Journalize transactions and post to ledger. 2. Prepare a worksheet. 3. Prepare fi nancial statements.
Ex5.17
1. Journalize transactions and post to ledger.
2. Prepare a worksheet.
3. Prepare fi nancial statements.
4. Journalize adjusting and closing entries and prepare a post-closing
Assets Owner’s Equity
111 Cash 311 Rolo Kern, Capital
112 Accounts Receivable 312 Rolo Kern, Withdrawals
114 Prepaid Rent 313 Income Summary
115 Office Supplies Revenue
121 Office Equipment 411 Fees Earned
122
Liabilities 511 Salaries Expense
211 Accounts Payable 512 Advertising Expense
212 Salaries Payable 513 Rent Expense
514 Office Supplies Expense
515Depreciation Expense, Office Equipment
201X
Jan. 1 Rolo Kern invested $1,200 cash and $100 of offi ce equipment to open Rolo Co.
1 Paid rent for three months in advance, $300.
4 Purchased offi ce equipment on account, $50.
6 Bought offi ce supplies for cash, $40.
8 Collected $400 for services rendered.
12 Rolo paid his home electric bill from the company checkbook, $20.
14 Provided $100 worth of services to clients who will not pay until next month.
16 Paid salaries, $60.
18 Advertising bill received for $70 but will not be paid until next month.
Adjustment Data on January 31
a. Supplies on hand, $6.
b. Rent expired, $100.
c. Depreciation, Office Equipment, $20.
d. Salaries accrued, $50.
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