Question

Part 1:

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

2. Post the transactions in the ledger.

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

Part 2: For this section, prepare the following adjusted journal entries.

1. Record depreciation of $1,000 for equipment.

2. Accrue unpaid wages of $715.

3. Accrue unpaid utilities of $420.

Part 3:

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

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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

PLEASE ANSWER COPY AND PASTE

NOT ATTACHMENT ANSWER THROUGLY PLEASE

Answer 1

	Journal entries
02-Jan	Cash	10000
	Repair equipment	4800
	Jonathan's capital		14800
04-Jan	Rent expense	900
	Cash		900
06-Jan	Cash	2500
	Service revenue		2500
08-Jan	Supplies	500
	Accounts payable		500
09-Jan	Accounts receivable	1500
	Service revenue		1500
09-Jan	Wages expense	575
	Cash		575
12-Jan	Repair equipment	1200
	Cash		1200
13-Jan	Cash	5500
	Service revenue		5500
16-Jan	Repair equipment	1000
	Accounts payable		1000
18-Jan	Advertising expense	520
	Cash		520
20-Jan	Jonathan's drawings	750
	Cash		750
22-Jan	Cash	950
	Accounts receivable		950
23-Jan	Wages expense	475
	Cash		475
26-Jan	Cash	7000
	Service revenue		7000
27-Jan	Accounts payable	850
	Cash		850
30-Jan	Cash	480
	Accounts receivable		480
	Adjusting entries
31-Jan	Depreciation expense -equipment	1000
	Accumulated depreciation equipment		1000
31-Jan	Wages expense	715
	Wages payable		715
31-Jan	Utilities expense	420
	Accounts payable		420
	Adjusted trial balance	Debit	Credit
	Cash	21160
	Accounts receivable	70
	Supplies	500
	Repair equipment	7000
	Accumulated depreciation equipment		1000
	Accounts payable		1070
	Wages payable		715
	Jonatha's capital		14800
	Service revenue		16500
	Jonathan's drawings	750
	Wages expense	1765
	Rent expense	900
	Utilities expense	420
	Depreciation expense	1000
	Advertising expense	520
	Total	34085	34085