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i do not have the t table provided but just provide answers in a t-table please. Part 3: Comprehensive Problem Worth FORTY (40) points, partial
i do not have the t table provided but just provide answers in a t-table please.
Part 3: Comprehensive Problem Worth FORTY (40) points, partial credit may be awarded. The following accounting events apply to SBS Co.for 2016,its first year of operation: 1. Jan. 1: Received cash of 90,000 from the issue of common stock. 2. Feb. 1: Paid $48,000 cash in advance on Feb 1 for a two-year lease on office space. 3. Mar. 1: Performed $56,000 of services on account. 4. April. 1: Purchased inventory for $15,000 on account 5. May 1: Recognized sales revenue from selling inventory for $23,000 cash. 6. May 1: Recognized $9,000 of cost of goods sold. 7. June 1: Received $24,000 cash in advance as a retainer for services to be performed monthly over the next year. 8. July 1: Purchased supplies for $12,000 cash. 9. Aug. 1:Collected $50,000 of accounts receivable. 10. Dec. 31: Had $2,000 of supplies on hand at the end of the period. 11. Dec. 31: Adjusted records to recognize the services provided on the contract of June1 12. Dec. 31: Recognized 2016 rent expenses from the lease signed on Feb 1 13. Dec. 31: Paid a $5,000 cash dividend to the stockholders. Required (a) Record these events in general journal entries. Write your answers in the table provided on the following page (b) Post the journal entries in T-accounts in the table provided (c) Determine the amount of the following accounts at the end of Year 1 Worth Six (6) points Prepaid Rent Expenses: S Supplies: Total Liabilities: Net IncomeStep by Step Solution
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