I\'m having trouble creating a Trial balance for my homework. For the month ende

Question

I'm having trouble creating a Trial balance for my homework. For the month ended in January 31,2015

How can I put the information below in these 7 accounts?

1 January 1, 2015 Rosen and the other owners invest $50,000 in exchange for corporate stock in the firm.
2 January 2, 2015 Eagle View obtains a loan from the bank for an additional $120,000. The terms of the loan require payments of principal and interest every 3 months for 4 years at an interest rate of 6%.
3 January 2, 2015 Eagle View signs a 1-year lease on retail space. The monthly rent is $1,000 (in advance) with a security deposit of $2,000 all payable upon signing.
4 January 3, 2015 Eagle View purchases sales fixtures and a cash register on account from Generic Office Supply for $30,000. The terms are 2-15, net 30. The equipment has a 5-year life with $0 salvage value. Eagle View uses straight-line depreciation.
5 January 3, 2015 Eagle View purchases inventory from Wheatland Solutions for $50,000 cash (100 units at $500.00 each). It keeps perpetual records for the inventory on the FIFO basis.
6 January 4, 2015 Eagle View purchases $1,000 in office supplies on account from Office Shop. The terms are net 30.
7 January 6, 2015 Eagle View makes its first sale on account to Happy Times. It sells 10 units for $1,000.00 each. Sales tax is 5%. The terms are 2-15, net 30.
7a January 6, 2015 You record the inventory portion of the sale.
8 January 8, 2015 You record Eagle View’s first week of cash sales of 20 units for $1,000.00 each. Again, sales tax is 5%.
8a January 8, 2015 You record the inventory portion of the weekly sales.
9 January 9, 2015 Eagle View receives the utility bill for the month and Ron Rosen plans to pay it soon. The total amount due is $500, payable net 30.
10 January 11, 2015 Eagle View has a cash customer return 5 units because they are the wrong color. Rosen refunds the money including sales tax.
10a January 11, 2015 You record the inventory portion of the return.
11 January 15, 2015 Eagle View pays the employees for the first two weeks of business (January 1 – 14). The gross pay is $2,000, the employee taxes are $500 (those deducted from the paychecks) and the employer taxes are $500.
12 January 15, 2015 You record Eagle View’s second week of cash sales of 4 units for $1,000 each. Again, sales tax is 5%.
12a January 15, 2015 You record the inventory portion of the weekly sales.
13 January 16, 2015 You pay the bill to Generic Office Supply within the discount period.
14 January 17, 2015 Eagle View pays its annual insurance bill of $12,000. The period covered is January 1, 2015 to December 31, 2015.
15 January 18, 2015 Rosen spends $1,000 on advertising on the local news station.
16 January 19, 2015 Happy Time pays its balance in full within the discount period.
17
January 21, 2015 Giggles, Inc. prepays an order of 25 units at $1,000.00 each. Because Giggles, Inc. is a distributor with a resale license, no sales tax is included.
18 January 22, 2015 You record the third week of cash sales of 7 units at $1,000 each. Again, sales tax is 5%
18a January 22, 2015 You record the inventory portion of the weekly sales.
19 January 28, 2015 Eagle View ships out the order for Giggles, Inc.
19a January 28, 2015 You record the inventory portion of the sale.
20 January 29, 2015 You record the fourth week of cash sales of 3 units at $1,000 each. Sales tax is 5%.
20a January 29, 2015 Your record the inventory portion of the weekly sales.
21 January 29, 2015 Eagle View pays its employees for the second two weeks of business (January 15-28). The gross pay is $2,000, the employee taxes are $500 and the employer taxes are $500.
22 January 30, 2015 Eagle View pay February’s rent in advance.
23 January 30, 2015 Eagle View records a sale on account to Salsa King of 8 units for $1,000. There is no sales tax on this transaction.
23a January 30, 2015 You record the inventory portion of the sale.
24 January 31, 2015 Ron Rosen declares and pays a dividend of $5,000.

