Question

Oct.1: Purchased additional office supplies on account from Paper Co., $850.
Oct.2: Paid Chicago times advertising bill for September, $900.
Oct. 3: Sold a house to Helen Baker and collected a commission of $7,300.
Oct. 6: Paid gas bill to Haffner Gas Co., $29.
Oct. 8: Collected commission from Tropic Developers for sale of building lot on September 17, $10,000.
Oct. 12: Paid $530 to Long Realtors Assoc. to send employees to realtors' workshop.
Oct. 15: Paid Rosie Petrillo, office secretary, $300.
Oct. 17: Sold a house to Gary Schneider and earned a commission of $2,900. Commission to be received on November 10.
Oct. 18: Sold a building lot to Lombardi Builders and collected a commission of $4,500.
Oct. 22: Sent a check to Heritage Charities for $65 to help sponsor a local road race to aid the poor.
Oct. 24: Paid Hyundai North $620 for repairs to automobile due to accident.
Oct. 28: James Sousa withdrew $2,200 from the business to pay personal expenses.
Oct. 30: Paid Rosie Petrillo, office secretary, $300. Oct. 30: Paid Comcast telephone bill, $480.
Oct. 30: Advertising bill from Chicago Times for October, $1,300. The bill is to be paid on November 2.

1. Journalize transactions in a general journal (p.4) and post to ledger accounts.
2. Prepare a trial balance in the first two columns of a blank, fold-out worksheet located at the end of your textbook at the end of your textbook and complete the worksheet using the following data: a) One month's rent had expired. Paid 5 months' rent in advance on September 1, $1,000. b) An inventory shows $130 of office supplies remaining. c) Depreciation on office equipment, $160. d) Depreciation on automobile, $210.
3. Prepare an October income statement, statement of owner's equity, and balance sheet.
4. From the worksheet, journalize and post adjusting and closing entries (p. 6 of journal).
5. Prepare a post-closing trial balance.

Please HELP!

Cash Ledger Ending Balance for October: 38,921
Debit . Credit
Worksheet: Trial Balance 73,395 73,395
Adjustments 1,390 1.390
Adj. Trial Balance 73,765 73,765
Income statement 5,014 14,700
Net Income . 9,686
Matching Totals . 14,700 14,700
Balance Sheet 68,751 . 59,065
Net Income . 9,686
Matching Totals 68,751 68,751

Statement of Owner's Equity
James Sousa, Capital Oct. 31 44,411

Balance Sheet 65,811

Post Closing Trial Balance Totals: 66,551

  

Answer 1

1)
Date	Account Titles and Explanation	Debit	Credit
Oct.1	Office Supplies	$850.00
	Accounts Payable		$850.00
	Purchased additional offices supplies on account
Oct.2	Accounts Payable (Advertising Expense)	$900.00
	Cash		$900.00
	Advertising bill for Sept. to be paid Oct 2
Oct.3	Cash	$7,300.00
	Commissions Earned		$7,300.00
	Collected commissions on house sold to Helen Baker
Oct.6	Gas Expenses	$29.00
	Cash		$29.00
	Paid gas bill to Haffner Gas Co
Oct.8	Cash	$10,000.00
	Accounts Receivables (Commissions Earned)		$10,000.00
Oct.12	Workshop Expense	$530.00
	Cash		$530.00
Oct.15	Salaries Expense	$300.00
	Cash		$300.00
	Paid office secretary salary, Rosie Pertillo
Oct.17	Accounts Receivables	2900
	Commissions Earned		2900
	Sold a house to Gary Schneider payment received on November 10.
Oct.18	Cash	$4,500.00
	Commissions Earned		$4,500.00
	Collected commissions on building lot to Lombardi Builders
Oct.22	Charity Expense	$65.00
	Cash		$65.00
Oct.24	Repairs Expense	$620.00
	Cash		$620.00
	Paid Hyundai North for automobile repairs
Oct.28	James Sousa, Withdrawals	$2,200.00
	Cash		$2,200.00
	James Sousa withdrew money for personal expense
Oct.30	Salaries Expense	$300.00
	Cash		$300.00
	Paid office secretary salary, Rosie Pertillo
Oct.30	Telephone Expense	$480.00
	Cash		$480.00
	Paid Comcast Telephone bill
Oct.30	Advertising Expense	$1,300.00
	Accounts Payable		$1,300.00
	Advertising bill for Oct to be paid Nov 2
		$32,274.00	$32,274.00