Oct.1: Purchased additional office supplies on account from Paper Co., $850. Oct

Question

Oct.1: Purchased additional office supplies on account from Paper Co., $850. Oct.2: Paid Chicago times advertising bill for September, $900. Oct. 3: Sold a house to Helen Baker and collected a commission of $7,300. Oct. 6: Paid gas bill to Haffner Gas Co., $29. Oct. 8: Collected commission from Tropic Developers for sale of building lot on September 17, $10,000. Oct. 12: Paid $530 to Long Realtors Assoc. to send employees to realtors' workshop. Oct. 15: Paid Rosie Petrillo, office secretary, $300. Oct. 17: Sold a house to Gary Schneider and earned a commission of $2,900. Commission to be received on November 10. Oct. 18: Sold a building lot to Lombardi Builders and collected a commission of $4,500. Oct. 22: Sent a check to Heritage Charities for $65 to help sponsor a local road race to aid the poor. (This amount is not to be considered an advertising expense; it is a business expense and is posted to Miscellaneous Expense.) Oct. 24: Paid Hyundai North $620 for repairs to automobile due to accident. Oct. 28: James Sousa withdrew $2,200 from the business to pay personal expenses. Oct. 30: Paid Rosie Petrillo, office secretary, $300. Oct. 30: Paid Comcast telephone bill, $480. Oct. 30: Advertising bill from Chicago Times for October, $1,300. The bill is to be paid on November 2. Required Work for October: 1. Journalize transactions in a general journal (p.4) and post to ledger accounts. 2. Prepare a trial balance in the first two columns of a blank, fold-out worksheet located at the end of your textbook at the end of your textbook and complete the worksheet using the following data: a) One month's rent had expired. Paid 5 months' rent in advance on September 1, $1,000. b) An inventory shows $130 of office supplies remaining. c) Depreciation on office equipment, $160. d) Depreciation on automobile, $210. 3. Prepare an October income statement, statement of owner's equity, and balance sheet. 4. From the worksheet, journalize and post adjusting and closing entries (p. 6 of journal). 5. Prepare a post-closing trial balance. Please Help!!!

Explanation / Answer

Journal Entry

Income Statement

Statement of Equity

Balance Sheet:

SOUSA REALITY General journal for the month of Oct., 20X1 Date Account Title Debit Credit Oct.1 Office Supplies 850      To Accounts Payable 850 Oct.2 Accounts Payable 900        To Cash 900 Oct.3 Cash 7300        To Commission Revenue 7300 Oct.6 Vehicle Expenses 29        To Cash 29 Oct.8 Cash 10000        To Accounts Receivable 10000 Oct.12 Training Expenses 530      To Cash 530 Oct.15 Salary Expense 300      To Cash 300 Oct.17 Accounts Receivable 2900       To Commission Revenue 2900 Oct.18 Cash 4500        To Commission Revenue 4500 Oct.22 Misc.Expense 65        To Cash 65 Oct.24 Repairs to vehicles 620       To Cash 620 Oct.28 James Sousa, Drwings 2200      To Cash 2200 Oct.30 Telephone Expenses 480       To Cash 480 Oct.30 Advertising Expenses 1300          To Accounts Payable 1300 SOUSA REALITY Adjusting Journal Entries for the month of Oct., 20X1 Date Account Title Debit Credit Oct.30 Rent Expense 200          To Prepaid Rent 200 Oct.30 Office Supplies Expense 820       To Office Supplies 820 Oct.30 Depreciation Expense 370            To Acc.Depr - -Office Eqpt. 160             To Acc.Depr. - Vehicle 210

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