need help naming accounts for and adjusted and unadjusted trial balance

timer Asked: Mar 3rd, 2015

Question description

1/1Mony Maeker started  an antique jewelry store,  “ANTIQUE FOREVER’, and invested $40,000 cash in the business and received stock.

1/1He rented an office space and paid half year rent of $4800.

He leased office furniture at a monthly cost of $500 and this will be paid on the first of the following month.

He hired a clerk with a salary of $1200 per month.  

The clerk will be paid on the first of every month.

He purchased one year liability insurance for $3600

1/5He purchased office supplies for $500 on account.

 He purchased 800 bracelets at a cost of $25.00 on account. 

1/6He purchased 1200 bracelets at a cost of $26.50, on account. 

1/8He sold 500 bracelets at a price of $90.00, on credit.

1/14He sold 300 bracelets at a price of $90.00, on credit.

1/15He borrowed $10,000 from a bank signing a three year note payable.  The entire principal will be paid at the end of three years.  The annual interest rate on this note is 12%. The interest will be paid at the end of each quarter.

He purchased computer and peripheral equipments for $4000 cash.

1/17purchased 350 bracelets at $29.50 on account; 

1/22sold 1000 bracelets for $102 each.  The sales was on cash

1/26he paid for all merchandize purchases.

1/28Collected 80% of receivables.

1/31He received telephone bill for $300, utility bill for $150.  These will be paid on the tenth of the following month.

Inventory count reported 550 bracelets on hand.

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