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Journal, ledger and trial balance accounting

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It has to be done on an Excel files (journal, ledger, trial balance, financial statements) JUST NEED HELP WITH THIS

Using the information provided below, journalize and post the adjusting and closing entries for Chris and Mary Jane's first month of business. Prepare a post-closing trial balance.

* On May 31, the company received its first utility bills totaling $375, which are not due until June.
* One month of the Prepaid Rent has expired.
* One month of the prepaid Insurance has expired.
* Danny and Mary Jane have decided to depreciate costumes and props using the straight-line method of depreciation. The costumes and props are expected to have a useful life of 5 years at which time they are expected to be worth $200.
* Employees of the business are paid based on a 5-day work week. The last day of the month fell in the middle of the work week; therefore, the employees have earned 2 days wages during the month of May and the remaining 3 days were in June.

Additionally, prepare the financial statements for the month (income statement, statement of owner's equity, and balance sheet).


May 1 Danny and Mary Jane deposited $50,000 into business checking account
May 1 Rented theater building for shows - paid 6 months rent up front - $24,000
May 1 Purchased six-month insurance policy to cover rented building and customers - $3,000
May 1 Paid utility deposits - $250
May 5 Purchased advertisements in local newspapers and radio stations, $2,500
May 6 Purchased stage props and costumes for opening night - $1,200
May 10 Opening night was a success! Danny and MaryJane sold 100 tickets at $10 each
May 15 The remainder of the first week ticket sales totaled $2,000
May 16 Paid workers for first week of services - $1,000
May 22 Second week ticket sales totaled $2,400
May 23 Paid workers for second week of services - $1,000
May 29 Third week ticket sales totaled $3,000
May 30 Paid workers for third week of services - $1,000

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Solution Summary

Journal, ledger and trial balance accounting issues are explicated.

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Intro Accounting: General Journal / Ledger, Trial Balance

Textbook Review:

J. Miracle, an expert art and furniture restorer buys a studio where he has opened Like New, a sole proprietorship. His accountant has prepared the following chart of account {see attachment}

Following are the transactions for May


1. Miracle deposited $100,000 in a bank account in the name of business, Dep. Slip No. 16292
2. Miracle bought Like New for $125,400. The assets include a building, $90,000; van, $18,500; office equipment, $12,600; office furniture, $4,300. Paid $36,000 in cash (Ck. No 1000) and placed the balance on a martgage note. (Debit each asset separately and credit Cash and Mortgage Payable.)
4 Bought supplies on account from The Piant Pot, $2,290, Inv. 961.
5 Bought advertising on account from Adam's advertising, $841, Inv. 3162

7. Sold services on Account to Adeline Harris, $1256, Sales Inv. 2001.
9. Sold services for cash to customers, $4, 167, Cash Receipt Nos. 1100-1106.
11. Bought insurance for the business from Drake Agency for one year, $1,153, Check No. 1001.
12. Bought office equipment on account from Office Ready, $698, Invoice 6136
15. Paid wages of part-time assistant for the first half of the month, 4850, Check No. 1002
16. Received on account from J. Wilson, a customer, $540, Cask Receipt No. 1107.
17. Sold services for cash to customers, $5,173, Cash Receipt No. 1108 - 1116.
18. The owner withdrew cash for personal use, $1,100, Check No. 1003.
19. Received and paid the bill for repairs, $459, Check No. 1004.
21. Bought additional office furniture on account from Au Furniture, $723, Invoice 475.
22. Sold services on account to Jeff Isely, $1,536, Sakes Inv. 2002.
23. Sold services on account to Mike Willen, $2,314, Sales Invoice 2003.
25. Received and paid for utility bill, $345, Check No. 1005.
27 Paid $300 on account to Office Ready, a creditor, $300, Check No. 1006, Invoice 6136.
31. Paid wages of part-time assistant for the second half of the month, $850, Check No. 1007.


1. Open general ledger software. (e.g. Excel)
2. Create and save a file as Likenew
3. Journalize the transactions in the general journal and post them to the general ledger.
4. Print the general journal.
5. Print the general ledger.
6. Print a trial balance.


a. Wages accrued or earne since the last payday, 442.50 (owed and to be paid on the next payday).
b. Depreciation expense on office furniture, $1100 - remember to credit the accumulated depreciation account for office furniture, not Office Furniture.
c. Depreciation expense on office equipment, $890 --- remember to credit the accumulated depreciation account for office equipment, not Office Equipment.
d. Depreciation expense on van, $1,100 --- remember to credit the accumulated depreciation to van, not Van.
e. Depreciation expense on building, $3,500 --- remember to credit the accumulated depreciation to building, not Building.
f. Expired or used-up insurance, $96.08.
g. Supplies inventory (left or unused), $1,336 --- calculate the amount of the expired or used-up supplies.


a. Open the document that was saved Likenew.
b. Journalize and post the adjusting entries
c. Print an income statement, statement of owner's equity and balance sheet.
d. Print the general journal.
e. Print the general Ledger.
f. Save the file as LikeNew2.

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