This was my previous assignments Post closing

This is my trail balance which contains adjustments, year-end adjustments, Income Statement, Balance Sheet Retained earning statement

Raymond Santana created Computer Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. In response to requests from customers, R. Santana will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2020. Its transactions for January through March follow: Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $150 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Ray Santana invested an additional $25,000 cash in the company in exchange for more common stock. 7 The company purchased $8,500 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. 9 The company received $2,750 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,500, which is the total price of $7,000 less the advance payment of $1,500. 13 The company sold merchandise with a retail value of $5,400 and a cost of $3,650 to Liu Corp., invoice dated January 13. 15 The company paid $700 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,000 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $500 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $320 cost, is discarded. (The policy of Computer Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $694. 26 The company purchased $8,000 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $5,740 cost for $6,800 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $150 per day. Feb. 1 The company paid $2,625 cash to Hillside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $694 amount in the credit memorandum. 5 The company paid $700 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 The company paid $4,500 cash in dividends. 23 The company sold merchandise with a $2,660 cost for $3,220 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $150 per day. 27 The company reimbursed Ray Santana for business automobile mileage (600 miles at $0.32 per mile). Mar. 8 The company purchased $1,730 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. (Note discount period versus payment) 11 The company paid $960 cash for minor repairs to the company's computer. 16 The company received $5,460 cash from Dream, Inc., for computing services provided 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,100) and March 8. 24 The company billed West Leasing for $8,045 of computing services provided. 25 The company sold merchandise with a $2,302 cost for $3,000 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,048 cost for $2,220 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed R. Santana for business automobile mileage (400 miles at $0.32 per mile). 1. Open your file YourName_ACCT305_PS2 and save as YourName_ACCT305_PS3. 2. Before starting Part 3 you should ensure that your general ledger balances agree with the January 1, 2020 balances provided in this folder. Note: If necessary, update your general ledger to ensure balances agree with these check figures. Do this by using Dec 31, 2019 as the date, Adjusted Balance as the item, and enter the correct balance in the balance column. (You will need to adjust formula in balance column moving forward.) 1. (5 points) For January through March 2020, prepare journal entries to record each of the above transactions for Computer Solutions and then post to the general ledger. (A "new" general ledger is not started because it is a new year. The closing entries prepare the books for the new accounting period.) (CHECK FIGURES: Cash - (Jan) 82,160; (Feb) 71,217; (Mar) 75,979; Computer Services Revenue - (Jan) 11,000; (Feb) 11,000; (Mar) 24,505; Cost of goods sold - (Jan) 9,390; (Feb) 12,050; (Mar) 15,400; Advertising Expense - (Jan) 0; (Feb) 700; (Mar) 700) (val) 3. (5 points) Using the 2019 Worksheet as a guide create a new worksheet for 2020. Transfer balances from the general ledger to the 2020 unadjusted trial balance. Once again use SUM formulas to total columns and ensure your