1 CLOSING JOURNAL ENTRIES -ZKTZ Consulting Inc ACCOUNT DEBIT 2 DATE CREDIT 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2 ZKTZ Consulting Inc Income Statement ZKTZ Consulting Inc Balance Sheet 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 ZKTZ Consulting Inc Statement of Retained Earnings 30 31 32 33 Amount The company will riscal year end of December initial formation trans and early purchases ZKTZ Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) 24 25 26 During January, the first month of operations, the following transactions occurred: 27 Date Event 28 2-Jan Paid for 12 months rent on office space 29 5-Jan Purchased office furniture. 30 5-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 31 11-Jan Performed services for various customers for cash and on account. 32 19-Jan Paid salaries to employees for 1 week. 33 20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 34 22-Jan Purchased additional office supplies on account. 35 28-Jan Collected payments for amounts previously billed. 36 29-Jan Paid for utilities. 37 29-Jan Paid the bill for supplies purchased previously. 38 31-Jan Dividends were declared and paid. 39 0.02 interest rate 11500 on account Amount 9,000 8,950 30,000 loan amt 12,500 paid cash 6,560 11,760 5,650 8,950 1,986 10,590 500 40 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount Amount 41 42 43 44 6985 45 4680 46 31-Jan One month of interest has accrued on the note payable for the bank loan. 31-Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan Supplies were counted at month end 31-Jan One month of the prepaid rent has been used up 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31 was a Tuesday 47 295 comp equip 85 off furn 48 49 6,560 weekly 50 51 You are encouraged to get help from the tutors in the Accounting Lab. You can also get help by email. You can email your professor and you can email the accounting lab (accountinglab@wayne.edu). If you email both please do so in the same email. Replies will be a reply all so whoever replies the other will know. You will likely get a faster response if you email Prepare financial statements for the month ending January 31, 2019. (Income Statement, Statement of Retained Earnings, Classified Balance Sheet). Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3 statements. Prepare closing entries for the end of the period Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Financial Statements from the Financial Statements tab to the Financial Statements tab. Highlight the entire worksheet/financial statements area respecively and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. 1 CLOSING JOURNAL ENTRIES -ZKTZ Consulting Inc ACCOUNT DEBIT 2 DATE CREDIT 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2 ZKTZ Consulting Inc Income Statement ZKTZ Consulting Inc Balance Sheet 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 ZKTZ Consulting Inc Statement of Retained Earnings 30 31 32 33 Amount The company will riscal year end of December initial formation trans and early purchases ZKTZ Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) 24 25 26 During January, the first month of operations, the following transactions occurred: 27 Date Event 28 2-Jan Paid for 12 months rent on office space 29 5-Jan Purchased office furniture. 30 5-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 31 11-Jan Performed services for various customers for cash and on account. 32 19-Jan Paid salaries to employees for 1 week. 33 20-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 34 22-Jan Purchased additional office supplies on account. 35 28-Jan Collected payments for amounts previously billed. 36 29-Jan Paid for utilities. 37 29-Jan Paid the bill for supplies purchased previously. 38 31-Jan Dividends were declared and paid. 39 0.02 interest rate 11500 on account Amount 9,000 8,950 30,000 loan amt 12,500 paid cash 6,560 11,760 5,650 8,950 1,986 10,590 500 40 At the end of January, the following additional information is available to help determine what adjustments are needed: Amount Amount 41 42 43 44 6985 45 4680 46 31-Jan One month of interest has accrued on the note payable for the bank loan. 31-Jan Additional work for customers has been performed during the last week of January but not billed yet 31-Jan Supplies were counted at month end 31-Jan One month of the prepaid rent has been used up 31-Jan Depreciation expense needs to be recognized for the computer equipment and for the office furniture 31-Jan One month of the services for Stanley Inc. has been performed (see above). 31-Jan Salaries are paid every Friday (for a 5 day work week). January 31 was a Tuesday 47 295 comp equip 85 off furn 48 49 6,560 weekly 50 51 You are encouraged to get help from the tutors in the Accounting Lab. You can also get help by email. You can email your professor and you can email the accounting lab (accountinglab@wayne.edu). If you email both please do so in the same email. Replies will be a reply all so whoever replies the other will know. You will likely get a faster response if you email Prepare financial statements for the month ending January 31, 2019. (Income Statement, Statement of Retained Earnings, Classified Balance Sheet). Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3 statements. Prepare closing entries for the end of the period Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Financial Statements from the Financial Statements tab to the Financial Statements tab. Highlight the entire worksheet/financial statements area respecively and press the "ctrl" key and the "-"key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed