Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I just need Part D Selected transactions for P. Islas, an interior decorating firm, in its first month of business, are as follows Invested $12,000
I just need Part D
Selected transactions for P. Islas, an interior decorating firm, in its first month of business, are as follows Invested $12,000 cash in the business in exchange for common stock. Borrowed $10,000 on a 6%, two year note payable. All interest and principal will be repaid at the end of the two years Jan. 1 1 3 Purchased used car for $5,000 cash for use in the business 9 Purchased supplies on account for $400. 11 16 17 20 23 28 Billed customers $1,400 for services performed. Paid $250 cash for advertising Received $1,000 in advance from a customer Received $800 cash from customers billed on January 11. Paid creditor $200 cash on balance owed (re: Jan 9) Declared and paid a $1,300 cash dividend pecievabie Np Chart of Accounts: Cash, Accounts Peyabte, Supplies, Vehicles, Accounts Payable, Interest Payable, Unearned Revenue, Common Stock, Dividends Service Revenue, Advertising Expense, Interest Expense,xkohasargane,retained tarnings, income Summary inComc Summa Record (a) Journal entries, (b) post to T-accounts (set up T accounts in order of chart of accounts before posting), (c) find the balance in each account, (d) prepare an unadjusted tria balance, (d) Prepare two adjusting entries: (1) to record January's interest expense on the loan, and (2) to show that $700 of the amount received on Jan 17 has now been earned, (e) post the adjusting entries to the same t-accounts, (f) update the balances in any accounts affected by the adjusting entries, (g) Prepare an adjusted trial balance, (h) Prepare financial statements (Income Statement, Statement of Retained Earnings, Balance heet). (1) Prepare closing entries, () Prepare a post-closing trial balanceStep 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