[posadowski]

Shown below is the November 30, 2003 unadjusted trial balance of InterPro Storage & Moving, owned by L. Owens. The account balances are the result of the entries recorded during the first 11 months of 2003.



InterPro Storage & Moving
Unadjusted Trial Balance
November 30, 2003

Account Number Account Name Debit Credit
101 Cash 51,610
124 Office supplies 450
126 Moving supplies 8,700
128 Prepaid insurance 7,475
153 Trucks 350,000
154 Accumulated amortization, trucks 200,000
173 Building 185,000
174 Accumulated amortization, building 29,120
201 Accounts Payable 2,350
203 Interest payable 0
210 Wages payable 0
233 Unearned storage fees 700
251 Long-term notes payable 245,000
301 L. Owens, Capital 42,205
302 L. Owens, withdrawals 26,500
401 Moving fees earned 179,600
402 Storage fees earned 26,750
606 Amortization expense, building 0
611 Amortization expense, trucks 0
623 Wages expense 41,700
633 Interest expense 0
637 Insurance expense 0
650 Office supplies expense 0
652 Moving supplies expense 0
655 Advertising expense 5,900
669 Gas, oil and repairs expense 31,510
672 General & administrative expense 16,880
Total $725,725 $725,725











































The following business transactions occurred during the month of December 2003:

December 2: Received $300 as advance payment on storage
rental.

5: Paid accounts payable of $585.

6: Paid insurance premiums of $7,500 in advance.

7: Deposited $9,300 of moving fee receipts.

10: Purchased $1,400 of moving supplies on credit.

12: Acquired additional truck worth $58,000 by
paying $8,000 cash and signing a long-term note payable for the balance.

14: Paid wages of $3,500 for the period December 1– 14.

17: Purchased $165 of office supplies on credit.

21: Deposited $5,880 from moving fee receipts and $1,700 from storage fee receipts.

24: Paid $900 for repairs to truck for damages
sustained in an accident.

28: Paid wages of $3,750 for the period December 15– 28.

30: Paid $750 to a magazine for advertisements that appeared in December.

31: Deposited $5,300 from moving fees and $900
from storage fee receipts.





Below is the information necessary for the year-end adjusting entries:

a) Unpaid wages were $710 as of December 31st, 2003.
b) The December 31st office supplies inventory was $230.
c) The moving supplies inventory was $3,825 on December 31st
d) The un-expired portion of the prepaid insurance was $8,675 as of December 31st, 2003.
e) Amortization for the year on the trucks was $48,500.
f) Amortization for the year on the building was $8,600.
g) Unearned storage fees balance at December 31st was $350.
h) Owens had withdrawn $2,500 cash on December 30, but he had not taken the time to record it.
I) Interest expense on the notes payable for 2003 was $22,400.


Required:

1. Set up the ledgers for the accounts and record the November 30 balance.
2. Journalize and post the December transactions.
3. Prepare the unadjusted trial balance as of December 31, 2003.
4. Journalize and post the year-end adjusting entries.
5. Prepare the adjusted trial balance as of December 31, 2003.
6. Prepare the Income Statement, the Statement of Owner’s Equity, the Balance Sheet, and the Cash Flow Statement.
7. Journalize and post the closing entries.
8. Prepare the post-closing trial balance.



I NEED HELP!!

[qcmar24]

Do u need help with everything or something in specific?
For the December unadjusted trial balance, you first need to abtain the new balance for every account in the previos unadjusted T.B, that will be obtain after recording all the entries from December 2 to December 31.

[pready]

After you journalize the December transactions you need to get the balances in your ledger accounts. To do the Unadjusted trial balance you're your Debit balances must equal your credit balances from your ledger accounts.