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If anyone can help with taking this information and putting it into the Adjusted Trial balance, I would appreciate it tremendously! I also added an
If anyone can help with taking this information and putting it into the Adjusted Trial balance, I would appreciate it tremendously! I also added an example of what it should look like, but with different data. Thank you!
1. January 1: EcoTech Solutions, Inc. conducted an Initial Public Offering (IPO) and raised $10 million in capital, issuing 1 million shares of common stock at \$10 per share (Item \#2-a). 2. February 15: Purchased a commercial building for $1.5 million with an estimated useful life of 40 years and no salvage value (Item \#2-b). 3. April 10: Acquired specialized manufacturing equipment for $500,000 with an estimated useful life of 10 years and a $50,000 salvage value (Item \#2-b). 4. May 5: Purchased 500 solar panels for $100,000 in cash (Item \#2-c). 5. June 20: Bought 200 wind turbines on account for $300,000 from a supplier (Item \#2-c). 6. July 15 : Sold 300 solar panels for $70,000 on account, recognizing bad debt expenses of $5,000 and creating an allowance for doubtful accounts (Item \#2-d). 7. August 10: Sold 100 wind turbines for $150,000, recognizing a cost of goods sold of $80,000 (Item \#2-d). 8. September 1: Received a prepayment of $50,000 from a customer for a future purchase of energy-efficient appliances (Item \#2-e). 9. October 15: Paid $10,000 for an insurance policy covering the next six months (Item \#2-f). 10. November 30: Recognized $20,000 in deferred revenue for services to be provided over the next three months (Item \#2-f). 11. December 5: Accrued $15,000 in consulting revenue to be received in January (Item \#2-g). 12. December 20: Accrued $8,000 in utilities expenses for the month (Item \#2-h). 13. December 31: EcoTech Solutions, Inc. donated $5,000 to a local environmental charity (Item \#2-i). 14. December 31: Recognized a gain of $7,000 from the sale of surplus manufacturing equipment (Item \#2-j). 15. December 31: Recorded a loss of $3,000 due to a write-down of obsolete inventory \#2-k)Step by Step Solution
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