Trial balance adjustment adjustment trial balance income statement balance sheet closing post-closing balance sheet Debit credit debit credit debit credit debit credit debit credit debit credit debit credit

Explanation / Answer

Worksheet:

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Date Account Debit Credit Jan 1 Cash 50000 Jan 1 Common Stock 50000 Jan 2 Cash 120000 Jan 2 Notes Payable 120000 Jan 2 Rent Expense 1000 Jan 2 Security Deposit 2000 Jan 2 Cash 3000 Jan 3 Fixtures 30000 Jan 3 Accounts Payable 30000 Jan 3 Merchandise Inventory 50000 Jan 3 Cash 50000 Jan 4 Office Supplies 1000 Jan 4 Accounts Payable 1000 Jan 6 Accounts Receivable 10500 1000*10 Jan 6 Sales 10000 500 Jan 6 Sales Tax Payable 500 500 Jan 6 Cost of Goods Sold 5000 10*500 Jan 6 Merchandise Inventory 5000 Jan 8 Cash 21000 Jan 8 Sales 20000 Jan 8 Sales Tax Payable 1000 Jan 8 Cost of Goods Sold 10000 Jan 8 Merchandise Inventory 10000 Jan 9 Utilitiy Expenses 500 Jan 9 Accounts Payable 500 Jan 11 Sales 5000 5*1000 Jan 11 Sales Tax Payable 250 5000*5% Jan 11 Cash 5250 Jan 11 Merchandise Inventory 2500 Jan 11 Cost of Goods Sold 2500 Jan 15 Salaries and Wages Expense 2000 Jan 15 Employee Taxes Payable 500 Jan 15 Employer Taxes Payable 500 Jan 15 Cash 1000 Jan 15 Cash 4200 Jan 15 Sales 4000 4*1000 Jan 15 Sales Tax Payable 200 4000*5% Jan 15 Cost of Goods Sold 2000 4*500 Jan 15 Merchandise Inventory 2000 Jan 16 Accounts Payable 30000 Jan 16 Discount Received 600 30000*2% Jan 16 Cash 29400 Jan 17 Prepaid Insurance 12000 Jan 17 Cash 12000 Jan 18 Advertising Expense 1000 Jan 18 Cash 1000 Jan 19 Cash 10290 Jan 19 Sales Discount 210 10500*2% Jan 19 Accounts Receivable 10500 Jan 21 Cash 25000 Jan 21 Unearned Sales Revenue 25000 Jan 22 Cash 7350 Jan 22 Sales 7000 7*1000 Jan 22 Sales Tax Payable 350 7000*5% Jan 22 Cost of Goods Sold 3500 7*500 Jan 22 Merchandise Inventory 3500 Jan 28 Unearned Sales Revenue 25000 Jan 28 Sales 25000 Jan 28 Cost of Goods Sold 12500 25*500 Jan 28 Merchandise Inventory 12500 Jan 29 Cash 3150 Jan 29 Sales 3000 3*1000 Jan 29 Sales Tax Payable 150 3000*5% Jan 29 Cost of Goods Sold 1500 3*500 Jan 29 Merchandise Inventory 1500 Jan 29 Salaries and Wages Expense 2000 Jan 29 Employee Taxes Payable 500 Jan 29 Employer Taxes Payable 500 Jan 29 Cash 1000 Jan 30 Prepaid Rent 1000 Jan 30 Cash 1000 Jan 30 Accounts Receivable 8000 8*1000 Jan 30 Sales 8000 Jan 30 Cost of Goods Sold 4000 8*500 Jan 30 Merchandise Inventory 4000 Jan 30 Dividend 5000 Jan 30 Cash 5000 Adjustment: Date Account Debit Credit Jan 30 Interest Expense 600 Jan 30 Interest Payable 600 (interest on loan)120000*6%/12 Jan 30 Depreciation Expense 500 Jan 30 Accumulated Depreciation 500 (dep on equipment)30000/60 Jan 30 Insurance Expense 1000 Jan 30 Prepaid Insurance 1000 (Insurance amortization)12000/12

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