ACC 1001 UOPX The Victor Reid Real Estate Agency Case Worksheet The instructions for this practical accounting problem are listed below following the trans

ACC 1001 UOPX The Victor Reid Real Estate Agency Case Worksheet The instructions for this practical accounting problem are listed below following the transactions. Input your answers in the Excel Spreadsheets attached.

In March, The Victor Reid Real Estate Agency had the following transactions; the accounting period ends on March 31, 20YX

March 1: Mr. Reid invested $68,000 cash in the new agency.

March 1: Bought supplies for cash, $6,300

March 1: Prepaid utilities for $2,500

March 3: Prepaid property casualty insurance, $5000

March 5: Earned fee commission of $11,600 from The Blu Co.

March 7: Paid wages expense to employees of $4,500.

March 7: Mr. Reid withdrew $17,500 from the business account for personal use

March 8: Borrowed $4,800 from Wells Fargo for 24 months to purchase a Van.

March 9: Received $8,200 in commissions

March 10: Received $3000 in commission advances from Green LLC for services not yet provided.

March 14: Paid $500 for additional copying supplies.

March 15: Purchased supplies for $1,200, Paid $300 down and the balance on account.

March 16: Received utility bill for $1,500. The bill showed a credit balance of $1,000.

March 21: Paid wages to employees, $3,200

March 22: Purchased a drone for $2,300 on account.

March 29: Advertising bill received but not yet paid, $6500.

March 31: Billed Redd Company $1000 for consulting services done, to be paid in 60

days.

The end-of-period adjustments are as follows:

A) Fees earned, but not yet billed, $7,500

B) Supplies on hand are, $5,100.

C) Wages accrued, but not yet paid, $1950.

D) Insurance premiums expired/accrued, $1000.

Assets: Liabilities: Owners’ Equity

11 Cash 21 Accounts Payable 31 Victor Reid, Capital 12 Accounts Receivable 22 Notes Payable 13 Supplies 23 Unearned Revenue (Comm) 32 Victor Reid, Withdrawal 14 Equipment 24 Wages Payable 41 Fees Earned 15 Prepaid Insurance 51 Wages Expense 52 Utility Expense 53 Advertising Expense 54 Supplies Expense 55 Insurance Expense

Your assignment is as follows:

1) Journalize each transaction in the General Journal

2) Set up Ledger accounts based on the Chart of Accounts and post entries to the ledger.

3) Prepare an Unadjusted Trial Balance based on the ledger totals that you calculate (deb must equal credits).

4) Enter the following end-of-period adjustment data on the worksheet to prepare the Adjusted Trial Balance.

