Please answer all of the questions and provide explanations. This is all of the

Question

Please answer all of the questions and provide explanations. This is all of the information that was provided. The professor only provided us with this information *

Part 1:

Prepare the journal entries for each set of transaction data below.

Post the transactions in the ledger.

Extract the unadjusted trial balance as of January 31 of this current year.

Part 2:

For this section, prepare the following adjusted journal entries.

Record depreciation of $1,000 for equipment.

Accrue unpaid wages of $715.

Accrue unpaid utilities of $420.

Part 3:

Prepare an Adjusted Trial Balance as of January 31 of this year.

Transaction data

Jonathan Swiss owns the Sports Watch Repairs Store. He provides the transactions relating to the month of January this year.

January 2 Invested $10,000 cash as well as providing watch repair equipment with a valuation of $4,800 (Hint: Treat watch repair equipment as part of capital.)

January 4             Paid first month's rent of $900 cash

January 6             Received $2,500 cash for watch repairs

January 8             Purchased supplies on account from Sears for $500

January 9             Repaired a vintage watch on account for $1,500

January 9             Paid $575 cash for wages

January 12           Purchased watch repair equipment for $1,200 cash

January 13           Received $5,500 cash from watch repairs

January 16           Purchased equipment on account from Sears for $1,000

January 18           Paid $520 cash for advertising expense

January 20           Withdrew $750 cash for personal expenses

January 22           Received $950 cash on account for work done on January 9

January 23           Paid $475 cash for wages

January 26           Received $7,000 cash from watch repairs

January 27           Paid $850 cash on account for the January 16 transactions

January 30           Received $480 cash from repairs previously done on an antique watch

Explanation / Answer

Part-1

Part-2

Part-3

Journal Entries in the books of Jonathan Swiss Date Account Title & Explantation Debit Credit 01-Jan Cash $10,000 Equipment $4,800 Jonathan Swiss's Capital $14,800 04-Jan Rent Expense $900 Cash $900 06-Jan Cash $2,500 Service performed $2,500 08-Jan Supplies $500 Account Payable- Sears $500 09-Jan Account Receivable $1,500 Service performed $1,500 09-Jan Wages Expense $575 Cash $575 12-Jan Equipment $1,200 Cash $1,200 13-Jan Cash $5,500 Service performed $5,500 16-Jan Equipment $1,000 Account Payable- Sears $1,000 18-Jan Advertising Expense $520 Cash $520 20-Jan Jonathan Swiss's Drawing $750 Cash $750 22-Jan Cash $950 Account Receivable $950 23-Jan Wages Expense $475 Cash $475 26-Jan Cash $7,000 Service performed $7,000 27-Jan Account Payable-sears $850 Cash $850 30-Jan Cash $480 Account Receivable $480 Cash Account Date Particular Debit Date Particular Credit 01-Jan Jonathan Swiss's Capital $10,000 04-Jan Rent Expense $900 06-Jan Service performed $2,500 09-Jan Wages Expense $575 13-Jan Service performed $5,500 12-Jan Equipment $1,200 22-Jan Account Receivable $950 18-Jan Advertising Expense $520 26-Jan Service performed $7,000 20-Jan Jonathan Swiss's Drawing $750 30-Jan Account Receivable $480 23-Jan Wages Expense $475 27-Jan Account Payable $850 31-Jan Balance $21,160 Total $26,430 Total $26,430 Service Performed Date Particular Debit Date Particular Credit 06-Jan Cash $2,500 09-Jan Account Receivable $1,500 13-Jan Cash $5,500 26-Jan Cash $7,000 31-Jan Balance $16,500 Total $16,500 Total $16,500 Account Receivable Date Particular Debit Date Particular Credit 09-Jan Service Performed $1,500 22-Jan Cash $950 30-Jan Cash $480 31-Jan Balance $70 Total $1,500 Total $1,500 Account Payable Date Particular Debit Date Particular Credit 27-Jan Cash $850 08-Jan Supplies $500 16-Jan Equipment $1,000 31-Jan Balance $650 Total $1,500 Total $1,500 Supplies Account Date Particular Debit Date Particular Credit 08-Jan Account Payable $500 31-Jan Balance $500 Total $500 Total $500 Equipment Date Particular Debit Date Particular Credit 01-Jan Jonathan Swiss's Capital $4,800 12-Jan Cash $1,200 16-Jan Account Payable- Sears $1,000 31-Jan Balance $7,000 Total $7,000 Total $7,000 Wages Expense Date Particular Debit Date Particular Credit 09-Jan Cash $575 23-Jan Cash $475 31-Jan Balance $1,050 Total $1,050 Total $1,050 Rent Expense Date Particular Debit Date Particular Credit 04-Jan Cash $900 31-Jan Balance $900 Total $900 Total $900 Advertising Expense Date Particular Debit Date Particular Credit 18-Jan Cash $520 31-Jan Balance $520 Total $520 Total $520 Jonathan Swiss's Capital Date Particular Debit Date Particular Credit 01-Jan Cash $10,000.00 31-Jan Balance $14,800 01-Jan Equipment $4,800.00 Total $14,800 Total $14,800 Jonathan Swiss's Drawing Date Particular Debit Date Particular Credit 20-Jan Cash $750 31-Jan Balance $750 Total $750 Total $750 Unadjusted Trial Balance for January31 Account Debit Credit Cash $21,160 Account Receivable $70 Supplies $500 Equipment $7,000 Jonathan Swiss's Drawing $750 Jonathan Swiss's Capital $14,800 Account Payable $650 Service Performed $16,500 Wages Expense $1,050 Rent Expense $900 Advertising Expense $520 Total $31,950 $31,950

Part-2

Journal Entries in the books of Jonathan Swiss Date Account Title & Explantation Debit Credit 31-Jan Depreciation $1,000 Equipment $1,000 31-Jan Wages Expense $715 Wages Payable $715 31-Jan utilities Expense $420 utilities Expense Payable $420

Part-3

Adjusted Trial Balance for January31 Account Debit Credit Cash $21,160 Account Receivable $70 Supplies $500 Equipment $6,000 Jonathan Swiss's Drawing $750 Jonathan Swiss's Capital $14,800 Account Payable $650 Wages Payable $715 Utilities Expense Payable $420 Service Performed $16,500 Depreciation on Equipment $1,000 Wages Expense $1,765 Rent Expense $900 Advertising Expense $520 Utilities Expense $420 Total $33,085 $33,085

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