Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

established SERVICE COMPANY as of Jan 01, 2015 You should prepare your SA by considering below items to be recorded to the Journal; 1. On

image text in transcribed
established SERVICE COMPANY as of Jan 01, 2015 You should prepare your SA by considering below items to be recorded to the Journal; 1. On the 1" of January, some capital from shareholders (1"economic event) is transferred to the company 2. On the 1" of January, some loan from the creditors (banks) with 12% annual interest rate is deposited to the company's bank account (24 economic event). 3. During January, you will consider 18 more economic events to be registered to the Journal as directed below: a. 3 prepaid expenses, 1 uneared revenues b. 3 accrued expense, 1 accrued revenue c. 1 purchasing a vehicle in the beginning of January d. 1 purchasing equipment in the beginning of January e. 1 Freight-in cost for purchasing of equipment, f. 1 Installation cost for the equipment, 8.1 Maintenance cost for the equipment, h. 2 adjustment entries with the bank, i. 1 month depreciation registration for the Vehicle, 1. 1 month depreciation registration for the equipment, k. 1 interest registration for the loan borrowed from the bank. 4. Post the above events to the Ledger 5. At the end of January, a. Prepare Trial Balance b. Record Adjusting Entries c. Prepare Adjusted Trial Balance 6. Prepare Income Statement 7. Prepare Retained Earnings Statement 8. Prepare Balance Sheet established SERVICE COMPANY as of Jan 01, 2015 You should prepare your SA by considering below items to be recorded to the Journal; 1. On the 1" of January, some capital from shareholders (1"economic event) is transferred to the company 2. On the 1" of January, some loan from the creditors (banks) with 12% annual interest rate is deposited to the company's bank account (24 economic event). 3. During January, you will consider 18 more economic events to be registered to the Journal as directed below: a. 3 prepaid expenses, 1 uneared revenues b. 3 accrued expense, 1 accrued revenue c. 1 purchasing a vehicle in the beginning of January d. 1 purchasing equipment in the beginning of January e. 1 Freight-in cost for purchasing of equipment, f. 1 Installation cost for the equipment, 8.1 Maintenance cost for the equipment, h. 2 adjustment entries with the bank, i. 1 month depreciation registration for the Vehicle, 1. 1 month depreciation registration for the equipment, k. 1 interest registration for the loan borrowed from the bank. 4. Post the above events to the Ledger 5. At the end of January, a. Prepare Trial Balance b. Record Adjusting Entries c. Prepare Adjusted Trial Balance 6. Prepare Income Statement 7. Prepare Retained Earnings Statement 8. Prepare Balance Sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Pioneers Of Critical Accounting A Celebration Of The Life Of Tony Lowe

Authors: Jim Haslam, Prem Sikka

1st Edition

113754211X, 9781137542113

More Books

Students also viewed these Accounting questions

Question

what is the difference between a successful well and a dry hole.

Answered: 1 week ago