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In: Accounting

I need the general ledger, trial balance, income statement, statement of owner's equity, and balance sheet...

I need the general ledger, trial balance, income statement, statement of owner's equity, and balance sheet

(1) SMITH COMPUTER CENTER
GENERAL JOURNAL PAGE 1
Date Account Titles and Description PR Dr. Cr.
Sept. 1 Cash 5 6 0 0
Smith C. Capital 5 6 0 0
Owner Investment
1 Equipment 1 8 0 0
Cash 1 8 0 0
Bought equipment for cash
1 Equipment 2 1 0 0
Cash 2 1 0 0
Bought equipment for cash
1 Account Receivable 1 7 0 0
Cash 1 7 0 0
Computer fixed
1 Account Receivable 2 7 0 0
Net 15 days 2 7 0 0
1 Office equipment 3 3 0 0
account payable 3 3 0 0
purchase computer equipment on a account
1 Computer Supplies 2 0 0
account payable 2 0 0
1 Pre paid rent 1 5 0 0
cash #1025 1 5 0 0
1 Cash 6 0 0 0
Service Revenue 6 0 0 0
2 Cash 4 5 0
Service Revenue 4 5 0
6 Cash 1 5 0
Service Revenue 1 5 0
26 Cash 7 5 0
Service Revenue 7 5 0
28 Cash 2 7 0 0
Service Revenue 2 7 0 0
1 Smith, C Withdrawals 1 7 5
cash 1 7 5
1 Advertising Expense 9 0 0
Account Payable 9 0 0
1 Rent Expense 5 0 0
Cash 5 0 0
1 Utility Expense 7 0
Cash 7 0
1 Insurance Expense 4 5 0
Cash 4 5 0
1 Postage Expense 7 0
Cash 7 0
20 Phone Expense 3 5
Cash 3 5
22 Electrical bill 8 5
Cash 8 5

Solutions

Expert Solution

GENERAL LEDGER
CASH
Date Description Debit Credit
Sep 1 Owners capital $5,600
Sep 1 Equipment $1,800
Sep 1 Equipment $2,100
Sep 1 Prepaid Rent $1,500
Sep 1 Service Revenue $6,000
Sep 1 Owners Withdrawal $175
Sep 1 Rent Expense $500
Sep 1 Utilities Expense $70
Sep 1 Insurance Expense $450
Sep 1 Postage expense $70
Sep 1 Phone expense $35
Sep 1 Electricity expense $85
Sep 2 Service Revenue $450
Sep 6 Service Revenue $150
Sep 26 Service Revenue $750
Sep 28 Service Revenue $2,700
Ending Balance $8,865
ACCOUNTS RECEIVABLE These entries appear to be wrong Net 15 days is not an account Sales is credited when Accounts Receivable is debited
Date Description Debit Credit
1 Account Receivable 1 7 0 0
Cash 1 7 0 0
Computer fixed
1 Account Receivable 2 7 0 0
Net 15 days 2 7 0 0
COMPUTER SUPPLIES
Date Description Debit Credit
Sep 1 Accounts Payable $200
PREPAID RENT
Date Description Debit Credit
Sep 1 Cash $1,500
EQUIPMENT
Date Description Debit Credit
Sep 1 Cash $1,800
Sep 1 Cash $2,100
Ending Balance $3,900
OFFICE EQUIPMENT
Date Description Debit Credit
Sep 1 Accounts payable $3,300
ACCOUNTS PAYABLE
Date Description Debit Credit
Sep 1 Office Equipment $3,300
Sep 1 Computer Supplies $200
Sep 1 Advertising expense $900
Ending Balance $4,400
OWNERS CAPITAL
Date Description Debit Credit
Sep 1 Cash $5,600
OWNERS WITHDRAWAL
Date Description Debit Credit
Sep 1 Cash $175
SERVICE REVENUE
Date Description Debit Credit
Sep 1 Cash $6,000
Sep 2 Cash $450
Sep 6 Cash $150
Sep 26 Cash $750
Sep 28 Cash $2,700
Ending Balance $10,050
ADVERTISING EXPENSE
Date Description Debit Credit
Sep 1 Accounts Payable $900
RENT EXPENSE
Date Description Debit Credit
Sep 1 Cash $500
UTILITY EXPENSE
Date Description Debit Credit
Sep 1 Cash $70
INSURANCE EXPENSE
Date Description Debit Credit
Sep 1 Cash $450
POSTAGE EXPENSE
Date Description Debit Credit
Sep 1 Cash $70
PHONE EXPENSE
Date Description Debit Credit
Sep 1 Cash $35
ELECTRICITY EXPENSE
Date Description Debit Credit
Sep 1 Cash $85

Due to limitation of number of characteres, Screen shots of Income Statement, Owners Equity and Balance sheets are uploaded

ekkarill92 answered 1 year ago
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