Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

fastt pleeeeeessss hallllp uesdon 2 Listed below are transactions of ABC corporation for the month of January January 1 ABC corporation invested $2820100 in cash

fastt pleeeeeessss hallllp image text in transcribed
uesdon 2 Listed below are transactions of ABC corporation for the month of January January 1 ABC corporation invested $2820100 in cash and a land valued at $104040 in exchange for ordinary shares January 1 Purchased an equipment from Mason Co. for $1840 on account and signs a $60067, 3-year note payable with annual interest rate 10%. The equipment is depreciated at 11% per year January 2 Paid insurance $6080 for twenty months January 4 Hired administrative assistant at a salary of $299 per week payable monthly January 5 Purchased supplies for cash $9425. On January 31, supplies on hand total $5065 January 8 Performed services for Ahmad, for which $13830 was collected in cash and $607030 was billed to the client. January 16 Received $6054 in advance from clients to perform services of seven months January 18 Paid Mason Co. $366. January 20 Received $9802 from Ahmad. January 31 ABC corporation owed its employees $2910 in salaries and wages that will be paid next month. January 31 One-third of net income was declared and paid as cash dividends. Instructions: 1. Prepare an adjusted trial balance at January 31 (12 points) 2. Prepare retained earnings account and show its ending balance, assuming that its beginning balance was $1030 debit (4 points) 3. Prepare closing entries at January 31 (4 points) THE END

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

Curriculum Auditing

Authors: Fenwick W. English

1st Edition

0877625921, 978-0877625926

More Books

Students also viewed these Accounting questions

Question

Explain the factors influencing wage and salary administration.

Answered: 1 week ago

Question

Examine various types of executive compensation plans.

Answered: 1 week ago

Question

1. What is the meaning and definition of banks ?

Answered: 1 week ago