My Peace, House of Décor GENERAL INSTRUCTIONS FOR JANUARY 1) Journalize the tran

Question

My Peace, House of Décor GENERAL INSTRUCTIONS FOR JANUARY 1) Journalize the transactions listed below and on the next page and post to the ledger accounts Omit explanations. 2) Prepare an unadjusted trial balance. 3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page. 4) Prepare an adjusted trial balance 5) Prepare a schedule of accounts receivable. List the balance of each customer account with a balance and total the balances. Compare the total to the balance of Accounts Receivable in the general ledger. 6) Prepare an income statement for the month ended January 31,20-- 7) Prepare a retained earnings statement for the month ended January 31,20-- 8) Prepare a balance sheet as of January 31, 20-- 9) Complete the analysis test for January on page 27 TRANSACTIONS FOR JANUARY General Entries Jan. 5 5 Received $60,000 from Sophia LeBron and issued 12,000 common shares of S5 par value Paid S6,000 of general liability and property insurance. The disbursement by Check No. 100 was for a complete year of service 6 Rented an office and furniture for $2,000 per month. Issued Check No. 101 for $6,000, representing the first and last months' rent and the security deposit. (The security deposit, the last month's rent, and the current rent are to be classified separately.) 7 Issued Check No. 102 for $1,600 for the purchase of office supplies. 7 Issued Check No. 103 for $7,000 for advertising to be run in local newspapers and maga 10 Roxana Perini engaged My Place, House of Décor to renovate her oceanfront 12 Recorded $6,000 (net 30) decorating fees earned on account from Maribel Thompson to zines in the month of January. condominium. Received S10,000 from Roxana Perini after services were completed. remodel her office 25

Explanation / Answer

MY PLACE, HOUSE OF DÉCOR

JOURNAL SL NO DATE DESCRIPTION POST REF DEBIT ($) CREDIT ($) 1 5-Jan Bank          60,000 To Share Capital          60,000 2 5-Jan General Liability & Property Insurance            6,000 To Bank             6,000 3 6-Jan Rent deposit            2,000 Office & Furnture Rent            2,000 Office & Furnture Rent            2,000 To Bank             6,000 4 7-Jan Office Stationery            1,600 To Bank             1,600 5 7-Jan Advertisement            7,000 To Bank             7,000 6 10-Jan Bank          10,000 To Service Income          10,000 7 12-Jan Maribal Thompson            6,000 Discount                  30 To Service Fees             6,030 8 20-Jan Bank            8,000 To Service Fees             8,000 9 25-Jan Roberto Andriani          12,000 Discount                  60 To Service Fees          12,060 10 30-Jan Utilities                190 To Bank                190 11 30-Jan Telephone                300 To Bank                300 12 30-Jan Postage                200 To Bank                200 13 30-Jan Business Automobile                450 To Bank                450 14 30-Jan Salary            5,600 To Bank             5,600 JOURNAL (Adjusting Entries) SL NO DATE DESCRIPTION POST REF DEBIT ($) CREDIT ($) 1 30-Jan Prepaid Insurance            5,500 General Liability & Property Insurance             5,500 2 30-Jan Stationery Stock            1,000 To Office Stationery             1,000

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