I just need help with parts F-H
1a They are the only owners of the corporation. 14 During January, Psych, Inc. completed the following transactions. 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 1-Jan Cashed a check for $35,000 for a business loan from Shawn's dad. His dad will charge Psych, Inc. 6% APR, and the loan will be due in 2 years. The first payment will be due on February 1, 2021. 1-Jan Shawn invested $1,000 in exchange for common stock in Pysch, Inc. 1-Jan Gus invested $10,000 in exchange for common stock in Pysch, Inc. (Cash, Common Stock) 1-Jan Prepaid $12,000 for 1 year of rent for office space. 1-Jan Bought an office computer for $1,500 cash. 1-Jan Hired a secretary who will be paid $800 a month. She will begin working on 1/4/2021. (no journal entry required) 3-Jan Bought office supplies for $750 on account 4-Jan Performed services and billed the Santa Barbara Police Department for services performed for $2,000. 11-Jan Received payment in full for services billed to the Santa Barbara Police Department on Jan 4. 14-Jan Performed services and billed a private client, Swanson, for $1,000 15-Jan Incurred $1,000 for 2 weeks of wages expense for the secretary. These wages will be paid on Jan 20. 17-Jan Paid for the office supplies purchased on Jan 3. 21-Jan Paid wages incurred on Jan 15. 25-Jan Performed services and billed the Santa Barbara Police Department for $3,000, 29-Jan Received payment in full from private client Swanson billed on Jan 14. 30-Jan Paid phone bill with $75 cash. (Utilities expense, Cash) 30-Jan Paid utilities with $68 cash. (Utilities expense, Cash) 30-Jan Incurred 1 month of interest on the loan from Shawn's dad totalling $175. (interest expense, interest puyable) 37 Part B: Post the above transactions to the appropriate general ledger accounts and find balances. 38 Part C: Prepare a trial balance as of January 31, 2021. 39 Part D: Journalize and post to general ledger accounts the following adjustments for January: 40 41 D) One month of rent has expired. 2) Services for a private client, O'Hara, had been performed on Jan 31 but were not recorded or billed totaling $1,345. 43 3) $80 of supplies have been used in January 44 4) 2 weeks of the secretary's wages, S1,000, have been incurred but not paid for the second half of January 45 5) Depreciation expense on the computer was $25 for January 6) A $300 dividend was declared on January 29, but has not been paid. 48 Part E: Prepare an adjusted trial balance as of January 31, 2021. 49 Part F: Prepare an income statement, statement of retained earnings, and classified balance sheet for SO Pysch, Inc. as of January 31, 2021. 51 Part G: Journalize and post closing entries for Pysch as of January 31, 2021. 52 Part H: Prepare a post-closing trial balance as of January 31, 2021. 42 46 47 53 1a They are the only owners of the corporation. 14 During January, Psych, Inc. completed the following transactions. 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 1-Jan Cashed a check for $35,000 for a business loan from Shawn's dad. His dad will charge Psych, Inc. 6% APR, and the loan will be due in 2 years. The first payment will be due on February 1, 2021. 1-Jan Shawn invested $1,000 in exchange for common stock in Pysch, Inc. 1-Jan Gus invested $10,000 in exchange for common stock in Pysch, Inc. (Cash, Common Stock) 1-Jan Prepaid $12,000 for 1 year of rent for office space. 1-Jan Bought an office computer for $1,500 cash. 1-Jan Hired a secretary who will be paid $800 a month. She will begin working on 1/4/2021. (no journal entry required) 3-Jan Bought office supplies for $750 on account 4-Jan Performed services and billed the Santa Barbara Police Department for services performed for $2,000. 11-Jan Received payment in full for services billed to the Santa Barbara Police Department on Jan 4. 14-Jan Performed services and billed a private client, Swanson, for $1,000 15-Jan Incurred $1,000 for 2 weeks of wages expense for the secretary. These wages will be paid on Jan 20. 17-Jan Paid for the office supplies purchased on Jan 3. 21-Jan Paid wages incurred on Jan 15. 25-Jan Performed services and billed the Santa Barbara Police Department for $3,000, 29-Jan Received payment in full from private client Swanson billed on Jan 14. 30-Jan Paid phone bill with $75 cash. (Utilities expense, Cash) 30-Jan Paid utilities with $68 cash. (Utilities expense, Cash) 30-Jan Incurred 1 month of interest on the loan from Shawn's dad totalling $175. (interest expense, interest puyable) 37 Part B: Post the above transactions to the appropriate general ledger accounts and find balances. 38 Part C: Prepare a trial balance as of January 31, 2021. 39 Part D: Journalize and post to general ledger accounts the following adjustments for January: 40 41 D) One month of rent has expired. 2) Services for a private client, O'Hara, had been performed on Jan 31 but were not recorded or billed totaling $1,345. 43 3) $80 of supplies have been used in January 44 4) 2 weeks of the secretary's wages, S1,000, have been incurred but not paid for the second half of January 45 5) Depreciation expense on the computer was $25 for January 6) A $300 dividend was declared on January 29, but has not been paid. 48 Part E: Prepare an adjusted trial balance as of January 31, 2021. 49 Part F: Prepare an income statement, statement of retained earnings, and classified balance sheet for SO Pysch, Inc. as of January 31, 2021. 51 Part G: Journalize and post closing entries for Pysch as of January 31, 2021. 52 Part H: Prepare a post-closing trial balance as of January 31, 2021. 42 46 47 53
