accounting 1001 A+ Writers |

The instructions for this practical accounting problem are listed below following the transactions. Input your answers in the Excel Spreadsheets attached.

In March, The Victor Reid Real Estate Agency had the following transactions; the accounting period ends on March 31, 20YX

March 1: Mr. Reid invested $68,000 cash in the new agency.

March 1: Bought supplies for cash, $6,300

March 1: Prepaid utilities for $2,500

March 3: Prepaid property casualty insurance, $5000

March 5: Earned fee commission of $11,600 from The Blu Co.

March 7: Paid wages expense to employees of $4,500.

March 7: Mr. Reid withdrew $17,500 from the business account for personal use

March 8: Borrowed $4,800 from Wells Fargo for 24 months to purchase a Van.

March 9: Received $8,200 in commissions

March 10: Received $3000 in commission advances from Green LLC for services not yet provided.

March 14: Paid $500 for additional copying supplies.

March 15: Purchased supplies for $1,200, Paid $300 down and the balance on account.

March 16: Received utility bill for $1,500. The bill showed a credit balance of $1,000.

March 21: Paid wages to employees, $3,200

March 22: Purchased a drone for $2,300 on account.

March 29: Advertising bill received but not yet paid, $6500.

March 31: Billed Redd Company $1000 for consulting services done, to be paid in 60


The end-of-period adjustments are as follows:

A) Fees earned, but not yet billed, $7,500

B) Supplies on hand are, $5,100.

C) Wages accrued, but not yet paid, $1950.

D) Insurance premiums expired/accrued, $1000.

Assets: Liabilities: Owners’ Equity

11 Cash 21 Accounts Payable 31 Victor Reid, Capital 12 Accounts Receivable 22 Notes Payable 13 Supplies 23 Unearned Revenue (Comm) 32 Victor Reid, Withdrawal 14 Equipment 24 Wages Payable 41 Fees Earned 15 Prepaid Insurance 51 Wages Expense 52 Utility Expense 53 Advertising Expense 54 Supplies Expense 55 Insurance Expense

Your assignment is as follows:

1) Journalize each transaction in the General Journal

2) Set up Ledger accounts based on the Chart of Accounts and post entries to the ledger.

3) Prepare an Unadjusted Trial Balance based on the ledger totals that you calculate (deb must equal credits).

4) Enter the following end-of-period adjustment data on the worksheet to prepare the Adjusted Trial Balance.

5) Finally, make the end of month journal entries in the General Journal to show the end of period adjustments (i.e. you will make adjustments for the items listed above: A, B, C, and D above).