I am very frustrated because I have submitted this question multiple times and n
ID: 2511751 • Letter: I
Question
I am very frustrated because I have submitted this question multiple times and no one has been able to help, or fully help with the question. They have helped only with addressing the September portion when I have specifically asked for help with the October portion as well. Can anyone help me with the Sousa Realty Mini Practice Set from the College Accounting A Practical Approach 13th Edition textbook by Slater in Chapter 5? Please
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.
Required Work for September:
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 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.
Explanation / Answer
SOUSA REALITY General journal for the month of Sept., 20X1 Date Account Title Debit Credit Sept.1 Cash 12000 Office Equipment 5000 Sousa, Capital 17000 Sept.1 Prepaid Rent 1000 Cash 1000 Sept.1 Vehicle 19000 Accounts Payable 19000 Sept.4 Office Supplies 600 Accounts Payable 600 Sept.5 Office Supplies 250 Accounts Payable 250 Sept.6 Cash 11000 Commission Revenue 11000 Sept.8 Vehicle expenses 45 Cash 45 Sept.15 Salary Expense 300 Cash 300 Sept.17 Accounts Receivable 10000 Commission Revenue 10000 Sept.20 Sousa, Drawings 4000 Cash 4000 Sept.21 Cash 7000 Commission Revenue 7000 Sept.22 Vehicle expenses 80 Cash 80 Sept.24 Repairs to vehicle 800 Cash 800 Sept.30 Salary Expense 300 Cash 300 Sept.30 Telephone Expense 330 Cash 330 Sept.30 Advertising Expense 900 Accounts Payable 900 Cash Offie Equipment Date Debit Credit balance Date Debit Credit balance Sept.1 12000 12000 Sept.1 5000 5000 Sept.4 1000 11000 5000 Sept.6 11000 22000 5000 Sept.8 45 21955 5000 Sept.15 300 21655 Accounts Receivable Sept.20 4000 17655 Date Debit Credit balance Sept.21 7000 24655 Sept.17 10000 10000 Sept.22 80 24575 10000 Sept.24 800 23775 Sept.30 300 23475 Sept.30 330 23145 Vehicle Date Debit Credit balance Prepaid Rent Sept.1 19000 19000 Date Debit Credit balance 19000 Sept.4 1000 1000 Office Supplies Accounts Payable Date Debit Credit balance Date Debit Credit balance Sept.4 600 600 Sept.1 19000 19000 Sept.5 250 850 Sept.4 600 19600 850 Sept.5 250 19850 Sept.30 900 20750 James Sousa, Capital Commission Revenue Date Debit Credit balance Date Debit Credit balance Sept.1 17000 17000 Sept.1 11000 11000 17000 Sept.17 10000 21000 17000 Sept.21 7000 28000 Vehicle Expenses Salary Expense Date Debit Credit balance Date Debit Credit balance Sept.8 45 45 Sept.15 300 300 Sept.22 80 125 Sept.30 300 600 125 600 James Sousa, Drawings Repairs to vehicle Date Debit Credit balance Date Debit Credit balance Sept.20 4000 4000 Sept.24 800 800 4000 800 Telephone Expenses Advertising Expenses Date Debit Credit balance Date Debit Credit balance Sept.30 330 330 Sept.30 900 900 330 900 SOUSA REALITY Trial Balance worksheet for the month ended September 30, 20X1 Transactions Unadjusted Adjustments Adjusted Post Closing Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 30000 6855 23145 23145 23145 Acounts Receivable 10000 10000 10000 10000 Office Supplies 850 850 750 100 100 Prepaid Rent 1000 1000 200 800 800 Office Equipment 5000 5000 5000 5000 Accumulated Depreciation - Office Equipment 160 160 160 Vehicle 19000 19000 19000 19000 Accumulated Depreciation - Vehicle 210 210 210 Accounts Payable 20750 20750 20750 20750 James Sousa, Capital 17000 17000 17000 36925 James Sousa, Drawings 4000 4000 4000 Commision Revenue 28000 28000 28000 Vehicle expenses 125 125 125 Salary Expense 600 600 600 Repairs to vehicle 800 800 800 Telephone Expense 330 330 330 Advertising Expense 900 900 900 Rent Expense 200 200 Office Supplies Expense 750 750 Depreciation Expense 370 370 72605 72605 65750 65750 1320 1320 66120 66120 58045 58045 SOUSA REALITY Income statement for the month ended September 30, 20X1 Commission Revenue 28000 Expenses: Vehicle expenses 125 Salary Expense 600 Repairs to vehicle 800 Telephone Expense 330 Advertising Expense 900 Rent Expense 200 Office Supplies Expense 750 Depreciation Expense 370 Total Expenses 4075 Net income 23925 SOUSA REALITY Statement of owners' equity for the month ended September 30, 20X1 Balance as at September 1, 20X1 17000 Add: Net income for Sept. , 20X1 23925 Less: Drawing during Sept., 20X1 4000 Balance as at September 30, 20X1 36925 SOUSA REALITY Balance Sheet as at September 30 , 20x1 Assets Cash 23145 Acounts Receivable 10000 Office Supplies 100 Prepaid Rent 800 Office Equipment 