Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I have completed the journal entries, general ledger, unadjusted and adjusted trial balances for the month of January. If you could please help by doing
I have completed the journal entries, general ledger, unadjusted and adjusted trial balances for the month of January. If you could please help by doing those for the month of February. Thanks!
534,000 112,140 16,020 13,350 427,200 23,389 Your Company was incorporated on January 1, 2021. The business provides a full range of landscaping services, including landscape design, construction, and maintenance. The following transactions occurred during the first three months of operations: January 1 Common stock is issued in exchange for cash in the amount of .......... 1 The company borrows money from the bank by signing a promissory note in the amount of....... 1 The company pays cash for a one-year insurance policy in the amount of.... 2 Rent on a storage facility for the month is paid in the amount of......... 4 Landscaping equipment is purchased for cash in the amount of.... 7 Supplies are purchased on account in the amount of.......... 10 The company pays for advertisements to be run during the current month in the amount of....... 15 Services are performed for cash in the amount of...... 20 Services are performed on account in the amount of....... 25 A customer pays cash in advance for future services in the amount of....... 30 Gasoline for the lawn mowers for the current month is paid in cash in the amount of....... February 1 Rent on the storage facility for the month is paid in the amount of.............. 1 Salaries for the previous month are paid in the amount of......... 6 A partial payment is made on account for supplies purchased earlier....... 9 The company pays for advertisements to be run during the current month in the amount of........... 10 Services are performed for cash in the amount of. 18 Services are performed on account in the amount of... 20 Cash is received from credit customers for services performed in the previous month in the amount of...... 25 Services performed for the customer who paid in advance totaled.. 27 Gasoline for the lawn mowers for the current month is paid in cash in the amount of....... 2,003 44,322 22,428 8,010 3,004 13,350 26,700 19,881 2,103 46,538 23,549 20,185 3,204 3,154 a. 14,033 3,976 18,524 7,120 b. C. Information for Monthly Adjusting Entries Supplies on hand at the end of each month are as follows: January..... February.. March....... Depreciation for each month totals:. Employees are paid on the first of the month for salaries earned in the previous month. Accrued salaries at the end of each month are as follows: At January 31............ At February 28............ At March 31... The principal on the loan is due in 2 years. Interest (at a rate of 10%) is accrued at the end of each month and is payable at the end of each year, beginning December 31, 2020. (ROUND TO THE NEAREST DOLLAR.) Adjustments are made at the end of each month for prepaid insurance. (ROUND TO THE NEAREST DOLLAR.) 26,700 28,035 31,399 d. e. 534,000 112,140 16,020 13,350 427,200 23,389 Your Company was incorporated on January 1, 2021. The business provides a full range of landscaping services, including landscape design, construction, and maintenance. The following transactions occurred during the first three months of operations: January 1 Common stock is issued in exchange for cash in the amount of .......... 1 The company borrows money from the bank by signing a promissory note in the amount of....... 1 The company pays cash for a one-year insurance policy in the amount of.... 2 Rent on a storage facility for the month is paid in the amount of......... 4 Landscaping equipment is purchased for cash in the amount of.... 7 Supplies are purchased on account in the amount of.......... 10 The company pays for advertisements to be run during the current month in the amount of....... 15 Services are performed for cash in the amount of...... 20 Services are performed on account in the amount of....... 25 A customer pays cash in advance for future services in the amount of....... 30 Gasoline for the lawn mowers for the current month is paid in cash in the amount of....... February 1 Rent on the storage facility for the month is paid in the amount of.............. 1 Salaries for the previous month are paid in the amount of......... 6 A partial payment is made on account for supplies purchased earlier....... 9 The company pays for advertisements to be run during the current month in the amount of........... 10 Services are performed for cash in the amount of. 18 Services are performed on account in the amount of... 20 Cash is received from credit customers for services performed in the previous month in the amount of...... 25 Services performed for the customer who paid in advance totaled.. 27 Gasoline for the lawn mowers for the current month is paid in cash in the amount of....... 2,003 44,322 22,428 8,010 3,004 13,350 26,700 19,881 2,103 46,538 23,549 20,185 3,204 3,154 a. 14,033 3,976 18,524 7,120 b. C. Information for Monthly Adjusting Entries Supplies on hand at the end of each month are as follows: January..... February.. March....... Depreciation for each month totals:. Employees are paid on the first of the month for salaries earned in the previous month. Accrued salaries at the end of each month are as follows: At January 31............ At February 28............ At March 31... The principal on the loan is due in 2 years. Interest (at a rate of 10%) is accrued at the end of each month and is payable at the end of each year, beginning December 31, 2020. (ROUND TO THE NEAREST DOLLAR.) Adjustments are made at the end of each month for prepaid insurance. (ROUND TO THE NEAREST DOLLAR.) 26,700 28,035 31,399 d. e
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started