I’m working on a accounting project and need an explanation and answer to help me learn.
Using the Balance Sheet and Income Statement above, answer the following questions:
1. Create a trial Balance. (1 mark)
2. On June 30, 2018, the following transactions occurred. Prepare Journal Entries for each one. Note that the chart of account is condensed! So you will have to decide which provided account is appropriate. (Remindereach journal entry requires a title and date). Provide the journal entries (2.5 marks).
A) The organization paid a $100 telephone bill by credit card
B) The organization received a $10,000 grant and deposited it in the bank
C) The organization received $500 is membership dues and deposited in the bank
D) The organization paid $2000 of the Executive Director’s salary by cheque
E) The organization sold $200 of catalogue publications and deposited in the bank
F) The organization paid $700 to print a new publication
G) The organization bought another investment for $5000 from the bank.
H) The organization paid $1000 owed on the credit card from the bank
I) The organization paid a $50 internet bill on the credit card
J) The organization paid $500 for rent (for June) by direct withdrawal from the bank.
3. Prepare a new trial balance (1 mark)
4. Prepare new financial statements (provide a balance sheet and income statement from the new balances (1 mark). 5. Pretending June 30 is the date of the fiscal year end, create a closing entry (0.5 mark)