PART 4 Journalized all the transactions, post to general ledger and prepare unadjusted trial balance at December 31.

Note: Last picture is the balance forwarded in general ledger

Part 5 Please record the adjusting journal entries, Make journal using the Part 5 information.

Next, record the last adjusting entry, resulting from your bank reconciliation.

Finally, post your adjusting entries to the general ledger and prepare

the adjusted trial balance at December 31, 2023.

PART 4 We arejumping ahead in time to December 1, 2023. Rose has done well at her business. She now has 24 students, mostly adults. She has also created and self-published a piano method book that she sells to her students and music stores in the area. It is these method books that comprise her inventory. You receive the email below from Rose on December 16. First, send Rose a response email letting her know you received hers and that you will record the listed transactions. Next, record the listed transactions. Use the Excel forms provided [NOTE: There is a new set of Excel worksheets for Parts 4 to 6]. Hi [Student Name], I thought I should send you a list of the transactions and events that happened from December 1 to December 15: Dec. 1: Issued chq. #21? for $3,600 to Ms. Jackson (the music store owner) for 6 months of rent in advance. Due to a change in circumstances, the monthly rent has increased and must now be paid in 6-month blocks. [debit the whole amount to 'Prepaid Rent']. Dec. 1: The monthly loan payment is made to the bank. The payment is automatically withdrawn. The payment is comprised of a $200 principal amount plus the previous month's interest. The interest amount is: $33 [Debit the interest portion to 'lnterest Payable'] Dec. 3: Received 16 copies of her method book from the local printers store. The total cost is $208 and the invoice is due in 30 days. Dec. 5: Received $92 cash which is for lessons given in November but not paid for until Dec. 5. Dec. 6: Received cash of $5,208 from students paying in advance for lessons to be provided in December. Dec. 12: Sold 14 copies of her piano method books to Woodwards music on account for a total amount of $322; terms, net 30 days. [Rose will use FIFO to track her inventory of method books. You should set up a FIFO subsidiary inventory schedule (like we did in class) to determine the cost of goods sold for this and later inventory transactions. NOTE: Her Nov. 30 inventory consisted of9 books that cost $12 each- Use the tab labelled "FIFO Schedule" in the Excel worksheets provided]. Dec. 14: Wrote Chq #218 for $173.25 to the East Vancouver Herald Newspaper Company for a small advertisement that appeared last week. [Debit 'Accounts Payable'] Part 4 Instructions, continued: Next, post the transactions youjournalized to the general ledger. After that, you will record the remaining Decmber transactions (based on the following email you receive from your supervisor), post the transactions to the general ledger, and prepare an unadjusted trial balance at December 31, 2023. Email from your supervisor: Hi [Student Name], I have met with Rose and she has provided the following list of transactions for the remainder of December. Please go ahead and record them, post them, and prepare the unadjusted trial balance at December 31. Dec. 16: Rose will put her own digital piano into the business so that she can have 3 pianos in the studio for group lessons. The piano originally cost her $1,980 and the estimated fair market value today is $850. Dec. 1?: Purchased ofce supplies on account costing $78.41. The amount is due in 30 days. Dec. 18: Received 18 copies of her method book from the local printers store. The total cost is $252 and the invoice is due in 30 days. Continued, next page... Dec. 19: Issued chq # 219 for $279.50 to pay for December advertising in a local business newsletter. Dec. 20: Withdrew $2,800 from the business bank account for personal living costs. Dec. 22: Sold 18 copies of her piano method books to Paul's music on account. The selling price per book is $23; terms, net 30 days. Dec. 