Question

i need help with practice set part B.

Practice Set: Bob Morales owns a company called Road Rash Motorcycle Repair Shop. You have been hired by Bob as his bookkeeper. After talking to Bob, you prepare his chart of accounts: Road Rash Motorcycle Repair Shop Chart of Accounts Account Account Name 101 Cash 102 Accounts Receivable 103 Supplies 201 Accounts Payable 301 B. Morales, Capital 302 B. Morales, Drawing 401 Service Revenue 501 Rent Expense 502 Supplies Expense 503 Advertising Expense 504 Utilities Expense The first month of business for Road Rash Motorcycle Repair Shop is June 2020, and the transactions are: Date Transaction 6/01/2020 Bob opened the bank account and deposited $5,000 for his capital contribution 6/02/2020 Bob rents space for his shop and paid $500 for rent 6/03/2020 Bob purchased supplies for the shop and paid cash of $2,000. 6/10/2020 Bob took out an ad in Bikers Weekly, a local magazine, for $200 which will be paid next month 6/22/2020 Bob repaired a motorcycle for a customer. The customer paid cash of $1,200. 6/30/2020 Bob transferred $500 to his personal bank account from the business bank account. Page 1 Practice Set Instructions

Answer 1

Set Part B:
6) Journal Entries:
Date	Acc Titles	Debit $	Credit $
a	Acc Receivable	3200
	Service revenue		3200
	(services performed now booked)
b	Utilities exp.	185
	Acc. Payable		185
	(electric bill made due)
c	Supplies exp.	1750
	Supplies		1750
	(supplies expense booked)
7 & 8) Worksheet:
Acc. Titles	Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance
	Debit $	Credit $	Debit $	Credit $	Debit $	Credit $
Cash	3200				3200
Accounts Receivable			3200		3200
Capital		5000				5000
rent exp.	500				500
Supplies	2000			1750	250
Advertising exp.	200				200
Acc. Payable		200		185		385
Service revenue		1200		3200		4400
Withdrawals	500				500
Utilities exp.			185		185
Supplies exp.			1750		1750
Total	6400	6400	5135	5135	9785	9785
9) ledger accounts:
DEBIT	AMOUNT $	CREDIT	AMOUNT $
Accounts Receivable a/c
a	3200	CB	3200
Supplies a/c
OB	2000	c	1750
		CB	250
Acc. Payable a/c
CB	385	OB	200
		b	185
Service revenue a/c
CB	4400	OB	1200
		a	3200
Utilities expense a/c
b	185
Supplies expense a/c
c	1750