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BAT4M Activity 1 Unit 8

BATAM Unit 1 Activity 8 Assignment #1 - Teleki Consulting Kristian Teleki operates a consulting service for businesses wanting to open stores in new locations. The business's general ledger had the following balances for the fiscal year ended April 30, 2019. Debit Credit Bank 22.720 Accounts Receivable 13,200 Allowance for Doubtful Acc. 510 Prepaid Insurance 5,150 Prepaid Copier Rental 720 Supplies 3,670 Land 15,000 Building 85,000 Accumulated Amortization-Building 8.000 Office Furniture 26,700 Accumulated Amortization - Office Furniture 10,000 Equipment 20,000 Accumulated Amortization - Equipment 14,200 Line of Credit 10,500 Accounts Payable 9,200 Loan Payable 15,700 Mortgage Payable 82,000 K. Teleki, Capital 17,520 K. Teleki, Drawings 24,000 Consulting Fees 75.900 Business Taxes 1,800 Utilities 1.470 Office Expense 6,700 Copier Rental Expense 960 Salaries 16,440 243,530 243,530 Additional information: 1) Prepaid insurance is a one year policy purchased on November 1, 2018. 2) Supplies were counted April 30. The cost value of the inventory was $360. 3) The building was purchased May 1, 2014. Its estimated useful life is 40 years and salvage value is $5000. Teleki uses straight-line amortization for the building. 4) The office furniture was purchased May 1, 2014. Its estimated useful life is 10 years and salvage value is $1700. Teleki uses straight-line amortization for the furniture. 5) The equipment is being amortized using declining balance method and a 30% rate. 6) The copier is rented from a company which requires six months rent in advance. The $720 rent was paid on March 1 7) Uncollectible accounts are estimated at 5% of accounts receivable. REQUIRED: Prepare the worksheet. Record the adjusting entries and closing entries in the General Journal V42 K 1 L H A 2 Income Statement Debit Credit Balance Sheet Debit Credit 3 4 5 6 Account Title 7 8 Bank 9 Accounts Receivable 10 Allowance for Doubtful Acc. 11 Prepaid Insurance 12 Prepaid Copier Rental 13 Supplies 14 Land 15 Building 16 Acc. Amort Building 17 Office Furniture 18 Acc. Amort Office Furniture 19 Equipment 20 Acc. Amort Equipment 21 Line of Credit 22 Accounts Payable 23 Loan Payable 24 Mortgage Payable 25 K. Teleki, Capital 26 K. Teleki, Drawings 27 Consulting Fees 28 Business Taxes 29 Utilities Expense 30 Office Expense 31 Copier Rental Expense 32 Salaries 33 B D E G Teleki Consulting Worksheet for the year ended April 30, 2019 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit 22,720 13,200 510 5,150 720 3,670 15,000 85,000 8,000 26,700 10,000 20,000 14,200 10,500 9,200 15,700 82,000 17,520 24,000 75,900 1,800 1,470 6,700 960 16,440 243,530 243,530 34 35 36 37 38 39 0 0 0 0 40 41 0 0 0 0 0 0 42 0 0 0 0 Worksheet + Ready AMOSOVE General Journal (1).xls - Comp Home Insert Draw Page Layout Formulas Data Review View Tell me X Arial 10 ' A M = ab Wrap Text General Paste BIU a. Av + Merge & Center $ % 9 A3 xfx A B D E F G H 1 J K L 1 General Journal Page Particulars Debit Credit 2 Date 3 4 5 6 7 B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 41 42 43 44 45 46 47 48 49 En Sheet1 Sheet2 Sheet3 + Ready MacBook Air esc 0 80 Q F1 F2 F3 F4 F5 Fb