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I need to prepre adjusted entries, adjusted trial balance and closing entries for january and february. J. Jones International J. Jones opened a consulting business

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I need to prepre adjusted entries, adjusted trial balance and closing entries for january and february.
image text in transcribed
J. Jones International J. Jones opened a consulting business on January 2, 2010. He hired an old friend. His friend had the right to buy 25% of the company for $100,000. The following transactions occurred in January and February January: 2 Cash injection of $90,000 from Jones in cash. 540,000 is to be treated as a shareholder loan. The balance as a capital investment. The cash was deposited in the company bank account. Jones also gave a computer equipment worth $2,000, but wanted nothing in return for it. 3 Purchase of $570 of supplies for cash and $8,200 worth of furniture on account. 3 Signed a 3-year lease with monthly rates of $1,110. Paid rent for January Performed consulting services for Client 1 and received $2,500 in cash. Paid $33,000 cash to acquire land for a future office site. 11 Consulted for Client #2 and sent an invoice to the client for $2.100. 12 Bought a used company car for $5,000. Salvage value estimated at $2,000 & useful life is 3 years, 15 Paid administrator a salary of $1975. 16 Paid for the furniture bought on account on January 3. 18 Received partial payment of $600 from client #2. 19 Provide major consulting to client #4, Invoiced for $11,350. 22 Paid utility bills totalling $300. 29 Received $2,700 payment for additional consulting provided to client #4. 31 Paid administrator a salary of $1975. 31 Jones withdrew $12,000 for personal use. 4 7 1 February: Purchased additional $250 in supplies Signed an insurance policy costing $3,600 over 3 years. Paid for February, March and April. 2 Client #4 paid half of its bill. 5 Bought supplies on account required for a client presentation. Supplies cost $250. Invoiced Client #5 a total of $1,400 for the presentation. Paid administrator a salary of $1.875. 16 Received balance owing from client#2. 19 Received invoice for utility bills totalling $500 28 Administrator was not working out. Worked until end of February but as yet, has not been paid. 28 Jones estimates the same amount of supplies were used for each month. The remaining balance of supplies when counted on February 28 was $200. Status of J. Jones International: The administrator was to do the books, but did nothing Jones is not a happy camper. He has heard you are an up and coming accounting whiz Your Assignment Your assignment is to prepare a "full accounting for each of January and February. Including in this work are journal entries, T-accounts, trial balances adjusting entries adjusted trial balances, financial statements and closing entries Prepare ournal entries in the month of January AT SG Credi Lan be Jones 540 552.00 550 Punt 5570 SU Atle 03 Rest SLIO SI 110 Cath Costing Service Reme S. 07 Land SRL 11 Au Revalle Consulting Service Rome $2,100 55.000 SI A. 19 Saly Cash S1995 16 Alpable SU an. 18 Ch Ac Revale 19 Receivable Coming Soon 51115 Aceve $2.0 s. 1 Salary Expo S.95 3 Withal $12.00 Prepare journal antries in the month of February Accent The Full Spis Credit rob. 01 Merwe $1.00 Feb e Canh [51199021 AR 55.675 5565 b. Supplies 5230 Feb 05 A Rivable Coming Serie 514 Feb. UT Satay Expose SLTS Aceh Feb 19 type Accounts payable

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