trial balance is in balance. If columns do not balance search for errors and correct! Post-closing Debit Credit 56,924 No. 101 106.1 106.2 106.3 3,000 106.4 106.5 106.6 2,750 106.7 106.8 106.9 119 126 128 Account Cash A/R - Alex's Engineering Co. A/R-Wildcat Services A/R-West Leasing A/R-IFM Co. A/R-Liu Corp. A/R -Gomez Co. A/R-Delta Co. A/R-KC, Inc. A/R -Dream, Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation - Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Sales Sales returns and allowances 850 1,755 875 5,000 131 163 164 125 167 19,000 168 201 210 950 1,100 600 1,500 79,000 6,879 236 307 318 319 403 413 414 403 413 414 415 502 612 613 623 637 Computer services revenue Sales Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense--Computer Income Summary Totals 640 652 655 676 677 684 90,154 90,154 Year End adjustments Debit Credit No. unadjusted trial balance Debit Credit $ 56,924.00 $ Adjusted Trail Balance Debit Credit $ 56,924.00 101 106.1 - 106.2 - 106.3 $ - 106.4 $ 3,000.00 $ 3,000.00 106.5 - 106.6 $ 2,750.00 $ 2,750.00 - - - 106.7 106.8 106.9 - - 119 Closing Entry Debit Credit $ 56,924.00 $ $ - $ $ - $ $ $ $ 3,000.00 $ $ $ $ 2,750.00 $ $ $ $ $ $ $ $ $ $ 850.00 $ $ 1,755.00 $ $ 875.00 $ $ 5,000.00 $ $ $ 125.00 $ 19,000.00 $ $ $ $ $ 1,100.00 $ $ 600.00 $ $ 1,500.00 $ $ 79,000.00 $ - $ 6,879.00 - Account Cash A/R - Alex's Engineering Co. A/R-Wildcat Services A/R-West Leasing A/R-IFM Co. A/R-Liu Corp. A/R -Gomez Co. A/R-Delta Co. A/R-KC, Inc. A/R -Dream, Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings - 126 - 128 $ 3,525.00 $ 2,340.00 $ 3,500.00 $ 5,000.00 $2,675.00 $ 585.00 $2,625.00 $ 850.00 $ 1,755.00 $ 875.00 $ 5,000.00 131 - 163 - 164 $ 125.00 $ 125.00 167 $ 19,000.00 $ 19,000.00 168 $ 950.00 950.00 $ 1,100.00 201 210 $ 600.00 $ 950.00 $ 1,100.00 $ 600.00 $ 1,500.00 $ 79,000.00 236 $ 1,500.00 $ 79,000.00 - 307 318 319 $ 7,400.00 $ 7,400.00 $ $ 30,790.00 403 $ 30,790.00 413 - 414 415 502 612 $ 613 623 $ 4,050.00 Dividends Computer services revenue Sales Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Income Summary Totals $ 125.00 $ 950.00 $ 600.00 $ 585.00 $2,625.00 $2,675.00 637 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ 90,154.00 $90,154.00 125.00 950.00 4,650.00 585.00 2,625.00 2,675.00 2,400.00 $ $ $ $ $ $ $ $ $ 640 652 655 676 896.00 $ 2,400.00 $ 896.00 $ 300.00 $ 1,305.00 677 300.00 1,305.00 684 $112,390.00 $112,390.00 $7,560.00 $7,560.00 $ 114,065.00 $ 114,065.00 Balance Sheet As of Dec 31, 2019 Assets Current Assets: Cash Accounts Recievables Computer Supplies Prepaid Insurance Prepaid Rent Total Current Assets $56,924.00 $ 5,750.00 $ 850.00 $ 1,755.00 $ 875.00 $ 66,154.00 Non Current Assets Office Equipment Accumulated Depreciation Computer Equipment Accumulated Depreciation $ 5,000.00 $ (125.00) $ 4,875.00 $ 19,000.00 $ (950.00) $18,050.00 Total Assets $ 89,079.00 Liabilities & Shareholder's Equity Liabilities & Shareholder's Equity Current Liabilities: Accounts Payables $ 1,105.00 Wages Payables $ 600.00 Unearned Computer Service Revenue $ 1,500.00 Total Current Liabilities $ 3,205.00 Total Liabilities $ 3,205.00 $ 79,000.00 $ (7,400.00) Shareholder's Equity Common Stock Dividend Retained earnings Net Income Total Shareholder's Equity $ 14,729.00 $ 86,329.00 Total Liabilities and Shareholder's Equity $ 89,534.00 Computer Soulutions Income Statement For the period of December 31, 2019 Computer Service Revenue $ 30,790.00 Expenses: Wages Expense $ Insurance Expense $ Rent Expense $ Computer Supplies Expense $ Advertising Expense $ Mileage Expense Miscellaneous Expense $ RepairsExpense Depreciation Expense - Office equipment $ Depreciation Expense- Computer Equipment $ Total Expense 4,650.00 585.00 2,625.00 2,675.00 2,400.00 896.00 300.00 1,305.00 125.00 950.00 $ $ $ 16,511.00 Net Income $ 14,279.00 Computer Solutions Statement of Retained Earnings For the period of December 31, 2019 Retained Earnings (+) Net Income $ 14,279.00 Dividends $ (7,400.00) Total Retained Earnings $ 6,879.00 Raymond Santana created Computer Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. In response to requests from customers, R. Santana will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2020. Its transactions for January through March follow: Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $150 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Ray Santana invested an additional $25,000 cash in the company in exchange for more common stock. 