Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Hello! I would really appreciate if you can help me with this problem below. Thank you so much! Please make an Adjusted Trial Balance and

Hello! I would really appreciate if you can help me with this problem below. Thank you so much!

Please make an Adjusted Trial Balance and a Multi-Step Income Statement for the month ended July for the company "Nikea", using the adjusting entries below:

July 1 Owner's Investment of $ 310,000

2 Purchased $6,000 worth of Computers with economical lifespan of 5 year, residual value of $1,500

3 Nikea paid $1,500 for electricity

4 Purchased on Account $30,000 worth of Inventory

5 Paid Transport worth of $2,500

7 Received $11,300 from sales across all the Nikea stores

10 Performed services on account $1100

13 Sold shoe care products to another business, supplies worth of $1,500

14 Paid $750 to a cleaning company for disinfection for all our stores

17 Received cash for services performed on July 10th

22 Withdrew cash worth $1200 for personal use

25 Received Cash worth of $8000 for goods sold.

26 Paid Salaries for the month of July $15000

28 Received Cash $13,000 for goods sold.

30 Made a partial payment worth of $15,000 for the supplies purchased on account on July 4th

30 Received cash worth of $6,000 from goods sold across all Nikea stores.

31 Recorded Monthly depreciation of $75 for 15 computers bought at the beginning of the month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial and Managerial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

2nd edition

978-1118334263

Students also viewed these Accounting questions

Question

Describe effectiveness of reading at night?

Answered: 1 week ago

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago