Accounting Case

Learning Goal: I’m working on a accounting multi-part question and need an explanation and answer to help me learn.

Learning Goal: I’m working on an accounting multi-part question and need an explanation and answer to help me learn.

Below is the finance case, you will prepare a journal, t tables, and the trial balance.

The template has been provided for you.

Please use the appropriate account name from the chart of accounts tab in the template file.

Balance the T-tables and provide explanations where and when you can, if possible.

Please only bid if you are 100% positive with the question and the deadline. Thank you.


Fred Flinstone along with Barney Rubble, runs a Winter Snow Removal company. Wilma Flintstone, is the office manager for Yabba-Dabba-Do Snow Removal. January will be the first official month that Yabba-Dabba-Do Snow Removal Services begins keeping full accounting records. Wilma learns quickly that she doesn’t have the education to maintain the accounting records for Yabba-Dabba-Do Snow Removal Services. Regrettably, Wilma only attended college for one-year, J. Sarge Rock and never registered for financial accounting classes. As a result, she hired the services of a local CPA Firm, Bedrock CPA, Inc. and discovered she will pay a junior associate, $200 per hour to maintain the accounting records.

Below are the transactions for the month of January 2021. Wilma has provided these transactions to Bedrock CPA. You are the junior associate and responsible for journalizing all transactions, posting to the Ledger, creating a Trial Balance Sheet and Financial Statements.

The following beginning balances exist as of January 1, 2021. Note Payable: 159,000; Building: 159,000. Please use the normal balances to determine the debit or credit of the balances.

Transactions for Yabba-Dabba-Do Snow Removal Services

01/1/2021 (1) Fred borrowed $35,000 with 7% interest rate from Bank of Bedrock with a 90 day note payable. Interest will be paid at the end of 90 days. (Hint, Interest will not be recorded until later. Only record the loan of $35,000)

01/1/2021 (2) Paid monthly mortgage of $1000 that includes principal and interest. Principal balance is $159,000 with a 3.75% interest rate.

3) Received cash from first client, Brad Stone-Pitt, as a payment towards an uncompleted job. Mr. Stone-Pitt paid $1,500 for snow removal services for the month of January, February and March.

01/1/2021 (4) Paid rent in 1 year advance for Rent in the amount of $19,020.

01/1/2021 (5) Paid annual Property Insurance bill for $4,000. The property insurance bill is for the period of January 1 2021 – Dec 31 2021.

01/9/2021 (6) Purchased office supplies (staplers, rock tablets, pencils, etc) of $1500 on account.

01/10/2021 (7) Received electric bill for the month of January, $90, that will be paid Feb 15th.

01/15/2021 (8) Purchased snow equipment for $9,000 with a note payable from John Deere Rock. Since Yabba Dabba Do Snow Removal is a new client, Fred was required to put a down payment of 10% and the remainder will be financed over 12 months

01/21/2021 (9) Performed snow removal services for clients, totaling $10,000 plus sales tax of $575. Received $3,000 in payment. Will obtain remainder within 30 days.

01/22/2021 (10) Fred received an inheritance and invested $30,000 of his personal funds into the company in exchange for common stock.

01/30/2021 (11) Paid salaries to employees, 2 friends of Barney’s, for a total of $7000. These salaries were for the periods of 01/01-01/21.

01/30/2021 (12) Paid Bedrock CPA firm for 4.25 hours of service for month of January.

01/30/2021 (13) Received and paid phone and internet bill from Verizon for $95.

  1. Please write the journal entry for each transaction above including a description for THE MONTH OF JANUARY.
  2. Please post journal entries to T-Accounts and label the JE with numbers above.
  3. Balance the T-accounts after the above entries are posted.
  4. Please prepare a Trial Balance FOR THE MONTH OF JANUARY. Please assume that the beginning balance of all accounts were 0.
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