Question

Is all of this correct?

Journal Entries

Cash	4000
Common Stock		4000
Cash	5000
Notes Payable		5000
Rent Expense	900
Cash		900
Supplies	450
Accounts Payable		450
Equipment	7200
Cash		7200
Equipment	2850
Cash		1350
Accounts Payable		1500
Prepaid Advertising	375
Advertising Expense	125
Cash		500
Insurance Expense	225
Cash		225
Cash	2625
Service Revenue		2625
Cash	5125
Unearned Service Revenue		5125
Accounts Recievable	1500
Service Revenue		1500
Accounts Payable	600
Cash		600
Cash	1300
Accounts Recievable		1300
Dividends	1000
Cash		1000

Adjusting Entries and Closing Entries

	ADJUSTING ENTRIES
A1	Interest Expense	42
	Interest Payable		42
A2	Supplies Expense	250
	Supplies		250
A3	Depreciation Expense	167
	Accumulated Depreciation-Equipment		167
A3b	Depreciation Expense	40
	Accumulated Depreciation-Equipment		40
A4	Unearned Revenue	1000
	Service Revenue		1000
A5	Accounts Recievable	330
	Service Revenue		330
A6	Salaries and Wages Expense	2060
	Salaries and Wages Payable		2060
A7	Utility Expense	150
	Utilities Payable		150
A8	Income Tax Expense	167
	Income Tax Payable		167
	CLOSING ENTRIES
C1	Service Revenue	5455
	Income Summary		5455
C2	Income Summary	4126
	Salaries and Wages Expense		2060
	Depreciation Expense		207
	Insurance Expense		225
	Utilities Expense		150
	Income Tax Expense		167
	Interest Expense		42
	Supplies Expense		250
	Rent Expense		900
	Advertising Expense		125
C3	Income Summary	1354
	Retained Earnings		1354
C4	Retained Earnings	1000
	Dividends		1000

Worksheet

JACKSON TUTORING SERVICES, INC. WORKSHEET 1/31/2018
	Unadjusted				Adjusted
	Trial Balance		Adjusting Entries		Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	6,275				6,275				6,275
Supplies	450			250	200				200
Accounts Rec.	200		330		530				530
Prepaid Advertising	375				375				375
Equipment	10,050				10,050				10,050
Accum. Depr.				207		207				207
Notes Payable		5,000				5,000				5,000
Interest Payable				42		42				42
Unearned Revenue		5,125	1,000			4,125				4,125
Accounts Payable		1,350				1,350				1,350
Utilities Payable				150		150				150
Inc. Taxes Payable				167		167				167
Sal. & Wages Pay.				2,060		2,060				2,060
Common Stock		4,000				4,000				4,000
Dividends	1,000				1,000
Retained Earnings										329
Service Revenue		4,125		1,330		5,455		5,455
Sal. & Wages Exp.			2,060		2,060		2,060
Depr. Exp.			207		207		207
Insurance Expense	225				225		225
Utilities Expense			150		150		150
Income Tax Exp.			167		167		167
Interest Exp.			42		42		42
Suppies Expense			250		250		250
Rent Expense	900				900		900
Advertising Exp.	125				125		125
	19,600	19,600	4,206	4,206	22,556	22,556	4,126	5,455	17,430	17,430
								1,329

Post Closing Trial Balance

JACKSON TUTORING SERVICES, INC.
Post-Closing Trial Balance
31-Jan-18
	Account Title		Debit	Credit
	Cash		$6,275
	Equipment		10050
	Supplies		200
	Prepaid Advertising		375
	Accounts Recievable		530
	Accumulated Depreciation			207
	Accounts Payable			1350
	Notes Payable			5000
	Interest Payable			42
	Salaries and Wages Payable			2060
	Income Tax Payable			167
	Utilities Payable			150
	Unearned Revenue			4125
	Common Stock			4000
	Retained Earnings			$329
			$17,430	$17,430
	Totals

These are the journal entries and the adjusting journal entries

Issued common stock in exchange for $4,000 cash.
Borrowed $5,000 by issuing a 2-year, 10% note payable to SunTrust Bank.
Paid $900 for January rent.
Purchased supplies on account for $450 from Traveler's Supply Company.
Purchased equipment for $7,200 cash from DSI Computer Company. The equipment has a 3 year life and a $1,200 salvage value.
Purchased additional equipment from Bebo's Office Supply Co., paying cash of $1,350 and putting $1,500 on account. The equipment has a 5 year life and $450 salvage value.
Paid $125 for advertisements to run in the current month and $375 for ads to run in February-April.
Paid the January insurance premium of $225.
Performed services for $2,625 cash.
Received cash advance of $5,125 for services to be performed on a 5- month contract beginning in January.
Performed services and billed customers $1,500.
Made a $600 payment on account to Traveler's Office Supply Company .
Collected $1,300 from customers on account.
Declared and paid dividends of $1,000 cash.
Journalize transactions 1-14 on page 1 of the general journal. Label the entries 1-14.
Post the journal entries to the ledger t-accounts using Excel formulas. Include the journal entry number as a posting reference.
Prepare a worksheet formatting the cells in Excel and using the following information:
1	Accrue interest expense on the note assuming that the date of the loan was January 2 (use 30/360 and round to the nearest dollar).
2	Supplies on hand at January 31 total $200.
3	Assume that all of the equipment was purchased at the beginning of January. Record January depreciation expense using the straight-line method (round to the nearest dollar).
4	The cash advance is earned ratably over the 5-month period.
5	The company has earned $330 of revenue that has not yet been billed to customers.
6	Jackson pays its employees on the first of every month. Salaries earned during the month of January total $2,060.
7	On January 29, Jackson received the current month's utility bill for $150. The bill is due on February 16.
8	Jackson estimates that the company will pay an income tax rate of 11%.

