Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

had the following transactions for 1-Jun-18 Required: A. Prepare general journal entries for the month. 5 B. Prepare an Unadjusted Trial balance 1-Jun-18 o invested

image text in transcribed
had the following transactions for 1-Jun-18 Required: A. Prepare general journal entries for the month. 5 B. Prepare an Unadjusted Trial balance 1-Jun-18 o invested in the company cash $30,000 and machinery S18,000 1-Jun-18 The company purchased equipment for $30,000 and paid $22,500 cash. Remaining was on account. 2-Jun-18 Paid $3,000 for an insurance policy covering the next 3 months. 4-Jun-18 The company provided printing services to a client and received $600 cash. 5-Jun-18 The company borrowed $6,000 cash from the bank by signing a 3% note payable. 6-Jun-18 The company received S12.000 cash from a client in payment for printing posters in next 2 months. 9-Jun-18 The company paid $600 cash for advertising in the newspaper. 11-Jun-18 The company purchased office supplies for $800 cash. 25-Jun-18 Owner (Muhammad) withdrew $3,000 cash from the company for personal use. Following additional information was provided at the end of 1-Jun-18. Prepare adjustment entries. 1) The insurance expense for the month was not recorded. 2) The equipment has a useful life of 2 years and has a salvage value of $3,000 3) The interest on note payable has not yet been paid. 4) The company billed a client for S467 for printing wedding invitation 5) Uncamned revenue of S6,000 was camed in the month 6) On Oct 30, supplies of $133 were in hand. 22 C. Prepare an Adjusted Trial balance 23 D. Prepare the following financial statements: 24 1 Income statement 25 2. Owners Equity statement 26 3. Balance sheet Formula DATE 2018, VALUE TRIM MID 61.9. 1 1

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

The Design Implementation And Audit Of Occupational Health And Safety Management Systems

Authors: Ron C. McKinnon

1st Edition

1032571039, 978-1032571034

More Books

Students also viewed these Accounting questions