Question

I am very frustrated because I have submitted this question multiple times and no one has been able to help, or fully help with the question. They have helped only with addressing the September portion when I have specifically asked for help with the October portion as well. Can anyone help me with the Sousa Realty Mini Practice Set from the College Accounting A Practical Approach 13th Edition textbook by Slater in Chapter 5? Please

September 1, 201X: James Sousa invested $12,000 cash in the real estate agency along with $5,000 of office equipment. Sept. 1: Rented and paid 5 months' rent in advance to Murray Property Management, $1,000. Sept. 1: Bought an automobile on account from Hyundai North, $19,000. Sept. 4: Purchased office supplies from Paper Company, for cash, $600. Sept. 5: Purchased additional office supplies from Paper Company, on account, $250. Sept. 6: Sold a house to Brendan Hue and collected a $11,000 commission. Sept. 8: Paid gas bill to Haffner Gas Co., $45. Sept. 15: Paid Rosie Petrillo, office secretary, $300. Sept. 17: Sold a building lot to Tropic Developers and earned a commission, $10,000; payment to be received on October 8. Sept. 20: James Sousa withdrew $4,000 from the business to pay personal expenses. Sept. 21: Sold a house to Suzanne Horngam and collected a $7,000 commission. Sept. 22: Paid gas bill, $80, to Haffner Gas Co. Sept. 24: Paid Hyundai North $800 to repair automobile. Sept. 30: Paid Rosie Petrillo, office secretary, $300. Sept. 30: paid Comcast September telephone bill, $330. Sept. 30: Received advertising bill for September, $900, from Chicago Times. The bill is to be paid on October 2.

Required Work for September:

1. Journalize transactions and post to ledger accounts

2. Prepare a trial balance in the first two columns of the worksheet and complete the worksheet using the following adjustment data: a) One month's rent had expired. b) An inventory shows $100 of office supplies remaining. c) Depreciation on office equipment, $160. d) Depreciation on automobile, $210.

3. Prepare a Septmeber income statement, statement of owner's equity, and balance sheet.

4. From the worksheet, journalize, and post adjusting and closing entries (p. 3 of journal).

5. Prepare a post-closing trial balance.

Oct.1: Purchased additional office supplies on account from Paper Co., $850. Oct.2: Paid Chicago times advertising bill for Septmeber, $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. (This amount is not to be considered an advertsing expense; it is a business expense and is posted to Miscellaneous Expense.) 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 Comcast telephone bill, $480. Oct. 30: Advertising bill from Chicago Times for October, $1,300. The bill is to be paid on November 2.

Required Work for October:

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.

Answer 1

SOUSA REALITY
General journal for the month of Sept., 20X1
Date	Account Title	Debit	Credit
Sept.1	Cash	12000
	Office Equipment	5000
	Sousa, Capital		17000
Sept.1	Prepaid Rent	1000
	Cash		1000
Sept.1	Vehicle	19000
	Accounts Payable		19000
Sept.4	Office Supplies	600
	Accounts Payable		600
Sept.5	Office Supplies	250
	Accounts Payable		250
Sept.6	Cash	11000
	Commission Revenue		11000
Sept.8	Vehicle expenses	45
	Cash		45
Sept.15	Salary Expense	300
	Cash		300
Sept.17	Accounts Receivable	10000
	Commission Revenue		10000
Sept.20	Sousa, Drawings	4000
	Cash		4000
Sept.21	Cash	7000
	Commission Revenue		7000
Sept.22	Vehicle expenses	80
	Cash		80
Sept.24	Repairs to vehicle	800
	Cash		800
Sept.30	Salary Expense	300
	Cash		300
Sept.30	Telephone Expense	330
	Cash		330
Sept.30	Advertising Expense	900
	Accounts Payable		900

