Consider the following transactional data for the first month of operations for Thomas and Cyril Corporation. Thomas and Cyril Corporation was engaged in performing cleaning services and also in performing merchandising operation (buying and selling merchandise).

Nov. 1. Stockholders (i.e., owners) contributed $350,000 cash and a truck, with a market value

of $8,000 to Thomas and Cyril Corporation. There was an outstanding note payable in

the amount of $2,000 on the truck and the liability was assumed by Thomas and Cyril

Corporation.

2. The business paid $2,000 to Pleasant Properties for November through February rent.

3. Paid $2,400 for a business insurance policy for the term November 1, 2015 through

October 31, 2016.

4. Purchased merchandise inventory on account from Valencia Company, $9,600. Terms,

3/10, n/EOM, FOB shipping point. Paid freight bill of $120 for the delivery of the

merchandise purchased.

4. Purchased cleaning supplies on account, $270.

5. Purchased on account an industrial vacuum cleaner costing $1,000. The invoice is

payable November 25.

7. Paid $1,200 for a computer and printer.

8. Returned half the inventory purchased on November 4 from Valencia Company.

9. Performed cleaning services on account in the amount of $3,000.

10. Received $100 for services rendered on November 9.

10. Sold merchandise inventory for cash, $1,200. Cost of goods, $700. FOB destination.

Paid freight bill of $40 for the delivery of the goods sold.

11. Sold merchandise inventory to Gilmore Corporation, $10,250. Terms, 1/10, n/EOM.

Cost of goods, $5,500. FOB Shipping point. Gilmore corporation paid freight bill of

$150.

13. Sold merchandise inventory to Callahan Company, $9,900. Terms, 2/15, n/45. Cost of

goods, $5,300. FOB Shipping point. Thomas and Cyril Corporation, the vendor, paid

the freight bill.

14. Paid the amount owed to Valencia Company.

15. Paid employees, $500.

16. Received $3,600 for a 1-year contract beginning November 16 for cleaning services to

be provided. Contract begins November 16, 2015, and ends November 15, 2016.

16. After negotiations, granted a $250 allowance to Gilmore Corporation on the November

11 sale.

17. Received $600 defective inventory as a return from the sale to Callahan Company on

November 13. The cost of the goods returned is $450.

17. Provided cleaning services and received $800 cash.

18. Received a utility bill for $175 with a due date of December 4, 2015.

18. Purchased inventory of $4,100 from Russo Corporation. Payment terms were 2/10,

n/30, FOB destination. Russo Corporation, the vendor, paid the freight bill of $200.

20. Received amount due from Gilmore Corporation.

20. Borrowed $40,000 from bank with interest rate of 9% per year.

21. Received $900 on account for services performed on November 9.

25. Paid $500 on account for vacuum cleaner purchased on November 5.

26. Paid amount owed to Russo Corporation.

28. Received the amount due from Callahan Company.

29. Paid $100 for advertising.

29. Purchased inventory from Suarez Corporation for $12,000, FOB shipping point. Freight

bill of $200 was paid to shipping company by Thomas and Cyril Corporation, the

purchaser.

30. Cash dividends of $600 were paid to stockholders.

Required:

1. Journalize the transactions.

2. Open a T-account for each account in a general ledger.

3. Post the journal entries to the T-accounts that you opened in the general ledger.

4. Prepare a trial balance as of November 30, 2015.

5. Assume there were no additional information that needed adjustments to the accounts and prepare:

(a) Income statement

(b) Retained Earnings Statement

(c) Balance Sheet

(d) Closing entries

(e) Post-closing trial balance

1. Journalize the transactions. 2. Open a T-account for each account in a general ledger. 3. Post the journal entries to the T-accounts that you opened in the general ledger. 4. Prepare a trial balance as of November 30, 2015. 5. Assume there were no additional information that needed adjustments to the accounts and prepare: (a) Income statement (b) Retained Earnings Statement (c) Balance Sheet (d) Closing entries (e) Post-closing trial balance 1. Journalize the transactions. 2. Open a T-account for each account in a general ledger. 3. Post the journal entries to the T-accounts that you opened in the general ledger. 4. Prepare a trial balance as of November 30, 2015. 5. Assume there were no additional information that needed adjustments to the accounts and prepare: (a) Income statement (b) Retained Earnings Statement (c) Balance Sheet (d) Closing entries (e) Post-closing trial balance