Question

The unadjusted trial balance for People First as December 31, 2017 is provided on the trial...

The unadjusted trial balance for People First as December 31, 2017 is provided on the trial balance tab.

Information for adjustments is as follows:

As of December 31, 2017, employees had earned $1,800 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,250 of salaries will be paid.

The cost of supplies still available at December 31, 2017, is $2,000.

The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2017, is $2,300. The next interest payment, at an amount of $2,760, is due on January 15, 2018.

Analysis of the unearned member fees account shows $2,000 remaining unearned at December 31, 2017.

In addition to the member fees included in the revenue account balance, the company has earned another $10,800 in unrecorded fees that will be collected on January 31, 2018. The company is also expected to collect $11,000 on that same day for new fees earned in January 2018.

Depreciation expense for the year is $21,200.

I just need help/ answers for the general journal!

Unadjusted

PEOPLE FIRST
Trial Balance
December 31, 2017
Account Title Debit Credit
Cash 129,880
Supplies 10,000
Equipment 106,000
Accumulated depreciation - Equipment 42,400
Unearned member fees 18,000
Long-term notes payable 92,000
P. Clark, Capital 90,000
P. Clark, Withdrawals 27,000
Member fees earned 52,000
Salaries expense 16,000
Interest expense 5,520
Total 294,400

294,400

Homework Answers

Answer #1
Accounts Title and explanations Debit $ Credit $
salaries expense 1,800
    Salaries payable 1,800
(for salaries due but not paid)
Supplies expense Account Dr. 8,000
   Supplies epxnese 8,000
(for supplies consumed)
Interest expense Account Dr. 2,300
    Interest payable Account 2,300
(for Interest due not paid)
Unearned member fees Account Dr. 16,000
      Member fees earned 16,000
(for recognizing the member fees)
Accounts Receivable Account Dr. 10,800
   Member fees earned 10,800
(for revenue earned but uncollectible)
Depreciation expense Account Dr. 21,200
    Accumulated depreciation-equipment 21,200
(for charging the depreciation)
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