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1/20 1/25 Received a phone bill for $84. You are not paying it today. A friend of John's, Sheila Sharkey, wants to join the corporation and expand the business. You and John welcome her and her $10,000 investment in the business. Borrowed $20,000 from the bank on an 18-month, 6% note, 1/31 1/31 1/31 2/3 2/4 Received a utility bill for $125. You are not paying it today. It is the end of the month. Look at our payment schedule. If a unit was vacant in December and not rented in January, write "vacant" under January, so you can see that no rent is expected. Do this at the end of every month. [Hint: After this, you should notice 8 vacant units and 4 unpaid units. Remember, it is John's job to collect rent, so you'll worry about unpaid and prepaid rent at the end of the quarter.] It is payday! Marin is paid with check number 1005, TMS bought land on the cast side of town to build more storage units. The $7,500 cost of the land was paid using check number 1006, TMS hired a contractor to build the new storage units, Paid the phone and utility bills using check number 1007 and 1008, respectively. (Record each check on a separate line in the journal.) February rent for the following units was collected and deposited: IS, 3S, 4S, 78, 89, 98, 1M, 3M, 4M. 5M, 6M, 8M, 9M, 12M, 13M, 15M, 19 M. 20 M, 3L, 7, 8, 10L.. Also included in the deposit was (a) prepayment for March and April for unit SM and (b) the January and February payment from unit 10S including the SSLate fee for January (Cash $1,155). (You must complete the remittance slip, payment schedule, and journal entry. Do this for every rent deposit. No more reminders.). 2/6 2/9 2/10 2/11 Place phone order for $50 of supplies. 2/12 2/16 2/17 2/19 2/23 2/24 Rented unit 16M and deposited $30 for February's prorated rent (Cash = $30). Maria collected and deposited February rent for the following units: 58, 7M, 14M, 18M, IL, and 4L, all with Inte fees. Also included in the deposit was (a) January's rent and late fee for 1L and (b) prepayment for March, April, and May for unit 14M (Cash = $520). Office Supplies were delivered via FedEx with an invoice for $50 plus $5 shipping. You are not paying it today, Received a phone bill for $70. Maria deposited the February rent and late fee on unit 10M (Cash SSO). Paid for office supplies using check number 1009. Received a utility bill for $111. Rented unit 2M and deposited $180 for prepayment of March, April, May, and June (Cash $180). TMS received a bill for $29,500 from the contractor who has finished the east-side units. TMS wrote check number 1010 to the contractor for half of the amount due. The new units are expected to have a salvage value of $2,500 after their useful life of 15 years, The east-side storage lot has 40 units, 15 small, 15 medium, and 10 large. (A payment schedule for cast-side is provided in supplemental documents.) It is the end of the month. Update your payment schedule for vacant units. (Hint: You should notice 5 vacant units for February and 5 unpaid units for January and February together.) 2/26 2/27 2/28 2/29 3/2 It's payday! Maria was paid with check number 1011 3/3 The renter in 4M (west) telephoned to say that she had vacated the storage unit on 2/28 3/4 3/4 Paid the balance due to the contractor with check number 1012. Rented ten of the east-side units (1Se, 2S, 3Se, IMe, 2Me, 3Me, 4Me, 5Me, ILe, 2Le). The full month's rent for these units was deposited along with prepayment for April, May, and June for 2Se [Cash = $555]. 3/5 Paid phone and utility bills using check number 1013 and 1014, respectively. 3/8 TMS deposited March rent on the following west-side units: IS, 3S, 48, 5S, 85, 95, 1M, 3M, 6M, 8M, 9M, 10M, 13M, 16M, 18M, 19M, 20M, 1L, 3L, 7L, 10L. Included in the deposit is (8) prepayment for April and May for 10M and (b) 9L paid for February and March and February's late fee (Cash= $1,160). 3/10 Rented seven of the east-side storage units: 4Se and 5Se for $23 cach; 6Me and 7Me for $30 each; and 3Le, 4Le, and SLe for $40 each (all prorated for partial months). In addition, the renter in SLe prepaid in full for April and May. All monies were deposited (Cash - 346). 3/11 Paid a workman $250 with check number 1015 to repair damage to the west-side stearate units. Received a phone bill for $61. 3/20 TMS deposited March rent (plus late fees) on the following west-side storage units: 7S, 12M, 15M, 4L, and 8L (Cash = 270). 3/26 Received a utility bill for $122. 