Question

Using the information and Excel, provided for Jacks Maintenance Services to: 1. Record the journal entries for June transactions. Include narrations. 2. Record adjusting entries for the end of June. Include narrations. 3. Construct the "T" formatted ledger accounts. 4. Prepare the profit and loss statement for the year ended 30 June 2020. 5. Prepare the classified narrative formatted balance sheet as at 30 June 2020. You must use excel formula to construct the leger accounts, profit and loss statement, and balance sheet. Use excel to answer the assignment requirements. The excel sheets must be linked to each other. You CANNOT just enter the data into the financial statements. You MUST enter the data once and link the excel sheets to produce the financial reports. Cr Jacks Maintenance Services Unadjusted Trial Balance as at 31st May 2020 Account Dr Cash at bank 65,100 Accounts receivable 56,300 GST receivable 3,600 Prepaid rent 12,000 Prepaid insurance 9,000 Office supplies 6,660 Office equipment 121,500 Accumulated depreciation - Office equipment Accounts payable Unearned fees Loan payable - due 31 December 2020 GST payable Capital (H. Jacks) Drawings (H. Jacks) 21,600 Fees revenue Electricity expense 4,500 Fuel expense 8,600 Rent expense 22,000 Salaries expense 73,000 Telephone expense 6,100 Totals 409,960 53,700 29,300 17,600 22,000 3,860 115,000 168,500 409,960

Answer 1

Journal Entries
Date	Particulars	Amt ($)
Dr	Cr
01.06.2020	Cash A/c Dr.	22000
To Accounts receivable A/c		22000
(Being cash receipt from customers)
02.06.2020	Fixed Asset A/c Dr.	88000
To Cash A/c		35200
To 7%Loan A/c		52800
(Being truck purchase with 40% paid upfront and balance by 7% loan)
05.06.2020	Office Supplies A/c Dr.	1045
To Account Payable A/c		1045
(Being office supplies purchased on credit)
09.06.2020	Cash A/c Dr.	1540
To Advance received from customer A/c		1540
(Being cash depoisted upfront from customer)
12.06.2020	Cash A/c Dr.	13800
To Account Receivable A/c		13800
(Being cash received from customer)
15.06.2020	Accounts Payable A/c Dr.	29300
To Account Receivable A/c		29300
(Being all accounts payable paid from last month)
22.06.020	Electricity Expense A/c Dr.	682
To Account Payable A/c		682
(Being electricity bill received)
24.06.2020	Salaries A/c Dr.	5260
To Bank A/c		5260
(being salaries paid upto june)
26.06.2020	Telephone Bill A/c Dr.	363
To Bank A/c		363
Being telephone bill paid for june
28.06.2020	GST Payable A/c Dr.	3860
To Bank A/c		3860
(Being previous month GST settled)
29.06.2020	Cash A/c Dr.	11400
To Account Receivable A/c		11400
(Being cash received from customers)
30.06.2020	Accounts Payable A/c Dr.	79200
To Sales A/c		79200
(Being sales made)
30.06.2020	Bank A/c Dr.	423
To Interest A/c		423
(Being bank interest received)