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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.