Question
Date Transaction a. 1-Jul Purchased $100,000 of additional machinery with cash. b. 24-Jul Issued a secondary offering: Sold an additional 10,000 shares of common, $20
| Date | Transaction |
a. | 1-Jul | Purchased $100,000 of additional machinery with cash. |
b. | 24-Jul | Issued a secondary offering: Sold an additional 10,000 shares of common, $20 par, stock for $25 per share. |
c. | 15-Aug | Paid $5,000 cash for electrical maintenance |
d. | 16-Sep | Received $24,000 cash in unearned revenue that will be completed in 3 bi-monthly installments. |
e. | 1-Oct | Prepaid $1,200 in future equipment maintenance that will occur in 6-monthly installments. |
f. | 1-Oct | Borrows $100,000 at 6% annual rate. |
h. | 1-Nov | Incurs $200 of equipment maintance for the month. |
i. | 16-Nov | Earns $8,000 in revenues. Completes $8,000 of services owed to customers who prepaid on 16 Sep. |
j. | 1-Dec | Incurs $200 of euipment maintance for the month. |
k. | 15-Dec | Declared and paid $85,000 in dividends declared on 30 Oct. |
l. | 31-Dec | Paid entire loan balance from 1 Oct. |
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End of year adjustments: |
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m. | 31-Dec | Supplies balance is $4,000 (these are supplies needed for operations, not for the production of a good). |
n. | 31-Dec | Wages earned, but not yet paid, $30,000 |
o. | 31-Dec | Federal Corporate Income Tax Expense, $50,000 |
p | 31-Dec | Depreciation that has occurred on depreciable assets (land, equipment, machinery and other assets) is $40,000 |
Need help creating General Journal, T-Accounts, and Income Statement and Statement of Equity on excel.
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