Background JW's Lock & Key is owned and operated by Jake...

  1. Home
  2. Homework Library
  3. Business
  4. Accounting
  5. Background JW's Lock & Key is owned and operated by Jake...

QuestionQuestion

Background

JW's Lock & Key is owned and operated by Jake Walters and is located in Odessa, TX. Jake is a locksmith and provides locksmith services and has a store that sells everything from keys to safes. You have just been hired as the accountant as of December 1, 2018.

Required
1. The general ledger contains the current balances for all accounts as of November 30, 2018. The subsidiary ledgers for A/R and A/P also contain the current balances as of November 30, 2018. Review the information in these accounts before beginning the project.

2. Journalize the December transactions in the general journal. Descriptions are not required.

3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Payable Subsidiary Ledger. On December 31, post to the General Ledger.

4. Prepare an Unadjusted Trial Balance, using the worksheet. Complete the worksheet using the following adjustment information for December:
a. Office supplies on hand on December 31 are $1,085.
b.A physical count of inventory showed an ending inventory cost of $44,000.
c. Recorded depreciation on equipment for the month, $4,200.
d. Insurance expired during December is $300.
e. Earned $1,750 worth of the unearned service revenue.

5. Journalize and post the adjusting entries.

6. Prepare JW's Lock & Key's financial statements for the year ended December 31, 2018. Note: Jake Walter's Capital at January 1, 2018 was $262,773.

7. Journalize and post the closing entries.

8. Prepare a Post-Closing Trial Balance.

Solution PreviewSolution Preview

These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.

    By purchasing this solution you'll be able to access the following files:
    Solution.xlsx.

    50% discount

    Hours
    Minutes
    Seconds
    $25.00 $12.50
    for this solution

    PayPal, G Pay, ApplePay, Amazon Pay, and all major credit cards accepted.

    Find A Tutor

    View available Accounting Tutors

    Get College Homework Help.

    Are you sure you don't want to upload any files?

    Fast tutor response requires as much info as possible.

    Decision:
    Upload a file
    Continue without uploading

    SUBMIT YOUR HOMEWORK
    We couldn't find that subject.
    Please select the best match from the list below.

    We'll send you an email right away. If it's not in your inbox, check your spam folder.

    • 1
    • 2
    • 3
    Live Chats