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.

Everything is correct except one adjustment entry of unearned revenue which should be $1025 (5125/5) instead of $1000 which have impact in Trial and Balance sheet as well. giving correct answer below:

	Account	Debit	Credit
	Cash	4000
	Common Stock		4000
	Cash	5000
	Notes Payable		5000
	Rent Expense	900
	Cash		900
	Supplies	450
	Accounts Payable		450
	Equipment	7200
	Cash		7200
	Equipment	2850
	Cash		1350
	Accounts Payable		1500
	Prepaid Advertising	375
	Advertising Expense	125
	Cash		500
	Insurance Expense	225
	Cash		225
	Cash	2625
	Service Revenue		2625
	Cash	5125
	Unearned Revenue		5125
	Accounts Recievable	1500
	Service Revenue		1500
	Accounts Payable	600
	Cash		600
	Cash	1300
	Accounts Recievable		1300
	Dividends	1000
	Cash		1000
Adjusting:
A1	Interest Expense	42
	Interest Payable		42
A2	Supplies Expense	250
	Supplies		250
A3	Depreciation Expense	167
	Accumulated Depreciation-Equipment		167
A3b	Depreciation Expense	40
	Accumulated Depreciation-Equipment		40
A4	Unearned Revenue	1025
	Service Revenue		1025
A5	Accounts Recievable	330
	Service Revenue		330
A6	Salaries and Wages Expense	2060
	Salaries and Wages Payable		2060
A7	Utility Expense	150
	Utilities Payable		150
A8	Income Tax Expense	167
	Income Tax Payable		167
Closing:
C1	Service Revenue	5480
	Income Summary		5480
C2	Income Summary	4126
	Salaries and Wages Expense		2060
	Depreciation Expense		207
	Insurance Expense		225
	Utilities Expense		150
	Income Tax Expense		167
	Interest Expense		42
	Supplies Expense		250
	Rent Expense		900
	Advertising Expense		125
C3	Income Summary	1354
	Retained Earnings		1354
C4	Retained Earnings	1000
	Dividends		1000

	Unadjusted		Adjustment		Adjusted		Income Stat		Balance Sheet
account Title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	6,275.00				6,275.00				6,275.00
Supplies	450.00			250.00	200.00				200.00
Accounts Rec.	200.00		330.00		530.00				530.00
Prepaid Advertising	375.00				375.00				375.00
Equipment	10,050.00				10,050				10,050
Accum. Depr.				207.00		207.00				207.00
Notes Payable		5,000.00				5,000.00				5,000.00
Interest Payable				42.00		42.00				42.00
Unearned Revenue		5,125.00	1,025.00			4,100.00				4,100.00
Accounts Payable		1,350.00				1,350.00				1,350.00
Utilities Payable				150.00		150.00				150.00
Inc. Taxes Payable				167.00		167.00				167.00
Sal. & Wages Pay.				2,060.00		2,060.00				2,060.00
Common Stock		4,000.00				4,000.00				4,000.00
Dividends	1,000.00				1,000.00
Retained Earnings										354.00
Service Revenue		4,125.00		1,355.00		5,480.00		5,480.00
Sal. & Wages Exp.			2,060.00		2,060.00		2,060.00
Depr. Exp.			207.00		207.00		207.00
Insurance Expense	225.00				225.00		225.00
Utilities Expense			150.00		150.00		150.00
Income Tax Exp.			167.00		167.00		167.00
Interest Exp.			42.00		42.00		42.00
Suppies Expense			250.00		250.00		250.00
Rent Expense	900.00				900.00		900.00
Advertising Exp.	125.00				125.00		125.00
	19,600.00	19,600.00	4,231.00	4,231.00	22,556	22,556	4,126.00	5,480.00	17,430	17,430
								1,354.00
Balance Sheet
Account Title		Debit	Credit
Cash			$6,275
Equipment			10050
Supplies			200
Prepaid advertising			375
Accounts Receivable			530
Acc Dep				207
Accounts Payabl				1350
Notes Payable				5000
Interest Payable				42
Salaries and Wages Payable				2060
Income Tax Payable				167
Utilities Payable				150
Unearned Revenue				4100
Common Stock				4000
Retained Earning				354
Total			17430	17430