Mike's "Honey-Do" Repair Services GENERAL JOURNAL Date 2016 Account Titles and Description GJ 1 PR Debit Credit GENERAL JOURNAL GJ 2 Date...
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Mike's "Honey-Do" Repair Services

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Mike's "Honey-Do" Repair Services GENERAL JOURNAL GJ 1 Account Titles and Description PR Debit Credit Date 2016
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GENERAL JOURNAL GJ 2 Account Titles and Description PR Debit Credit Date 2016
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Term Project __________________ Name: ___________________ MIKE’S “HONEY-DO” REPAIR SERVICES CHART OF ACCOUNTS Assets Revenue 111 Cash 411 Income from Services 112 Accounts Receivable 114 Supplies 115 Prepaid Rent Expenses 116 Prepaid Insurance 511 Advertising Expense 121 Office Equipment 512 Rent Expense 122 Accum. Depr., Office Equipment 513 Supplies Expense 123 Tools 514 Insurance Expense 124 Accum. Depr., Tools 515 Utility Expense 125 Truck 516 Telephone Expense Liabilities 517 Salary Expense 211 Accounts Payable 518 Truck Expense Owner’s Equity 519 Depr. Exp. Office Equipment 311 Mike Hammer, Capital 520 Depr. Exp. Tools 312 Mike Hammer, Drawing 330 Income Summary
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Instructions Journalize the transactions for the month of September, 2016, beginning on page GJ 1. Be sure and list the Debit Account(s) first; Credit Account(s) next. Be sure and write a brief explanation for each transaction. Post the journal entries to the general ledger accounts. Be sure and use the Post Reference #s for each posting. Prepare the Trial Balance section of the worksheet. Prepare the Adjustments section of the worksheet. o Compute and record the adjustment for supplies used during the month. An inventory showed supplies on hand of $250. o One month rent has been used up. o One month insurance has been used up. o Record the adjustment for depreciation of Office Equipment of $85 for the month. o Record the adjustment for depreciation of Tools of $125 for the month. Complete the worksheet. Print Prepare an Income Statement for the month. Prepare a Statement of Owner’s Equity. Prepare a Balance Sheet using the report form. Print all statements. Journalize and post the Adjusting entries. Journalize and post the Closing entries. Prepare a Postclosing Trial Balance. Print Print the complete General Journal for September. Print the General Ledger for September. Add all these reports to your report folder with the cover sheet on top, followed by the Chart of Accounts. DUE: _MONDAY, NOVEMBER 21, 2016
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