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Class 1 Exercise - Manual System

Class 1 Exercise - Manual System - DC Management Inc...

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ACCT 361 – Class #1 Exercise Traditional Accounting Architecture GMU Consulting, Inc. had the following transactions during the month of January. Record the transactions in the appropriate journals and then post the journals to the appropriate ledgers. Lastly, prepare the trial balance. You do not need to prepare the financial statements. Note: GMU Consulting maintains an Accounts Receivable Ledger, but not an Accounts Payable Ledger. Deposits made during January (use the Cash Receipts Journal): Dep # Date Amount Client Name Explanation 0143 2 01/05/xx 1,300.00 Reliance Products December fees 0143 3 01/10/xx 700.00 JT Construction December fees 0143 4 01/28/xx 1,500.00 Reliance Products January fees Checks written during January (use the Cash Disbursements Journal): Ck # Date Amount Payee Explanation 230 01/05/xx 500.00 Staples Office supplies (December invoice) 231 01/05/xx Void 232 01/05/xx 1,334.00 First VA Bank Payroll taxes for December 233 01/31/xx 3,833.00 Susan Smith January payroll (see payroll information) 234 01/31/xx 2,800.00
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Unformatted text preview: DC Management, Inc. February rent January invoices issued for consulting services rendered (use the Sales Journal): Inv # Date Amount Client Name 1028 01/15/xx 1,500.00 Reliance Products 1029 01/28/xx 3,000.00 JT Construction Payroll information (use the Payroll Journal): Susan Smith is paid $30 per hour, or $4,800 per month Her deductions are: $367 for FICA, $500 for Federal income taxes, and $100 for State taxes. Remember that employers contribute an equal amount of FICA tax. FICA tax is made up of social security (6.2%) and medicare (1.45%), but can be recorded together. Expenses incurred but not paid in January (use the General Journal): Date Amount Vendor Explanation 01/31/xx 300.00 Staples Office supplies 01/31/xx 1,000.00 John Doe Subcontractor Other information (use the General Journal): • Equipment is depreciated using straight-line method at $800.00 per month. • Rent is due on the last day of the preceeding month....
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