Cash					Offie Equipment
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Sept.1	12000		12000		Sept.1	5000		5000
Sept.4		1000	11000					5000
Sept.6	11000		22000					5000
Sept.8		45	21955					5000
Sept.15		300	21655		Accounts Receivable
Sept.20		4000	17655		Date	Debit	Credit	balance
Sept.21	7000		24655		Sept.17	10000		10000
Sept.22		80	24575					10000
Sept.24		800	23775
Sept.30		300	23475
Sept.30		330	23145		Vehicle
					Date	Debit	Credit	balance
Prepaid Rent					Sept.1	19000		19000
Date	Debit	Credit	balance					19000
Sept.4	1000		1000
Office Supplies					Accounts Payable
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Sept.4	600		600		Sept.1		19000	19000
Sept.5	250		850		Sept.4		600	19600
			850		Sept.5		250	19850
					Sept.30		900	20750
James Sousa, Capital					Commission Revenue
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Sept.1		17000	17000		Sept.1		11000	11000
			17000		Sept.17		10000	21000
			17000		Sept.21		7000	28000
Vehicle Expenses					Salary Expense
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Sept.8	45		45		Sept.15	300		300
Sept.22	80		125		Sept.30	300		600
			125					600
James Sousa, Drawings					Repairs to vehicle
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Sept.20	4000		4000		Sept.24	800		800
			4000					800
Telephone Expenses					Advertising Expenses
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Sept.30	330		330		Sept.30	900		900
			330					900

SOUSA REALITY
Trial Balance worksheet for the month ended September 30, 20X1
	Transactions		Unadjusted		Adjustments		Adjusted		Post Closing
Account	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	30000	6855	23145				23145		23145
Acounts Receivable	10000		10000				10000		10000
Office Supplies	850		850			750	100		100
Prepaid Rent	1000		1000			200	800		800
Office Equipment	5000		5000				5000		5000
Accumulated Depreciation - Office Equipment						160		160		160
Vehicle	19000		19000				19000		19000
Accumulated Depreciation - Vehicle						210		210		210
Accounts Payable		20750		20750				20750		20750
James Sousa, Capital		17000		17000				17000		36925
James Sousa, Drawings	4000		4000				4000
Commision Revenue		28000		28000				28000
Vehicle expenses	125		125				125
Salary Expense	600		600				600
Repairs to vehicle	800		800				800
Telephone Expense	330		330				330
Advertising Expense	900		900				900
Rent Expense					200		200
Office Supplies Expense					750		750
Depreciation Expense					370		370
	72605	72605	65750	65750	1320	1320	66120	66120	58045	58045

SOUSA REALITY
Income statement
for the month ended September 30, 20X1
Commission Revenue	28000
Expenses:
Vehicle expenses	125
Salary Expense	600
Repairs to vehicle	800
Telephone Expense	330
Advertising Expense	900
Rent Expense	200
Office Supplies Expense	750
Depreciation Expense	370
Total Expenses	4075
Net income	23925
SOUSA REALITY
Statement of owners' equity
for the month ended September 30, 20X1
Balance as at September 1, 20X1	17000
Add: Net income for Sept. , 20X1	23925
Less: Drawing during Sept., 20X1	4000
Balance as at September 30, 20X1	36925
SOUSA REALITY
Balance Sheet
as at September 30 , 20x1
Assets
Cash		23145
Acounts Receivable		10000
Office Supplies		100
Prepaid Rent		800
Office Equipment	5000
Accumulated Depreciation - Office Equipment	160	4840
Vehicle	19000
Accumulated Depreciation - Vehicle	210	18790
Total Assets		57675
Liabilities and equity
Accounts Payable		20750
James Sousa, Capital		36925
Total Liabilities and equity		57675

SOUSA REALITY
Trial Balance worksheet for the month ended October 31, 20X1
	Post Closing
Account	Debit	Credit
Cash	39821
Acounts Receivable	2900
Office Supplies	130
Prepaid Rent	600
Office Equipment	5000
Accumulated Depreciation - Office Equipment		320
Vehicle	19000
Accumulated Depreciation - Vehicle		420
Accounts Payable		22000
James Sousa, Capital		44711
James Sousa, Drawings
Commision Revenue
Vehicle expenses
Salary Expense
Repairs to vehicle
Telephone Expense
Advertising Expense
Rent Expense
Training Expenses
Office Supplies Expense
Depreciation Expense
Misc. Expenses
	67451	67451

