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Bear Tactics began business on January 1 , 2 0 2 4 . During January, the following transactions occurred: Jan. 1 Issued common stock in
Bear Tactics began business on January During January, the following transactions occurred:
Jan. Issued common stock in exchange for $ cash.
Purchased inventory on account for $the perpetual inventory system is used
Paid an insurance company $ for a oneyear insurance policy.
Borrowed $ from a local bank and signed a one year note. Principal and interest at is to be repaid monthly..
Sold merchandise on account for $ The cost of the merchandise was $
Paid employees $ salaries and wages for the first half of the month.
Sold merchandise for $ cash. The cost of the merchandise was $
Paid $ to suppliers for the merchandise purchased on January
Collected $ on account from customers.
Paid $ to the local utility company for January gas and electricity.
Paid $ rent for the building. $ was for January rent, and $ for February rent.
Required:
Prepare general journal entries to record each transaction.
Post the transactions into the appropriate Taccounts reference the journal entries and create this on a new tab in the workbook
Prepare adjusting entries interest accrued and insurance expensed.
Build an amortization table for the loan initiated on January
Prepare an unadjusted trial balance as of January reference the Taccounts general ledger and create this on a new tab in the workbook.
Prepare an income statement for January reference the unadjusted trial balance.
Prepare a balance sheet as of January reference the unadjusted trial balance.
Prepare a cash flow statement reference the necessary worksheets.
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