7 The company purchased $8,500 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. 9 The company received $2,750 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,500, which is the total price of $7,000 less the advance payment of $1,500. 13 The company sold merchandise with a retail value of $5,400 and a cost of $3,650 to Liu Corp., invoice dated January 13. 15 The company paid $700 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,000 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $500 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $320 cost, is discarded. (The policy of Computer Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $694. 26 The company purchased $8,000 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26. 26 The company sold merchandise with a $5,740 cost for $6,800 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $150 per day. Feb. 1 The company paid $2,625 cash to Hillside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $694 amount in the credit memorandum. 5 The company paid $700 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 The company paid $4,500 cash in dividends. 23 The company sold merchandise with a $2,660 cost for $3,220 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for eight days' work at $150 per day. 27 The company reimbursed Ray Santana for business automobile mileage (600 miles at $0.32 per mile). Mar. 8 The company purchased $1,730 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. (Note discount period versus payment) 11 The company paid $960 cash for minor repairs to the company's computer. 16 The company received $5,460 cash from Dream, Inc., for computing services provided 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,100) and March 8. 24 The company billed West Leasing for $8,045 of computing services provided. 25 The company sold merchandise with a $2,302 cost for $3,000 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,048 cost for $2,220 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed R. Santana for business automobile mileage (400 miles at $0.32 per mile). 1. Open your file YourName_ACCT305_PS2 and save as YourName_ACCT305_PS3. 2. Before starting Part 3 you should ensure that your general ledger balances agree with the January 1, 2020 balances provided in this folder. Note: If necessary, update your general ledger to ensure balances agree with these check figures. Do this by using Dec 31, 2019 as the date, Adjusted Balance as the item, and enter the correct balance in the balance column. (You will need to adjust formula in balance column moving forward.) 1. (5 points) For January through March 2020, prepare journal entries to record each of the above transactions for Computer Solutions and then post to the general ledger. (A "new" general ledger is not started because it is a new year. The closing entries prepare the books for the new accounting period.) (CHECK FIGURES: Cash - (Jan) 82,160; (Feb) 71,217; (Mar) 75,979; Computer Services Revenue - (Jan) 11,000; (Feb) 11,000; (Mar) 24,505; Cost of goods sold - (Jan) 9,390; (Feb) 12,050; (Mar) 15,400; Advertising Expense - (Jan) 0; (Feb) 700; (Mar) 700) (val) 3. (5 points) Using the 2019 Worksheet as a guide create a new worksheet for 2020. Transfer balances from the general ledger to the 2020 unadjusted trial balance. Once again use SUM formulas to total columns and ensure your trial balance is in balance. If columns do not balance search for errors