Alpha Tech began operations on January 1, Year 1. Below are the transactions for the first year:
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Question:
Alpha Tech began operations on January 1, Year 1. Below are the transactions for the first year:
Transaction # | Date | Transaction Description | Amount |
1 | Jan 1, Y1 | Issued common stock for cash | $90,000 |
2 | Jan 15, Y1 | Purchased software licenses on account | $20,000 |
3 | Feb 1, Y1 | Paid cash for employee salaries | $25,000 |
4 | Mar 5, Y1 | Paid cash for office rent | $10,000 |
5 | Apr 10, Y1 | Provided tech support services on account | $35,000 |
6 | May 20, Y1 | Collected cash from customers | $30,000 |
7 | Aug 1, Y1 | Paid cash for marketing | $5,000 |
8 | Dec 31, Y1 | Declared and paid cash dividends | $6,000 |
Required:
- Prepare the journal entries for each transaction.
- Prepare the year-end adjusting entries.
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
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