5) Finally, make the end of month journal entries in the General Journal to show the end of period adjustments (i.e. you will make adjustments for the items listed above: A, B, C, and D above). Accounting I
Practical Mid-Term Examination
May 22, 2020
The instructions for this practical accounting problem are listed below following the
transactions. Input your answers in the Excel Spreadsheets attached.
In March, The Victor Reid Real Estate Agency had the following transactions; the accounting
period ends on March 31, 20YX
March 1: Mr. Reid invested $68,000 cash in the new agency.
March 1: Bought supplies for cash, $6,300
March 1: Prepaid utilities for $2,500
March 3: Prepaid property casualty insurance, $5000
March 5: Earned fee commission of $11,600 from The Blu Co.
March 7: Paid wages expense to employees of $4,500.
March 7: Mr. Reid withdrew $17,500 from the business account for personal use
March 8: Borrowed $4,800 from Wells Fargo for 24 months to purchase a Van.
March 9: Received $8,200 in commissions
March 10: Received $3000 in commission advances from Green LLC for services not yet
provided.
March 14: Paid $500 for additional copying supplies.
March 15: Purchased supplies for $1,200, Paid $300 down and the balance on account.
March 16: Received utility bill for $1,500. The bill showed a credit balance of $1,000.
March 21: Paid wages to employees, $3,200
March 22: Purchased a drone for $2,300 on account.
March 29: Advertising bill received but not yet paid, $6500.
March 31: Billed Redd Company $1000 for consulting services done, to be paid in 60
days.
The end-of-period adjustments are as follows:
A) Fees earned, but not yet billed, $7,500
B) Supplies on hand are, $5,100.
C) Wages accrued, but not yet paid, $1950.
D) Insurance premiums expired/accrued, $1000.
Assets:
11 Cash
12 Accounts Receivable
13 Supplies
14 Equipment
15 Prepaid Insurance
Liabilities:
21 Accounts Payable
22 Notes Payable
23 Unearned Revenue
(Comm)
24 Wages Payable
Owners’ Equity
31 Victor Reid, Capital
32 Victor Reid, Withdrawal
41 Fees Earned
51 Wages Expense
52 Utility Expense
53 Advertising Expense
54 Supplies Expense
55 Insurance Expense
Your assignment is as follows:
1) Journalize each transaction in the General Journal
2) Set up Ledger accounts based on the Chart of Accounts and post entries to the ledger.
3) Prepare an Unadjusted Trial Balance based on the ledger totals that you calculate (deb
must equal credits).
4) Enter the following end-of-period adjustment data on the worksheet to prepare the
Adjusted Trial Balance.
5) Finally, make the end of month journal entries in the General Journal to show the end of
period adjustments (i.e. you will make adjustments for the items listed above: A, B, C, and D
above).
General Journal
Date
Mar
Day Description
1
PR
Debit
Credit
Individual Ledger Accounts
CASH
Date
Explaination
PR
Debit
Credit
Balance
Debit
Credit
ACCOUNTS RECEIVABLE
Date
Explaination
PR
Debit
Credit
Debit
Balance
Credit
SUPPLIES
Date
PR
Debit
Credit
Debit
Balance
Credit
Credit
Balance
Debit
Credit
Credit
Balance
Debit
Credit
Credit
Balance
Debit
Credit
EQUIPMENT
Date
Explaination
Explaination
PREPAID INSURANCE
Date
Explaination
ACCOUNTS PAYABLE
Date
Explaination
PR
PR
PR
Debit
Debit
Debit
NOTES PAYABLE
Date
Explaination
PR
Debit
Credit
Balance
Debit
Credit
UNEARNED REVENUE
Date
Explaination
PR
Debit
Credit
Debit
Balance
Credit
WAGES PAYABLE
Date
Explaination
PR
Debit
Credit
Debit
Balance
Credit
al Ledger Accounts
VICTOR REID, CAPITAL
Date
Explaination
PR
Debit
Credit
Balance
Debit
Credit
VICTOR REID, CAPITAL, WITHDRAWALS
Date
Explaination
PR
Debit
Credit
Balance
Debit
Credit
Date
PR
Debit
Credit
Debit
Credit
Balance
Debit
Credit
Credit
Balance
Debit
Credit
Credit
Balance
Debit
Credit
Credit
Balance
Debit
Credit
FEES EARNED
Date
Explaination
Explaination
WAGES EXPENSE
Date
Explaination
UTILITIES EXPENSE
Date
Explaination
ADVERTISING EXPENSE
Date
Explaination
PR
PR
PR
PR
Debit
Debit
Debit
Debit
Balance
Credit
SUPPLIES EXPENSE
Date
Explaination
PR
Debit
Credit
Balance
Debit
Credit
INSURANCE EXPENSE
Date
Explaination
PR
Debit
Credit
Debit
Balance
Credit
Date
PR
Debit
Credit
Debit
Balance
Credit
Explaination
Victor Reid Real Estate Agency
Unadjusted Trial Balance
Date Style Goes Here
Account Name
Debit
Credit
Total
Account Name
Total
Victor Reid Real Estate Agency
Worksheet
Date Style Goes Here
Unadjusted Trial Balance
Adjusting Entries
Debit
Credit
Debit
Credits
Adjusted Trial Balance
Debit
Credit
Note/Hint: Carryover the Unadjusted Trial Balance from the previous
spreadsheet. Next enter the adjusting entries. Then include the
adjusting entries into the Adjusted Trial Balance. Be sure to total
your entries at the bottom of the page.

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