September 1, 201X: James Sousa invested $12,000 cash in the real estate agency a

Question

September 1, 201X: James Sousa invested $12,000 cash in the real estate agency along with $5,000 of office equipment.
Sept. 1: Rented and paid 5 months' rent in advance to Murray Property Management, $1,000.
Sept. 1: Bought an automobile on account from Hyundai North, $19,000.
Sept. 4: Purchased office supplies from Paper Company, for cash, $600.
Sept. 5: Purchased additional office supplies from Paper Company, on account, $250.
Sept. 6: Sold a house to Brendan Hue and collected a $11,000 commission.
Sept. 8: Paid gas bill to Haffner Gas Co., $45.
Sept. 15: Paid Rosie Petrillo, office secretary, $300.
Sept. 17: Sold a building lot to Tropic Developers and earned a commission, $10,000; payment to be received on October 8.
Sept. 20: James Sousa withdrew $4,000 from the business to pay personal expenses.
Sept. 21: Sold a house to Suzanne Horngam and collected a $7,000 commission.
Sept. 22: Paid gas bill, $80, to Haffner Gas Co.
Sept. 24: Paid Hyundai North $800 to repair automobile.
Sept. 30: Paid Rosie Petrillo, office secretary, $300.
Sept. 30: paid Comcast September telephone bill, $330.
Sept. 30: Received advertising bill for September, $900, from Chicago Times. The bill is to be paid on October 2.

1. Journalize transactions and post to ledger accounts
2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data: a) One month's rent had expired.
b) An inventory shows $100 of office supplies remaining.
c) Depreciation on office equipment, $160.
d) Depreciation on automobile, $210.
3. Prepare a Septmeber income statement, statement of owner's equity, and balance sheet.
4. From the worksheet, journalize, and post adjusting and closing entries (p. 3 of journal).
5. Prepare a post-closing trial balance.

Oct.1: Purchased additional office supplies on account from Paper Co., $850.
Oct.2: Paid Chicago times advertising bill for Septmeber, $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 advertsing 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.

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!

What the answers should match:

Cash Ledger Ending Balance for October: 38,921


Worksheet for October:
Debit Credit
Trial Balance 73,395 73,395
Adjustments 1,390 1,390
Adj. Trial Balance 73,765 73,765
Income statement 5,014 14,700
Net Income 9,686
Matching Totals 14,700 14,700
Balance Sheet 68,751 59,065
Net Income 9,686
Matching Totals 68,751 68,751
Statement of Owner's Equity
James Sousa, Capital Oct. 31 44,411

Balance Sheet 65,811

Post Closing Trial Balance Totals: 66,551

Explanation / Answer

Hi Student, this contains two question. Giving answer for first one. Request to post second one seperately as per chegg policy.

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 Sep 1 Cash 12000 Sep 1 Office Equipment 5000 Sep 1 Owner's Capital 17000 Sep 1 Prepaid Rent 1000 Sep 1 Cash 1000 Sep 1 Automobile 19000 Sep 1 Accounts Payable 19000 Sep 4 Office Supplies 600 Sep 4 Cash 600 Sep 5 Office Supplies 250 Sep 5 Accounts Payable 250 Sep 6 Cash 11000 Sep 6 Commission Income Earned 11000 Sep 8 Gas Expense 45 Sep 8 Cash 45 Sep 15 Salaries Expense 300 Sep 15 Cash 300 Sep 17 Accounts Receivable 10000 Sep 17 Commission Income Earned 10000 Sep 20 Drawings 4000 Sep 20 Cash 4000 Sep 21 Cash 7000 Sep 21 Commission Income Earned 7000 Sep 22 Gas Expense 80 Sep 22 Cash 80 Sep 24 Repair Expense 800 Sep 24 Cash 800 Sep 30 Salaries Expense 300 Sep 30 Cash 300 Sep 30 Telephone Expense 330 Sep 30 Cash 330 Sep 30 Advertising Expense 900 Sep 30 Accounts Payable 900 Sep 30 Rent Expense 200 1000/5 Sep 30 Prepaid Rent 200 Sep 30 Office Supplies Expense 750 850-100 Sep 30 Office Supplies 750 Sep 30 Depreciation Expense-Office Equipment 160 Sep 30 Accumulated Depreciation-Office Equipment 160 Sep 30 Depreciation Expense-Automobile 210 Sep 30 Accumulated Depreciation-Automobile 210 Closing Entries: Sep 30 Commission Income Earned 28000 Sep 30 Income Summary 28000 Sep 30 Income Summary 4075 Sep 30 Advertising Expense 900 Sep 30 Gas Expense 125 Sep 30 Repair Expense 800 Sep 30 Salaries Expense 600 Sep 30 Rent Expense 200 Sep 30 Depreciation Expense-Office Equipment 160 Sep 30 Depreciation Expense-Automobile 210 Sep 30 Office Supplies 750 Sep 30 Telephone Expense 330 Sep 30 Income Summary 23925 Sep 30 Owner's Capital 23925 Sep 30 Owner's Capital 4000 Sep 30 Drawing 4000

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