3.2020 Wages Expense a/c To Cash (Wages paid) 1500 Dr. 400 31.3.2020 Equipment a/c To Accounts Payable (Equipment on account) 400

Worksheet For the period ending 31.3.2020 No. Particulars 101 Cash 126 Supplies 161 Equipment 201 Accounts Payable 233 Unearned Wedding Planning Revenue 301 Ranjit Gill, Capital 302 Ranjit Gill, Withdrawals 401 Wedding Planning Revenue 623 Wages Expense 640 Rent Expense Totals Unadjusted Third month enteries Total Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 6200 850 7050 1050 200 1250 8200 400 8600 1700 600 600 1700 10000 4400 14400 3200 3200 13200 450 13650 46600 2200 48800 26650 26650 6200 4700 10900 61500 61500 7200 7200 68100 68100 48800 Statement of Income For the period ending 31.3.2020 Wedding Planning Revenue Less: Wages Expense Rent Expense Net Income 26650 10900 37550 11250 Statement of Owner's Equity For the period ending 31.3.2020 Ranjit Gill, Capital Net Income 3200 11250 14450 -13650 800 Ranjit Gill, Withdrawals

Balance sheet As at 31.3.2020 Assets Current Assets Cash Supplies Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Current Liabilities 7050 Accounts Payable 1700 1250 8300 Unearned Weddin 14400 16100 Non Current Assets Equipment Total Assets Owner's Equity 8600 Ranjit Gill, Capital 16900 Total Liabilities & Equity 800 16900