Assume it is Monday may 1 the first business day of the month and you have just been hiredas the accountant for Colo Company, which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April and its ledgers show April 30 balances. During your fist month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, n/30 unless stated differently):

What is your question? According to what you have posted, the company's financial records are up-to-date as of 30 April.

(If the Working Papers that accompany this book are not available, omit this comprehensive problem.)
Assume it is Monday, May 1, the first business day of the month, and you have just been hired
As the accountant for Colo Company, which operates with monthly accounting periods. All of the
Company's accounting work is completed through the end of April and its ledgers show April 30 balances.
During your first month on the job, the company experiences the following transactions and
Events (terms for all its credit sales are 2
10, n
30 unless stated differently):

May 1 Issued Check No. 3410 to S&P Management Co. In payment of the May rent, $3,710. (Use
Two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space
And the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).
2 Issued a $175 credit memorandum to Knox, Inc. for defective (worthless) merchandise sold
On April 28 and returned for credit. The total selling price (gross) was $4,725.
3 Received a $798 credit memorandum from Peyton Products for the return of merchandise
Purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies,
$574; and office supplies, $83. Invoice dated May 4, terms n
10 EOM.
5 Received payment from Knox, Inc. for the balance from the April 28 sale less the May 2
Return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased
On April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of $350 cash.
10 Purchased $4,074 of office equipment on credit from Gear Supply Co. invoice dated May
10, terms n
10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased $8,800 of merchandise from Garcia, Inc. invoice dated May 10, terms 2
10,
N
30.
12 Received an $854 credit memorandum from Gear Supply Co. For the return of defective office
Equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office
Salaries, $3,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are
Recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
In column totals at the end of the month to the general ledger accounts. (Such items are
Posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is
$1,890).
17 Purchased $13,650 of merchandise from Fink Corp. invoice dated May 14, terms 2
10,
N
60.
19 Issued Check No. 3413 to Garcia, Inc. in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms
2
10, n
60.
23 Issued Check No. 3414 to Fink Corp. In payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies,
$630; and office supplies, $280. Invoice dated May 24, terms n
10 EOM.
25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2
10,
N
30.
26 Sold merchandise on credit to Crane Corp. Invoice No. 8788, for $14,210 (cost is $8,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash
From the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office
Salaries, $3,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are $66,052 (cost is $42,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
In column totals at the end of the month to the general ledger accounts. Foot and crossfoot
The journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
Journal, or a general journal as illustrated in this chapter. Post when instructed to do
So. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
Papers. Complete the work sheet using the following information for accounting adjustments:
A. Expired insurance, $553.
B. Ending store supplies inventory, $2,632.
C. Ending office supplies inventory, $504.
D. Depreciation of store equipment, $567.
E. Depreciation of office equipment, $329.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner's equity,
And a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
Schedules of both accounts receivable and accounts payable.
Check (2) Unadjusted trial balance
Totals, $545,020; Adjustments column
Totals, $2,407
(3) Net income, $31,647;
Total assets, $385,791

I have reposted the exact problam that I am trying to figure out its called Colo Company in Full. I am trying to figure out how to do the journals and all.

This is a comprehensive problem. The rist thing to do is analyze each of the transactions for the month to determine what accounts are affected, what special journal to use if necessary and what amount. It helps to picture an actual journal entry for for each transaction. An example will be you purchased merchandise on credit. Your journal entry would be:
Debit Merchandise or purchases (this depends on what accounts you have) for the amount of purchase
Credit Accounts Payable for the amount of purcahse on credit

Now since you are using special journals the journal you will use is the purcahses journal and your debit is for the purchase and your credit will be to accounts payable for the amount of the purchase.

After you have posted all the transactions to your journals you need to move the balances for your accounts to the account ledgers, then you can do a trial balance.

After the trial balance you need to do the adjustemts for items A through E. Now you can complete the worksheet. The columns you should have completed is Trial Balance, Adjusments, Adjusted Trial Balance, Income Sheet, and Balance Sheet.

Now you are redy to prepare your Multi-Step Income Statement, Balance Sheet, and Statement of Owners Equity. For the Income Statement and Balance Sheet use your worksheet for the accounts and the amounts.

Just a note: To get your income statement and balance sheet columns in your worksheet to balance you will have to add net income to your debits or credits to balance your columns.

Once you have prepared your financial statements you can do you're your closing entries. This is to close out your income statement acocunts to your balance sheet. After your closing entries you can do a post-closing balance sheet on your worksheet. So on your worksheet you will have two more cloumns; closing entries and post-closing balance sheet.

You also will have to do a schedule of accounts receivable and payable.

The information provided after the scchedules you have to do are check figures. This to help you determine if you have the right amounts at different stages in the process. If your figures do not match the check figures you more than likely made an error somewhere and you will have to figure out what the error is and correct it.

This looks like a project over a whole term in a beginning level accounting class. If you need a lot of help you should talk to your professor or another student in your class. If you have a specific question you can ask on this site and the members here will try to help you further.