Chapter 6.1, Problem 1WT

You must complete the following tasks below for the month of April in the Excel workbook provided. Required: Part 1. Prepare a journal entry to record each transaction.  You must provide a short explanation for each transaction. Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances. Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter.  Show the ending balances in the T-accounts. Part 4. Prepare a trial balance. Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.

Keep track of your work. Below is an Unadjusted Trial Balance for Brenner's Bonsai Tree Company   Prepare the adjusting journal entry: The salaries are paid every Friday, and the weekly payroll (5-day work week) is $,1000. Adjust for the last day of the month, which is Wednesday.

This project will give you an opportunity to apply your knowledge of accounting principles and procedures by handling all the accounting work of Eli’s Consulting Services for the month of January 20X2.   Assume that you are the chief accountant for Eli’s Consulting Services. During January, the business will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts for Eli’s Consulting Services has been expanded to include a few new accounts. Follow the instructions on the Requirements tab to complete the accounting records for the month of January.   DATE TRANSACTIONS Jan. 2 Purchased supplies for $14,000; issued Check 1015.   2 Purchased a one-year insurance policy for $16,800.   7 Sold services for $30,000 in cash and $20,000 on credit during the first week of January.   12 Collected a total of $8,000 on account from credit customers during the first week of January.   12 Issued Check 1017 for $7,200 to pay for…

The trial balance for Harris Pitch and Putt on June 30 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 380. b. Depreciation expense on equipment, 1,950. c. Depreciation expense on repair equipment, 1,650. d. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). e. Supplies remaining at end of month, 120. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during June. If you are using CLGL, use the year 2020 when recording transactions.