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.

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.

Prepare journal entries for January's transactions.

Post January's transactions to the appropriate general ledger accounts.

Prepare a trial balance as of January 31.

Prepare an income statement and statement of retained earnings for January, and a balance sheet as of the end of January.

Morgan Corporation opened the year 20X6, with the following trial balance information: Cash Accounts Receivable Land Accounts Payable Loan Payable Capital Stock Retained Earnings Dividends Revenues Salaries Expense Rent Expense Supplies Expense Interest Expense $ $ 25,000 75,000 150,000 250,000 $ 60,000 30,000 50,000 110,000 - $ 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) (b) 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. 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. CASH Date Jan. 1 Description Debit Balance forward Credit - Balance - 25,000 ACCOUNTS RECEIVABLE Date Jan. 1 Description Debit Balance forward Credit - Balance - 75,000 LAND Date Jan. 1 Description Debit Balance forward Credit - Balance - 150,000 ACCOUNTS PAYABLE Date Jan. 1 Description Debit Balance forward Credit - Balance - 60,000 LOAN PAYABLE Date Jan. 1 Description Debit Balance forward Credit - Balance - 30,000 CAPITAL STOCK Date Jan. 1 Description Balance forward RETAINED EARNINGS Debit Credit - Balance - 50,000 Date Jan. 1 Description Debit Balance forward Credit - Balance - 110,000 DIVIDENDS Date Description Debit Jan. 1 Credit - Balance - - REVENUES Date Description Debit Jan. 1 Credit - Balance - - SALARIES EXPENSE Date Description Debit Jan. 1 Credit - Balance - - SUPPLIES EXPENSE Date Description Debit Jan. 1 Credit - Balance - - RENT EXPENSE Date Description Debit Jan. 1 Credit - Balance - - INTEREST EXPENSE Date Jan. 1 Description Debit Credit - Balance - - GENERAL JOURNAL Date Page 1 Accounts Debit Credit Jan. 2 Jan. 3 Jan. 5 Jan. 7 Jan. 11 Jan. 12 GENERAL JOURNAL Date Page 2 Accounts Debit Credit Jan. 15 Jan. 17 Jan. 20 Jan. 23 Jan. 24 Jan. 29 GENERAL JOURNAL Date Page 3 Accounts Debit Credit Jan. 31 Jan. 31 MORGAN CORPORATION Trial Balance January 31, 20X6 Debits Cash $ Credits - $ - Accounts receivable - - Land - - Accounts payable - Loan payable - Capital stock - Retained earnings - Revenues - Salaries expense - - Supplies expense - - Rent expense - - Interest expense - - Dividends - - $ - $ - MORGAN CORPORATION Income Statement For the Month Ending January 31, 20X6 Revenues Services to customers Expenses Salaries Supplies Rent Interest Net income $ $ $ - - - MORGAN CORPORATION Statement of Retained Earnings For the Month Ending January 31, 20X6 Beginning retained earnings Plus: Net income $ $ Less: Dividends Ending retained earnings $ - MORGAN CORPORATION Balance Sheet January 31, 20X6 Assets Cash Accounts receivable Land Total assets Liabilities Accounts payable Loan payable Total liabilities Stockholders' equity Capital stock Retained earnings Total stockholders' equity Total liabilities and equity $ $ $ $ $ - - $