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I need help with the T accounts, Thank you! Record the following transactions in the general journal then prepare the trial balance for December 31:
I need help with the T accounts, Thank you!
Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, inventory worth $25,AAB (first three of your student 1D# after 774 ) was purchased on account, with the terms of 2/10,n/30. 2. On Dec. 4 , inventory was sold for $47,AAB (first three of your student 1D \# after 774 ) was sold on account, with the terms of 2/10,n/30. The cost of inventory was $36,0CC (last two of your student IDu) 3. On Dec. 12, the company paid for the Dec. 2 purchase. (Round to the nearest dollar if necessary) 4. On Dec. 14, the inventory sold on Dec. 4 was paid. (Round to the nearest dollar if necessary) 5. On Dec. 30, the owner withdrew $8,BCC (last three of your student IDA) from the company. For each of the following transactions, give the adjusting entry required for the year ended Dec. 31, 20x1. The initial. entries for each transaction were recorded correctly. 6. Received a $2,500 utility bill for electricity usage in December to be paid next month in January. 7. Owed wages to 5 employees who worked five days at $100 each per day at the end of December. The company will pay employees at the end of the first week of next month. 8. On November 1 , the company loaned $30,000 to an officer who will repay the loan in one year at an annual interest rate of 10%. (Round to the nearest dollar if necessary) 9. On July 1 , the company deposited $20,000 in a savings account that earned 1% interest per year. 10. Paid $12,000 for a 12 -month insurance premium on November 1 of this year. 11. Purchased equipment for $43,000 cash on July 1 , this year; estimated a useful life of five years with a residual 12. Unearned rent revenue of $6,000 was for rent for the period September 1 , this year, to March 1 , next year. value of $3,000. 13. Office supplies at year end count totaled $5AA (first two of your student ID\# after 774) 14. Rent for the month of December totaled $1,2CC (last two of your student IDm) 15. On January 1, the company took out a 1 year note for $20,000 at an interest rate of 10%. Prepare a worksheet showing the trial balance, adjustments, adjusted trial balance, multi-step income statement (assume utilities, rent, depreciation, and half of the salaries expense as selling expenses, assume insurance, supplies, and half of the salaries expense as general and administrative expenses), statement of owners' equity, classified balance sheet, prepare the closing entries, and post-closing trial balance. Generat journal Assets Accounts Recervable Iuterestrecervable NotesPecervable Equipment Aceum.Depreciation Prepard Rent Prepaid Fisurance Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, inventory worth $25,AAB (first three of your student 1D# after 774 ) was purchased on account, with the terms of 2/10,n/30. 2. On Dec. 4 , inventory was sold for $47,AAB (first three of your student 1D \# after 774 ) was sold on account, with the terms of 2/10,n/30. The cost of inventory was $36,0CC (last two of your student IDu) 3. On Dec. 12, the company paid for the Dec. 2 purchase. (Round to the nearest dollar if necessary) 4. On Dec. 14, the inventory sold on Dec. 4 was paid. (Round to the nearest dollar if necessary) 5. On Dec. 30, the owner withdrew $8,BCC (last three of your student IDA) from the company. For each of the following transactions, give the adjusting entry required for the year ended Dec. 31, 20x1. The initial. entries for each transaction were recorded correctly. 6. Received a $2,500 utility bill for electricity usage in December to be paid next month in January. 7. Owed wages to 5 employees who worked five days at $100 each per day at the end of December. The company will pay employees at the end of the first week of next month. 8. On November 1 , the company loaned $30,000 to an officer who will repay the loan in one year at an annual interest rate of 10%. (Round to the nearest dollar if necessary) 9. On July 1 , the company deposited $20,000 in a savings account that earned 1% interest per year. 10. Paid $12,000 for a 12 -month insurance premium on November 1 of this year. 11. Purchased equipment for $43,000 cash on July 1 , this year; estimated a useful life of five years with a residual 12. Unearned rent revenue of $6,000 was for rent for the period September 1 , this year, to March 1 , next year. value of $3,000. 13. Office supplies at year end count totaled $5AA (first two of your student ID\# after 774) 14. Rent for the month of December totaled $1,2CC (last two of your student IDm) 15. On January 1, the company took out a 1 year note for $20,000 at an interest rate of 10%. Prepare a worksheet showing the trial balance, adjustments, adjusted trial balance, multi-step income statement (assume utilities, rent, depreciation, and half of the salaries expense as selling expenses, assume insurance, supplies, and half of the salaries expense as general and administrative expenses), statement of owners' equity, classified balance sheet, prepare the closing entries, and post-closing trial balance. Generat journal Assets Accounts Recervable Iuterestrecervable NotesPecervable Equipment Aceum.Depreciation Prepard Rent Prepaid Fisurance Step by Step Solution
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