Prepare an Adjusted Trial Balance on 31 January 2017.

Homework – Accounting 130- FIRST SEMESTER 2020/2021

steps of the Accounting Cycle:

Mr. John established his Dry Clean business “The White Rose” on January 1, 2017. During the month of January, the business had the following transactions:

January 1- The owner Mr. John invested $ 15,000 in his business by depositing this amount in the bank, into the bank account of the business.

January 2- The White Rose paid the rent for six months in advance. The amount paid was $ 3000.

January 5- The White Rose got a bank loan amounting to $ 10,000. That was in return for a note payable, as the loan and its interest are to be settled (paid) after 6 months. Interest rate is 6% annual.

January 6- The White Rose purchased Machinery for $ 12,000. It paid $ 8,000 cash, while the remaining amount is to be paid in March.

January 10- The White Rose purchased Supplies for $ 1500, paid $ 700 Cash, and the remaining is on account.

January 15- The White Rose signed an agreement with a small hotel called “The Star” to provide dry clean services for the hotel’s customers for one year. A down payment of $ 2500 was received in cash from the hotel.

January 31- White rose has provided services for customers for $ 4500 during the month (excluding the services for Star Hotel). It collected $ 3800 in cash, while the remaining will be settled by customers in February.

January 31- The business paidthe following expenses for the month:

· Utilities bills for $ 350.

· Salaries for $ 450.

January 31- The owner, Mr. John, withdrew $ 1000 from the business for personal use.

In addition, the following information was available on the 31 of January:

· The amount of supplies consumed (used) during the month of January was $ 300.

· The interest on the note payable for January amounted to $50.

· Depreciation Expense on the Equipment for the month amounted to $ 200.

· It was found that services in the amount of $ 650 were performed, but were never billed, or received from customers (this means were never recorded).

· The white Rose has provided services to the Star Hotel, amounting to $ 1000 during January, 2017.

· P.s: Do not forget the rent…!

Required:

1- Journalize the transactions of January 2017 (prepare journal entries in the general journal).

2- Post them into the needed ledger accounts.

3- Prepare the Trial Balance, on 31 January 2017.

4- Prepare the needed adjusting entries on 31 January 2017, using the information provided. Then post them into the needed ledger accounts.

5- Prepare an Adjusted Trial Balance on 31 January 2017.

6- Prepare:

· The Income Statement for The White Rose for January 2017.

· The Statement of Owners’ Equity for The White Rose for January 2017.

· The Balance Sheet for The White Rose as on the 31 of January 2017.

Account numbers are as follows:

Cash 101, Accounts Receivable 105, Prepaid Rent 110, Supplies 120, Equipment 150, Accumulated Depreciation: Equipment 151, Notes payable 180, Accounts payable 182, Unearned Service Revenue 185, Interest Payable 188, John’s Capital 200, John’s Withdrawal 205, Service Revenue 220, Salaries Expense 225, Utilities Expense 227, Supplies Expense 228, Interest Expense 230, Depreciation Expense: Equipment 232, Rent Expense 233.

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