5000 Accumulated Depreciation - Office Equipment 160 4840 Vehicle 19000 Accumulated Depreciation - Vehicle 210 18790 Total Assets 57675 Liabilities and equity Accounts Payable 20750 James Sousa, Capital 36925 Total Liabilities and equity 57675 SOUSA REALITY Trial Balance worksheet for the month ended October 31, 20X1 Post Closing Account Debit Credit Cash 39821 Acounts Receivable 2900 Office Supplies 130 Prepaid Rent 600 Office Equipment 5000 Accumulated Depreciation - Office Equipment 320 Vehicle 19000 Accumulated Depreciation - Vehicle 420 Accounts Payable 22000 James Sousa, Capital 44711 James Sousa, Drawings Commision Revenue Vehicle expenses Salary Expense Repairs to vehicle Telephone Expense Advertising Expense Rent Expense Training Expenses Office Supplies Expense Depreciation Expense Misc. Expenses 67451 67451 SOUSA REALITY General journal for the month of Oct., 20X1 Date Account Title Debit Credit Oct.1 Office Supplies 850 Accounts Payable 850 Oct.2 Accounts Payable 900 Cash 900 Oct.3 Cash 7300 Commission Revenue 7300 Oct.6 Vehicle Expenses 29 Cash 29 Oct.8 Cash 10000 Accounts Receivable 10000 Oct.12 Training Expenses 530 Cash 530 Oct.15 Salary Expense 300 Cash 300 Oct.17 Accounts Receivable 2900 Commission Revenue 2900 Oct.18 Cash 4500 Commission Revenue 4500 Oct.22 Misc.Expense 65 Cash 65 Oct.24 Repairs to vehicles 620 Cash 620 Oct.28 James Sousa, Drwings 2200 Cash 2200 Oct.30 Telephone Expenses 480 Cash 480 Oct.30 Advertising Expenses 1300 Accounts Payable 1300 SOUSA REALITY Adjusting Journal Entries for the month of Oct., 20X1 Date Account Title Debit Credit Oct.30 Rent Expense 200 Prepaid Rent 200 Oct.30 Office Supplies Expense 820 Office Supplies 820 Oct.30 Depreciation Expense 370 Acc.Depr - -Office Eqpt. 160 Acc.Depr. - Vehicle 210 SOUSA REALITY Income statement for the month ended October 31, 20X1 Commission Revenue 14700 Expenses: Vehicle expenses 29 Salary Expense 300 Repairs to vehicle 620 Telephone Expense 480 Advertising Expense 1300 Rent Expense 200 Training Expenses 530 Office Supplies Expense 820 Depreciation Expense 370 Misc.Expense 65 Total Expenses 4714 Net income 9986 SOUSA REALITY Statement of owners' equity for the month ended October 31, 20X1 Balance as at October 1, 20X1 36925 Add: Net income for October, 20X1 9986 Less: Drawing during October, 20X1 2200 Balance as at October 31, 20X1 44711 SOUSA REALITY Balance Sheet as at October 31, 20x1 Assets Cash 39821 Acounts Receivable 2900 Office Supplies 130 Prepaid Rent 600 Office Equipment 5000 Accumulated Depreciation - Office Equipment 320 4680 Vehicle 19000 Accumulated Depreciation - Vehicle 420 18580 Total Assets 66711 Liabilities and equity Accounts Payable 22000 James Sousa, Capital 44711 Total Liabilities and equity 66711 Cash Offie Equipment Date Debit Credit balance Date Debit Credit balance Oct.1 23145 Oct.1 5000 Oct.2 900 22245 5000 Oct.3 7300 29545 5000 Oct.6 29 29516 5000 Oct.8 10000 39516 Accounts Receivable Oct.12 530 38986 Date Debit Credit balance Oct.15 300 38686 Oct.1 10000 Oct.18 4500 43186 Oct.8 10000 0 Oct.22 65 43121 Oct.17 2900 2900 Oct.24 620 42501 Oct.28 2200 40301 Vehicle Oct.30 480 39821 Date Debit Credit balance Prepaid Rent Oct.1 19000 Date Debit Credit balance 19000 Oct.1 800 Oct.30 200 600 Office Supplies Accounts Payable Date Debit Credit balance Date Debit Credit balance Oct.1 100 Oct.1 20750 Oct.1 850 950 Oct.1 850 21600 Oct.30 820 130 Oct.2 900 20700 Oct.30 1300 22000 James Sousa, Capital Commission Revenue Date Debit Credit balance Date Debit Credit balance Oct.1 36925 Oct.3 7300 7300 36925 Oct.17 2900 10200 36925 Oct.18 4500 14700 Vehicle Expenses Salary Expense Date Debit Credit balance Date Debit Credit balance Oct.6 29 29 Oct.15 300 300 29 300 29 300 James Sousa, Drawings Repairs to vehicle Date Debit Credit balance Date Debit Credit balance Oct.28 2200 2200 Oct.24 620 620 2200 620 Telephone Expenses Advertising Expenses Date Debit Credit balance Date Debit Credit balance Oct.30 480 480 Oct.30 1300 1300 480 1300 Training Expenses Misc.Expese Date Debit Credit balance Date Debit Credit balance Oct.12 530 530 Oct.22 65 65 Rent Expense Ofice Supplies Expense Date Debit Credit balance Date Debit Credit balance Oct.30 200 200 Oct.30 820 820 Depreciation Expense Acc. Depr. - Office Eqpt. Date Debit Credit balance Date Debit Credit balance Oct.30 370 370 Oct.30 160 160 160 Acc. Depr - Vehicle Date Debit Credit balance Oct.30 210 210 210
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