Learning journal week 2 PDF

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Learning journal unit 2...

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Attention Students: There is an excel spreadsheet template located on this Unit's main page. Download the template and use it to fill in your answers (the journal and general ledger entries).

Using the spreadsheet template provided, complete the journal entries, adjusted journal entries, unadjusted trial balance, adjusted trial balance, and answer the questions. Upon completion of the assignment, you will submit the spreadsheet file in the Learning Journal submission area Scenario: Happy House Bakeshop opened for business on October 1, 2018. During the month of October, the following transactions occurred: October 1: Issued $20,000 of common stock for $20,000 cash. October 1: Purchased a delivery van for $11,000. Paid $4,000 in cash and borrowed the remainder (long-term) from the bank. October 3: Purchased baking supplies for $900 on account. October 5: Paid $1,800 on a one-year insurance policy, effective October 1. October 12: Billed customers $4,800 for baking services. October 18: Paid $1,500 of the amount owed on the van. October 18: Paid $500 of the amount owed on baking services. October 20: Paid $1,700 for employee salaries. October 21: Collected $1,200 from customers billed on October 12. October 25: Billed customers $1,900 for baking services. October 31: Paid gas and oil for the month on the delivery, $500. October 31: Paid an $800 dividend. Adjustments: (a) Earned but unbilled fees at October 31 were $2,500 (b) Depreciation for the month was $500 (c ) One-twelfth of the insurance expired (d) An inventory count showed $300 of cleaning supplies remaining on October 31 (e) Accrued but unpaid employee salaries were $500 Please complete the following tasks: 1. Post the October transactions to the general journal. 2. Post the adjusted transactions to the general journal. Display a separate general journal including the adjusted transactions. 3. Post T accounts to the general ledger. 4. Complete the Unadjusted Trial Balance. 5. Complete the Adjusted Trial Balance. 6. Explain your experience with completing the assignment with journal entries and the Trial Balance.

7. Explain what you have learned from Unit 2? Submit your completed spreadsheet document and your answers to the questions in the Learning Journal submission area.

The Solution:

The assignment is complicated, especially, for the first time, it was a nightmare, and it is the worst learning experience of my life. Honestly, I hated it badly. I have zero accounting experience, reading a textbook is way easier than doing it, I had to ask a friend who explained everything to me. Unit 2 this week consisted of Unit 3 and 4, to be honest, I liked how the accounting subject made me understand some terms I read about in the financial news and stock market-related articles. I have learned about accounting principles and the accounting cycle. I read the units twice until I could memorize the info, moreover, my friend really helped me to understand so many things. I really hope that I get good marks for this assignment, I was really stressed about it....