Accounting Cycle

Instructions: 1. Prepare a General Ledger 2. Journalize each transaction in a Journal 3.Post the journal entries to a ledger accounts 4. Prepare Unadjusted Trial Balance on January 31,2021 Skinny Enterprise has operated a business for the past two years from his home. In January 2020, she decided to move to a lease office space. Skinny registered the business as a corporation according to Delaware laws in January 2020. Skinny Enterprise Corporation received authorization to issue 1,500,000 common shares with $1.4 par value During January 2020, the business entered the following transactions: 2]The following assets received from Skinny Enterprise in exchange for 175,000 common shares: Cash, $156,000; Accounts Receivable, $75,000; Office Supplies, 8,280; Prepaid Insurance $36,000 for 24 month) and Building, $200,000. There were no liabilities assumed. 2)Borrowed $125.000 from Banco Popular with 8% of interest 3)Paid THREE year of rent on a lease rental contract, $36,000 (recorded as Prepaid) 3)Purchased office equipment on account for $28,000 4)Purchase a Building with a market value of $160,000 in exchange of 47,890 company shares. 4)Paid the premiums on property and casualty Insurance policies, $9,000 for 18 MONTHS (recorded asPrepaid) 5) Received cash from clients as an advance payment for services to provided and recorded it as unearned fees, $34.000 6)invests cash not needed for operations in trading shares at 5%, $180,000 7) Received cash from clients on account, $43,000 10)Paid cash for a newspaper advertisement for TWO years, $2,400 (recorded as Prepaid) 11) Paid part of debt incurred on January 3, $7,000. 12)Recorded services provided on account for the period January 1-15, $48,000. 13)Recorded cash from cash clients for fees earned during January 1-15. $55.000. 15)Skinny declared cash dividends of $.30 for outstanding shares to be paid on January 31, 17 Paid telephone, cable, and internet bills for January $1,825 18)ssue 18,000 new shares for a market value of $2.00 19)Paid cash for supplies, $5,700. 21) Received cash from clients on account, $38,000 22)Received $1,575 from a leased space 25)Paid electricity bill for January, S1,340. 26)Obtain the investor list for dividend payment on January 31 27)Paid part of debt incurred on January 3, $7,000. 30)Paid monthly office salary, $16,000, sales salaries for $24,000; and $8,000 to Skinny as General Manager of Skinny Enterprise Corporation. Deductions for FICA 6.2% and Medicare Tax 1.45%, federal income tax withheld 20%. Voluntary deductions are: United Funds $200 and Red Cross $500. 30) Recorded employer payroll taxes expense for FICA 6.2% and Medicare Tax 1.45%, 5.4% for state unemployment (SUTA tax) and .8% for federal unemployment (FUTA tax). 29) Recorded cash from cash clients for fees earned during January 16-30, $54,880 30)Recorded services provided on account for the remainder of January 16-30, $46,000. 31)Skinny paid cash dividends declared on January Instructions: 1. Prepare a General Ledger 2. Journalize each transaction in a Journal 3.Post the journal entries to a ledger accounts 4. Prepare Unadjusted Trial Balance on January 31,2021 Skinny Enterprise has operated a business for the past two years from his home. In January 2020, she decided to move to a lease office space. Skinny registered the business as a corporation according to Delaware laws in January 2020. Skinny Enterprise Corporation received authorization to issue 1,500,000 common shares with $1.4 par value During January 2020, the business entered the following transactions: 2]The following assets received from Skinny Enterprise in exchange for 175,000 common shares: Cash, $156,000; Accounts Receivable, $75,000; Office Supplies, 8,280; Prepaid Insurance $36,000 for 24 month) and Building, $200,000. There were no liabilities assumed. 2)Borrowed $125.000 from Banco Popular with 8% of interest 3)Paid THREE year of rent on a lease rental contract, $36,000 (recorded as Prepaid) 3)Purchased office equipment on account for $28,000 4)Purchase a Building with a market value of $160,000 in exchange of 47,890 company shares. 4)Paid the premiums on property and casualty Insurance policies, $9,000 for 18 MONTHS (recorded asPrepaid) 5) Received cash from clients as an advance payment for services to provided and recorded it as unearned fees, $34.000 6)invests cash not needed for operations in trading shares at 5%, $180,000 7) Received cash from clients on account, $43,000 10)Paid cash for a newspaper advertisement for TWO years, $2,400 (recorded as Prepaid) 11) Paid part of debt incurred on January 3, $7,000. 12)Recorded services provided on account for the period January 1-15, $48,000. 13)Recorded cash from cash clients for fees earned during January 1-15. $55.000. 15)Skinny declared cash dividends of $.30 for outstanding shares to be paid on January 31, 17 Paid telephone, cable, and internet bills for January $1,825 18)ssue 18,000 new shares for a market value of $2.00 19)Paid cash for supplies, $5,700. 21) Received cash from clients on account, $38,000 22)Received $1,575 from a leased space 25)Paid electricity bill for January, S1,340. 26)Obtain the investor list for dividend payment on January 31 27)Paid part of debt incurred on January 3, $7,000. 30)Paid monthly office salary, $16,000, sales salaries for $24,000; and $8,000 to Skinny as General Manager of Skinny Enterprise Corporation. Deductions for FICA 6.2% and Medicare Tax 1.45%, federal income tax withheld 20%. Voluntary deductions are: United Funds $200 and Red Cross $500. 30) Recorded employer payroll taxes expense for FICA 6.2% and Medicare Tax 1.45%, 5.4% for state unemployment (SUTA tax) and .8% for federal unemployment (FUTA tax). 29) Recorded cash from cash clients for fees earned during January 16-30, $54,880 30)Recorded services provided on account for the remainder of January 16-30, $46,000. 31)Skinny paid cash dividends declared on January