Assets Bank Accounts Receivable Supplies Building Land Total Assets Transactions 1. 2. 3. 4. 5. BAF3M...

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Assets Bank Accounts Receivable Supplies Building Land Total Assets Transactions 1. 2. 3. 4. 5. BAF3M MID-TERM ASSIGNMENT PART 1- Journalizing $1,000 Norris Delivery Service As at February 28, 2022 Liabilities 2,000 3,000 40,000 25,000 Balance Sheet $71.000 Accounts Payable Bank Loan Total Liabilities Owner's Equity M. Norris, Capital Total Liabilities and Owners Equity $6,000 60,000 $66,000 5,000 $71,000 March 3 - Norris performs a delivery service (a sale) and is paid $1000 in cash. March 12- An account receivable worth $500 is paid to M. Norris. March 19 - $1500 worth of supplies are purchased. Norris will pay at a later date. March 24 - $1200 is paid off of the Bank Loan. March 31 - Repairs are done to the building at a cost of $500. Norris pays cash. Assignment: 1. Record the beginning financial position of Norris Delivery Service in a two-column general journal. Use page number 1. (hand in) 2. Record all 5 transactions in the General Journal. (hand in) 3. Post all Journal entries to the Ledger T-accounts and find the ending balances of each T- account. (hand in) 4. Balance the Ledger by means of a Trial Balance. (hand in) PART 2 - Adjusting and Closing Entries Below is the Trial balance for Tiny Trips Travel after their first month of operation: Tiny Trips Travel Trial Balance January 31, 2022 Debit Account Cash Accounts Receivable Office Supplies Prepaid Insurance Office Equipment Automobile Accounts Payable John Smith, Capital John Smith, Drawings Service Fees Earned Rent Expense Salaries Expense Utilities Expense Total $ 18,020 9,800 2,950 1,900 9,000 23,000 INSTRUCTIONS 5,300 970 3,500 860 $ 75,300 Credit $ 1.520 53,000 20,780 Due Date: December 21, 2023 (before the beginning of class) $ 75,300 1. Use the following information to journalize (hand in your journal entries) and post adjusting entries, to the Ledger T-accounts, for the month: -One month's insurance coverage has expired. -At the end of the month, $600 of office supplies are still available. -The declining balance method of depreciation is used to record depreciation for Office Equipment (20% per year) and Automobile (30% per year). 2. Use the above information to prepare the adjusted trial balance as of January 31 (hand in). Prepare the income statement for the month of January (hand in). 3. Prepare the closing journal entries (hand in) to close the temporary accounts. 4. Prepare a post-closing trial balance and balance sheet (hand in). Assets Bank Accounts Receivable Supplies Building Land Total Assets Transactions 1. 2. 3. 4. 5. BAF3M MID-TERM ASSIGNMENT PART 1- Journalizing $1,000 Norris Delivery Service As at February 28, 2022 Liabilities 2,000 3,000 40,000 25,000 Balance Sheet $71.000 Accounts Payable Bank Loan Total Liabilities Owner's Equity M. Norris, Capital Total Liabilities and Owners Equity $6,000 60,000 $66,000 5,000 $71,000 March 3 - Norris performs a delivery service (a sale) and is paid $1000 in cash. March 12- An account receivable worth $500 is paid to M. Norris. March 19 - $1500 worth of supplies are purchased. Norris will pay at a later date. March 24 - $1200 is paid off of the Bank Loan. March 31 - Repairs are done to the building at a cost of $500. Norris pays cash. Assignment: 1. Record the beginning financial position of Norris Delivery Service in a two-column general journal. Use page number 1. (hand in) 2. Record all 5 transactions in the General Journal. (hand in) 3. Post all Journal entries to the Ledger T-accounts and find the ending balances of each T- account. (hand in) 4. Balance the Ledger by means of a Trial Balance. (hand in) PART 2 - Adjusting and Closing Entries Below is the Trial balance for Tiny Trips Travel after their first month of operation: Tiny Trips Travel Trial Balance January 31, 2022 Debit Account Cash Accounts Receivable Office Supplies Prepaid Insurance Office Equipment Automobile Accounts Payable John Smith, Capital John Smith, Drawings Service Fees Earned Rent Expense Salaries Expense Utilities Expense Total $ 18,020 9,800 2,950 1,900 9,000 23,000 INSTRUCTIONS 5,300 970 3,500 860 $ 75,300 Credit $ 1.520 53,000 20,780 Due Date: December 21, 2023 (before the beginning of class) $ 75,300 1. Use the following information to journalize (hand in your journal entries) and post adjusting entries, to the Ledger T-accounts, for the month: -One month's insurance coverage has expired. -At the end of the month, $600 of office supplies are still available. -The declining balance method of depreciation is used to record depreciation for Office Equipment (20% per year) and Automobile (30% per year). 2. Use the above information to prepare the adjusted trial balance as of January 31 (hand in). Prepare the income statement for the month of January (hand in). 3. Prepare the closing journal entries (hand in) to close the temporary accounts. 4. Prepare a post-closing trial balance and balance sheet (hand in).

Answer rating: 100% (QA)

PART 1 Journalizing 1 Recording the beginning financial position of Norris Delivery Service in a twocolumn general journal page number 1 General Journal Page 1 Date Account Title and Explanation Debit ... View the full answer