Question

Need Post closing Trial balance

1. Analyze and journalize the August transactions of Bayou Computer Service, Inc. as they occur using the Company's Chart of Accounts.

2. Post the August transactions from the general journal to the general ledger using the correct posting procedure outlined in your textbook.

3. Prepare a trial balance on a ten-column work sheet.

4. Journalize and post Adjusting Entries and complete the worksheet. Adjustment information you received from your supervisor, the Chief Accountant, follows:

A. An inventory of Office Supplies found that $XXX of supplies remained at August 31.

B. The Building Depreciation for the month of August was $350.

C. The Office Equipment Depreciation for the month of August was $167.

D. The percent-of-sales method is used to estimate Uncollectible Accounts Expense. The estimated uncollectible amount for the month is $420.

E. The estimated income tax for the month of August is $800.

F. One month of the Prepaid Insurance has expired.

G. Used $600 of the Prepaid Advertising.

H. Accrued interest revenue for the month of August on the $4,320, 10%, 90 day Notes Receivable dated August 16 is $18.

I. Accrued interest expense for one month (August) on the five year, 6%, $40,000 Note Payable dated August 4.

J. As of August 31, $1,500 of the Unearned Consulting Revenue collected in advance on August 16 was earned.

K. Accrued salary expenses for the second half of August totaled $8,000.

5. Prepare the following financial statements in good form on separate pieces of paper for each statement: Income Statement. Statement of Retained   Earnings. and the Balance Sheet.

6. Journalize and post the Closing Entries.

7. Prepare the Post-Closing Trial Balance.

Date	Transaction
Aug. 01	Issued 60,000 shares of $10 par value common stock in exchange for an initial investment of $600,000 by the owners.
Aug. 01	Prepaid $1,680 for a one-year insurance policy
Aug. 03	Issued 2,000 shares of $10 par value common stock for office equipment with a fair market value of $20,000.                                                           .
Aug. 04	Borrowed $40,000 by issuing a five-year, 6% note payable. The note called for a $8,000 annual installment payment plus interest. Record the short-term and long-term portions of the note payable in two separate accounts.
Aug. 05	Purchased Land and a Building for $114,000 cash. The Building had a fair market value of $84,000 and the Land had a fair market value of $30,000.
Aug. 06	Purchased $12,000 worth of Office Supplies on account from Kilcoyne Office Supply.
Aug. 07	Established a petty cash fund of $300.
Aug. 08	Paid $1,800 cash for an order with a local newspaper for advertising that begins on August 15 and will run for three months. The advertising was paid for on this date to obtain a lower price.
Aug. 11	Completed services for several clients and received $15,500.
Aug. 12	Completed services for customers and billed them for $12,400.
Aug. 15	Paid the semi-monthly payroll of $8,000 to the firm's part time consultants, all of which are classified as independent contractors.
Aug. 16	Received $4,800 in advance for services to be provided from August 16 through February 15. (Three months)
Aug. 16	A client billed on August 12 indicated that a $4,320 receivable due Bayou Computer Services Enterprises would not be paid for 90 days. Bayou Computer Services accepted a 10% 90-day note on this date.
Aug. 17	Declared a cash dividend of $0.10 per share on this date Payable on December 16.
Aug. 18	Paid $3,000 cash to Kilcoyne Office Supply on the August 06 account balance.
Aug. 29	Received and paid the August telephone bill of $325.
Aug. 31	Collected $5,000 of the receivable recorded on August 12.
Aug. 31	Paid $725 cash for various utility bills received for August.
Aug. 31	Recorded services rendered to clients during the last half of August that totaled $22,000. The firm collected $14,000 in cash with the balance due in 30 days.
Aug. 31	Record the entry to replenish the petty cash fund. An audit of the petty cash fund determined the following: Petty Cash Tickets: Postage                                $ 60 Freight-Out                            75 Repair Expense                    40 Miscellaneous Expense    105 Currency and Coins in Petty Cash $25

Answer 1

Trial Balance
Particulars	Debit	Credit
Cash	$530,395.00
Interest receivable	$36.00
Interest payable		$200.00
Common stock		$620,000.00
Prepaid insurance	$1,540.00
Office equipment	$20,000.00
Accumulated depreciation - office equipment		$167.00
Short-term note payable		$8,000.00
Long-term note payable		$32,000.00
Building	$84,000.00
Accumulated depreciation - building		$350.00
Land	$30,000.00
Office supplies	$12,000.00
Note receivable	$4,320.00
Accounts payable		$9,000.00
Petty cash	$300.00
Prepaid advertising	$1,200.00
Advertising expense	$600.00
Service revenue		$29,400.00
Accounts receivable	$7,400.00
Allowance for doubtful debts		$420.00
Consultant salary expense	$16,000.00
Unearned revenue	$3,300.00
Income taxes payable		$800.00
Dividends payable		$6,200.00
Retained earnings	$6,200.00
Telephone expense	$325.00
utilities expense	$725.00
Postage	$60.00
Frieght	$75.00
Repair	$40.00
Depreciation expense - building	$350.00
Depreciation expense - office equipment	$167.00
Bad debt expense	$420.00
Income tax expense	$800.00
Insurance expense	$140.00
Interest revenue		$36.00
Interest expense	$200.00
Salaries payable		$8,000.00
Supplies expense		$6,125.00
Miscellaneous	$105.00
Total	$720,698.00	$720,698.00

Donot have time to give complete explanations. Would need to complete all the journal entries and ledger accounts in order to do so. Hence answered directly.