Question

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. Do an Adjusted Trial Balance as of January 31 of this year.

Submit your completed assessment before the end of Week 5.

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

			Amount in $
Date	General Journal		Debit	Credit
Jan-02	Cash		10000
	Watch Repairs equipment		4800
		Jonathan Swiss, capital		14800
	To record the investment in Sports Watch Repairs Store
Jan-04	Rent expense		900
		Cash		900
	To record the rent expense
Jan-06	Cash		2500
		Revenue from services(Repairs)		2500
	To record the receipt for repairs
Jan-08	Supplies		500
		Sears(Accounts Payable)		500
	To record the purchase of supplies on account
Jan-09	Accounts Receivable		1500
		Revenue from services(Repairs)		1500
	To record the revenue from repairs on account
Jan-09	Wages expense		575
		Cash		575
	To record the wage expense
Jan-12	Watch Repair equipment		1200
		Cash		1200
	To record the purchase of Watch repairs Equipment
Jan-13	Cash		5500
		Revenue from services(Repairs)		5500
	To record the receipt for repairs
Jan-16	Watch Repair equipment		1000
		Sears(Accounts Payable)		1000
	To record the purchase of Watch repairs Equipment
Jan-18	Advertising expense		520
		Cash		520
	To record the payment towards advertising expense
Jan-20	Drawings, Jonathan Swiss		750
		Cash		750
	To record the withdrawls for personal expenses
Jan-22	Cash		950
		Accounts receivable		950
	To record the receipt from customer
Jan-23	Wages expense		475
		Cash		475
	To record the wage expense
Jan-26	Cash		7000
		Revenue from services(Repairs)		7000
	To record the receipt for repairs
Jan-27	Sears(Accounts Payable)		850
		Cash		850
	To record the payment to sears for purchase of equipment
Jan-30	Cash		480
		Accounts Receivable		480
	To record the receipt from customer
Part 2
Jan-31	Depreciation		1000
		Accumulated depreication		1000
	To recordthe depreciation for the month
Jan-31	Wages expenses		715
		Unpaid wages		715
	To record the unpaid wage expense
Jan-31	Utility expense		420
		Unpaid utilities		420
	To record the upaid utility expense
		Cash	Debit	Credit	Balance
		Jonathan Swiss, Capital	10000		10000
		Rent expense		900	9100
		Revenue from services(repairs)	2500		11600
		Wages expense		575	11025
		Watch repair equipment		1200	9825
		Revenue from services(repairs)	5500		15325
		Advertising expense		520	14805
		Jonathan Swiss, Drawings		750	14055
		Accounts receivable	950		15005
		Wages expense		475	14530
		Revenue from services(repairs)	7000		21530
		Accounts Payable(Sears)		850	20680
		Accounts receivable	480		21160
		Ending Balance			21160
		Accounts receivable	Debit	Credit	Balance
		Revenue from services(repairs)	1500		1500
		Cash		950	550
		Cash		480	70
		Ending Balance			70
		Supplies	Debit	Credit	Balance
		Accounts Payable(Sears)	500		500
		Ending Balance			500
		Watch Repairs equipment	Debit	Credit	Balance
		Jonathan Swiss, Capital	4800		4800
		Cash	1200		6000
		Accounts Payable(Sears)	1000		7000
		Ending Balance			7000
		Accumulated depreciation on equipment	Debit	Credit	Balance
		Depreciation on equipment		1000	1000
		Ending Balance			1000
		Accounts Payable(Sears)	Debit	Credit	Balance
		supplies		500	500
		Watch repair equipment		1000	1500
		Cash	850		650
		Ending Balance			650
		Unpaid wages	Debit	Credit	Balance
		Wages expense		715	715
		Ending Balance			715
		Unpaid utilities	Debit	Credit	Balance
		Utility expense		420	420
		Ending Balance			420
		Jonathan Swiss, Capital	Debit	Credit	Balance
		Cash		10000	10000
		Watch repair equipment		4800	14800
		Ending Balance			14800
		Jonathan Swiss, Drawings	Debit	Credit	Balance
		Cash	750		750
		Ending Balance			750
		Revenue from services(Repairs)	Debit	Credit	Balance
		Cash		2500	2500
		Accounts Receivable		1500	4000
		Cash		5500	9500
		Cash		7000	16500
		Ending Balance			16500
		Advertising expense	Debit	Credit	Balance
		Cash	520		520
		Ending Balance			520
		Wages expense	Debit	Credit	Balance
		Cash	575		575
		Cash	475		1050
		unpaid wages	715		1765
		Ending Balance			1765
		Rent expense	Debit	Credit	Balance
		Cash	900		900
		Ending Balance			900
		Utility expense	Debit	Credit	Balance
		Unpaid untilities	420		420
		Ending Balance			420
		Depreciation	Debit	Credit	Balance
		Accumulated depreciation on equipment	1000		1000
		Ending Balance			1000
	Unadjusted and adjusted trial balance
			Unadjusted Trial Balance		Adjustment		Adjusted Trial balance
		Accounts title	Debit	Credit	Debit	Credit	Debit	Credit
		Cash	21160				21160	0
		Accounts Receivable	70				70	0
		Supplies	500				500	0
		Watch repair equipment	7000				7000	0
		Accumulated depreciation on equipment				1000	0	1000
		Accounts Payable		650			0	650
		Unpaid wages				715	0	715
		Unpaid Utilities				420	0	420
		Jonathan Swiss, Capital		14800			0	14800
		Jonathan Swiss, Drawings	750				750	0
		Revenue from services(Repairs)		16500			0	16500
		Advertising expense	520				520	0
		Rent expense	900				900	0
		Wages expense	1050		715		1765	0
		Utility expense			420		420	0
		Depreciation expense			1000		1000	0
		Total	31950	31950	2135	2135	34085	34085