29: Issued chq. #220 for $88.35 to pay for having computer viruses from the business laptop. [Debit "Repairs Expense"] Sincerely, |Professor Name| PART 5 On January 2, 2024, you receive the following email from your supervisor: Hi [Student Name], Based on discussions I had with Rose, the following information is available to you. Please record the adjusting journal entries using this information. (1) December 31: As at December 31, the following students had received lessons that they have not yet paid for: Student Amount owing Mr. Johnson 6$2.00 Mr. Saunders 31.00 lvls. McVey 62.00 (2) Rose has indicated the she had office supplies costing $150.00 on hand at December 31 base on her count of the supplies. (3) [Make the adjusting entry for prepaid rent.] (4) The 2023 depreciation expense on property, plant, and equipment has been correctly calculated (by your supervisor) at the following amounts Computer equipment Pianos (5) All of the unearned lesson revenue has been earned by December 31. (6) [Accrue $210 for bookkeepingi'accounting fees for December.] (7) [Accrue interest expense on the bank loan for December. The Interest amount is: $31 (8) Once you have journalized the above adjusting entries, you must prepare the December 31 bank reconciliation. You will need the 2 files that are attached to this email (attachments are below] Sincerely, Professor Name Attachment #1 The completed November 30 bank reconciliation Rose Temple Piano Teacher Bank Reconciliation November 30, 2023 Balance per bank statement...................... Less: Outstanding cheques: Repairs Exp. #215.......... $ 58.60 Advertising Exp #216.......... 108.25 Balance per general ledger Cash acct..... Attachment #2 The Bank Statement for December, 2023 CIBC Statement of Current Account for Rose Temple Piano Teacher For Month of December 2023 Debit 233.00 92.00 3,600.00 5,208.00 57.61 2,800.00 279.50 14.50 Part 5 instructions continued: (9) Next, record the last adjusting entry, resulting from your bank reconciliation. (10) Finally, post your adjusting entries to the general ledger and prepare the adjusted trial balance at December 31, 2023. Cash Acct #115 Date PR Debit Credit Balance Acct #501 Accounts Payable Acct #210 Cost of Goods Sold Nov. 30 Balance forward 12,648.72 PR Debit Credit Balance Date PR Debit Credit Balance Date Accounts Receivable Acct #130 Nov. 30 Balance forward 173.25 Nov. 30 Balance forward 420.00 Date PR Debit Credit Balance Nov. 30 Balance forward 92.00 Accounting Expense Acct #503 Interest Payable Acct #225 PR Credit Balance Date PR Debit Credit Balance Date Debit Office Supplies Acct #150 Balance forward 33.00 Nov. 30 Balance forward 2,200.00 Nov. 30 Date PR Debit Credit Balance Nov. 30 Balance forward 871.54 Acct #260 Advertising Expense Acct #508 Bank Loan Payable Date PR Debit Credit Balance Date PR Debit Credit Balance Inventory Acct #155 1,980.00 Nov. 30 Balance forward 4,900.00 Nov. 30 Balance forward Date PR Debit Credit Balance Nov. 30 Balance forward 108.00 Acct #510 Temple, Capital Acct #315 Bank Charges Expense PF Debit Credit Balance Date PR Debit Credit Balance Date Computer Equipment Acct #160 Nov. 30 Balance forward 4,200.00 Nov. 30 Balance forward 121.28 Date PR Debit Credit Balance Nov. 30 Balance forward 1,800.00 Temple, Drawings Acct #320 Interest Expense Acct #530 PR Debit Credit Balance Date PR Debit Credit Balance Date Accumulated Depreciation-Comp. Equipment Acct #161 Nov. 30 Balance forward 141.00 Date PR Debit Credit Balance Nov. 30 Balance forward 22,372.00 Nov. 30 Balance forward 50.00 Rent Expense Acct #570 Lesson Revenue Acct #410 Date PR Debit Credit Balance Acct #170 Date PR Debit Credit Balance Pianos Nov. 30 Balance forward 5,500.00 Date PR Debit Credit Balance Nov. 30 Balance forward 43,500.00 Nov. 30 Balance forward 4,970.00 Repairs Expense Acct #575 Book Sales Revenue Acct #420 Date PR Debi Credit Balance Accumulated Depreciation - Pianos Acct #171 Date PR Debit Credit Balance Nov. 30 Balance forward 436.71 Date PR Debit Credit Balance Nov. 30 Balance forward 805.00 Nov. 30 Balance forward