Question

COMPREHENSIVE PROBLEM Sam started Samuel Technology Service in February, 2015. The following transactions occurred in March, 2015: Mar 1 Received cash from customers on account, $ 3,500. 2 Paid cash for advertising on a local website, $ 600. 3 Received cash from customers as an advance payment for technical support services to be provided in the future, $ 5,000. 6 Paid technician $ 1,500 in salary, including the amount owed at the end of February. 8 Paid $ 800 on account. 12 Billed customers for services provided on account, $ 12,200. 16 Received $ 7,750 cash for fees earned for jobs completed. 17 Paid technician $ 1,500 in salary. 18 Purchased supplies on account, $ 800. 20 Received $ 16,400 cash for fees earned for jobs completed. 21 Billed customers for services provided on account, $ 6,400. 23 Received cash from customers on account, $ 19,000. 26 Paid phone bill for the month, $ 240. 28 Paid electricity bill for the month, $ 580. 30 Billed customers for services provided on account, $ 7,800. 31 Received cash from customers on account, $ 10,200. 31 Sam withdrew $16,000 for personal use. INSTRUCTIONS: 1. The chart of accounts and the post-closing trial balance as of February 28, 2015 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances March 1, 2015, and place a check mark ( ✓ ) in the Posting Reference column. 2. Journalize each of the March transactions in the journal provided using Samuel Technology Service’s chart of accounts. (Do not insert the account numbers in the journal at this time). 3. Post the journal to the ledger. (Enter posting references now). 4. Prepare an unadjusted trial balance. 5. At the end of March, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and ( 6 ): a. Supplies on hand were $ 1,200. b. Rent expired during the month was $ 3,200. c. Unearned fees at the end of the month were $ 4,000. d. Insurance expired during the month was $ 600. e. Accrued salaries payable were $ 480. f. Depreciation on equipment during the month was $ 660. 6. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. (extra credit +5 points if completed & correct). 7. Journalize and post the adjusting entries. 8. Prepare an adjusted trial balance. 9. Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet. 10. Record and post the closing entries. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry. 10.Prepare a post-closing trial balance. SAMUEL TECHNOLOGY SERVICE CHART OF ACCOUNTS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Ren t 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees 31 Sam OlinCapital 32 Sam Olin, Drawing 41 Fees Earned 51 Salaries Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense SAMUEL TECHNOLOGY SERVICE POST-CLOSING TRIAL BALANCE FEBRUARY 28, 2015 DEBIT CREDIT Cash 44,200 Accounts Receivable 6,800 Supplies 2,700 Prepaid Rent 6,400 Prepaid Insurance 3,000 Office Equipment 29,000 Accumulated Depreciation 660 Accounts Payable 1,600 Salaries Payable 240 Unearned Fees 5,000 Sam Olin, Capital 84,600 Total 92,100 92,100

Answer 1

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Date	Account	Debit	Credit
Mar 1	Cash	$    3,500
Mar 1	Accounts Receivable		$    3,500
Mar 2	Advertising Expense	$        600
Mar 2	Cash		$        600
Mar 3	Cash	$    5,000
Mar 3	Unearned Fee		$    5,000
Mar 6	Salaries Expense	$    1,260
Mar 6	Salaries Payable	$        240
Mar 6	Cash		$    1,500
Mar 8	Accounts Payable	$        800
Mar 8	Cash		$        800
Mar 12	Accounts Receivable	$ 12,200
Mar 12	Fees Earned		$ 12,200
Mar 16	Cash	$    7,750
Mar 16	Fees Earned		$    7,750
Mar 17	Salaries Expense	$    1,500
Mar 17	Cash		$    1,500
Mar 18	Supplies	$        800
Mar 18	Accounts Payable		$        800
Mar 20	Cash	$ 16,400
Mar 20	Fees Earned		$ 16,400
Mar 21	Accounts Receivable	$    6,400
Mar 21	Fees Earned		$    6,400
Mar 23	Cash	$ 19,000
Mar 23	Accounts Receivable		$ 19,000
Mar 26	Miscellaneous Expense	$        240
Mar 26	Cash		$        240
Mar 28	Miscellaneous Expense	$        580
Mar 28	Cash		$        580
Mar 30	Accounts Receivable	$    7,800
Mar 30	Fees Earned		$    7,800
Mar 31	Cash	$ 10,200
Mar 31	Accounts Receivable		$ 10,200
Mar 31	Sam Olin, Drawings	$ 16,000
Mar 31	Cash		$ 16,000
Adjusting Entries:
Mar 31	Supplies Expense	$    2,300		800+2700-1200
Mar 31	Supplies		$    2,300
Mar 31	Rent Expense	$    3,200
Mar 31	Prepaid Rent		$    3,200
Mar 31	Unearned Fee	$    6,000		5000+5000-4000
Mar 31	Fees Earned		$    6,000
Mar 31	Insurance Expense	$        600
Mar 31	Prepaid Insurance		$        600
Mar 31	Salaries Expense	$        480
Mar 31	Salaries Payable		$        480
Mar 31	Depreciation Expense-Equipment	$        660
Mar 31	Accumulated Depreciation-Equipment		$        660
Closign Entries:
Mar 31	Fees Earned	$ 56,550
	Income Summary		$ 56,550
	(Closing Revenue Account)
Mar 31	Income Summary	$ 11,420
	Advertising Expense		$        600
	Depreciation Expense		$        660
	Insurance Expense		$        600
	Miscellaneous Expense		$        820
	Rent Expense		$    3,200
	Salaries Expense		$    3,240
	Supplies Expense		$    2,300
	(Closing Expense Account)
Mar 31	Income Summary	$ 45,130
	Sam Olin, Capital		$ 45,130
	(Closing Income Summary Account)
Mar 31	Sam Olin, Capital	$ 16,000
	Sam Olin, Drawing		$ 16,000
	(Closing Drawing Account)

