Question

may someone help me with this proplem please!!

general journal entries and posting to general ledger

i will give a thumb up. thank you so much

Following is the November 30, 2020, unadjusted trial balance of Paramount Moving and Storage, which is owned by George Sanders. The temporary (Income Statement) account balances represent the results of entries recorded during the first 11 months of 2020; the balance in Retained Earnings account has not changed since December 31, 2019. PARAMOUNT MOVING AND STORAGE Unadjusted Trial Balance November 30, 2020 Acc# Debit Credit $ 51,610 450 8,700 479 350,000 200,000 185,000 29,120 2,350 0 700 245,000 42,205 Cash Office Supplies Moving Supplies Prepaid Insurance Trucks Acc. Deprec. - Trucks Building Acc. Deprec. - Building Accounts Payable Interest Payable Wages Payable Unearned Storage Revenue Long Term Note Payable Common Stock Dividends Paid Retained Earnings Moving Revenue Storage Revenue Deprec. Exp. - Building Deprec. Exp. - Trucks Wages Expense Interest Expense Insurance Expense Office Supplies Expense Moving Supplies Expense Advertising Expense Gas, Oil, Repairs Expense General/Admin. Expense Income Summary 101 124 126 128 153 154 173 174 201 203 210 233 251 301 302 303 401 402 506 511 523 533 537 550 552 555 569 572 901 26,500 0 179,600 26,750 0 0 41,700 OOOO 5,900 31,510 16,880 725,725 725.725

Answer 1

Ans:

Joutnal entries in the books of Paramount Moving and storage:

Date	Account Name	Debit	Credit
Dec 2	Office Supplies	$130
	Accounts Payable		$130
	(Being office supplies purchased on account)
Dec 5	Prepaid Insurance	$8100
	Cash		$8100
	(being Insurance Premium paid in advance by cash)
Dec 6	Drawings	$1600
	Cash		$1600
	(Being cash withdrew for personal use)
Dec 7	Cash	$8700
	Moving Revenue		$8700
	(Being moving revenue earned deposited)
Dec 10	Moving Supplies	$1560
	Accounts Payable		$1560
	(Being moving supplies purchased on account)
Dec 13	Truck	$56000
	Cash		$6000
	Notes Payable		$50000
	(Being Truck acquired by partial payment in cash and partially by notes payable)
Dec 14	Wages expense	$2850
	Cash		$2850
	(Being wages expense paid by cash)
Dec 17	Cash	$180
	Unearned Storage fees		$180
	(Being cash received on accrued income)
Dec 21	Cash	$6300
	Moving Revenue		$4700
	Storage Revenue		$1600
	(Being moving and storage revenue earned deposited)
Dec 24	Truck Repairs	$860
	Cash		$860
	(Being cash paid for Truck repairs)
Dec 26	Acounts Payable	$720
	Cash		$720
	(Being cash paid to settle accounts payable)
Dec 28	Wages expense	$2700
	Cash		$2700
	(Being cash paid for wages expense)
Dec 30	Advertising expense	$900
	Cash		$900
	(Being cash paid for advertising expense)
Dec 31	Cash	$7060
	Moving Revenue		$6260
	Storage Revenue		$800
	(Being moving and storage revenue earned deposited)

Posting in Ledgers:

Cash

	Amount		Amount
Opening balance	$51610	Dec 5	$8100
Dec 7	$8700	Dec 6	$1600
Dec 17	$180	Dec 13	$6000
Dec 21	$6300	Dec 14	$2850
Dec 31	$7060	Dec 24	$860
		Dec 26	$720
		Dec 28	$2700
		Dec 30	$900

Balance $50120

Office Supplies

	Amount		Amount
	$450
Dec 2	$130

Balance $580

Prepaid Insurance

	Amount		Amount
Opening balance	$7475
Dec 5	$8100

Balance $15575

Moving Revenue

	Amount		Amount
			$79600
		Dec 7	$8700
		Dec 21	$4700
		Dec 31	$6260

Balance $99260

Truck

	Amount		Amount
Opening Balance	$350000
Dec 13	$6000
Dec 13	$50000

Balance $406000

Accounts Payable

	Amount		Amount
			$2350
Dec 26	$720	Dec 2	$130
		Dec 10	$1560

Balance $3320

Wages expense

	Amount		Amount
	$41700
Dec 14	$2850
Dec 28	$2700

Balance $47250

Advertising expense

	Amount		Amount
	$5900
Dec 30	$900

Balance $6800

Drawings

	Amount		Amount
Dec 6	$1600

Balance $1600

Moving Supplies

	Amount		Amount
	$8700
Dec 10	$1560

Balance $10260

Unearned Storage Revenue

	Amount		Amount
			$700
		Dec 17	$180

Balance $880

Truck Repairs

	Amount		Amount
Dec 24	$860

Balance $860