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a. 1/1/18 Office Supplies 350          Accounts Payable 350 To record on credit payment for office...

a. 1/1/18 Office Supplies 350
         Accounts Payable 350
To record on credit payment for office supplies
b. 1/1/18 Prepaid Insurance 1800
         Cash 1800
To record purchase of 24-month insurance for cash
c. 1/1/18 Computer Equipment 2100
         Accounts Payable 2100
To record purache of computer equipment
d. 1/5/18 Merchandise Inventory 1275
         Accounts Payable 1275
To record purchase of merchandis for resale
e. 1/8/18 Accounts Payble 2100
        Sales Discount 42
        Cash 2058
To record full payment for computer equipment
f. 1/10/18 Accounts Payable 350
        Cash 350
To record full payment for office supplies
g. 1/12/18 Unearned Revenue 5000
        Sales Revenue 5000
To record delivery of interior layout
h. 1/14/18 Accounts Receivable 18,500
         Sales Revenue 18,500
To record project completed and billed to customer
i. 1/16/18 Wages payable 4225
Payroll taxes payble 1055
        Cash 5280
To record wage and tax payment
j. 1/18/18 Cash 30
        Office Supplies 30
To record refund of items returned from Jan. 1
k. 1/20/18 Cash 5000
        Accounts Receivable 5000
To record payment of work
l. 1/24/18 Cash 275
        Sales Revenue 275
To record sale of side table
m. 1/26/18 Accounts Paybable 200
       Merchandise Inventory 200
To record inventory returned to supplier
n. 1/30/18 Cash 9250
       Accounts Receivable 9250
To record partial payment for invoice on Jan. 14
Beginning Balances for Jan 1, 2018
Acct # Description Debit Credit
1000 Cash    95,349.00
1010 Accounts Receivable       7,250.00
1020 Inventory       4,898.00
1030 Prepaid Insurance       3,250.00
1040 Prepaid Rent       1,750.00
1100 Building
1110 Computers & Software       2,740.00
1115 Accumulated Dep Comp              411.00
1120 Furniture & Fixtures       5,775.00
1125 Accumulated Dep F&F              619.00
1130 Land
1140 Machinery & Equipment
1150 Accumulated Dep M&E
2000 Accounts Payable          1,600.00
2010 Payroll Tax Payable          1,055.00
2020 Sales Tax Payable              250.00
2030 Unearned Revenue          5,000.00
2040 Line of Credit
2050 Notes Payable
2060 Wages Payable          4,225.00
3000 Peters, J., Capital          1,000.00
3010 Peters, M., Capital          1,000.00
3050 Retained Earnings    105,852.00

RECORD ADJUSTING JOURNAL ENTRIES FOR JANUARY 31, 2018: o. Record the depreciation for the laptop purchased on January 1.(The estimated useful life of the computer is five (5) years and is expected to have no salvage value) p. Record the January 2018 depreciation for all computers & software owned before the January 1 purchase. These items are being depreciated over 5 years using the straight-line method with no salvage value. q. Record the January 2018 depreciation for the furniture & fixtures. These items are being depreciation over 7 years using the straight-line method with no salvage value. r. Record the adjusting entry for January’s rent. Sunflower Designs paid $2,100 in advance for 6 months’ rent on December 1, 2017. All previous months’ adjusting entries were made as required. s. Record the adjusting entry to record the use of the prepaid insurance coverage in January. The amount of the expired insurance coverage was $200. The previous months’ adjusting entries were made as required. t. Record the amount due to an employee for time worked during January, but not paid. The amount earned by the employee was $3,170.

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Homework Answers

Answer #1

Adjested Entries for Jan31,18

Date particulars Amount($) Amount($)
Jan31 Depreciation Expense 35
Accumulated Depreciation 35
To Record Deprecation for computer Equpment((1200/5)*(1/12))
jan31 Depreciation Expense 46
Accumulated Depreciation 46
To Record Deprecation for computer Equpment((2740/5)*(1/12))
jan31 Depreciation Expense 69
Accumulated Depreciation 69
To Record Deprecation for computer Equpment((5775/7)*(1/12))
jan31 Rent Expense 350
Prepaid Rent 350
To record Rent expense(2100/6)
jan31 Insurence Expense 200
Prepaid Insurence 200
to record Insurence Expense
Jan31 Salaries Exp[ense 3170
Salaries Payable 3170
To record employee Salary Paid
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