Question
Information: 1.INVESTED $200,000 CASH FOR COMMON STOCK 2.PURCHASED LAND FOR CASH OF $34,000 3.RECEIVED $15,000 CASH FROM A NOTES PAYABLE 4.PURCHASED EQUIPMENT FOR $24,000 with
Information:
1.INVESTED $200,000 CASH FOR COMMON STOCK
2.PURCHASED LAND FOR CASH OF $34,000
3.RECEIVED $15,000 CASH FROM A NOTES PAYABLE
4.PURCHASED EQUIPMENT FOR $24,000 with $5,000 CASH, REMAINING ON ACCOUNT
5.PAID RENT FOR $1,300 CASH
6.PURCHASED $3,950 IN SUPPLIES IN CASH
7.INCURRED ADVERTISING EXPENSE $1,300 ON ACCOUNTS PAYABLE
8.PERFORMED SERVICES $36,000, RECEIVED $4,000 CASH, BALANCE ON ACCOUNT
9.PAID $500 CASH ON DIVIDENDS
10.PREPAID INSURANCE FOR 2 YEARS OF $4,800
11.PAID $3,000 CASH FOR UTILITIES
12.PAID $2,600 FROM ACCOUNTS PAYABLE
13.PAID $140 ON INTEREST EXPENSE
14.INCURRED SALARIES & WAGES PAYBLE FOR 4 OUT OF 5 DAYS FOR 2 EMPLOYEES AT $900 EACH AND PAID CASH OF $7,200.
15.RECEIVED $12,000 CASH FROM ACCOUNTS RECEIVABLE
16.RECEIVED $3,000 CASH FOR FUTURE SERVICES adjustments
17.REMAING BALANCE ON ACCOUNT OF SUPPLIES IS $2000
18.EXPENSED UTILITIES ON ACCOUNT FOR $250.00
19.INSURANCE EXPENSED FOR 1 MONTH
20.EQUIPMENT DEPRECIATION IS OF A 5 YEAR SCHEDULE, INDICATE EXPENSE FOR THE MONTH
21.PERFORMED SERVICES FOR $1,700 ON ACCOUNT
22.RETAINED EARNING OF $35,000 PRIOR MONTH IN CASH
Answers Needed for the following:
1) PREPARE GENERAL JOURNAL
2) PREPARE T-ACCOUNTS
3) PREPARE TRIAL BALANCE
4) MAKE ADJUSTMENTS
5) ADJUSTED TRIAL BALANCE
6) INCOME STATEMENT
7) BALANCE SHEET
8) RETAINED EARNINGS STATEMENT
Step 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