Question
1. Prepare a balance sheet as of 31.12.2019, include subtotals. (find the amount for Cash) Accounts Payable 2,270 Land $ 30,700 Accounts Receivable 3,180 Notes
1. Prepare a balance sheet as of 31.12.2019, include subtotals. (find the amount for Cash) Accounts Payable 2,270 Land $ 30,700 Accounts Receivable 3,180 Notes Payable 38,300 Truck 7,200 Drawings 800 Building 35,800 Furniture & Fixture 3,600 Capital 50,000 Office Supplies 285 Cash 2 Salaries Payable 680 Equipment 5,090 Other Payable 1,100 Patent 1,160 Goods 1,265 2. In June 2019, XYZ Individual Proprietorship organized a corporation to provide services. The company began operations immediately. Transactions during the month of June were as follows: June 1. June 2.. June 4..... June 7....... June 11 June 13..... June 15...... June 18..... June 25.. June 30....... June 30... June 30.... The owner deposited $100,000 cash in the name of the business. Purchased furniture for $10,000. Made a $4,000 cash payment. Paid $2,500 to rent office and storeroom for the month. Purchased office equipment on account, $6,000, due in 30 days. Bought supplies costing $2,100, paying cash. Paid $5,000 to supplier for the purchase made on June 2. Billed customers $2,250 for services rendered during the first half of the month. Paid $1,250 for maintenance and repair services. Collected $1,250 of the amounts billed to customers on June 15. Billed customers $3,450 for services rendered during the second half of the month, and collected $1,000. Received a fuel bill for $250 of fuel purchased during June. This amount is due by July 10. The owner withdrew $2,000 cash from the business for personal use. Based on the foregoing transactions: 1. Record the transactions to related Ledger Accounts 2. Make the Closings 3. Prepare Post-closing Trial Balance 4. Prepare the Balance Sheet
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