I have this assignment that I would like someone to figure out using the Kooster & Allen General Ledger Software.
Needed ASAP!
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On July 1, 2012, Kim Wheeler established an interior decorating business, Aztec Designs.
During the month, Kim completed the following transactions related to the business:
July 1. Kim transferred cash from a personal bank account to an account to be used
for the business, $21,000.
4. Paid rent for period of July 4 to end of month, $2,750.
10. Purchased a used truck for $18,000, paying $4,000 cash and giving a note pay-
able for the remainder.
13. Purchased equipment on account, $9,000.
14. Purchased supplies for cash, $1,500.
15. Paid annual premiums on property and casualty insurance, $3,600.
15. Received cash for job completed, $12,000.
Enter the following transactions on Page 2 of the two-column journal.
21. Paid creditor a portion of the amount owed for equipment purchased on July 13,
$2,000.
24. Recorded jobs completed on account and sent invoices to customers, $9,800.
26. Received an invoice for truck expenses, to be paid in August, $700.
27. Paid utilities expense, $1,000.
27. Paid miscellaneous expenses, $300.
29. Received cash from customers on account, $4,600.
30. Paid wages of employees, $2,800.
31. Withdrew cash for personal use, $2,500.
Instructions
1. Journalize each transaction in a two-column journal beginning on Page 1, referring to
the following chart of accounts in selecting the accounts to be debited and credited.
(Do not insert the account numbers in the journal at this time.) Journal entry explana-
tions may be omitted.
1 1 Cash 31 Kim Wheeler, Capital
1 2 Accounts Receivable 32 Kim Wheeler, Drawing
1 3 Supplies 41 Fees Earned
1 4 Prepaid Insurance 51 Wages Expense
1 6 Equipment 53 Rent Expense
1 8 Truck 54 Utilities Expense
21 Notes Payable 55 Truck Expense
22 Accounts Payable 59 Miscellaneous Expense
2. Post the journal to a ledger of four-column accounts, inserting appropriate posting
references as each item is posted. Extend the balances to the appropriate balance
columns after each transaction is posted.
3. Prepare an unadjusted trial balance for Aztec Designs as of July 31, 2012.
4. Determine the excess of revenues over expenses for July.
5. Can you think of any reason why the amount determined in (4) might not be the net
income for July?
CPA, MBA here , I have done similar project like this. Message me as soon as possible. You can check my profile for proof on this kind of project. I'm an Accountant, skilled in Academic Accounting US GAAP, the most qualified among other applicants. Check message inbox. Sincerely, Ruby (Phil. CPA, US MBA High Honors)
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I have long 10 years' experience in the field of Finance and accounting, I am use to all king of account and finance related software. I have practical knowledge about all kind of financial transaction. All kind of journal I can understand. If any software use debit, credit & journal voucher I can easily input separately in based of accounting conception that has good knowledge of Journal than easy to accomplish any type financial transection writ input automated software. I discussed about more focus in entry level because of the General ledger (receivable and payable etc.) generate automatically. The Trail Balance and balance is obviously auto generate by software which is now everyone. I have one year experience did job in Malaysian one chartered accounting firm as Audit Manager this is one of the advantage to understanding all kind off financial entry and reporting system. In view of above explanation I am confident to do the mentioned job. So, please give an opportunity do the same.