Question

This first phase will take you to the UNadjusted trial balance. You will need to:

Start with the post-closing trial balance dated December 31, 2018 provided in the appropriate tab, and enter the ending balances from the post-closing trial balance into your general ledger accounts. These will be your beginning balances for 2019.

Make the general journal entries in the general journal. There are 19 summary entries that you will need to record. No dates are provided so use the entry number as the date; you should have 'dates' of 1 through 19.

Post the general journal entries to the appropriate general ledger accounts. Note that I have the account titles already entered into the general ledger area but I did not put in the beginning balances.

Prepare an unadjusted trial balance for December 31, 2019.

	Our Favorite Store's activities for 2019
	Summary Transactions for 2019
1	Purchased inventory on account for $300,000.
2	Sold goods for cash $50,000; the cost of goods sold was $15,250.
3	Sales returns were $12,000, and had a cost of $3,660.
4	Sold goods on account for $950,000; the cost of goods sold was $289,750.
5	Collected $960,000 of accounts receivable consisting of $957,150 in cash and discounts of $2,850. The gross method for sales discounts is used.
6	Purchased supplies on account $3,200, debit supplies.
7	Paid $320,000 of accounts payable - this includes supplies and inventory.
8	Paid the principal balance of $51,000 on the note payble plus interest of $3,060. The balance in interest payable is related to this interest.
9	Paid salaries of $90,000, this includes the beginning balance in salaries payable, which represents the salaries owed on December 31 of last year.
10	Paid 12-months rent in advance on October 1, 2019 of $24,000, debit pre-paid rent.
11	Purchased equipment for $60,000 on August 1, 2019 by giving a 9-month, 6% note for $60,000.
12	Paid $2,500 for maintenance and repairs.
13	Sold common stock (on January 1), 30,000 shares for $10 per share. The par value is $2 per share.
14	Sold preferred stock, 2,000 shares for $25 per share. The par value is $25 per share.
15	Paid utilities of $4,800.
16	Declared and paid cash dividends to common shareholders, $6,000.
17	Declared and paid cash dividends to preferred shareholders, $2,000.
18	Wrote off $1,450 of uncollectible accounts receivable.
	19. Sold equipment having an original cost of $30,000, and accumulated depreciation of $5,000 for $27,000 cash. Our Favorite Store Post-Closing Trial Balance December 31, 2018 Account Title Debit Credit Cash 85,890 Accounts Receivable 33,700 Allowance for Doubtful (Uncollectible) Accounts 1,250 Inventory 45,000 Supplies 5,500 Prepaid Rent 13,500 Equipment 260,000 Accumulated Depreciation - Equipment 30,000 Accounts Payable 48,500 Salaries Payable 1,800 Interest Payable 2,040 Income Taxes Payable 6,500 Notes Payable 51,000 Common Stock, $2 par value 130,000 Additional Paid In Capital - Common 85,000 Preferred Stock, $25 par value 25,000 Retained Earnings 62,500 443,590 443,590

Need General journal entries and an unadjusted trial balance

Answer 1