1. Create journal entries for the following adjustment entries:
2. Post the transaction to the ledger. Your general ledger cash balance uses a full ledger sheet; use the T Chart for all other accounts.
3. Prepare the trial balance of Colorado Service Center at April 30, 2021.
4. Complete the end of the accounting cycle for Colorado Service Center by creating the income statement, statement of owner’s equity, and balance sheet for the month ending April 30, 2021.

1. Borrowed $49,000 from the bank and signed a notes payable in the name of the business Paid cash of $26,500 to acquire land.
2. Performed customer service and earned revenue on account, $5,560.
3. Performed service for a customer and received cash of $5,800.
4. Purchased supplies on account, $350.
5. Paid $3,575 on accounts payable.
6. Paid cash expense for salaries ($4,500) and rent ($2,500); make a compound entry.
7. Received $3,300 on account.
8. Pays $900 in cash for a 3-month auto insurance.
9. Received a $255 utility bill that will be paid next week.
10. Harper withdrew cash of $5,575.
11. Paid maintenance expense of $23.
12. Received $1,500 cash from a customer for 3 months of service
13. Employees are paid $2,250 every Friday for a 5-day work week. April 30, 2021 is a Wednesday.
14. Record use of 1 month’s prepaid auto insurance ($900 for 3 months).
15. On April 30, 2021, the supplies on hand is $45 (On April 1, 2021 it was $350).
16. Depreciation for the current month includes equipment ($750) and trucks ($450). Make a compound entry.

Answer rating: 100% (QA)

Date Account Dr Cr Cash In Bank and On Hand 49000 Notes Payable 49000 Date Account Dr Cr Land 2... View the full answer