Question
Johns House Painting Company has the following transactions for the year 1. December 1 Issued capital stock for $100,000 to start a house painting business.
Johns House Painting Company has the following transactions for the year 1. December 1 Issued capital stock for $100,000 to start a house painting business. 2. December 1 - Paid gas expense $500. 3. December 1 - Paid one year insurance premium costing $3,600. 4. December 1 - Received $3,000 for a job to paint a house in January next year. 5. December 1 - Painted three houses totaling $15,000 and billed customers. 6. December 1 - Purchased equipment costing $8,400 on credit. 7. December 12 - Purchased supplies costing $900 on credit. 8. December 23 - Painted three rooms and billed customers $1,500. 9. December 31 - Paid for equipment purchased in #6. 10. December 28 - Received $2,000 for houses painted in #5. 11. December 31 - Paid a $2,000 dividend. 5. Prepare an Adjusted Trial Balance. 6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet. 7. Prepare closing entries in journal format and post to the T Accounts. 8. Prepare a Post-Closing Trial Balance.
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