SOUSA REALITY
General journal for the month of Oct., 20X1
Date	Account Title	Debit	Credit
Oct.1	Office Supplies	850
	Accounts Payable		850
Oct.2	Accounts Payable	900
	Cash		900
Oct.3	Cash	7300
	Commission Revenue		7300
Oct.6	Vehicle Expenses	29
	Cash		29
Oct.8	Cash	10000
	Accounts Receivable		10000
Oct.12	Training Expenses	530
	Cash		530
Oct.15	Salary Expense	300
	Cash		300
Oct.17	Accounts Receivable	2900
	Commission Revenue		2900
Oct.18	Cash	4500
	Commission Revenue		4500
Oct.22	Misc.Expense	65
	Cash		65
Oct.24	Repairs to vehicles	620
	Cash		620
Oct.28	James Sousa, Drwings	2200
	Cash		2200
Oct.30	Telephone Expenses	480
	Cash		480
Oct.30	Advertising Expenses	1300
	Accounts Payable		1300
SOUSA REALITY
Adjusting Journal Entries for the month of Oct., 20X1
Date	Account Title	Debit	Credit
Oct.30	Rent Expense	200
	Prepaid Rent		200
Oct.30	Office Supplies Expense	820
	Office Supplies		820
Oct.30	Depreciation Expense	370
	Acc.Depr - -Office Eqpt.		160
	Acc.Depr. - Vehicle		210

SOUSA REALITY
Income statement
for the month ended October 31, 20X1
Commission Revenue	14700
Expenses:
Vehicle expenses	29
Salary Expense	300
Repairs to vehicle	620
Telephone Expense	480
Advertising Expense	1300
Rent Expense	200
Training Expenses	530
Office Supplies Expense	820
Depreciation Expense	370
Misc.Expense	65
Total Expenses	4714
Net income	9986
SOUSA REALITY
Statement of owners' equity
for the month ended October 31, 20X1
Balance as at October 1, 20X1	36925
Add: Net income for October, 20X1	9986
Less: Drawing during October, 20X1	2200
Balance as at October 31, 20X1	44711
SOUSA REALITY
Balance Sheet
as at October 31, 20x1
Assets
Cash		39821
Acounts Receivable		2900
Office Supplies		130
Prepaid Rent		600
Office Equipment	5000
Accumulated Depreciation - Office Equipment	320	4680
Vehicle	19000
Accumulated Depreciation - Vehicle	420	18580
Total Assets		66711
Liabilities and equity
Accounts Payable		22000
James Sousa, Capital		44711
Total Liabilities and equity		66711

Cash					Offie Equipment
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.1			23145		Oct.1			5000
Oct.2		900	22245					5000
Oct.3	7300		29545					5000
Oct.6		29	29516					5000
Oct.8	10000		39516		Accounts Receivable
Oct.12		530	38986		Date	Debit	Credit	balance
Oct.15		300	38686		Oct.1			10000
Oct.18	4500		43186		Oct.8		10000	0
Oct.22		65	43121		Oct.17	2900		2900
Oct.24		620	42501
Oct.28		2200	40301		Vehicle
Oct.30		480	39821		Date	Debit	Credit	balance
Prepaid Rent					Oct.1			19000
Date	Debit	Credit	balance					19000
Oct.1			800
Oct.30		200	600
Office Supplies					Accounts Payable
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.1			100		Oct.1			20750
Oct.1	850		950		Oct.1		850	21600
Oct.30		820	130		Oct.2	900		20700
					Oct.30		1300	22000
James Sousa, Capital					Commission Revenue
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.1			36925		Oct.3		7300	7300
			36925		Oct.17		2900	10200
			36925		Oct.18		4500	14700
Vehicle Expenses					Salary Expense
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.6	29		29		Oct.15	300		300
			29					300
			29					300
James Sousa, Drawings					Repairs to vehicle
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.28	2200		2200		Oct.24	620		620
			2200					620
Telephone Expenses					Advertising Expenses
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.30	480		480		Oct.30	1300		1300
			480					1300
Training Expenses					Misc.Expese
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.12	530		530		Oct.22	65		65
Rent Expense					Ofice Supplies Expense
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.30	200		200		Oct.30	820		820
Depreciation Expense					Acc. Depr. - Office Eqpt.
Date	Debit	Credit	balance		Date	Debit	Credit	balance
Oct.30	370		370		Oct.30		160	160
								160
Acc. Depr - Vehicle
Date	Debit	Credit	balance
Oct.30		210	210
			210