3) Prepare the Accounting Journal, record all Accounting Entries based on the Transactions Below into the Journal using the proper Journal Format. (Include explanations and also calculations where needed) 4) Prepare the General Ledger/T-Accounts, post all transactions from the Journal into the GL Accounts. . Use the Accounting Transaction Reference Numbers from Below to identify amounts in your T-Accounts. 5) Prepare the Adjusted Trial Balance with Debits and Credits and Totals 6. Prepare the Income Statement for the Month ended 12-31. 7) Prepare the Retained Earnings Statement for the Month ended 12-31 8) Prepare the Classified Balance Sheet as of 12-31 BUSINESS TRANSACTIONS for the Month of December. 112-1 The Shark Corp Received $250,000 from SJ Sharkie in exchange for 5,000 shares of Common Stock. 212-2 The Shark Corp Borrowed $50,000 from Wells Fargo Bank and signed a Note. 3) 12-3 The Shark Corp purchased Office Furniture for $120,000(5 year life), on account from IKEA.. 4, 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) 6, 12-10 The Shark Corp paid $20,000 with Check#102 for December Rent > 12-11 The Shark Corp provided a mascot Seminar for the NIKE Corp and Billed Nike $120,000 on account. 12-15 The Shark Corp received the December Utility Bill from PGE in the amount of $7,000 to be paid in Jan. 12-16 The Shark Corp received the December Telephone Bill from SBC for $4,000 to be paid Later. 1912-17 The Shark Corp received a $70,000 Check from Nike Corp on account for services previously provided. In 12-20 The Shark Corp paid $12,000 with check #103 to Mark's Marketing for Professional Fees Expense. 12 12-25 The Shark Corp paid $45,000 with Check #104 for December Salary expenses. 13, 12-27 The Shark Corp received a $25,000 Check from Buick Corp for services to be provided in January 1912-28 The Shark Corp Paid $100,000 with Check#105 to IKEA Corp for the Office Furniture purchased above. 19, 12-29 The Shark Corp Paid $4,000 with Check #106 to SBC on account for the Telephone Bill. 16. 12-30 The Shark Corp Paid $11,000 with Check#107 to Mr. SJ Sharkie for Dividends to the owner. 19 12-30 The Shark Corp paid $3,000 with check #108 to WF Bank on the note, $1,000 was for Interest Expense. 19 12-31 The Shark Corp recorded one month of Insurance expense from the Prepaid Insurance account. 19 12-31 The Shark Corp recorded one month of Depreciation Expense on the Furniture and the Computer Equip. 20) 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)
