6:31ul 4G 14.ShroogCH.4 HomeworkCH.4 HomeworkAhmed opened a law office on July 1, 2019. During Julythe following transactions occurred.1) July 1 ahmed Invested $250,000 cash in thebusiness.2) on july 3rd Purchased new computers for $25,000,paying $10,000 cash and the balance on theaccount.3) on 1/7 Ahmed has Purchased office supplies for$2000 on the account.4) on 5/7 Paid $2000 cash on a one-year insurancepolicy effective July 1.5) on july 12 Billed customers $2500 for servicesperformed.6) on 18/7 Paid $6,000 cash on the amount owed onthe computers on transaction 2 and paid $2000 onthe amount owed on supplies on transaction 3.7) on 20/7 Paid $3,200 cash for employee salaries.8) on 21/7 Collected $1500 cash from customers billedon July 12.9) on 25/7 Billed customers $2500 for legal services.10) on 31/7 Paid utilities bill for a month $600.11) on 31/7 Ahmed Withdrew $2000 cash forpersonal use.Instructions:a) Journalize and post the July transactions.b) Prepare a trial balance on July 31.c) Enter the following adjustments.1. Depreciation on computers for the month was$150.2. The insurance for July has occurred.3. supplies count by July 31 shows a value of$1500.4. unpaid employee salaries were $2500.d) Journalize and post adjusting entries.e) Prepare the Income Statement and Owner'sEquity Statement for July and a ClassifiedBalance Sheet on July 31.f) Use the work sheet.g) Journalize and post-closing entries and completethe closing process.h) Prepare a Post-Closing Trial Balance on July 31.

Instructions: a) Journalize and post the July transactions. b) Prepare a trial balance on July 31. c) Enter the following adjustments. 1. Depreciation on computers for the month was $150. 2. The insurance for July has occurred . 3. supplies count by July 31 shows a value of $1500. 4. unpaid employee salaries were $2500. d) Journalize and post adjusting entries. e) Prepare the Income Statement and Owner's Equity Statement for July and a Classified Balance Sheet on July 31. f) Use the work sheet. g) Journalize and post-closing entries and complete the closing process. h) Prepare a Post-Closing Trial Balance on July 31.

Instructions: a) Journalize and post the July transactions. b) Prepare a trial balance on July 31. c) Enter the following adjustments. 1. Depreciation on computers for the month was $150. 2. The insurance for July has occurred . 3. supplies count by July 31 shows a value of $1500. 4. unpaid employee salaries were $2500. d) Journalize and post adjusting entries. e) Prepare the Income Statement and Owner's Equity Statement for July and a Classified Balance Sheet on July 31. f) Use the work sheet. g) Journalize and post-closing entries and complete the closing process. h) Prepare a Post-Closing Trial Balance on July 31.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 6CE

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