1. Record the transactions in the general journal
2. Post the transactions to the general ledger
3. Create a trial balance as of 1/31
4. Record the necessary adjusting journal entries at 1/31
5. Post the adjusting journal entries to the general ledger
6. Create an adjusted trial balance as of 1/31
7. Prepare the income statement, retained earnings statement and balance sheet at and for the month of January
8. Answer the questions in the tab labeled financial statement analysis
1. Record the transactions in the general journal
2. Post the transactions to the general ledger
3. Create a trial balance as of 1/31
4. Record the necessary adjusting journal entries at 1/31
5. Post the adjusting journal entries to the general ledger
6. Create an adjusted trial balance as of 1/31
7. Prepare the income statement, retained earnings statement and balance sheet at and for the month of January
8. Answer the questions in the tab labeled financial statement analysis
B2 fy Tom M. contributed $275,000 of personal funds to the business in exchange for shares of com 3 4 5 6 7 B 9 10 11 12 13 15 16 A 1 1-Jan NOVA Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental 2 2-Jan Tom M. contributed $275,000 of personal funds to the business in exchange for shares of common stock 3-Jan NOVA Services signed a contract to provide consulting services worth $300,000 to ABC client. 4-Jan NOVA Services received $175,000 from ABC for work to be performed half in January and half in February. 5-Jan NOVA Services bought $1150 of office supplies on account 6-Jan NOVA Services bought $60,000 of office equipment using cash 7-Jan NOVA Services hired 2 consultants 8-Jan NOVA Services purchased a 24 month insurance contract for $24,000 9-Jan NOVA Services paid $3050 cash for rental of office space for January 10-Jan NOVA Services paid $1000 on account for advertising during January 11-Jan NOVA Services was paid $30,750 from Fed Corp to perform services during January 12-Jan NOVA Services purchased $950 of supplies using cash NOVA Services signed a contract to provide consulting services for $150,000 to DMV client. Services to be provided equally over the next 12 13-Jan months the work will begin in January. Client will be billed at end of each month. 14 14-Jan NOVA Services pays employees $2,100 in salaries 15-Jan NOVA Services borrowed $480,000 on a 4% note payable. 16-Jan NOVA Services purchased Land for $400,000 cash with plans to build an office building within the next year. 17 17-Jan NOVA Services paid $1500 cash for repairs and maintenace to equipment 20-Jan NOVA Services loans $24,000 to G Corp on a 5% (interest) note receivable 21-Jan NOVA Services pays employees $2,100 in salaries 22-Jan NOVA Services gets paid $12,000 for services performed to Vector Corp 23-Jan NOVA Services purchases $100,000 in stock investments 24-Jan NOVA Services gets a $1375 bill for utilities used in January 25-Jan NOVA Services pays $3,050 in office rent for month of February 26-Jan NOVA Services pays $15,000 in dividends 25 27-Jan NOVA Services pays $3900 cash to attend an event to promote business at a convention in January 28-Jan NOVA Services pays $1590 cash for taxes 29-Jan NOVA Services pays employees $2,100 in salaries 30-lan NOVA Services paid for $300 office supplies previously purchased on account 31-Jan NOVA Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. 30 January Month End Adjustments 31 31-Jan NOVA Services calculated $750 in depreciation 31 Jan NOVA Services owes January interest on the loan 31-Jan NOVA Services counted $600 in remaining supplies (on hand supplies) 31-Jan NOVA Services owes employees $1,300 in salaries for work performed in January Are there any other accounts that need adjusting?!! 18 19 20 21 22 23 24 26 27 28 29 32 33 34 35 20 ME insen Draw Page Layout Formulas Data Review View Help ut Calibri 11 opy 32 ' a.A- 25. Wrap Text all M General Ormat Painter BIU- v Merge & Center $ %8-98 ard Font Conditional Forma Formatting Table Styles 2 Alignment Number > B DE G 1 How do you feel this company performed in its first month? Support your reasons. H K L M N 2 Provide 3 financial statement ratios based on the information provided in the financial statements to support your conclusion in part 1. You can 3 Provide 4 recommendations for the owner to ensure the business becomes more profitable and an eventual success? 