and correct! Post-closing Debit Credit 56,924 No. 101 106.1 106.2 106.3 3,000 106.4 106.5 106.6 2,750 106.7 106.8 106.9 119 126 128 Account Cash A/R - Alex's Engineering Co. A/R-Wildcat Services A/R-West Leasing A/R-IFM Co. A/R-Liu Corp. A/R -Gomez Co. A/R-Delta Co. A/R-KC, Inc. A/R -Dream, Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation - Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Dividends Computer services revenue Sales Sales returns and allowances 850 1,755 875 5,000 131 163 164 125 167 19,000 168 201 210 950 1,100 600 1,500 79,000 6,879 236 307 318 319 403 413 414 403 413 414 415 502 612 613 623 637 Computer services revenue Sales Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense--Computer Income Summary Totals 640 652 655 676 677 684 90,154 90,154 Year End adjustments Debit Credit No. unadjusted trial balance Debit Credit $ 56,924.00 $ Adjusted Trail Balance Debit Credit $ 56,924.00 101 106.1 - 106.2 - 106.3 $ - 106.4 $ 3,000.00 $ 3,000.00 106.5 - 106.6 $ 2,750.00 $ 2,750.00 - - - 106.7 106.8 106.9 - - 119 Closing Entry Debit Credit $ 56,924.00 $ $ - $ $ - $ $ $ $ 3,000.00 $ $ $ $ 2,750.00 $ $ $ $ $ $ $ $ $ $ 850.00 $ $ 1,755.00 $ $ 875.00 $ $ 5,000.00 $ $ $ 125.00 $ 19,000.00 $ $ $ $ $ 1,100.00 $ $ 600.00 $ $ 1,500.00 $ $ 79,000.00 $ - $ 6,879.00 - Account Cash A/R - Alex's Engineering Co. A/R-Wildcat Services A/R-West Leasing A/R-IFM Co. A/R-Liu Corp. A/R -Gomez Co. A/R-Delta Co. A/R-KC, Inc. A/R -Dream, Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings - 126 - 128 $ 3,525.00 $ 2,340.00 $ 3,500.00 $ 5,000.00 $2,675.00 $ 585.00 $2,625.00 $ 850.00 $ 1,755.00 $ 875.00 $ 5,000.00 131 - 163 - 164 $ 125.00 $ 125.00 167 $ 19,000.00 $ 19,000.00 168 $ 950.00 950.00 $ 1,100.00 201 210 $ 600.00 $ 950.00 $ 1,100.00 $ 600.00 $ 1,500.00 $ 79,000.00 236 $ 1,500.00 $ 79,000.00 - 307 318 319 $ 7,400.00 $ 7,400.00 $ $ 30,790.00 403 $ 30,790.00 413 - 414 415 502 612 $ 613 623 $ 4,050.00 Dividends Computer services revenue Sales Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Income Summary Totals $ 125.00 $ 950.00 $ 600.00 $ 585.00 $2,625.00 $2,675.00 637 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ 90,154.00 $90,154.00 125.00 950.00 4,650.00 585.00 2,625.00 2,675.00 2,400.00 $ $ $ $ $ $ $ $ $ 640 652 655 676 896.00 $ 2,400.00 $ 896.00 $ 300.00 $ 1,305.00 677 300.00 1,305.00 684 $112,390.00 $112,390.00 $7,560.00 $7,560.00 $ 114,065.00 $ 114,065.00 Balance Sheet As of Dec 31, 2019 Assets Current Assets: Cash Accounts Recievables Computer Supplies Prepaid Insurance Prepaid Rent Total Current Assets $56,924.00 $ 5,750.00 $ 850.00 $ 1,755.00 $ 875.00 $ 66,154.00 Non Current Assets Office Equipment Accumulated Depreciation Computer Equipment Accumulated Depreciation $ 5,000.00 $ (125.00) $ 4,875.00 $ 19,000.00 $ (950.00) $18,050.00 Total Assets $ 89,079.00 Liabilities & Shareholder's Equity Liabilities & Shareholder's Equity Current Liabilities: Accounts Payables $ 1,105.00 Wages Payables $ 600.00 Unearned Computer Service Revenue $ 1,500.00 Total Current Liabilities $ 3,205.00 Total Liabilities $ 3,205.00 $ 79,000.00 $ (7,400.00) Shareholder's Equity Common Stock Dividend Retained earnings Net Income Total Shareholder's Equity $ 14,729.00 $ 86,329.00 Total Liabilities and Shareholder's Equity $ 89,534.00 Computer Soulutions Income Statement For the period of December 31, 2019 Computer Service Revenue $ 30,790.00 Expenses: Wages Expense $ Insurance Expense $ Rent Expense $ Computer Supplies Expense $ Advertising Expense $ Mileage Expense Miscellaneous Expense $ RepairsExpense Depreciation Expense - Office equipment $ Depreciation Expense- Computer Equipment $ Total Expense 4,650.00 585.00 2,625.00 2,675.00 2,400.00 896.00 300.00 1,305.00 125.00 950.00 $ $ $ 16,511.00 Net Income $ 14,279.00 Computer Solutions Statement of Retained Earnings For the period of December 31, 2019 Retained Earnings (+) Net Income $ 14,279.00 Dividends $ (7,400.00) Total Retained Earnings $ 6,879.00