Question: PLEASE ANSWER ALL MY QUESTIONS. Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021,

PLEASE ANSWER ALL MY QUESTIONS.

PLEASE ANSWER ALL MY QUESTIONS. Ralph Collins founded Collins Consignment Sales Company

and the company was operated from his home. As of September 1,

2021, Collins decided to move to rented quarters and to operate the

Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September: Journalize each transaction in the general journal referring to the following chart of accounts in selecting the accounts to be dehited and credited and include a narration for each transaction: 2. Post the journal entries to their respective ledger accounts. 3. Prepare a trial balance based on the balances derived after completing requirement #2. 4. The company presented the following adjustments, and you are to prepare the adjusting entries in the general journal (Narration required for each journal entry): i. Insurance expired during September, $500. ii. Supplies on hand on September 30,$1,250. iii. Accrued receptionist salary on September 30,$500 iv. Rent expired during September, $2,000. v. Unearned fees on September 30 are $2,900. 5. Post the adjusting entries to their respective ledger accounts already started in requirement# 2 . 6. Prepare the adjusted trial balance. 7. Prepare the financial statements for the month of September for presentation to Ralph Collins. 8. Journalize the closing entries and balance off the ledger accounts including the income summary account. 9. Prepare the post-closing trial balance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!