12 1 The Shark Corp Received $240,000 from SJ Sharkie in exchange for 5,000 shares of Common Stock 12 2 The Shark Corp Borrowed $50,000 from Wells Fargo Bank and signed a Note 12 3 The Shark Corp purchased Office Furniture for $120,000(5 year life), on account from IKEA 12 4 The Shark Corp purchased Computer Equipment for $60,000(5 year life), on account from Office Depot 12 5 The Shark Corp paid $18,000 with Check 101 for Corporate Insurance for the next 12 months (Dec Nov) 12 10 The Shark Corp paid $15,000 with Check 102 for December Rent 12 11 The Shark Corp provided a mascot Seminar for the NIKE Corp and Billed Nike $110,000 on account 12 15 The Shark Corp received the December Utility Bill from PGE in the amount of $5,000 to be paid in Jan 12 16 The Shark Corp received the December Telephone Bill from SBC for $7,000 to be paid Later 12 17 The Shark Corp received a $70,000 Check from Nike Corp on account for services previously provided 12 20 The Shark Corp paid $20,000 with check 103 to Marks Marketing for Professional Fees Expense 12 25 The Shark Corp paid $44,000 with Check 104 for December Salary expenses 12 27 The Shark Corp received a $25,000 Check from Buick Corp for services to be provided in January 12 28 The Shark Corp Paid $120,000 with Check 105 to IKEA Corp for the Office Furniture purchased above 12 29 The Shark Corp Paid $7,000 with Check 106 to SBC on account for the Telephone Bill 12 30 The Shark Corp Paid $12,000 with Check 107 to Mr SJ Sharkie for Dividends to the owner 12 30 The Shark Corp paid $3,000 with check 108 to WF Bank on the note, $1,000 was for Interest Expense 12 31 The Shark Corp recorded one Month of Insurance expense from the Prepaid Insurance account 12 31 The Shark Corp recorded one Month of Depreciation Expense on the Furniture and the Computer Equip 12 31 The Shark Corp recorded Income Tax Payable and Income Tax Expense for December, which is 40 of Net Income (Taxes to be discussed in class) Make an adjusted trial balance and consolidated balance sheet

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12-1 The Shark Corp Received $240,000 from SJ Sharkie in exchange for 5,000 shares of Common Stock. 12-2 The Shark Corp Borrowed $50,000 from Wells

12-1 The Shark Corp Received $240,000 from SJ Sharkie in exchange for 5,000 shares of Common Stock.
12-2 The Shark Corp Borrowed $50,000 from Wells Fargo Bank and signed a Note.
12-3 The Shark Corp purchased Office Furniture for $120,000(5 year life), on account from IKEA..
12-4 The Shark Corp purchased Computer Equipment for $60,000(5 year life), on account from Office Depot
12-5 The Shark Corp paid $18,000 with Check#101 for Corporate Insurance for the next 12 months.(Dec-Nov)
12-10 The Shark Corp paid $15,000 with Check#102 for December Rent.
12-11 The Shark Corp provided a mascot Seminar for the NIKE Corp and Billed Nike $110,000 on account.
12-15 The Shark Corp received the December Utility Bill from PGE in the amount of $5,000 to be paid in Jan.
12-16 The Shark Corp received the December Telephone Bill from SBC for $7,000 to be paid Later.
12-17 The Shark Corp received a $70,000 Check from Nike Corp on account for services previously provided.
12-20 The Shark Corp paid $20,000 with check #103 to Marks Marketing for Professional Fees Expense.
12-25 The Shark Corp paid $44,000 with Check #104 for December Salary expenses.
12-27 The Shark Corp received a $25,000 Check from Buick Corp for services to be provided in January.
12-28 The Shark Corp Paid $120,000 with Check#105 to IKEA Corp for the Office Furniture purchased above.
12-29 The Shark Corp Paid $7,000 with Check #106 to SBC on account for the Telephone Bill.
12-30 The Shark Corp Paid $12,000 with Check#107 to Mr. SJ Sharkie for Dividends to the owner.
12-30 The Shark Corp paid $3,000 with check #108 to WF Bank on the note, $1,000 was for Interest Expense.
12-31 The Shark Corp recorded one Month of Insurance expense from the Prepaid Insurance account.
12-31 The Shark Corp recorded one Month of Depreciation Expense on the Furniture and the Computer Equip.
12-31 The Shark Corp recorded Income Tax Payable and Income Tax Expense for December, which is 40% of Net Income.(Taxes to be discussed in class)