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Post-Closing Trial Balance December 31, 2018 Debit Credit Cash    &n...

Post-Closing Trial Balance

December 31, 2018

Debit

Credit

Cash

     18,200

Accounts receivable

       3,960

Supplies

       1,380

Prepaid insurance

          750

Prepaid rent

       3,800

Furniture

       5,000

Accumulated depreciation, furniture

          450

Equipment

       8,000

Accumulated depreciation, equipment

       4,000

Accounts payable

       2,700

Accrued liabilities

          190

Unearned service revenue

       1,900

Common shares

     20,000

Retained earnings

     11,850

Total

     41,090

     41,090

PREPARE JOURNAL ENTRIES (+ADJUSTING ONES IF NEEDED)

Business Activities for January, 2019

  1. On January 4, 2019, Linda paid the outstanding accounts payable balance from December 31, 2018.
  2. On January 6, 2019, Linda withdrew $2,000 in the form of a dividend.
  3. Additional supplies were purchased, on account, on January 10 for $280. At January 31 there were $1,200 supplies left on hand.
  4. A 12-month insurance policy was purchased on June 1, 2018, for $1,800. Linda recorded appropriate adjustments for 2018 year-end statements.
  5. Linda paid 3 months rent, in advance, on December 1, 2018, to obtain a discount.  She appropriately recorded the use of the rent for December in her 2018 financial statements.
  6. On January 12 Linda paid $190 for cell services in December which she had appropriately accrued on December 31, 2018.  Linda has not received the invoice for cell use in January, 2019, yet but she estimates it will be $175.  She will not pay it until later in February.  Linda uses a Utilities Expense account to record cell costs.
  7. Linda charges $100 per person for each tour, which includes a full day tour, lunch, and admission to 2 museums.  If a group (greater than 10 people) books a tour they get a 10% discount and are given 30 days after the tour to pay.  
  8. Two groups who had taken tours in December paid their outstanding accounts receivable balances, a total of $3,960, on January 18, 2019.
  9. During January a total of 117 individuals paid cash for tours.  
  10. Also, in January Linda ran tours for 2 groups. There were 25 people in each group. One group paid on January 29 and Linda expects the other group to pay their outstanding account in February. Both groups were given the 10% discount.   
  11. Some groups request special tours that they pay for in advance.  Special tours do not receive any discounts.  Linda had received an advance payment of $1,900 in December, 2018.  On January 8 Linda ran the special tour.
  12. In addition, on January 25, one company paid cash and booked a special tour for 28 of their employees, paying $130 per person. The tour will take place on February 12.
  13. New office furniture was purchased on July 1, 2018, when Linda moved into her current office space.  The furniture is expected to last for 5 years and have a residual value of $500.  Linda uses the straight-line method to record depreciation.
  14. Linda videos all the tours and emails a copy to customers so they can remember how much fun they had.  Linda purchased her video equipment on January 1, 2018, for $8,000 and depreciated it over 2 years using straight-line depreciation.  On January 1, 2019, Linda sold the old equipment for $3,000 cash.
  15. Also, on January 1, 2019, Linda purchased new video equipment for $6,000 cash.  She started using the new equipment immediately.  It will be depreciated on a straight-line basis over 2 years and has an expected residual value of $1,200.
  16. Linda uses special double-decker tour buses, which she rents, to conduct the tours.  She paid $7,700 cash for bus rentals on January 25 but she still owes the bus company $1,900 with regards to her January invoice.  She plans to pay that amount in February.
  17. Linda tells you that the company records monthly adjusting entries and that her tax rate is 25%.   She will pay her income taxes on her January income in February 2019.
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