The Complete Accounting Cycle Without a Work Sheet: Two Months(second month optional)On May 1, 2011,

The Complete Accounting Cycle Without a Work Sheet: Two Months(second month optional)On May 1, 2011, Conrad Sayer opened Conrad’s Repair Service. During the month, he completed the following transactions for the company:May1Began business by depositing $5,000 in a bank account in thename of the company.1Paid the rent for the store for current month, $425.1Paid the premium on a one-year insurance policy, $480.2Purchased repair equipment from Chmura Company, $4,200.Terms were $600 down and $300 per month for one year. Firstpayment is due June 1.5Purchased repair supplies from Brown Company on credit,$468.8Paid cash for an advertisement in a local newspaper, $60.15Received cash repair revenue for the first half of the month,$400.21Paid Brown Company on account, $225.31Received cash repair revenue for the last half of May, $975.31Made a withdrawal, $300.Required for May1. Prepare journal entries to record the May transactions.2. Open the following accounts: Cash (111); Prepaid Insurance (117); Repair Supplies (119); Repair Equipment (144); Accumulated Depreciation– Repair Equipment (145); Accounts Payable (212); C. Sayer, Capital (311); C. Sayer, Withdrawals (313); Income Summary (314); Repair Revenue (411); Store Rent Expense (511); Advertising Expense (512); Insurance Expense (513); Repair Supplies Expense (514); and Depreciation Expense– Repair Equipment (515). Post the May journal entries to the ledger accounts.3. Using the following information, record adjusting entries in the general journal and post to the ledger accounts:a. One month’s insurance has expired.b. The remaining inventory of unused repair supplies is $169.c. The estimated depreciation on repair equipment is $70.4. From the accounts in the ledger, prepare an adjusted trial balance.( Note:Normally, a trial balance is prepared before adjustments but is omitted here to save time.)5. From the adjusted trial balance, prepare an income statement, a statement of owner’s equity, and a balance sheet for May.6. Prepare and post closing entries.7. Prepare a post-closing trial balance.During June, Conrad Sayer completed these transactions for Conrad’s Repair Service:June 1Paid the monthly rent, $425.1Made the monthly payment to Chmura Company, $300.6Purchased additional repair supplies on credit from Brown Com-pany, $863.15Received cash repair revenue for the first half of the month,$914.20Paid cash for an advertisement in the local newspaper, $60.23Paid Brown Company on account, $600.30Received cash repair revenue for the last half of the month,$817.30Recorded a withdrawal by owner, $300.8. Prepare and post journal entries to record the June transactions.9. Using the following information, record adjusting entries in the general journal and post to the ledger accounts:a. One month’s insurance has expired.b. The inventory of unused repair supplies is $413.c. The estimated depreciation on repair equipment is $70.10. From the accounts in the ledger, prepare an adjusted trial balance.11. From the adjusted trial balance, prepare the June income statement, statement of owner’s equity, and balance sheet.12. Prepare and post closing entries.13. Prepare a post-closing trial balance.

 

Looking for a Similar Assignment? Let us take care of your classwork while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Use Code FREE15