4. Provide 2 areas the company should be cautious of moving forward - in other words, what could derail the company from meeting its objectives? Paste BIU. A H Merge & Center 98- Formatting T Format Painter Clipboard 6 Fort Alignment Number Sty A19 . E B Debit C Credit D Balance G Debit H Credit Account Balance Debit Credit Balance Account Debit Credit Balance Debit Credit Balance Account Debit Credit Balance Debit Credit Balance 1 Account 2 3 4 5 Account 6 7 8 9 Account 10 11 12 13 Account 14 75 16 17 Account 18 19 20 21 22 Account 22 24 25 26 Account 27 28 Account Debit Credit Balance Debit Credit Balance Debit Credit Balance SNR SOSRO Debit Credit Balance Transactions Journal Entries Ledger Balances Heady Trial Balance Adjusting Entries Adjusted Ledger Balances + Adjusted Trial Balance Type here to search S su C 1 -2 3 -4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 1-Jan NOVA Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental 2-Jan Tom M. contributed $275,000 of personal funds to the business in exchange for shares of common stock 3-Jan NOVA Services signed a contract to provide consulting services worth $300,000 to ABC client. 4-Jan NOVA Services received $175,000 from ABC for work to be performed half in January and half in February S.Jan NOVA Services bought $1150 of office supplies on account 6-Jan NOVA Services bought $60,000 of office equipment using cash 7-Jan NOVA Services hired 2 consultants 8-Jan NOVA Services purchased a 24 month insurance contract for $24,000 9-Jan NOVA Services paid $3050 cash for rental of office space for January 10-Jan NOVA Services paid $1000 on account for advertising during January 11-Jan NOVA Services was paid $30,750 from Fed Corp to perform services during January 12-Jan NOVA Services purchased $950 of supplies using cash NOVA Services signed a contract to provide consulting services for $150,000 to DMV client. Services to be provided equally over the next 12 13-Jan months the work will begin in January. Client will be billed at end of each month. 14-Jan NOVA Services pays employees $2.100 in salaries 15-Jan NOVA Services borrowed 5480,000 on a 4% note payable. 16-Jan NOVA Services purchased Land for $400,000 cash with plans to build an office building within the next year. 17 Jan NOVA Services paid $1500 cash for repairs and maintenace to equipment 20-Jan NOVA Services loans $24,000 to G Corp on a 5% (interest) note receivable 21-Jan NOVA Services pays employees $2,100 in salaries 22-Jan NOVA Services gets paid $12,000 for services performed to Vector Corp 23-Jan NOVA Services purchases $100,000 in stock investments 24-Jan NOVA Services gets a $1375 bill for utilities used in January 25-Jan NOVA Services pays $3,050 in office rent for month of February 26-Jan NOVA Services pays $15,000 in dividends 27-Jan NOVA Services pays $3900 cash to attend an event to promote business at a convention in January 28-Jan NOVA Services pays $1590 cash for taxes 29-Jan NOVA Services pays employees $2,100 in s n salaries 30-Jan NOVA Services paid for $300 office supplies previously purchased on account 31-Jan NOVA Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. 30 January Month End Adjustments 31-Jan NOVA Services calculated $750 in depreciation 31-Jan NOVA Services owes January interest on the loan 31-Jan NOVA Services counted $600 in remaining supplies (on hand supplies) 31-Jan NOVA Services owes employees $1,300 in salaries for work performed in January 31 32 33 34 Income Statement Retained Earnings Statement Balance Sheet 1 How do you feel this company performed in its first month? Support your reasons. 2 Provide 3 financial statement ratios based on the information provided in the financial statements to support your conclusion in part 1. Y 3 Provide 4 recommendations for the owner to ensure the business becomes more profitable and an eventual success? 4 Provide 2 areas the company should be cautious of moving forward - in other words, what could derail the company from meeting its objectives? Account Debit Credit Account Debat Credit Balance Account Debit Credit Balance Account DEN Credit Balance Debat Credit Balance Account Debit Credit Balance Account Account Debit Credit Balance Debit Cred Balance Account De Credit Balance Act Account Delit Credit Debit Credit Balance Account De Credih Balance Account Account Del Credit Balarve Debit Credi Balance Account Debat Cred Balance Account Debi Credit Balance Account Account Debi Credit Balance Debit Credi Balance I Account
