{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-16T00:09:05-04:00", "answer_date": "2024-09-16 00:09:05", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "11107739", "url": "\/study-help\/questions\/morgan-corporation-opened-the-year-20x6-with-the-following-trial-11107739", "question_creation_date_js": "2024-09-16T00:09:05-04:00", "question_creation_date": "Sep 16, 2024 12:09 AM", "meta_title": "[Solved] Morgan Corporation opened the year 20X6, | SolutionInn", "meta_description": "Answer of - Morgan Corporation opened the year 20X6, with the following trial balance information: Cash $ 25,000 Accounts Receivab | SolutionInn", "meta_keywords": "morgan,corporation,opened,year,20x6,trial,balance,information,cash,$,25,000,accounts", "question_title_h1": "Morgan Corporation opened the year 20X6, with the following trial balance information: Cash $ 25,000 Accounts Receivable 75,000 Land 150,000 Accounts Payable - $ 60,000", "question_title": "Morgan Corporation opened the year 20X6, with the following trial balance information:", "question_title_for_js_snippet": "Morgan Corporation opened the year 20X6, with the following trial balance information Cash $ 25,000 Accounts Receivable 75,000 Land 150,000 Accounts Payable $ 60,000 Loan Payable 30,000 Capital Stock 50,000 Retained Earnings 110,000 Dividends Revenues Salaries Expense Rent Expense Supplies Expense Interest Expense $ 250,000 $ 250,000 January's transactions are listed below Jan 2 Collected $10,000 on an open account receivable Jan 3 Purchased additional tract of land for $20,000 cash Jan 5 Provided services on account to a customer for $15,000 Jan 7 Borrowed $12,000 on a term loan payable Jan 11 Paid salaries of $3,000 Jan 12 Provided services to customers for cash, $11,000 Jan 15 Purchased (and used) office supplies on account, $2,000 Jan 17 The company paid shareholders a $2,500 dividend Jan 20 Paid rent of $1,700 Jan 23 Paid salaries of $4,000 Jan 24 Paid $16,000 on the open accounts payable Jan 29 Collected $50,000 on accounts receivable Jan 31 Repaid loans of $22,000 Jan 31 Paid interest on loans of $600 (a) Create the general ledger accounts, and enter the initial balances at the start of the month of January This requirement is already completed on the worksheets (b) Prepare journal entries for January's transactions (c) Post January's transactions to the appropriate general ledger accounts (d) Prepare a trial balance as of January 31 (e) Prepare an income statement and statement of retained earnings for January, and a balance sheet as of the end of January ", "question_description": "
Morgan Corporation opened the year 20X6, with the following trial balance information:<\/td> <\/tr>
<\/td> Cash <\/td> $ 25,000<\/td> <\/td> <\/td> <\/td> <\/tr>
<\/td> Accounts Receivable<\/td> 75,000<\/td> <\/td> <\/td> <\/td> <\/tr>
<\/td> Land<\/td> 150,000<\/td> <\/td> <\/td> <\/td> <\/tr>
<\/td> Accounts Payable<\/td> -<\/td> <\/td> $ 60,000<\/td> <\/td> <\/tr>
<\/td> Loan Payable<\/td> -<\/td> <\/td> 30,000<\/td> <\/td> <\/tr>
<\/td> Capital Stock<\/td> -<\/td> <\/td> 50,000<\/td> <\/td> <\/tr>
<\/td> Retained Earnings<\/td> -<\/td> <\/td> 110,000<\/td> <\/td> <\/tr>
<\/td> Dividends<\/td> -<\/td> <\/td> -<\/td> <\/td> <\/tr>
<\/td> Revenues<\/td> -<\/td> <\/td> -<\/td> <\/td> <\/tr>
<\/td> Salaries Expense<\/td> -<\/td> <\/td> -<\/td> <\/td> <\/tr>
<\/td> Rent Expense<\/td> -<\/td> <\/td> -<\/td> <\/td> <\/tr>
<\/td> Supplies Expense<\/td> -<\/td> <\/td> -<\/td> <\/td> <\/tr>
<\/td> Interest Expense<\/td> -<\/td> <\/td> -<\/td> <\/td> <\/tr>
<\/td> <\/td> $ 250,000<\/td> <\/td> $ 250,000<\/td> <\/td> <\/tr>
<\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
January's transactions are listed below:<\/td> <\/td> <\/td> <\/td> <\/tr>
Jan. 2<\/td> Collected $10,000 on an open account receivable.<\/td> <\/tr>
Jan. 3<\/td> Purchased additional tract of land for $20,000 cash.<\/td> <\/tr>
Jan. 5<\/td> Provided services on account to a customer for $15,000. <\/td> <\/tr>
Jan. 7<\/td> Borrowed $12,000 on a term loan payable.<\/td> <\/tr>
Jan. 11<\/td> Paid salaries of $3,000.<\/td> <\/tr>
Jan. 12<\/td> Provided services to customers for cash, $11,000. <\/td> <\/tr>
Jan. 15<\/td> Purchased (and used) office supplies on account, $2,000. <\/td> <\/tr>
Jan. 17<\/td> The company paid shareholders a $2,500 dividend.<\/td> <\/tr>
Jan. 20<\/td> Paid rent of $1,700.<\/td> <\/tr>
Jan. 23<\/td> Paid salaries of $4,000.<\/td> <\/tr>
Jan. 24<\/td> Paid $16,000 on the open accounts payable.<\/td> <\/tr>
