ACCT203 Accounting is Fun Project Summer 2019 Prepare the journal entries, T-accounts, unadjusted trial balance, adjusted trial balance, and financial statements. Include the multiple Step Income Statement, Statement of Retained Earnings or Stockholders Equity, and Classified Balance Sheet. Handwritten, proper form, neat, and on your own USE LINED PAPER and PLACE IN HOMEWORK FOLDER This is the first month of operations for CTCL Sustainers Inc July Dates CTCL issued 100,000 of its 500,000 authorized $1 Par Common Stock for $12 per share. CTCL prepaid twelve months rent with cash totaling $96,000. 1 1 CTCL bought equipment for $150,000 by issuing a note payable. The interest rate was 6% payable the first of each month beginning August 1-. The equipment had a 7-year life and a $3,000 salvage value The company paid cash for an advertisement for the grand opening totaling $80,000. 2 Company purchased $45,000 of office supplies on account with cash 3 CTCL purchased inventory of $250,000 on credit with terms 3/15, n/45. The company records purchase at net amounts 8 15 CTCL had sales on account of $485,000. The company charged customers 9.75% for sales tax The cost of the goods sold was $194,000 20 The company reacquired 18,000 of its own shares at $22 per share with cash. 31 The company paid office salaries expense of $110,000 and sales commissions expense of $35,000. Federal Income Tax withheld was $29,000. Other information related to payroll and payroll tax expense. The company recorded salaries expense and payroll tax expense. Social security taxes @6.2% of gross pay Medicare taxes @145% of gross pay Federal Unemployment of 5.4% on $36,000 of qualifying gross pay Retirement contributions were withheld from employees' paycheck totaling $7,250. These amounts were employee contributions Adjusting Entries at month end. The company made adjusting entries for Supplies used. A count revealed only $3,000 of supplies was on hand of the total purchased Rent expense for the month Depreciation expense for the month Interest accrued for the month that is payable August 1- ACCT203 Accounting is Fun Project Summer 2019 Prepare the journal entries, T-accounts, unadjusted trial balance, adjusted trial balance, and financial statements. Include the multiple Step Income Statement, Statement of Retained Earnings or Stockholders Equity, and Classified Balance Sheet. Handwritten, proper form, neat, and on your own USE LINED PAPER and PLACE IN HOMEWORK FOLDER This is the first month of operations for CTCL Sustainers Inc July Dates CTCL issued 100,000 of its 500,000 authorized $1 Par Common Stock for $12 per share. CTCL prepaid twelve months rent with cash totaling $96,000. 1 1 CTCL bought equipment for $150,000 by issuing a note payable. The interest rate was 6% payable the first of each month beginning August 1-. The equipment had a 7-year life and a $3,000 salvage value The company paid cash for an advertisement for the grand opening totaling $80,000. 2 Company purchased $45,000 of office supplies on account with cash 3 CTCL purchased inventory of $250,000 on credit with terms 3/15, n/45. The company records purchase at net amounts 8 15 CTCL had sales on account of $485,000. The company charged customers 9.75% for sales tax The cost of the goods sold was $194,000 20 The company reacquired 18,000 of its own shares at $22 per share with cash. 31 The company paid office salaries expense of $110,000 and sales commissions expense of $35,000. Federal Income Tax withheld was $29,000. Other information related to payroll and payroll tax expense. The company recorded salaries expense and payroll tax expense. Social security taxes @6.2% of gross pay Medicare taxes @145% of gross pay Federal Unemployment of 5.4% on $36,000 of qualifying gross pay Retirement contributions were withheld from employees' paycheck totaling $7,250. These amounts were employee contributions Adjusting Entries at month end. The company made adjusting entries for Supplies used. A count revealed only $3,000 of supplies was on hand of the total purchased Rent expense for the month Depreciation expense for the month Interest accrued for the month that is payable August 1