Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you please help me with the following attached file? ACCOUNTING MID TERM John's House Painting Company has the following transactions for the year 1.
Can you please help me with the following attached file?
ACCOUNTING MID TERM John's House Painting Company has the following transactions for the year 1. December 1 - Issued capital stock for $100,000 to start a house painting business. 2. December 1 - Paid one year insurance premium costing $4,800. 3. December 1 - Paid gas expense $200. 4. December 1 - Purchased equipment costing $4,800 on credit. 5. December 12 - Purchased supplies costing $800 on credit. 6. December 18 - Painted three houses totaling $12,000 and billed customers. 7. December 23 - Painted three rooms and billed customers $500. 8. December 28 - Received $2,000 for houses painted in #6. 9. December 31 - Paid for equipment purchased in #4. 10. December 31 - Received $1,000 for a job to paint a house in January next year. 11. December 31 - Paid a $1,000 dividend. Required: 1. Prepare journal entries for the above transactions. 2. Post the above transactions to T Accounts. 3. Prepare a Trial Balance. 4. Prepare adjusting entries in journal format and post to T Accounts. Supplies on Hand December 31 was $400. The Equipment is to be depreciated over 48 months starting with December. (HINT; Record one month depreciation expense). Wages owed but not paid on December 31 was $200. One month of insurance has expired. 5. Prepare an Adjusted Trial Balance. 6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet. 7. Prepare closing entries in journal format and post to the T Accounts. 8. Prepare a Post-Closing Trial BalanceStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started