Delta Tech began operations on January 1, Year 1. Below are the transactions for the first year:
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Question:
Delta Tech began operations on January 1, Year 1. Below are the transactions for the first year:
Transaction # | Date | Transaction Description | Amount |
1 | Jan 1, Y1 | Issued common stock for cash | $120,000 |
2 | Jan 10, Y1 | Purchased software licenses on account | $25,000 |
3 | Feb 5, Y1 | Paid cash for employee salaries | $35,000 |
4 | Mar 10, Y1 | Paid cash for office rent | $15,000 |
5 | Apr 15, Y1 | Provided IT services on account | $50,000 |
6 | May 20, Y1 | Collected cash from customers | $45,000 |
7 | Aug 1, Y1 | Paid cash for marketing | $10,000 |
8 | Dec 31, Y1 | Declared and paid cash dividends | $8,000 |
Required:
- Record the transactions in the general journal.
- Prepare the unadjusted trial balance as of December 31, Year 1.
- Prepare the adjusted trial balance after considering necessary adjustments.
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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