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I need help in preparing the T-Accounts, Trial Balance, Income Statement, Owner's Equity, and Balance Sheet. Practice Problem: The following transactions have taken place in
I need help in preparing the T-Accounts, Trial Balance, Income Statement, Owner's Equity, and Balance Sheet.
Practice Problem: The following transactions have taken place in December of 2016 for Elizabeth Gonzal established her new online clothing store. The following transactions have taken place in December of 2016 for Eizabeth Gonzalez as she Dec 2, opened his business checking account with $50,000 borrowed from a locall 4 Purchased supplies on Dec. 4 for $1200 of which he only uses 1/2 for the month. o. Inventory purchase amo unted to S 24000 on credit which she only used by Dec. 31, 2016 as part of the cost of gods sold. 7. depreciated on straight line basis for 5 years starting on Janl, 2016 8. The online cash sales totaled $60,000 for the month of Jan. 2016 10 She purchased a computer for $3000 cash on Jan 10th. Purchased an equipment of $ $20,000 for 5 year s on Dec. 1, 2016. This equipment will be 15. 25. 27. She hired an assistant and period him a salary of $3,500 for the month of Jan, 2016 She withdrew $3,000 for his personal use She billed a client for $15,000 on Jan 15, 2016 Required Prepare T-Accounts, Prepare Trail Balance, Income statement, Owner's Equity Statement and the balance sheet for the company as of December 31, 2016 Practice Problem: The following transactions have taken place in December of 2016 for Elizabeth Gonzal established her new online clothing store. The following transactions have taken place in December of 2016 for Eizabeth Gonzalez as she Dec 2, opened his business checking account with $50,000 borrowed from a locall 4 Purchased supplies on Dec. 4 for $1200 of which he only uses 1/2 for the month. o. Inventory purchase amo unted to S 24000 on credit which she only used by Dec. 31, 2016 as part of the cost of gods sold. 7. depreciated on straight line basis for 5 years starting on Janl, 2016 8. The online cash sales totaled $60,000 for the month of Jan. 2016 10 She purchased a computer for $3000 cash on Jan 10th. Purchased an equipment of $ $20,000 for 5 year s on Dec. 1, 2016. This equipment will be 15. 25. 27. She hired an assistant and period him a salary of $3,500 for the month of Jan, 2016 She withdrew $3,000 for his personal use She billed a client for $15,000 on Jan 15, 2016 Required Prepare T-Accounts, Prepare Trail Balance, Income statement, Owner's Equity Statement and the balance sheet for the company as of December 31, 2016Step by Step Solution
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