In this assignment, you will complete the accounting cycle for A Plus Repairs, a service company.

You will

enter the beginning balances in the general ledger;

prepare in proper form journal entries for November;

post the entries to the general ledger; complete the worksheet; prepare the financial statements;

journalize and post the adjusting entries;

journalize and post the closing entries; and

prepare a post-closing trial balance.

Submission Requirements

Except for the general ledger and the worksheet, the work must be handwritten.

All work must be legible, neat, and in good form.

Use the working papers provided.

When you download the General Ledger Excel workbook, save it as [YourLastName]-APR-Ledger, e.g. Smith-APR-Ledger.

When you download the Worksheet Excel workbook, save it as [YourLastName]-APR-Worksheet.

If you do not want to use the General Ledger and the Worksheet Excel workbooks, print the PDF versions and complete them by hand. If you run out of room in the general ledger, print the page the account is on; show the balance carried forward; and continue posting.Note

Include an explanation for each journal entry and posting (i.e., do not leave the ledger's Explanation fields blank).

You may use the following abbreviations on the journal and only on the journal.

Accounts Receivable: A/Receivable

accumulated Depreciation: Accum. Depr.

Accounts Payable: A/Payable

Salaries and Wages Payable: S&W Payable

Unearned Service Revenue: Unearned Revenue Salaries and Wages Expense: S&W Expense

Balance Sheet: use the report format (i.e., place the Assets section above the Liabilities and Owner's Equity section).Narrative and Chart of Accounts

SU2025_A Plus Repairs.pdf

Download SU2025_A Plus Repairs.pdf

BUSAD310_A Plus Repairs_Chart of Accounts.pdf

Download BUSAD310_A Plus Repairs_Chart of Accounts.pdf

General Ledger

Use either the Excel workbook or the PDF file below.

The ledger is slightly different from the ones you worked with in the past. There is only one Balance column.

In a manual system, if an account balance is normal - be it a debit or a credit- enter it as a positive number. In this example, in the "one-column-balance ledger" you would enter both the Cash and the Accounts Payable balances as positive numbers even though Cash has a debit balance (which is the normal balance for an asset account) and Accounts Payable has a credit balance (which is the normal balance for a liability account).

If, as you post, you end up with an abnormal balance, enter it in brackets or red.

Remember to question abnormal balances. Often, they are an indication that a journal entry is incorrect or that the posting is off.

A Plus Repairs_General Ledger_Blank.xlsx

Download A Plus Repairs_General Ledger_Blank.xlsx

BUSAD310_A Plus Repairs_General Ledger_Blank.pdf

Download BUSAD310_A Plus Repairs_General Ledger_Blank.pdf

Worksheet

If you do not want to use the Excel workbook, print the content of the tab and complete by hand. Make sure that what you submit is legible.

A Plus Repairs_Work Sheet.xlsx

Download A Plus Repairs_Work Sheet.

Other Working Papers

Journal Pages

Download Journal Pages

Sheets-Lined Paper

On October 31, 2024, the account balances of A Plus Repairs were as follows. A Plus Repairs Trial Balance October 31, 2024 NO. Account Titles Debit Credit 101 Cash 18, 790 112 Accounts Receivable 5,210 120 Supplies 800 124 Prepaid Insurance 126 Prepaid Rent 153 Equipment 18,000 154 Accumulated Depr. - Equip. S 500 201 Accounts Payable 10,100 209 Unearned Service Revenue 1,400 212 Salaries and Wages Payable 750 311 Capital 30,050 320 Draws 330 Income Summary 400 Service Revenue 615 Depreciation Expense 620 Insurance Expense 624 Rent Expense 630 Salaries and Wages Expense 635 Supplies Expense Totals $ 42,800 $ 42,800 During November the following transactions were completed. Nov. 2 Paid six months' worth of liability insurance; $6,000; effective on 1 1/1/24. 5 Paid two months' worth of rent (November and December): $3,600 8 Paid $1,500 salaries due employees, of which $750 is for November salaries. 10 Received $5,100 cash from customers on account. 12 Received $3,000 cash for services performed in November, 13 Purchased equipment on account $3,000. 15 Received $1,750 from customers for future service. 17 Purchased supplies on account $400. 20 Paid creditors on account $7,500 22 Paid salaries $1,500. 27 Performed services on account and billed customers for services provided $900. 30 The owner withdrew $2,000 for personal expenses.Adjustment data consist of: 1. Supplies on hand $1,000 Unexpired insurance premium; 5 months. Expired rent; 1 month. Accrued salaries payable $1,050. 5. Compute the depreciation expense to recognize in November using the facts below: The $18,000 equipment has a seven-year useful life and an estimated salvage value of $1,200. The $3,000 equipment purchased on November 13 is expected to have five-year useful life and no salvage value. It is the company's policy to take a full month's worth of depreciation for fixed assets purchased in the first fifteen days of a month. 6. Only $1,500 worth of services remain to be performed at the end of the month. Instructions (a) Enter the October 31 balances in the ledger accounts. (b) Journalize the November transactions. (c) Post to the ledger accounts. (d) Complete a worksheet for November. (e) Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30. (f) Journalize and post adjusting entries. You must show your work for the Depreciation Expense amount. g) Journalize and post the closing entries. (h) Prepare the post-closing trial balance.A Plus Repairs Chart of Accounts No. Account Titles 101 Cash 112 Accounts Receivable 120 Supplies 124 Prepaid Insurance 126 Prepaid Rent 153 Equipment 154 Accumulated Depr. - Equip. 201 Accounts Payable 209 Unearned Service Revenue 212 Salaries and Wages Payable 311 Capital 320 Draws 330 Income Summary 400 Service Revenue 615 Depreciation Expense 620 Insurance Expense 624 Rent Expense 630 Salaries and Wages Expense 635 Supplies Expense