Does anyone have a solution spreadsheet to these questions. ACCOUNTING MID TERM Michael's Plumbing Company has the
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Does anyone have a solution spreadsheet to these questions.
ACCOUNTING MID TERM Michael's Plumbing Company has the following transactions for the year a. December 1 - Issued capital stock for $50,000 to start plumbing business. b. December 1 - Paid gas expense $500. c. December 1 - Paid one year insurance premium costing $3,600. d. December 2 - Received $3,000 for job to install plumbing system in January next year. e. December 8 - Plumbing repairs for three houses totaling $15,000 and billed customers. f. December 10 - Purchased equipment costing $8,400 on credit. g. December 12 - Purchased supplies costing $900 on credit. h. December 23 - Plumbing services completed and billed to customers for $1,500. i. December 24 - Paid for equipment purchased on December 10th. j. December 28 - Received $2,000 for the repairs done on December 8th. k. December 31 - Paid a $1,000 dividend. Required: 1. Prepare journal entries for the above transactions. Be sure to identify them as a through k. 2. Post the above transactions to T Accounts. 3. Prepare a Trial Balance. 4. Prepare adjusting entries in journal format and post to T Accounts. Supplies on Hand December 31 was $500. The Equipment is to be depreciated over 48 months starting with December. (HINT: Record one month depreciation expense). Wages owed but not paid on December 31 was $250. One month of insurance has expired. 5. Prepare an Adjusted Trial Balance. 6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet. 7. Prepare closing entries in journal format and post to the T Accounts. 8. Prepare a Post-Closing Trial Balance
Related Book For
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
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