Closing entries review & questions

Unearned revenue

Questions – Complete a general journal for the April 30 adjusting entries using the template.

1) On April 1, a client paid us $6000 for 6 months worth of landscaping services. (Debit cash, credit
unearned revenue).
2) A client paid $5000 for our services. As of April 30, we have completed 30% of the work.
3) On April 1, a client paid $1000 for services. As of April 30, we have completed all of the work.

Adjusting & Closing Entries Assignment

There are two tasks for this lesson, one that is on adjusting entries and one for closing entries. Both
will be marked assignments.
For the adjusting entries, please enter the trial balance info from Katherine's Gardening into a
10-column worksheet. Enter the adjusting entries in the worksheet and produce an adjusted trial
balance.

For the closing entries, complete all of the question 14 from the attached screenshot. Your submitted
response should include; a general journal, general ledger accounts, and a post-closing trial balance.
Please use the previously provided templates.
https://docs.google.com/spreadsheets/d/1zQRQBoTBTfCnhdx5fBHNCArKUWUNQLON/edit
#gid=1779940610

Intro to a Merchandising Business

Merchandising Business - Cost of Goods Sold, Income Statement

April 8 - Merchandising Business - Periodic Inventory

Please watch the video and use the transactions on the power point as a guide for completing the
questions.

For the questions, please create a general journal entry for each transaction. A couple of helpful pieces
of information: An invoice is a bill - If you receive an invoice, accounts payable should be used. A
cheque is like cash - if you send a cheque, cash goes down.

For any questions, please get in touch! I'm available on google hangouts or we can video chat.
April 9 - Perpetual Inventory Method
Please watch the video and use the power point to help you in answering the questions on a general
journal. Remember - only the perpetual inventory method.

In addition to accounts you know already, you will need to use the new accounts; merchandise
inventory and cost of goods sold. For transactions to involve selling products, the cost price should be
60% of the selling price (this is for transactions that use both of the new accounts)