3/31 Distributed 5600 in dividends using 1016 for $250, 1017 for $250, and 1018 for 100. 3/31 It is the end of the month. Update your payment schedule for vacant units. (Hint: In the west units, you should notice 5 vacant units for March and 8 unpaid units for January, February, and March together.] Post from Journal to T-accounts As you post a transaction, record the account number in the post reference column of the journal. For each entry in the general ledger (t-accounts), include a date. 3/19 Prepare a Trial Balance Check figures: Total debits = $85,924.00 Cash - 89,926.00 Rent Revenue $4,746,00 Remember, you don't have to list accounts with a zero balance. When your trial balance is in balance, highlight your t-account balances in YELLOW. . Documents/Files to submit 3/10 Rented seven of the east-side storage units: 4Se and 5Se for $23 cach; Me and Me for $30 31, 4Le, and 5Le for $40 cach (all prorated for partial months). In addition, the renter in Le prepaid in full for April and May. All monics were deposited (Cash - 346). 3/11 Paid a workman S250 with check number 1015 to repair damage to the west-side stearate units. 3/19 Received a phone bill for $61. 3/20 TMS deposited March rent (plus late fees) on the following west-side storage units: 78, 12M, 15M, 4L, and 81 (Cash-270) 3/26 Received a utility bill for $122. 3/31 Distributed 5600 in dividends using 1016 for $250, 1017 for $250, and 1018 for 100. 3/31 It is the end of the month. Update your payment schedule for vacant units. (Hint: In the west units, you should notice S vacant units for March and 8 unpaid units for January, February, and March together.) Post from Journal to T-accounts As you post a transaction, record the account number in the post reference column of the journal. For each entry in the general ledger (t-accounts), include a date. Prepare a Trial Balance Check figures: Total debits = $85,924.00 Cash - $9,926.00 Rent Revenue = 54,746.00 Remember, you don't have to list accounts with a zero balance. When your trial balance is in balance, highlight your t-account balances in YELLOW. . . Documents/Files to submit 1. Journal 2. T-accounts (ledger) 3. Trial Balance (These three can be separate files or combined) 4. East and West Payment Schedules 5. Remittance Slips 1/20 1/25 Received a phone bill for $84. You are not paying it today. A friend of John's, Sheila Sharkey, wants to join the corporation and expand the business. You and John welcome her and her $10,000 investment in the business. Borrowed $20,000 from the bank on an 18-month, 6% note, 1/31 1/31 1/31 2/3 2/4 Received a utility bill for $125. You are not paying it today. It is the end of the month. Look at our payment schedule. If a unit was vacant in December and not rented in January, write "vacant" under January, so you can see that no rent is expected. Do this at the end of every month. [Hint: After this, you should notice 8 vacant units and 4 unpaid units. Remember, it is John's job to collect rent, so you'll worry about unpaid and prepaid rent at the end of the quarter.] It is payday! Marin is paid with check number 1005, TMS bought land on the cast side of town to build more storage units. The $7,500 cost of the land was paid using check number 1006, TMS hired a contractor to build the new storage units, Paid the phone and utility bills using check number 1007 and 1008, respectively. (Record each check on a separate line in the journal.) February rent for the following units was collected and deposited: IS, 3S, 4S, 78, 89, 98, 1M, 3M, 4M. 5M, 6M, 8M, 9M, 12M, 13M, 15M, 19 M. 20 M, 3L, 7, 8, 10L.. Also included in the deposit was (a) prepayment for March and April for unit SM and (b) the January and February payment from unit 10S including the SSLate fee for January (Cash $1,155). (You must complete the remittance slip, payment schedule, and journal entry. Do this for every rent deposit. No more reminders.). 2/6 2/9 2/10 2/11 Place phone order for $50 of supplies. 