Prepare journal entry and ledger entry

Assignment Help Financial Accounting
Reference no: EM13619

Prepare General Journal entry General Ledger entry, Unadjusted Trial Balance, Adjusted Trial Balance, Post-Closing Trial Balance and Balance Sheet.

I-Teck Company
Chart of Accounts
100 Petty Cash
110 Cash
120 Accounts Receivable
121 Allowance for Doubtful Accounts
130 Merchandise Inventory
140 Office Supplies
145 Prepaid Advertising
150 Prepaid Insurance
155 Prepaid Rent
160 Computer Equipment
161 Accumulated Depreciation, Computer Equipment
165 Office Furniture
166 Accumulated Depreciation, Office Furniture
170 Service Vehicle
171 Accumulated Depreciation, Service Vehicle
190 Patent
220 Accounts Payable
225 Interest Payable
230 Salaries Payable
240 Unearned Revenue
250 Notes Payable
300 Steven Jobbs, Capital
301 Steven Jobbs, Withdrawals
400 Sales Revenue
401 Sales Returns and Allowances
402 Sales Discounts
500 Cost of Goods Sold
520 Advertising Expense
560 Depreciation Expense, Computer Equipment
565 Depreciation Expense, Office Furniture
570 Depreciation Expense, Delivery Van
575 Bad Debt Expense
576 Bank Charges Expense
578 Credit Card Expense
580 Delivery Expense
582 Insurance Expense
584 Interest Expense
586 Miscellaneous Selling Expense
587 Office Supplies Expense
588 Over Short Expense
589 Postage Expense
590 Rent Expense
592 Salaries Expense
595 Telephone Expense
598 Utilities Expense
900 Income Summary

I-Teck Company
Trial Balance
October 31, 2011
Account No. Account Title Debit Credit
110 Cash  $  63,511.35  
120 Accounts Receivable 60,917.50  
121 Allowance for Doubtful Accounts   1,750.00
130 Merchandise Inventory 92,225.00  
140 Office Supplies 1,190.00  
150 Prepaid Insurance 13,420.00  
160 Computer Equipment 23,800.00  
161 Accumulated Depreciation, Computer Equipment   2,975.00
165 Office Furniture 22,190.00  
166 Accumulated Depreciation, Office Furniture   1,925.00
190 Patent 8,239.00  
220 Accounts Payable   30,348.64
250 Notes Payable   56,000.00
300 Steven Jobbs, Capital   50,210.64
301 Steven Jobbs, Withdrawals 16,800.00  
400 Sales Revenue   661,283.00
401 Sales Returns and Allowances 8,944.60  
402 Sales Discounts 2,152.50  
500 Cost of Goods Sold 325,830.40  
520 Advertising Expense 1,452.37  
576 Bank Charges Expense 486.15  
578 Credit Card Expense 104.00  
580 Delivery Expense 2,503.48  
586 Miscellaneous Selling Expense 887.29  
589 Postage Expense 2,370.59  
590 Rent Expense 28,000.00  
592 Salaries Expense 124,214.91  
595 Telephone Expense 1,898.22  
598 Utilities Expense 3,354.92  
  Total  $804,492.28  $804,492.28


I-Teck Company
Schedule of Accounts Receivable
October 31, 2011
Dixon Company  $    1,803.20
Minitron Inc. 5,425.00
Office Depot 1,260.00
Staples 23,224.60
Toys"R"Us              4,559.80
Visions 24,644.90
Total  $  60,917.50


I-Teck Company
Schedule of Accounts Payable
October 31, 2011
Apple Company  $    2,444.68
Gates Suppliers 11,530.40
Mason Products                    5,363.82
Sony Company 11,009.74
Total  $  30,348.64

Reference no: EM13619

Questions Cloud

Create a portfolio of analytical reference materials : Create a portfolio of analytical reference materials including the financial reports for at least five years. This is your analytical permanent file for the selected company.
Write a paper about lavalife : Write a paper about Lavalife(dating site)
Designing a decision support systems : Write a paper about designing a computer interface to people with visual disabilitiy.
Devastating catastrophe which has occurred in history : Write a paper on a devastating catastrophe which has occurred in Canadian history.
Prepare journal entry and ledger entry : Prepare General Journal entry, General Ledger entry and Unadjusted Trial Balance.
Find out the real wage rate : Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
What are the implied interest rates : What are the implied interest rates in Europe and the U.S.?
Calculate the expected value, variance, and standard deviati : Calculate the expected value, variance, and standard deviation of the total income
Prepare the e-r diagram for the movie database : Energy in the home, personal energy use and home energy efficiency and Efficient use of ‘waste' heat and renewable heat sources

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Prepare journal entries for each event

Prepare journal entries for each event and adjusting entries.

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd