1. Listed below are the transactions that occurred in September 2006.

9/1 The company issued 500 shares of capital stock at $10 per share.

9/2 Jackson Corporation borrowed $10,000 from the bank signing a 3-month note at 12% annual interest.

9/3 $3,000 supplies were purchased on account.

9/4 Office furniture was purchased for $6,000 cash. The furniture is expected to have a ten-year life, with no residual value.

9/15 Wages for the first half of September were paid, $2,000.

9/17 The company billed customers $1,500 for services performed.

9/20 $3,000 was received for services to be provided in September and October.

9/23 $5,000 cash was received for services performed in September.

9/27 The company collected $1,000 on account.

9/30 Declared and paid dividends, $1,000.

4. Record in general journal form any adjusting entries needed at the end of September and post the entries to the ledger. Additional information available at the end of SEptember includes:

k. $2,000 of supplies remains on hand.

l. Fees earned but not yet billed total $3,000.

m. By the end of September, the company had performed one-third of the services related to the 9/20 transaction.

n. At the end of September, employees were owed $2,000.

o. Hint: There are two more adjusting entries required ( 9/2 and 9/4)

7. Prepare financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) for Jackson Corporation.