Gamma Consulting began operations on January 1, Year 1. Below are the transactions for the first year:
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Question:
Gamma Consulting began operations on January 1, Year 1. Below are the transactions for the first year:
Transaction # | Date | Transaction Description | Amount |
1 | Jan 1, Y1 | Issued common stock for cash | $130,000 |
2 | Jan 15, Y1 | Purchased office supplies on account | $15,000 |
3 | Feb 1, Y1 | Paid cash for employee salaries | $45,000 |
4 | Mar 5, Y1 | Paid cash for advertising | $8,000 |
5 | Apr 1, Y1 | Provided consulting services on account | $70,000 |
6 | May 20, Y1 | Collected cash from clients | $65,000 |
7 | Jun 30, Y1 | Paid cash for office rent | $20,000 |
8 | Dec 31, Y1 | Paid cash dividends to shareholders | $10,000 |
Required:
- Record the transactions in the general journal.
- Prepare the unadjusted trial balance as of December 31, Year 1.
- Prepare the adjusted trial balance after considering necessary adjustments.
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
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