Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1-Jan On January 1, KCI issued stock in exchange for $25000 cash. 2-Jan On January 2, KCI purchased a truck for $14,000, paying $2,000 cash

1-Jan On January 1, KCI issued stock in exchange for $25000 cash. 2-Jan On January 2, KCI purchased a truck for $14,000, paying $2,000 cash down and signing a 5-year, 2% note for the remaining $12,000. 3-Jan On January 3, KCI purchased cleaning supplies for $1000 on account to be used over several months. 5-Jan On January 5, KCI prepaid $2400 for a one-year insurance policy. Coverage began on January 1. 10-Jan On January 10, KCI sent invoices to customers amounting to $3500 for completed cleaning services. 15-Jan On January 15, KCI paid $2800 for employee salaries for work performed in January. 16-Jan On January 16, KCI collected $2625 from customers billed on January 10. 20-Jan On January 20, KCI collected $1,000 in advance from a customer for February cleaning services. 25-Jan On January 25, KCI makes a cash payment on truck note for $500. 31-Jan On January 31, KCI paid a cash dividend of $100.

For the above 10 transactions, Prepare the Monthly Journal Entries and Prepare an Unadjusted Trial Balance???

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson

5th Edition

1408030497, 9781408030493

More Books

Students also viewed these Accounting questions