china trade inc accounting project part 3

The following transactions took place during the month of August as evidenced by the supporting documents in Appendix I: Aug 1 The corporation opened a bank account at the First National Bank with a deposit totaling $10,000. The deposit consisted of a $5,000 investment by Mae Ling and an additional $5,000 by James Madison. In return, the corporation issued 500 shares of common stock to Ling and an equal number to Madison. Aug 2 Paid one month's rent for office space. Aug 3 Purchased a pre-owned 2013 Ford Suburban van for $15,000 from Vans Unlimited: $4,000 in cash, remainder as a loan from the First National Bank in the form of a 12% (interest) note payable in 48 equal monthly installments. Aug 6 Purchased on net 30-day terms and received delivery of art works from Shanghai Export Company: 20 Sculptures for $20,000 Aug 17 Delivered to The Gift Gallery on C.O.D. terms five ivory sculptures for $5,000. (China Trade sales Invoice no. 10001). Received payment in full upon delivery. Aug 18 Delivered to Vanity Faire six Chinese paintings with an invoice for $7,800 with Net 10 terms. (Sales Invoice No. 10002). Aug 28 Miscellaneous expenses were paid. Aug 29 Received payment of $2,000 on account from Vanity Faire. Aug 30 The Board of Directors declared a dividend of $1.00 per share and checks were drawn the same day. Aug 31 Partial payment made to Shanghai Export Co

1. balance sheet as of 08/31

2. income statement(profit & loss this month with ytd column

3. bank deposit detail(this month)

4. bank check detail (this month)

5. a/r aging detail (all dates)

6 ap aging detail all dates