Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete the following problem in proper form (handwritten. scan in pdf - best way - or in excel or word) and upload in Cavnas -
Complete the following problem in proper form (handwritten. scan in pdf - best way - or in excel or word) and upload in Cavnas - on or before the due date. 1. G. Willickers started a consulting business on Jan 1 of this year Transactions during the first month are as follows. Required: Journalize, post to Taccounts and prepare a trial balance Amount $30,000 3,000 1.800 1-Jan Invests in business 2-jan Pays Jan rent on commercial space Purchases prepaid insurance for three 5-Jan months 9-Jan Purchases supplies on account 10- Receives cash for consulting services Jan rendered to ABC 2,100 1,500 12- Pays salaries of 3.600 Jan 14- Purchases equipment on a note Jan payable 6,000 15- Pays advertising for Jan 900 Jan 20- Renders consulting to XYZ and bills Jan them 9.600 28- Pays on Accts Payable from 1/9 Jan transaction 2,100 30- Jan Pays salaries 3,600 30- Jan Withdraws cash for personal use 2.400 Receives cash from 1/20 transaction 2,100 Jan 31 Amount 2. Prepare adjusting entries and adjusted trial balance for the above problem based on the following: Supplies remaining at month end $420 Two months insurance remains Two months prepaid rent remains Depreciation on new equipment for month 120 3. Prepare a trial balance, an income statement, statement of owners equity and balance sheet for Melania Trump Dating Services (note you must solve for the note payable): (note you must solve for the note payable): Fees Drawing $26,000 $260,000 Cash $78,000 Earned Accts Receivable 104,000 Capital 1/1 117.000 20,800 Supply Expense Insurance Expense Salary Expense 78,000 Supplies 19,500 13,000 Rent Expense 39,000 Miscellaneous 7,800 Expense Equipment 65,000 Note ? Payable Depreciation Accts Payable 23,400 Accum Depreciation 27,600 Equipment Expense 15,600 Salaries Payable 9,360 Expense 10,400 Complete the following problem in proper form (handwritten. scan in pdf - best way - or in excel or word) and upload in Cavnas - on or before the due date. 1. G. Willickers started a consulting business on Jan 1 of this year Transactions during the first month are as follows. Required: Journalize, post to Taccounts and prepare a trial balance Amount $30,000 3,000 1.800 1-Jan Invests in business 2-jan Pays Jan rent on commercial space Purchases prepaid insurance for three 5-Jan months 9-Jan Purchases supplies on account 10- Receives cash for consulting services Jan rendered to ABC 2,100 1,500 12- Pays salaries of 3.600 Jan 14- Purchases equipment on a note Jan payable 6,000 15- Pays advertising for Jan 900 Jan 20- Renders consulting to XYZ and bills Jan them 9.600 28- Pays on Accts Payable from 1/9 Jan transaction 2,100 30- Jan Pays salaries 3,600 30- Jan Withdraws cash for personal use 2.400 Receives cash from 1/20 transaction 2,100 Jan 31 Amount 2. Prepare adjusting entries and adjusted trial balance for the above problem based on the following: Supplies remaining at month end $420 Two months insurance remains Two months prepaid rent remains Depreciation on new equipment for month 120 3. Prepare a trial balance, an income statement, statement of owners equity and balance sheet for Melania Trump Dating Services (note you must solve for the note payable): (note you must solve for the note payable): Fees Drawing $26,000 $260,000 Cash $78,000 Earned Accts Receivable 104,000 Capital 1/1 117.000 20,800 Supply Expense Insurance Expense Salary Expense 78,000 Supplies 19,500 13,000 Rent Expense 39,000 Miscellaneous 7,800 Expense Equipment 65,000 Note ? Payable Depreciation Accts Payable 23,400 Accum Depreciation 27,600 Equipment Expense 15,600 Salaries Payable 9,360 Expense 10,400
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