Part 1: Prepare the journal entries for each set of transaction data below. Post the transactions in the ledger. Extract the unadjusted trial balance…

Part 1:

  1. Prepare the journal entries for each set of transaction data below.
  2. Post the transactions in the ledger.
  3. Extract the unadjusted trial balance as of January 31 of this current year.

Part 2:

For this section, prepare the following adjusted journal entries.

1.   Record depreciation of $1,000 for equipment.

2.   Accrue unpaid wages of $715.

3.   Accrue unpaid utilities of $420.

 Part 3

Adjusted Trial Balance as of January 31 of this year.

Submit your completed assessment before the end of Week 5.

Transaction data

Jonathan Swiss owns the Sports Watch Repairs Store. He provides the transactions relating to the month of January this year.

January 2          Invested $10,000 cash as well as providing watch repair equipment with a valuation of $4,800 (Hint: Treat watch repair equipment as part of capital.)

January 4            Paid first month’s rent of $900 cash

January 6            Received $2,500 cash for watch repairs

January 8            Purchased supplies on account from Sears for $500

January 9            Repaired a vintage watch on account for $1,500

January 9            Paid $575 cash for wages

January 12          Purchased watch repair equipment for $1,200 cash

January 13          Received $5,500 cash from watch repairs

January 16          Purchased equipment on account from Sears for $1,000

January 18          Paid $520 cash for advertising expense

January 20          Withdrew $750 cash for personal expenses

January 22          Received $950 cash on account for work done on January 9

January 23          Paid $475 cash for wages

January 26          Received $7,000 cash from watch repairs

January 27          Paid $850 cash on account for the January 16 transactions

January 30          Received $480 cash from repairs previously done on an antique watch

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