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- Instruction \#1 tells you to enter balances in the Balance column of the ledger. For an example of how this is done, look back in your textbook to Chapter 2 on page 85 . If you look at the bottom of that page, you see ledger accounts for Cash, Accounts Receivable, etc. continuing with all the other accounts on the next page. Notice how the beginning balances of accounts that have balances are entered in the accounts by entering the date, writing the word "Balance" in the Item column, putting a check mark in the Posting Reference column, and entering the balance in either the debit or credit column under Balance. This is what you need to do in the Comprehensive Problem. These beginning balances will be your starting point for the transactions you will record in the journal and then post to the ledger for February. - Make sure to note the page numbers of the journal given to you in the forms from your workbook or the copy I provided. If you look at the forms, you will see the first form is a Journal and it says it is Page 5 in the top right-hand corner. The second page of the journal is Page 6. You have other journal sheets with different page numbers. Make sure you use the correct page numbers for your posting references in the ledger. OJB Company began started its business in January 2016. The following transactions occurred in February 2016: Feb 1 Purchased supplies on account, $400. 2 Received cash from customers on account, $1,750. 3 Paid $400 on account. 5 Paid technician $750 in salary, including the amount owed at the end of January. 8 Billed customers for services provided on account, $3,200. 11 Paid cash for advertising on a local wbsite, $400. 12 Received $3,670 cash for fees earned for jobs completed. 16 Paid electricity bill for the month, $290. 17 Received $8,800 cash for fees earned for jobs completed. 19 Paid technician $750 in salary. 20 Billed customers for services provided on account, $6,100. 22 Received cash from customers on account, $9,500. 25 Paid phone bill for the month, $180. 12 Received $3,670 cash for fees earned for jobs completed. 16 Paid electricity bill for the month, $290. 17 Received $8,800 cash for fees earned for jobs completed. 19 Paid technician $750 in salary. 20 Billed customers for services provided on account, $6,100. 22 Received cash from customers on account, $9,500. 25 Paid phone bill for the month, $180. 26 Received cash from customers as an advance payment for technical support services to be provided in the future, $2,500. 27 Billed customers for services providd on account, $3,900. 28 Received cash from customers on account, $5,100. 28 OJB withdrew $8,000 for personal use. Comprehensive Problem - Instructions 1. The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances January 31, 2016, and place a check mark () in the Posting Reference column. 2. Journalize each of the February transactions in the journal provided using OJB Company's chart of accounts. (Do not insert the account numbers in the journal at this time). 3. Post the journal to the ledger. 4. Prepare an unadjusted trial balance. 5. At the end of February, the following adjustment data were assembled. Use this data to complete instructions (5) and (6) : a. Supplies on hand were $600. b. Rent expired during the month was $1,600. c. Unearned fees at the end of the month were $3,500. d. Insurance expired during the month was $300. e. Accrued salaries payable were $240. f. Depreciation on equipment during the month was 330 . 6. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. 7. Journalize and post the adjusting entries. 8. Prepare an adjusted trial balance. 9. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet. 10. Record and post the closing entries. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry. 10.Prepare a post-closing trial balance. OJB COMPANY: Chart of Accounts 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense OJB COMPANY Post Closing Trial Balance January 31, 2016 DEBIT CREDIT Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment 22,100 3,400 1,350 3,200 1,500 14,500 Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees OJB, Capital 42,30046,05046,050 - Instruction \#1 tells you to enter balances in the Balance column of the ledger. For an example of how this is done, look back in your textbook to Chapter 2 on page 85 . If you look at the bottom of that page, you see ledger accounts for Cash, Accounts Receivable, etc. continuing with all the other accounts on the next page. Notice how the beginning balances of accounts that have balances are entered in the accounts by entering the date, writing the word "Balance" in the Item column, putting a check mark in the Posting Reference column, and entering the balance in either the debit or credit column under Balance. This is what you need to do in the Comprehensive Problem. These beginning balances will be your starting point for the transactions you will record in the journal and then post to the ledger for February. - Make sure to note the page numbers of the journal given to you in the forms from your workbook or the copy I provided. If you look at the forms, you will see the first form is a Journal and it says it is Page 5 in the top right-hand corner. The second page of the journal is Page 6. You have other journal sheets with different page numbers. Make sure you use the correct page numbers for your posting references in the ledger. OJB Company began started its business in January 2016. The following transactions occurred in February 2016: Feb 1 Purchased supplies on account, $400. 2 Received cash from customers on account, $1,750. 3 Paid $400 on account. 5 Paid technician $750 in salary, including the amount owed at the end of January. 8 Billed customers for services provided on account, $3,200. 11 Paid cash for advertising on a local wbsite, $400. 12 Received $3,670 cash for fees earned for jobs completed. 16 Paid electricity bill for the month, $290. 17 Received $8,800 cash for fees earned for jobs completed. 19 Paid technician $750 in salary. 20 Billed customers for services provided on account, $6,100. 22 Received cash from customers on account, $9,500. 25 Paid phone bill for the month, $180. 12 Received $3,670 cash for fees earned for jobs completed. 16 Paid electricity bill for the month, $290. 17 Received $8,800 cash for fees earned for jobs completed. 19 Paid technician $750 in salary. 20 Billed customers for services provided on account, $6,100. 22 Received cash from customers on account, $9,500. 25 Paid phone bill for the month, $180. 26 Received cash from customers as an advance payment for technical support services to be provided in the future, $2,500. 27 Billed customers for services providd on account, $3,900. 28 Received cash from customers on account, $5,100. 28 OJB withdrew $8,000 for personal use. Comprehensive Problem - Instructions 1. The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances January 31, 2016, and place a check mark () in the Posting Reference column. 2. Journalize each of the February transactions in the journal provided using OJB Company's chart of accounts. (Do not insert the account numbers in the journal at this time). 3. Post the journal to the ledger. 4. Prepare an unadjusted trial balance. 5. At the end of February, the following adjustment data were assembled. Use this data to complete instructions (5) and (6) : a. Supplies on hand were $600. b. Rent expired during the month was $1,600. c. Unearned fees at the end of the month were $3,500. d. Insurance expired during the month was $300. e. Accrued salaries payable were $240. f. Depreciation on equipment during the month was 330 . 6. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet. 7. Journalize and post the adjusting entries. 8. Prepare an adjusted trial balance. 9. Prepare an Income Statement, Statement of Owner's Equity, and Balance Sheet. 10. Record and post the closing entries. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry. 10.Prepare a post-closing trial balance. OJB COMPANY: Chart of Accounts 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense OJB COMPANY Post Closing Trial Balance January 31, 2016 DEBIT CREDIT Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment 22,100 3,400 1,350 3,200 1,500 14,500 Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees OJB, Capital 42,30046,05046,050

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