Question

NEED HELP (confirm accuracy) ON NUMBERS 1, 6, 8

Thank you!

Sam's Singles Service, Inc.- Practice Set Samantha has a knack for setting up friends and helping them with relationships. Last month she opened s Singles Service to provide dating consultations and to host events where like-minded singles could meet. You've taken over as Sam's new bookkeeper and are presented with the following chart of accounts and post-closing trial balance for January 31, 201x. Chart of Accounts Sam's Singles Service, Inc. Post-Closing Trial Balance 1/31/201x Number Account 110 Cash 115 Accounts recievable 116 Allowance for Doubtful Accounts 120 Prepaid Insurance 123 Prepaid Advertising 125 Office Supplies 127 Merchandise Inventory 140 Surveillance Equipment Cr Account Name Cash Accounts Receivable 50.00 145 215 240 Accumulated Depreciation-Surveillance 2000.00 Accounts Payable Common Stosk Retained Totals 210 Accounts Payabl Uneaned Revenue Sales Tax Payable Federal Income Tax Payable State Tax Payable 450.00 220 23.550.00 550.00 241 242 FICA Payable 243 Federal Unemployment Tax Payable 244 State Unemployment Tax Payable 245 Wages& Salaries Payable 247 Interest Payable 250 Note Payable 310 Common Stock 315 Retained Earnings 320 Income Summary 325 Dividends 410 Event Revenue 411 Consulting Revenue 413 Book Sales 414 Sales Returns & Allowances 415 Interest Revenue 510 Advertising Expense 511 Bad Debt Expense 512 Catering Expense 513 Cost of Goods Sold /R-Subsidiary Ledger Dudley, Jim Gooseman, Paul Pardon, Peggy Talkmuch, Tammy Total 3,500.00 2,000.00 2,000.00 1,000.00 S 8,500.00 Sun Company Moon Company Stars Company Total 350.00 500.00 1.150.00 S 2.000.00 520 Depreciation Expense-Surveillance 525 Insurance Expense 530 Interest Expense 535 Legal Expense 540 Miscellaneous Expense 545 Office Supplies Expense 547 Payroll Tax Expense 550 Postage Expense 555 Printing Expense 560 Rent Expense 565 Service Charge Expense 575 Telephone Expense 585 Utilities Expense 590 Wage & Salary Expense 53

Answer 1

1) Journal entries.

Date	Account	Post ref	Debit	Credit
2/1/IX	Printing expense	555	166
	Cash	110		166
2/1/IX	Survelliance equipment	140	12500
	Cash	110		12500
2/2/IX	Rent Expenses	560	1931
	Cash	110		1931
2/3/IX	Account receivable	115	8000
	consulting revenue	411		8000
2/3/IX	Insurance expense	525	300
	Cash	110		300
2/4/IX	Cash	110	25000
	Common stock	310		25000
2/5/IX	Cash	110	3500
	Account receivable	115		3500
2/7/IX	Cash	110	2700
	event revenue	410		2700
2/8/IX	Advertisment	510	500
	Cash			500
2/9/IX	Accouts payable	210	2000
	Cash	110		2000
2/10/IX	Cash	110	120
	event revenue	410		120
2/11/IX	Office Supplies	545	600
	Account Payable	210		600
2/14/IX	Legal Expenses	535	800
	accounts payable	210		800
2/15/IX	Cash	110	2400
	event revenue	410		2400
2/16/IX	Catering expenses	512	820
	Cash	110		820
2/17/IX	Cash	110	10000
	Unearned revenue	215		10000
2/18/IX	Cash	110	3000
	consulting revenue	411		3000
2/24/IX	Accounts payable	210	1400
	Cash	110		1400
2/25/IX	Dividend	325	1000
	Cash	110		1000
2/27/IX	Telephone expense	575	95
	Accounts Payable	210		95
2/28/IX	Utilities expense	585	102
	Accounts payable	210		102
2/28/IX	Depreciation	520	200
	To Survelliance equipment	140		200
2/28/IX	Office supplies	125	300
	To Income summary	320		300
2/28/IX	Wages and salaries	590	6500
	To Salaries payable	245		6500
2/28/IX	Unearned revenue	215	2000
	consulting revenue	411		2000

Closing Entries for 2/28/IX

Particulars	Amt	Amt
Advertisment		500
Catereing expense		820
Dividend		1000
Printing expense		166
Rent Expenses		1931
Insurance expense		300
Office Supplies		600
Legal Expenses		800
Telephone expense		95
Utilities expense		102
Consulting revenue	13000
Event revenue	5220
Salaries		6500
Depreciation		200
Stock	300
Income summary		5506

Transfer of Income summary to retained earning

Income Summary	5506
To Retained earning		5506

Ap Balance as on 28/2

Opening Balance	2000
Add: Purchases	1597
less: Payment	3400
Closing balance	197

AR Balance as on 28/2

AR balance
Opening Balance	8500
Add: Sales	3500
Less: Paid	8500
Closing Balance	3500