2/12 2/16 2/17 2/19 2/23 2/24 Rented unit 16M and deposited $30 for February's prorated rent (Cash = $30). Maria collected and deposited February rent for the following units: 58, 7M, 14M, 18M, IL, and 4L, all with Inte fees. Also included in the deposit was (a) January's rent and late fee for 1L and (b) prepayment for March, April, and May for unit 14M (Cash = $520). Office Supplies were delivered via FedEx with an invoice for $50 plus $5 shipping. You are not paying it today, Received a phone bill for $70. Maria deposited the February rent and late fee on unit 10M (Cash SSO). Paid for office supplies using check number 1009. Received a utility bill for $111. Rented unit 2M and deposited $180 for prepayment of March, April, May, and June (Cash $180). TMS received a bill for $29,500 from the contractor who has finished the east-side units. TMS wrote check number 1010 to the contractor for half of the amount due. The new units are expected to have a salvage value of $2,500 after their useful life of 15 years, The east-side storage lot has 40 units, 15 small, 15 medium, and 10 large. (A payment schedule for cast-side is provided in supplemental documents.) It is the end of the month. Update your payment schedule for vacant units. (Hint: You should notice 5 vacant units for February and 5 unpaid units for January and February together.) 2/26 2/27 2/28 2/29 3/2 It's payday! Maria was paid with check number 1011 3/3 The renter in 4M (west) telephoned to say that she had vacated the storage unit on 2/28 3/4 3/4 Paid the balance due to the contractor with check number 1012. Rented ten of the east-side units (1Se, 2S, 3Se, IMe, 2Me, 3Me, 4Me, 5Me, ILe, 2Le). The full month's rent for these units was deposited along with prepayment for April, May, and June for 2Se [Cash = $555]. 3/5 Paid phone and utility bills using check number 1013 and 1014, respectively. 3/8 TMS deposited March rent on the following west-side units: IS, 3S, 48, 5S, 85, 95, 1M, 3M, 6M, 8M, 9M, 10M, 13M, 16M, 18M, 19M, 20M, 1L, 3L, 7L, 10L. Included in the deposit is (8) prepayment for April and May for 10M and (b) 9L paid for February and March and February's late fee (Cash= $1,160). 3/10 Rented seven of the east-side storage units: 4Se and 5Se for $23 cach; 6Me and 7Me for $30 each; and 3Le, 4Le, and SLe for $40 each (all prorated for partial months). In addition, the renter in SLe prepaid in full for April and May. All monies were deposited (Cash - 346). 3/11 Paid a workman $250 with check number 1015 to repair damage to the west-side stearate units. Received a phone bill for $61. 3/20 TMS deposited March rent (plus late fees) on the following west-side storage units: 7S, 12M, 15M, 4L, and 8L (Cash = 270). 3/26 Received a utility bill for $122. 3/31 Distributed 5600 in dividends using 1016 for $250, 1017 for $250, and 1018 for 100. 3/31 It is the end of the month. Update your payment schedule for vacant units. (Hint: In the west units, you should notice 5 vacant units for March and 8 unpaid units for January, February, and March together.] Post from Journal to T-accounts As you post a transaction, record the account number in the post reference column of the journal. For each entry in the general ledger (t-accounts), include a date. 3/19 Prepare a Trial Balance Check figures: Total debits = $85,924.00 Cash - 89,926.00 Rent Revenue $4,746,00 Remember, you don't have to list accounts with a zero balance. When your trial balance is in balance, highlight your t-account balances in YELLOW. . Documents/Files to submit 3/10 Rented seven of the east-side storage units: 4Se and 5Se for $23 cach; Me and Me for $30 31, 4Le, and 5Le for $40 cach (all prorated for partial months). In addition, the renter in Le prepaid in full for April and May. All monics were deposited (Cash - 346). 3/11 Paid a workman S250 with check number 1015 to repair damage to the west-side stearate units. 3/19 Received a phone bill for $61. 3/20 TMS deposited March rent (plus late fees) on the following west-side storage units: 78, 12M, 15M, 4L, and 81 (Cash-270) 3/26 Received a utility bill for $122. 3/31 Distributed 5600 in dividends using 1016 for $250, 1017 for $250, and 1018 for 100. 3/31 It is the end of the month. Update your payment schedule for vacant units. (Hint: In the west units, you should notice S vacant units for March and 8 unpaid units for January, February, and March together.) Post from Journal to T-accounts As you post a transaction, record the account number in the post reference column of the journal. For each entry in the general ledger (t-accounts), include a date. Prepare a Trial Balance Check figures: Total debits = $85,924.00 Cash - $9,926.00 Rent Revenue = 54,746.00 Remember, you don't have to list accounts with a zero balance. When your trial balance is in balance, highlight your t-account balances in YELLOW. . . Documents/Files to submit 1. Journal 2. T-accounts (ledger) 3. Trial Balance (These three can be separate files or combined) 4. East and West Payment Schedules 5. Remittance Slips

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