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Accounting Project

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Journalize the transactions (Step 1)

Post journal entries and get balance for each account (Step 2)

Prepare a Trial Balance (Step 3)

Kendall Consulting Inc.
Trial Balance
October 31, 2012 | Debit | | Credit | Cash | $35,200 | | | Accounts Receivable | 0 | | | Supplies | 500 | | | Prepaid Rent | 3,000 | | | Computer | 4,800 | | | Notes Payable | | | $10,000 | Accounts Payable | | | 4,800 | Unearned Service Revenue | | | 2,800 | Common Stock | | | 20,000 | Dividends | 1,400 | | | Service Revenue | | | 7,300 | | $44,900 | | $44,900 | | | | | | | | | | | | | | | | | | | | | | | | |

Journalize adjusting entries (Step 4)

GENERAL JOURNAL | Date | Account Titles and Explanation | Debit | Credit | | Adjusting Entries | | | Oct 31 | Rent Expense | $1,000 | | | Prepaid Rent | | $1,000 | | (To record used October rent) | | | Oct 31 | Unearned Service Revenue | $800 | | | Service Revenue | | $800 | | (To record revenue for services performed) | | | Oct 31 | Supplies Expense | $200 | | | Supplies | | $200 | | (To record supplies used) | | | Oct 31 | Depreciation Expense - Computer | $80 | | | Accumulated Depreciation - Computer | | $80 | | (To record monthly depreciation of computers) | | | Oct 31 | Salaries and Wages Expense | $600 | | | Salaries and Wages Payable | | $600 | | (To record accrued salaries) | | | Oct 31 | Interest Expense | $50 | | | Interest Payable | | $50 | | (To record interest on notes payable) | | |

Post adjusting entries and get adjusted balance for each account (Step 5)

GENERAL LEDGER (T-Accounts) | Cash | | Interest Payable | Oct 1 | $10,000 | Oct 2 | $1,000 | |

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