Question

Accounting Module assessment contains three parts (Parts 1, 2, and 3). Please follow the instructions carefully.

Requirements

Part 1:

Prepare the journal entries for each set of transaction data below.

Post the transactions in the ledger.

Extract the unadjusted trial balance as of January 31 of this current year.

Part 2:

For this section, prepare the following adjusted journal entries.

Record depreciation of $1,000 for equipment.

Accrue unpaid wages of $715.

Accrue unpaid utilities of $420.

Part 3:

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

Submit your completed assessment to the Dropbox before the end of Week 8.

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

Please complete in a copy and paste form (and not an attachment). PLEASE!!! Thank you

Answer 1

		Journal Entries
		Sports Watch Repair Store
		For the month of January
		(In $)		(In $)
Date	Particulars	Debit Amount(Dr.)		Credit amount(Cr.)
Jan-02	Capital A/c Dr	14,800.00
	To Cash			10,000.00
	To Watch repair equipment			4,800.00
	(Being cash and equipment invested in business)
Jan-04	Rent A/c Dr	900.00
	To cash			900.00
	(Being Rent Paid)
Jan-06	Cash A/c Dr	2,500.00
	To watch Repairs			2,500.00
	(Being cash received for repairs)
Jan-08	Purchase A/c Dr	500.00
	To sears			500.00
	(Being Purchases made on credit)
Jan-09	Debtors A/c Dr.	1,500.00
	To Repairs			1,500.00
	(Being Repaired a watch on credit)
Jan-09	Wages A/c Dr.	575.00
	To cash			575.00
	(Being Wages Paid in cash)
Jan-12	Watch repair equipment A/c Dr	1,200.00
	To Cash			1,200.00
	(Being equipment purchased for cash)
Jan-13	Cash A/c Dr	5,500.00
	To watch repairs A/c			5,500.00
	(Being Cash received for repairs)
Jan-16	Watch Repair Equipment A/c Dr.	1,000.00
	To Sears			1,000.00
	(Being Equipment purchased on credit)
Jan-18	Adverisement expense A/c Dr.	520.00
	To Cash A/c			520.00
	(Being cash paid for advertisement)
Jan-20	Drawing A/c Dr.	750.00
	To Cash			750.00
	(Being cash paid for personal expenses)
Jan-22	Cash A/c Dr	950.00
	To Debtors			950.00
	(Being Cash received for sale made on January 9)
Jan-23	Wages A/c Dr.	475.00
	To cash			475.00
	(being wages paid in cash)
Jan-26	Cah A/c Dr	7,000.00
	To watch Repairs			7,000.00
	(Being cash received for repairs)
Jan-27	Sears A/c Dr	850.00
	Cash A/c			850.00
	(being cash paid to creditor)
Jan-30	Cash A/c	480.00
	To repairs A/c			480.00
	(Being Cash Received for repairs)
Jan-31	Depreciation A/c Dr.	1000
	To watch repair equipment			1000
	(Being Depreciation charged)
Jan-31	Accrued wages A/c Dr.	715
	To wages			715
Jan-31	Accrued utilities A/c Dr	420
	To utilities			420