Pool Service dr-cr

Pool Service dr-cr - PRACTICE ACCOUNTING PROCESS Pool...

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PRACTICE ACCOUNTING PROCESS Pool Service Set INSTRUCTIONS – use attached forms. 1. Form a Chart of Accounts by listing the account names and numbers for your records. The initial accounts should include: Cash (111), Prepaid Insurance (117), Repair Supplies (119), Equipment (144), Accumulated Depreciation (145), Accounts Payable (212), Capital Stock (311), Retained Earnings (312), Dividends (313), Service Revenue (411), Rent Expense (511), Utility Expense (512), Insurance Expense (513), Chemicals Expense (514), Depreciation Expense (515). Leave space to add other accounts as necessary. 2. Prepare journal entries to record the December transactions and December adjustments, shown below. 3.Post December journal entries to ledger accounts. Be sure to leave an audit trail of posting from journal to ledger (account number) and from ledger to journal (date). 4. Prepare a trial balance from ledger accounts for the month of December. 5.From trial balance, prepare an
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