EASY ACCOUNTING! PLZ HELP!!!

8. Financial Accounting Transactions

8. Financial Accounting Transactions (50 pts) Jan 1 Made a purchase of merchandise on account from a supplier for $850. Terms are net/30. Jan 3 Made a sale on account for $1700 for merchandise costing $750. Terms are 2/15, net/30. Jan 5 Paid professional fees of $1400. Jan 7 Made an additional stock offering. 3,000 shares of $1 par value common stock was sold for $15 each. The broker fee to sell these shares was $500. Jan 9 Made a cash sale for $2000 for merchandise costing $900. Jan 11 Sold some equipment for $14,000 cash. This equipment was on the books at original cost of $8000 and accumulated depreciation of $3000. Jan 13 Made a credit purchase of merchandise from a supplier for $1170. Terms are net/30. Jan 15 Sold merchandise costing $850 for $1900 on credit with terms of 3/10, net/30. Jan 17 Received a check within the discount period for the Jan 3 sale. Jan 19 From the Jan 15 sale, a customer returned $600 of merchandise that cost $300 to us. Jan 21 Made a credit purchase of merchandise from a supplier for $1400. Terms are net/30. Jan 23 Paid utility bills for $750. The bills were not previously recorded. Jan 25 Received a check within the discount period for the Jan 15 sale. Jan 27 Paid wages of $2000. Jan 31 Declared and paid a dividend of $450. Set up T accounts for the account titles found in the below Post-Closing Trial Balance from the end of December. In addition, set up the following accounts: Dividends, Sales Revenue, Cost of Goods Sold, Sales Discounts, Sales Returns and Allowances, Gain on Sale of Asset, Professional Fees Expense, Utilities Expense, and Wages Expense. Make long hand journal entries, and then post them to a T accounts, and then prepare an Unadjusted Trial Balance. Cash 11,000 A/R 6,000 3,000 Office Supplies Inventory 4,000 Equipment 13,000 A/D-Equip 2,800 A/P 8,000 Common Stock 10,000 Add'l Paid in Cap. 8,000 Retained Earnings 8,200 Totals 37,000 37,000