Aug. $1$

Aug. $3$

Aug. $6$

Aug. $10$

Aug. $13$

Aug. $14$

Aug. $16$

Aug. $17$

Aug. $19$

Aug. $22$

Aug. $28$

Charli issues shares of common stock in exchange for $$70,000$ cash.

Charli purchases grooming equipment for $$45,000$;$$37,500$ was paid immediately with cash, and the remaining $$7,500$ was billed to Charli with payment due in $30$ days. She decided to buy used equipment because she was not sure if she truly wanted to run a grooming business. She assumed that she will replace the used equipment with new equipment within a couple of years.

Charli purchases supplies for $$300$ cash.

Charli provides $$4,000$ in services to a customer who asks to be billed for the services.

Charli pays a $$75$ utility bill with cash.

Charli receives $$3,200$ cash in advance from a customer for services not yet rendered.

Charli distributed $$150$ cash in dividends to stockholders.

Charli receives $$5,200$ cash from a customer for services rendered.

Charli paid $$2,000$ toward the outstanding liability from the August $3$ transaction.

Charli paid $$4,600$ cash in salaries expense to employees.

The customer from the August $10$ transaction pays $$1,500$ cash toward what is owed.

Requirement #$1$

Record the journal entries required for all of the transactions that occurred in August. Make sure they are neat, legible and organized. Make sure to reference each entry by date. Any and all calculations that need to be done to get numbers$/$amounts $($if needed$)$ must be shown in a description below the journal entry.

Requirement #$2$ Post journal entry information to the ledger as represented by T$-$accounts. Any account that has more than one transaction needs to have a final balance calculated. This happens by taking the difference between the debits and credits in an account. Make sure to reference each amount back to the correct J$/$E $($use the date as reference$).$

Requirement #$3$ Prepare an unadjusted trial balance IN GOOD FORM.

On August $31,$ Charli has the following transactions requiring adjustment.

Date

Aug. $31$

Aug. $31$

Aug. $31$

Aug. $31$

Aug. $31$

Transaction

Charli took an inventory of supplies and discovered that $$250$ of supplies remain unused at the end of the month.

The equipment purchased on August $3$ depreciated $$2,500$ during the month of August.

Charli performed $$1,100$ of services during August for the customer from the August $14$ transaction.

Reviewing the company bank statement, Charli discovers $$350$ of interest earned during the month of August that was previously uncollected and unrecorded. As a new customer for the bank, the interest was paid by a bank that offered an above$-$market$-$average interest rate.

Unpaid and previously unrecorded income taxes for the month are $$3,400.$ The tax payment was to cover his federal quarterly estimated income taxes. He lives in a state that does not have an individual income tax

Requirement #$4$ Record the adjusting journal entries required for all of the above transactions. Make sure they are neat, legible and organized. Make sure to reference each entry $($use AJE #$1,$ AJE #$2,$ etc$).$ Any and all calculations that need to be done to get numbers$/$amounts $($if needed$)$ must be shown in a description below the journal entry.

Requirement #$5$ Post adjusting journal entry information to the ledger as represented by T$-$accounts. Continue with the prior T$-$accounts and create any new ones as needed. Make sure to reference each amount back to the correct J$/$E $($use the same scheme as mentioned in Requirement #$4).$

Requirement #$6$ Prepare an adjusted trial balance IN GOOD FORM. Continue with the unadjusted trial balance and simply add $2$ new columns for the adjusted amounts and any new account rows if needed.

Requirement #$7$ Prepare the income statement, statement of retained earnings, and a classified balance sheet with all accounts in the proper classification. Make sure they are all in good form and readable. Remember, you are creating the statements for $3$rd party users, not youself. All statements must be IN GOOD FORM.

Requirement #$8$ Prepare the closing journal entries. Make sure they are neat, legible and organized.

Requirement #$9$ Post closing journal entry information to the ledger as represented by T$-$accounts. Continue with the prior T$-$acco$$nts and create any new ones as needed. Make sure you show final balances in each Taccount.

Requirement #$10$ Prepare a post closing adjusted trial balance IN GOOD FORM. Continue with the prior $2$ trial balances worksheet and simply add $2$ new columns for the post closing amounts.