GENERAL INSTRUCTIONS

1. Answers can be made in excell form or in a clean sheet of paper ( yellow or bond paper) following the format
2. Reference: Previous F2F discussion of this problem
Study also the previous lecture; Rules of Debit and Credit , Intro to accounting Cycle, Journalizing , Posting to ledg
3. Account titles are given using the chart of accounts
4. Journalize every transaction
5. Post to ledger
6.Prepare Trial Balance
7. Prepare Financial Statements ( There should be a proper heading)
8. Deadline : Nov. 7 ,2023 5 p.m
owing the format

Journalizing , Posting to ledger and Trial Balance

CHART OF ACCOUNTS

Asset Accounts

Cash
Accounts Receivable
Prepaid Rent
Office Supplies
Office Furniture
Accumulated Depreciation - Office Furniture note: Contra Asset Account . Normal Balance is credit
Information and Communication Technology Equipment

Liabilites

Accounts Payable
Unearned Revenue

Income Accounts

Service revenue
Depreciation expense
Rent Expense
Salary Expense
Utilities Expense

Owner's Equity Accounts

Owner's Capital
Drawing
Income
 MGB CONSULTING FIRM
GENERAL JOURNAL
FOR THE MONTH OF JANUARY 2023

DATE PARTICULARS DEBIT CREDIT

Jan. 11 Cash 50,000.00

Capital 50,000.00
To record initial Capital invested by the owner.
***continue
 MGB CONSULTING FIRM
GENERAL LEDGER
as of OF JANUARY 2023

Account Title: Cash

DATE PARTICULARS DEBIT CREDIT BALANCE

Beginning Balance 0
Jan. 11 Initial Investment 50,000
Purchased office furniture 10,000.00
Continue … xxxx *** continue

Ending Balance 50,000.00 10,000.00 40,000.00

Account Title: XXX

DATE PARTICULARS DEBIT CREDIT BALANCE

Beginning Balance 0
Jan. 11 Initial Investment 50,000
Purchased office furniture 10,000.00

Ending Balance 50,000.00 10,000.00 40,000.00

 *** Insert account ….as needed

Account Title: Unearned Revenue

DATE PARTICULARS DEBIT CREDIT BALANCE

Beginning Balance 0
Jan. 11 Unrendererd services over 3 months 12,000,000.00
continue…. Xxx

Ending Balance - 12,000,000.00 - 12,000,000.00

Intructions:

Make a ledger for every account.

Post the amount for every transaction.
General Ledger shows the balance of an account after numerous transaction.
Start with Asset, Liab,& Equity
Formula: Beg + Increase in asset - Decrease in Asset = Ending balance
Beg + Increase in liab - Decrease in Liab = Ending balance
 MGB CONSULTING FIRM
Trial Balance
as of JANUARY 2023

PARTICULARS Beginning Balance Transactions for the month

Debit Credit Debit Credit
Cash 0 0
Accounts Receivable 0 0
Prepaid Rent 0 0
Office Supplies 0 0
Office Furniture 0 0
Accumulated Depreciation - Office Furniture 0 0
Information and Communication Technology Equipment 0 0
Accounts Payable 0 0
Unearned Revenue 0 0
Service revenue 0 0
Depreciation expense 0 0
Rent Expense 0 0
Salary Expense 0 0
Utilities Expense 0 0
Owner's Equity Accounts 0 0
Owner's Capital 0 0
Drawing 0 0
GRAND TOTAL 0 0 0 0

NOTE: Total Debit and Credit should be equal

No beginning balance yet . First month of transactions of the company.
Since it is the first transaction. Same posting to the ending balance
From the general ledger post balance to Trial Balance to their corect normal balances
Any negative balances per account should be added by " - " or ( xxx)
 BALANCE
Debit Credit

0 0

ct normal balances
*** Prepare in Account Form