Journalize each transaction. Requirement:Journalize each transaction in the general journal referring to the following chart of accounts in selecting theaccounts to be debited and credited and include a narration for each transaction:Account #Account NameCashAccounts ReceivablesSupplies1112141516182122233141515253545556Prepaid RentPrepaid InsuranceOffice EquipmentAccounts PayableSalaries PayableUnearned FeesCapital-Ralph CollinsFees EarnedSalary ExpenseRent ExpenseSupplies ExpenseInsurance ExpenseUtilities ExpenseAdvertising Expense Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. Asof September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-timebasis. He wishes to know how much net income the business has earned but has no prior knowledge ofaccounting and has approached your group for advice. The company entered the following transactions duringSeptember:Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment SalesCompany: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000.There were no liabilities received.2. Paid three (3) months' rent on a lease rental contract, $6,000.3. Paid the premiums on the property and peril insurance policies, $3,000.4. Received cash from clients as an advance payment for services to be provided in the coming months, $5,900.5. Purchased additional office equipment on account from Payne Company, $5,000.6. Received cash from clients on account, $800.10. Paid cash for newspaper advertisement, $1,720.12. Paid Payne Company a portion of the debt incurred on September 5, $2,000.12. Recorded services provided on account for the period September 1 -12, $1,200.13. Paid part-time receptionist for two weeks' salary, at $500 per week.17. Recorded cash from cash clients for fees earned during the first half of September, $3,000.18. Paid cash for supplies, $750.20. Recorded services provided on account for the period September 13-20, $2,100.24. Recorded cash from cash clients for fees earned for the period September 17-24, $4,850.25. Received cash from clients on account, $1,300.27. Paid part-time receptionist for two weeks salary, at $500 per week.29. Paid telephone bill for September, $2,000.30. Paid electricity bill for September, $2,800.30. Recorded cash from cash clients for fees earned for the period September 25-30, $2,000.30. Recorded services provided on account for the remainder of September, $1,500.

Introduction: Journal entries are separate bits of writing that will take up and fill up a journal…

Answered: Requirement: Journalize each…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Journalize each transaction.

Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As
of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time
basis. He wishes to know how much net income the business has earned but has no prior knowledge of
accounting and has approached your group for advice. The company entered the following transactions during
September:
Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales
Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000.
There were no liabilities received.
2. Paid three (3) months' rent on a lease rental contract, $6,000.
3. Paid the premiums on the property and peril insurance policies, $3,000.
4. Received cash from clients as an advance payment for services to be provided in the coming months, $5,900.
5. Purchased additional office equipment on account from Payne Company, $5,000.
6. Received cash from clients on account, $800.
10. Paid cash for newspaper advertisement, $1,720.
12. Paid Payne Company a portion of the debt incurred on September 5, $2,000.
12. Recorded services provided on account for the period September 1 -12, $1,200.
13. Paid part-time receptionist for two weeks' salary, at $500 per week.
17. Recorded cash from cash clients for fees earned during the first half of September, $3,000.
18. Paid cash for supplies, $750.
20. Recorded services provided on account for the period September 13-20, $2,100.
24. Recorded cash from cash clients for fees earned for the period September 17-24, $4,850.
25. Received cash from clients on account, $1,300.
27. Paid part-time receptionist for two weeks salary, at $500 per week.
29. Paid telephone bill for September, $2,000.
30. Paid electricity bill for September, $2,800.
30. Recorded cash from cash clients for fees earned for the period September 25-30, $2,000.
30. Recorded services provided on account for the remainder of September, $1,500.

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Income statement for Ralph Collins Consignment Sales Company

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The company presented the following adjustments, and you are to prepare the adjusting entries in the general journal (Narration required for each journal entry):
Insurance expired during September, $500.
Supplies on hand on September 30, $1,250.
Accrued receptionist salary on September 30, $500
Rent expired during September, $2,000.
Unearned fees on September 30 are $2,900.
Post the adjusting entries to their respective ledger accounts already started in requirement # 2.

Prepare the adjusted trial balance.

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