Required work for October: 1. Log transactions in a general journal and post them to the ledger
Question:
Required work for October:
1. Log transactions in a general journal and post them to the ledger accounts.
2. Prepare a trial balance sheet for the first two columns of a blank fold-out worksheet at the end of your textbook and complete the worksheet using the following data:
a) One month's lease has expired. He paid 5 months' rent in advance on September 1, $1,000.
b) Inventory shows $130 of office supplies remaining.
c) Depreciation of office equipment, $160.
d) The car's depreciation is $210.
3. Prepare the October income statement, equity statement and balance sheet.
4. From the worksheet, make a journal and submit correction and closing entries
5. Prepare a post-closing trial balance sheet
Transactions
October 1: Paper Co. Additional office supplies were purchased for $850 to his account.
October 2: Chicago Times bill paid for September, $900.
October 3: Sold a house to Helen Baker and raked in $7,300.
October 6: $29 gas bill paid to Haffner Gas Co. October 8: $10,000 commission received from Tropic Developers for the sale of the land on September 17.
12 October: Uzun Realtors Assoc. sending employees to the real estate agent workshop.
October 15: Pays $300 to office secretary Rosie Petrillo.
October 17: Sold a house to Gary Schneider and earned $2,900 commission. The commission will be received on November 10.
October 18: Sold a plot of land to Lombardi Builders and received a commission of $4,500.
October 22: Sends a $65 check to Heritage Charities to sponsor a local road race to help the poor. (This amount will not be considered an advertising expense; it is a business expense and is recorded in Miscellaneous Expenses.)
October 24: Pays Hyundai North $620 to repair the car due to the accident.
October 28: James Sousa withdrew $2,200 from the business to cover his personal expenses.
October 30: Comcast phone bill paid, $480.
October 30: $1,300 advertising bill for October from the Chicago Times. The bill will be paid on November 2nd.
Expert Answer:
Step 1 Log Transactions in General Journal Date Account Debit Credit Oct 1 Office Supplies 850 Oct 1 Accounts Payable 850 Oct 2 Chicago Times 900 Oct ... View the full answer
