B28 B A L K C G D E F H 1 Thunder Inc 2 3 4 5 6 7 Required: 1) Prepare "during the period" journal entries 2) Post journal entries to accounts 3) Prepare an Unadjusted Trial Balance 4) Record adjusting journal entries 5) Prepare an Adjusted Trial Balance 6) Record closing journal entries 7) Prepare a Post-Closing Trial Balance 8) Prepare all financial statements 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 January Transactions: a) Issued $150,000 of common stock b) Borrowed $65,000 from the Southern Utah Bank at 10% interest (payable annually) due in 5 years c) Purchased equipment for $33,000 cash expected to last 10 years with a salvage value of $5,000 d) Purchased supplies for $5,000 cash expected to last 1 year e) Paid rent for the next 6 months in advance for $44,000 f) Rented office equipment for the year for $15,000 (due at end of the year) g) Purchased merchandise from Joe's Supply for $53,000 on account h) Hired an employee for $45,000/year i) Hired an employee for $9.00/hour i) Sold merchandise costing $35,000 for $45,000. $20,000 was cash sales k) Pre-sold merchandise costing $4,000 for $7,500 that will be shipped next month 1) Made payment of $22,000 to Joe's Supply m) Collected $8,000 of receivables n) Used $450 of supplies 27 28 29 30 Additional Info: Hourly employee worked 40 hours/week for 4 weeks All wages/salaries won't be paid until the end of the first week of February 31 Journal Entries Accounts Trial Balances Income Statement Balance Sheet Stockholder's Equity Cash F * Accessibility: Investigate BIOA. INI Merge & Center - $ - % 8-98 LLCopy Paste Format Painter Clipboard Conditional Formatas Formatting Table Font Alignment Number M11 fo B D E F G H K 1 Trial Balances 2 3 Unadjusted TB Debit Credit Adjusted TB Debit Credit Post-Close TB Debit Credit 4 Account Title Cash Common Stock 5 6 7 8 9 10 11 12 13 14 15. Clipboard Font Alignment G11 B D E F Income Statement for Month Ended January 31st 4 REVENUE 5 6 EXPENSES 7 8 9 10 11 12 13 14 Net Income 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 F29 B C D E 1 2 3 4 Balance Sheet as of January 31st 5 ASSETS 6 Current 7 8 9 10 11 Long term Total Assets 12 13 14 15 16 17 18 19 20 21 22 23 24 LIABILITIES Current Long term 5 26 Total Liabilities 27 28 EQUITY Total Equity Total Liabilities and Equity 5 - 11 - A A Jul Calibri General X cut s Copy Format Painter 2 Wrap Text Merge & Center Paste BIU a-A- $ % Clipboard Font Alignment Number D18 fo A B D E F G 1 2 Statement of Shareholders' Equity for the Month of January 3 Common Stock Retained Earnings Total Shareholders' Equity 4 5 6 7 O 00 Balance at January 1 Issue of common stock Net Income for January Less: Dividends 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 X Cut Calibri General In Copy - 11 AA === = - 2 Wrap Text BIU - B.-A. EEEEE Merge & Center Paste $ -% 9 Format Painter Clipboard Font 22 Alignment Number 33 > A B C D E F G H Statement of Cash Flows for the Month of January Cash Flows from Operating Activities Cash inflows: Cash outflows: Net cash flows from operating Cash Flows from Investing Activities 2 Cash Flows from Financing Activities Net cash flows from financing Net increase (decrease) in cash 4 5 5