Cash					Advertising Expense
Debit		Credit			Debit		Credit
Beginning	$       44,200	Mar 2	$               600		Mar 2	$             600	Mar 31-Income Summary	$             600
Mar 1	$         3,500	Mar 6	$            1,500
Mar 3	$         5,000	Mar 8	$               800
Mar 16	$         7,750	Mar 17	$            1,500
		Mar 26	$               240
Mar 20	$       16,400	Mar 28	$               580		Depreciation Expense
Mar 23	$       19,000				Debit		Credit
Mar 31	$       10,200	Mar 31	$         16,000		Mar 31	$             660	Mar 31-Income Summary	$             660
Ending	$       84,830
					Fees Earned
					Debit		Credit
Accounts Receivable					Mar 31-Income Summary	$       56,550	Mar 12	$       12,200
Debit		Credit					Mar 16	$         7,750
Beginning	$         6,800						Mar 20	$       16,400
		Mar 1	$            3,500				Mar 21	$         6,400
Mar 12	$       12,200						Mar 30	$         7,800
Mar 21	$         6,400						Mar 31	$         6,000
		Mar 23	$         19,000
Mar 30	$         7,800
		Mar 31	$         10,200		Insurance Expense
Ending	$             500				Debit		Credit
					Mar 31	$             600	Mar 31-Income Summary	$             600
Supplies
Debit		Credit
Beginning	$         2,700				Miscellaneous Expense
		Mar 31	$            2,300		Debit		Credit
Mar 18	$             800				Mar 26	$             240	Mar 31-Income Summary	$             820
					Mar 28	$             580
Ending	$         1,200
					Rent Expense
Prepaid Rent					Debit		Credit
Debit		Credit			Mar 31	$         3,200	Mar 31-Income Summary	$         3,200
Beginning	$         6,400				Mar 28
		Mar 31	$            3,200
					Salaries Expense
					Debit		Credit
Ending	$         3,200				Mar 6	$         1,260	Mar 31-Income Summary	$         3,240
					Mar 17	$         1,500
Prepaid Insurance					Mar 31	$             480
Debit		Credit
Beginning	$         3,000				Supplies Expense
		Mar 31	$               600		Debit		Credit
					Mar 31	$         2,300	Mar 31-Income Summary	$         2,300
Ending	$         2,400
Office Equiipment					Income Summary
Debit		Credit			Debit		Credit
Beginning	$       29,000				Mar 31	$             600	Mar 31	$       56,550
					Mar 31	$             660	Mar 31-Samolin Capital	$       45,130
					Mar 31	$             600
					Mar 31	$             820
Ending	$       29,000				Mar 31	$         3,200
					Mar 31	$         3,240
Accumulated Dep Equipment					Mar 31	$         2,300
Debit		Credit
		Beginning	$               660
		Mar 31	$               660
		Ending	$            1,320
Accounts Payable
Debit		Credit
Mar 8	$             800	Beginning	$            1,600
		Mar 18	$               800
		Ending	$            1,600
Salaries Payable
Debit		Credit
Mar 6	$             240	Beginning	$               240
		Mar 31	$               480
		Ending	$               480
Unearned Fees
Debit		Credit
Mar 3	$         6,000	Beginning	$            5,000
		Mar 31	$            5,000
		Ending	$            4,000
Sam Olin Capital
Debit		Credit
Mar 31	$       16,000	Beginning	$         84,600
		Mar 31 Incom Summ	$         45,130
		Ending	$       113,730
Sam Olin Drawing
Debit		Credit
Beginning	$                -	Mar 31 Capital	$         16,000
Mar 31	$       16,000

Trial Balance
	February		Unadjusted		Adjustments		Adjusted		Post Closing
Account	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$       44,200		$       40,630				$         84,830		$         84,830
Accounts Receivable	$         6,800			$         6,300			$               500		$               500
Supplies	$         2,700		$             800			$         2,300	$            1,200		$            1,200
Prepaid Rent	$         6,400					$         3,200	$            3,200		$            3,200
Prepaid Insurance	$         3,000					$             600	$            2,400		$            2,400
Office Equipment	$       29,000						$         29,000		$         29,000
Acc Depreciation		$             660				$             660		$            1,320		$            1,320
Accounts Payable		$         1,600	$                -					$            1,600		$            1,600
Salaries Payable		$             240	$             240			$             480		$               480		$               480
Unearned Fee		$         5,000		$         5,000	$         6,000			$            4,000		$            4,000
Sam Olin Capital		$       84,600						$         84,600		$       113,730
Sam Olin Drawings			$       16,000				$         16,000
Fees Earned				$       50,550		$         6,000		$         56,550
Advertising Expense			$             600				$               600
Depreciation Expense					$             660		$               660
Insurance Expense					$             600		$               600
Miscellaneous Expense			$             820				$               820
Rent Expense					$         3,200		$            3,200
Salaries Expense			$         2,760		$             480		$            3,240
Supplies Expense					$         2,300		$            2,300
Total	$       92,100	$       92,100	$       61,850	$       61,850	$       13,240	$       13,240	$       148,550	$       148,550	$       121,130	$       121,130