Question
ABC Services, Inc. is the company you started on December 1, 2019. The following transactions occurred during the month of December 2019: 1 . The
ABC Services, Inc. is the company you started on December 1, 2019. The following transactions occurred during the month of December 2019:
1 . The business was started with a $10,000 capital investment from the owner and sole shareholder on December l, 2019. Additional business funding of $10,000 was obtained from a bank 'loan the same day. (90 day note) 2. Rent of $6,000 for the first 3 months was required which included rent of $2,000 for the month of December 2019A check of $6,000 was paid on December 2nd. 3. Equipment for $5,000 was purchased on account on December 5th. 4. Services were performed on December 10th for $10,000 and invoiced to the client on the same day. 5. Supplies of $1 ,000 were purchased on account on December 15th . 6. Salary for the office assistant of $2,500 was paid on December 15th. The office assistant earns a salary of $5,000/month. The next payroll date is January 2nd 2020. 7. A client paid you $2,500 on December 20th for your services to be performed in 2020. 8. An insurance policy payment of $2,400 was made on December 30th for a policy period December l , 2019 to December I , 2020. Journalize the above transactions in proper journal entry form (excluding explanations) (16 Points) You assembled the following data in January 2020 possibly related to transactions in December 2019: l . A utility invoice dated January 4, 2020 for $600 was received for electricity December l , 2019 to Decetnber 31, 2019. 2. Depreciation for the equipment for the month was $100. 3. Supplies existing at December 31, 2019 totaled $400, 4. Interest on the bank loan for the month was $150, no payment has been made. 5. An adjusting entry may be required for the insurance policy. 6. An adjusting entry may be required for salaries.
Journalize the above adjustments in proper journal entry form (excluding explanations) Prepare the closing entries for December 3 1, 2019 in proper journal entry form
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Only need this section and below answered? 1-3 only
1.) Prepare a post-closing trial balance at December 31, 2019? 2.) Use T-Accounts representing the general ledger to determine the account balances ?
3.) Prepare the three basic financial statements in proper format at and for the month ended December ?
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