Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Cash Below is Speedee Plumbing Corp.'s 12/31/21 Post-Closing Trial Balance Accounts Receivable DR CR 105,400 6,100 Supplies 9.300 Investments 10.500 Equipment 56,600 Building -
Cash Below is Speedee Plumbing Corp.'s 12/31/21 Post-Closing Trial Balance Accounts Receivable DR CR 105,400 6,100 Supplies 9.300 Investments 10.500 Equipment 56,600 Building - Shop 120,000 Accounts Payable 10,100 Note Payable-Bank 210,000 Common Stock Retained Earnings Dividends Service Revenue Rent Expense 25,000 62,800 Fuel Expense Wage Expense Repairs and Maintenance Expense. Supplies Expense Interest Expense Food and Entertainment Totals 307,900 307,900 These are their January 22 transactions 1/5/22 Billed a cusomter $14,400 for plumbing services completed in January 22 1/5/22 Paid $5,200 on the principal of the Note to the bank and $800 in interest 1/6/22 Collected $4,900 from a customer for work completed in 2021 1/6/22 Paid their January rent of $3,600 1/7/22 Purchased new equipment on account for $6,800 1/8/22 Paid $1,300 to repair their delivery vehicle 1/11/22 Collected the full amount for the 1/5 billing 1/12/22 Paid $1,650 for the food and beverages for an employee celebration event 1/13/22 Paid $3,600 on their accounts payable bill 1/17/22 Paid a $3,000 dividend to their sole shareholder 1/19/22 Received $7,700 upon completion from a customer for services provided 1/27/22 Paid $850 for fuel expense 1/30/22 Paid employee wages of $6,200 REQUIRED Prepare Journal Entries for the transactions in general journal form Prepare Income Statement for January 2022 Prepare Statement of Shareholders' Equity for January 2022 Prepare Balance Sheet as of 1/31/22
Step 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