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Module 4 accounting
Start by reading and following these instructions:
1. Quickly skim the questions or assignment below and the assignment rubric to help you focus.
2. Read the required chapter(s) of the textbook. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
3. Consider the discussion and the any insights you gained from it.
4. Produce the Assignment submission in a single Microsoft Word or Open Office document. Be sure to cite your sources, use APA style as required, check your spelling.
Assignment:
1. SANCHEZ COMPUTER CENTER
Tony’s computer center is picking up in business, so he has decided to expand his bookkeeping system to a general journal/ledger system. The balances from August have been forwarded to the ledger accounts.
a. Use the previous chart of accounts to record the transactions found in your textbook, on pages 116 and 117.
b. Post all transactions to the general ledger accounts (the Prepaid Rent Account #1025 has been added to the chart of accounts).
c. Prepare a trial balance for September 30, 201X.
d. Prepare the financial statements for the three months ended September 30, 201X.
2. On November 1, 201X, Barbie Riley opened Barbie’s Art Studio. The following transactions occurred in November.
Nov. 1 Barbie Riley invested $8,000 in the art studio.
Nov. 1 Paid ten months’ rent in advance, $2,800.
Nov. 3 Purchased $1,200 of equipment from Omni Co. on account.
Nov. 5 Received $900 cash for art-training workshop for teachers.
Nov. 8 Purchased $450 of art supplies for cash.
Nov. 9 Billed Howie Co. $2,500 for group art lessons for its employees.
Nov. 10 Paid salaries of assistants, $1,300.
Nov. 15 Barbie withdrew $100 from the business for personal use.
Nov. 28 Paid electrical bill, $110.
Nov. 29 Paid telephone bill for November, $140.
Your tasks are to do the following:
a. Set up a ledger.
b. Journalize (all page 1) and post the November transactions.
c. Prepare a trial balance as of November 30, 201X.
The chart of accounts includes Cash, 111; Accounts Receivable, 112; Prepaid Rent, 114; Art Supplies, 121; Equipment, 131; Accounts Payable, 211; Barbie Riley, Capital, 311; Barbie Riley, Withdrawals, 312; Art Fees Earned, 411; Electrical Expense, 511; Salaries Expense, 521; and Telephone Expense, 531.
3. You have been hired to correct the trial balance below that has been recorded improperly from the ledger to the trial balance.
Sandy Co.
Trial Balance
January 31, 201X
Debits Credits
A. Accounts Payable 1,700
B. A. Sandy, Capital 750
C. A. Sandy, Withdrawals 950
D. Services Earned 8,000
E. Concessions Earned 1,800
F. Rent Expense 600
G. Salaries Expense 2,400
H. Miscellaneous Expense 800
I. Cash 11,000
J. Accounts Receivable 1,500
Totals 17,5000 17,500
4. The following transactions occurred in November 201X for A. Glover’s Placement Agency:
Nov. 1 A. Glover invested $6,000 cash in the placement agency.
Nov. 1 Bought equipment on account from Cinder Co., $2,100.
Nov. 3 Earned placement fees of $2,000, but payment will not be received until December.
Nov. 5 A. Glover withdrew $400 for his personal use.
Nov. 7 Paid wages expense, $1,400.
Nov. 9 Placed a client on a local TV show, receiving $5,000 cash.
Nov. 15 Bought supplies on account from Holly Co., $400.
Nov. 28 Paid telephone bill for November, $110.
Nov. 29 Advertising bill from Shimmer Co. received but not paid, $80
The chart of accounts for A. Glover Placement Agency is as follows:
Chart of Accounts
Assets Owner’s Equity
111 Cash 311 A. Glover, Capital
112 Accounts Receivable 312 A. Glover, Withdrawals
131 Supplies Revenue
141 Equipment 411 Placement Fees Earned
Liabilities Expenses
211 Accounts Payable 511 Wage Expenses
521 Telephone Expense
Your tasks are to do the following:
a. Set up the ledger based on the chart of accounts.
b. Journalize (page 1) and post the November transactions.
c. Prepare a trial balance as of November 30, 201X.