Jan. 29<\/td> Collected $50,000 on accounts receivable.<\/td> <\/tr>
Jan. 31<\/td> Repaid loans of $22,000.<\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
Jan. 31<\/td> Paid interest on loans of $600.<\/td> <\/tr>
<\/td> <\/td> <\/td> <\/td> <\/td> <\/td> <\/tr>
(a)<\/td> Create the general ledger accounts, and enter the initial balances at the start of the month of January. This requirement is already completed on the worksheets.<\/td> <\/tr>
(b)<\/td> Prepare journal entries for January's transactions.<\/td> <\/tr>
(c)<\/td> Post January's transactions to the appropriate general ledger accounts.<\/td> <\/tr>
(d)<\/td> Prepare a trial balance as of January 31.<\/td> <\/tr>
(e)<\/td> Prepare an income statement and statement of retained earnings for January, and a balance sheet as of the end of January.<\/td> <\/tr> <\/tbody> <\/table>", "transcribed_text": "", "related_book": { "title": null, "isbn": null, "edition": null, "authors": null, "cover_image": null, "uri": null, "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-16 00:09:05", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/theory-of-probability\/14-walds-equation-can-be-used-as-the-basis-of-2014930", "description": "14. Walds equation can be used as the basis of a proof of the elementary renewal theorem. Let X1,X2, . . . denote the interarrival times of a renewal process and let N(t) be the number of renewals by...", "stars": 0 }, { "url": "\/the-management-of-gill-corporation-is-trying-to-decide-whether", "description": "The management of Gill Corporation is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called FIZBE, is a component of the companys finished...", "stars": 3 }, { "url": "\/study-help\/questions\/morgan-corporation-opened-the-year-20x6-with-the-following-trial-11107739", "description": "Morgan Corporation opened the year 20X6, with the following trial balance information: Cash $ 25,000 Accounts Receivable 75,000 Land 150,000 Accounts Payable - $ 60,000 Loan Payable - 30,000 Capital...", "stars": 3 }, { "url": "\/study-help\/questions\/at-the-beginning-of-the-current-period-tamarisk-inc-had-6411129", "description": "At the beginning of the current period, Tamarisk, Inc. had balances in Accounts Receivable of $187,100 and in Allowance for Doubtful Accounts of $8,500 (credit). During the period, it had net credit...", "stars": 3 }, { "url": "\/study-help\/questions\/1explain-all-types-of-cost-used-by-the-colgate-palmolive-1002348", "description": "1-Explain all types of cost used by the Colgate Palmolive Pakistan Limited company 2-Calculate the product price (Price= cost+profit +expenses) 3-Calculate Break Even Point (B.E.P) in term of units...", "stars": 3 }, { "url": "\/study-help\/questions\/an-industrial-health-nurse-implements-a-safe-shoe-and-boot-5254816", "description": "An industrial health nurse implements a safe shoe and boot program in a manufacturing organization. Which components are important elements when implementing this program? Select all that apply A-...", "stars": 3 }, { "url": "\/study-help\/questions\/7-26-fx-8-fx-x-2-0-2-1004729", "description": "7. 26. f(x) 8. f(x) = -x; (-2, 0), (-2, 2) Find the average rate of change of y with respect to x (a) on the interval (1,3), (b) on the interval (3, 5). 27. f(x) 28. f(x 29. f(t) e of were YA 6 (3,6)...", "stars": 3 }, { "url": "\/study-help\/questions\/labor-relations-in-hrm-deals-with-question-10answer-a-complaints-5221401", "description": "Labor relations in HRM deals with: Question 10Answer a. complaints and arbitrations. b. conflict management c. settlement agreements d. All of the above", "stars": 3 }, { "url": "\/study-help\/questions\/indira-is-getting-ready-to-shift-from-a-building-mindset-5207465", "description": "Indira is getting ready to shift from a building mindset to a learning mindset for her projects. What is the first thing she will do to prioritize learning? Select an answer: Debate that learning...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/question-7-directions-click-the-case-link-above-and-use-11107738", "next": "\/study-help\/questions\/problem-52aa-periodic-alternative-cost-flows-lo-p3-the-following-11107740" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Morgan Corporation opened the year 20X6, with the following trial balance information:", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/morgan-corporation-opened-the-year-20x6-with-the-following-trial-11107739" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }