Question

This is the final assessment for the Accounting module. It contains three parts (Parts 1, 2, and 3). Please follow the instructions carefully. Requirements 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: 1. Prepare an Adjusted Trial Balance as of January 31 of this year. Submit your completed assessment to the Dropbox before the end of Week 8. ________________________________________ 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

Answer 1

		Journal Entries			Accounts Receivable			Balance
Date	Particulars	Debit	Credit		Particulars	Debit	credit	debit	credit
02-Jan	cash dr	$        10,000.00			Repairs revenue	$        1,500.00		$                  1,500.00
	equipment dr	$          4,800.00			cash		$              950.00	$                      550.00
	jonathan swiss capital		$      14,800.00		cash		$              480.00	$                        70.00
04-Jan	rent expenses dr	$              900.00			Wages			Balance
	cash		$            900.00		Particulars	Debit	credit	debit	credit
					cash	$            575.00		$                      575.00
06-Jan	cash dr	$          2,500.00			cash	$            475.00		$                  1,050.00
	repairs revenue		$        2,500.00		wages payable	$            715.00		$                  1,765.00
08-Jan	supplies dr	$              500.00			Advertising exp			Balance
	accouts payable		$            500.00		Particulars	Debit	credit	debit	credit
					cash	$            520.00		$                      520.00
09-Jan	accounts recevaible dr	$          1,500.00
	repairs revenue		$        1,500.00		Jonathan swiss drawing			Balance
					Particulars	Debit	credit	debit	credit
09-Jan	wages dr	$              575.00			cash	$            750.00		$                      750.00
	cash		$            575.00
					Depreciation			Balance
12-Jan	equipment dr	$          1,200.00			Particulars	Debit	credit	debit	credit
	cash		$        1,200.00		accumulated dep	$        1,000.00		$                  1,000.00
13-Jan	cash dr	$          5,500.00			accumulated dep			Balance
	repairs revenue		$        5,500.00		Particulars	Debit	Credit	debit	credit
					Depreciation		$          1,000.00		$   1,000.00
16-Jan	equipment dr	$          1,000.00
	accounts payable		$        1,000.00		Wages payable			Balance
					particulars	Debit	credit	Debit	credit
18-Jan	advertising exp dr	$              520.00			wages		$              715.00		$       715.00
	cash		$            520.00
					Utilities exp			Balance
20-Jan	jonathan swiss drawing dr	$              750.00			particulars	debit	credit	debit	credit
	cash		$            750.00		utilities payable	$            420.00		$                      420.00
22-Jan	cash dr	$              950.00			Utilities payable			Balance
	accouts recevaible		$            950.00		particulars	Debit	Credit	Debit	Credit
					utilities exp		$              420.00		$       420.00
23-Jan	wages dr	$              475.00
	cash		$            475.00		Cash			Balance
					Particulars	Debit	Credit	Debit	Credit
26-Jan	cash dr	$          7,000.00			jonathan swiss capital	$      10,000.00		$                10,000.00
	repairs revenue		$        7,000.00		rent exp		$              900.00	$                  9,100.00
					repairs revenue	$        2,500.00		$                11,600.00
27-Jan	accounts payable dr	$              850.00			wages		$              575.00	$                11,025.00
	cash		$            850.00		equipment		$          1,200.00	$                  9,825.00
					repairs revenue	$        5,500.00		$                15,325.00
30-Jan	cash dr	$              480.00			advertising exp		$              520.00	$                14,805.00
	accounts receivable		$            480.00		jonathan swiss Drawing		$              750.00	$                14,055.00
					accouts receviable	$            950.00		$                15,005.00
	Adjusting entries				wages		$              475.00	$                14,530.00
date	particulars	Debit	credit		repairs revenue	$        7,000.00		$                21,530.00
31-Jan	depreciation dr	$          1,000.00			accouts payable		$              850.00	$                20,680.00
	accumulated depreciation		$        1,000.00		accouts receviable	$            480.00		$                21,160.00
31-Jan	wages dr	$              715.00			Equipment			Balance
	wages payable		$            715.00		Particulars	Debit	Credit	Debit	Credit
					jonathan swiss capital	$        4,800.00		$                  4,800.00
31-Jan	utilities exp dr	$              420.00			Cash	$        1,200.00		$                  6,000.00
	utilities payable		$            420.00		accouts payable	$        1,000.00		$                  7,000.00
	Unadjusted trail Balance as on jan 31				jonathan swiss capital			Balance
	Particulars	Debit	Credit		Particulars	Debit	Credit	Debit	Credit
	Cash	$        21,160.00			Cash		$        10,000.00		$ 10,000.00
	accouts receviable	$                70.00			equipment		$          4,800.00		$ 14,800.00
	Supplies	$              500.00
	Accounts payable		$            650.00		Rent expenses			Balance
	equipment	$          7,000.00			Particulars	Debit	Credit	Debit	Credit
	jonathan swiss capital		$      14,800.00		Cash	$            900.00		$                      900.00
	jonathan swiss drawing	$              750.00
	repairs revenue		$      16,500.00		Repair revenue			Balance
	rent exp	$              900.00			Particulars	Debit	Credit	Debit	Credit
	wages	$          1,050.00			Cash		$          2,500.00		$   2,500.00
	advertising exp	$              520.00			accouts receviable		$          1,500.00		$   4,000.00
	total	$        31,950.00	$      31,950.00		Cash		$          5,500.00		$   9,500.00
					Cash		$          7,000.00		$ 16,500.00
	Adjusted Trail Balance as on jan 31
	cash	$        21,160.00			Supplies			Balance
	accouts receviable	$                70.00			Particulars	Debit	Credit	Debit	Credit
	Supplies	$              500.00			accouts payable	$            500.00		$                      500.00
	equipment	$          7,000.00
	accumulated dep		$        1,000.00		accounts payable			Balance
	accounts payable		$            650.00		Particulars	Debit	Credit	Debit	Credit
	wages payable		$            715.00		supplies		$              500.00		$       500.00
	utilities payable		$            420.00		equipment		$          1,000.00		$   1,500.00
	jonathan swiss capital		$      14,800.00		cash	$            850.00			$       650.00
	jonathan swiss drawing	$              750.00
	repairs revenue		$      16,500.00
	rent exp	$              900.00
	wages	$          1,765.00
	advertising exp	$              520.00
	depreciation	$          1,000.00
	utilities exp	$              420.00
	total	$        34,085.00	$      34,085.00