Download Fin 20-H#A.docx (28.8 KB)| At Alternative formats -W MIN BUSINESS TRANSACTIONS for the MONTH of January 2020. 1) Van 1 The JW-Corp Rebelved $120,000 from investors in Exchange for 6,000 shares of Common Stook. 2) Jan-2 JW-Corp Borrowed $160,000 from SCHWAB BANK and signed a Note Due in 24 months. 3) Jan-3 JW Corp purohased Office Equipment worth $120,000 (6 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months 4) Jan 4 JW Corp purchased an Office Building for $600.000 (28 year life), by making a Down payment of $80,000 and then signed a Note for the remainder Due In 18 Months to CHASE Bank, 6) Jan-5 JW Corp pald $15,000 with a check for Office Rent for the next 3 months 8) Jan 10 UW Corp paid $4,000 with a cheok for Business Insurance for this month. 7) Jan 11 JW Corp provided CPA Services to the Gavilan Corp worth $175,000 and Colleoted $86,000 Cash and Billed them the remainder on Account 8) Jan-18 JW-Corp received This Month's Utility Bill from POE for $3,000 to be paid Later. 9) Jan 16 JW.Corp received This Month's Telephone Bill from Skype for $200 to be paid Later 10) Jan 17 JW-Corp recelved a $10,000 check from Gavilan Corp on Account 11) Jan 20 JW-Corp received a BILL for $15,000 for Legal Fees used this month to be paid Later. 42) Jan 23 JW-Corp paid $11,000 with Checks for this Months Salaries expenses. 13) Jan-24 JW-Corp Received a $13,000 check from Gavilan Corp on Account 14) Jan-26 JW-Corp received a $27,000 check from Garllo-Corp for Services to be provided Later. 16) Jan 26 JW-Corp Paid Target $33,000 with a Cheek towards the Equipment from Transaction #3. 16) Jan-27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from 9. 17) Jan 28 JW Corp Paid $4.20 Cents per Share to the Owners of the Business with Cheaks. 18) Jan-29.JW-Corp pald $9,000 with a Check on the Note Payable from Transaction #2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable. 19) Jan-31 JW-Corp recorded one Month of RENT Expense from the Prepaid Account 20) Jan-31 JW-Corp recorded one month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method. 21) Jan-31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method. 2 9/10/2020 22) Jan-31 the JW-Corp Recorded the Income Tax Payable for the Month, which is 34.00% of Net Income (Ch#4) 2) Prepare a Table of Contents with the Name of Each Report and the Pages Example. Journal 1-2 3) Prepare the Accounting Journal a) Record all Accounting Entries based on the Business Transactions Below. b) Include 5 Columns: (1) Transaction Number, (2) Date, (3) Account, (4) DEBIT and (5) CREDIT Include an Explanation for EACH Journal Entry & Show All CALCULATIONS Below the Entry, d) See Examples on the Website and Chapter 3 Study Guide Solutions. 4) Prepare the General Ledger, T-Accounts. a) Post all Accounting Transactions from the Journal into the General Ledger (T-Accounts). b) Make sure to include the Business Transaction Reference Numbers in the Ledger 1 See Examples in your Book, Study Guide Solutions, and Quiz Solutions on the Website 5) Prepare the Trial Balance with month End Balance a) 3 Columns as follows: (1) Account Name, (2) DEBIT Balance (3) CREDIT Balance b) Prepare the Report with Accounts in Proper Order: Assets, Liabilities, Owners Equity, Revenues, and Expenses. Obtain the numbers For the Trial Balance Directly from the Ledger T-Accounts. 1 9/10/2020 6) Prepare the Mutiple-Step Income Statement for the Month. a) Use the Example on the I-Learn Course Website and Chapter 4. Show Every Expense Account 7) Prepare the Statement of Changes in Owners Equity for the Month a) Use the Example on the I-Learn Course Website and Chapter 4 as a Guide. 8) Prepare the BALANCE SHEET at Month END Date. a) Use the Example on the I-Learn Course Website and Chapter 4 as a Gulde. 9) Prepare Vertical Analysis of Income Statement. (Show your % out to 2 Decimals, example -9.65%) a) Use the Example on the I-Learn Course Website. b) Answer the following Questions Below the Analysis Report 0 How much of Every Dollar from a Customer does our Business Keep? w What is the Largest Single Expense for our Biz and How much does it Cost per Dollar? ) What is the Largest Single Operating Expense and How much does it cost per Dollar? SHE