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Need confirmation that I am doing this correctly. Could I see how these transactions would be made into a journal, trial balance, income statement, statement
Need confirmation that I am doing this correctly. Could I see how these transactions would be made into a journal, trial balance, income statement, statement of changes in equity, and statement of financial position. Thank You.
[Problem 2] Taylor Advisors Limited was organized on Jan 1, 2018. The company plans to use the following accounts: Dividends Service revenue Advertising expense Salaries Expense Interest Expense Office Expense Rent Expense Income Tax Expense as Accounts receivable upplies Prepaid Insurance Equipment Accounts payable Bank Loan Payable (non-current) Common shares Retained Earnings The company had the following transactions in the month of January: Jan. 2 Issued 1,000 common shares for S65 each. Finalized a lease for office space and paid the first month's rent of S3,000 5 4 Purchased $40,000 of equipment for S10,000 cash and financed the remainder with a long-term bank loan 8 Paid for an advertisement in a local paper, S500 10 Purchased supplies on account, $1,000 11 Paid for several advertising spots on the local radio station, S3,000. 12 Paid employees $7,500 for the first two weeks of work 15 Summarized and recorded the billings to clients for the first two weeks of January. Billings totalled $15,000. These amounts are due by the 12th of the next month. 17 Paid S1,000 for office expenses. 19 Paid annual insurance policy with coverage up to December 31, 2018, for S6,000 24Received S10,000 from clients in partial settlement of accounts billed on the 15th 25 Declared and paid S500 of dividends to shareholders 26 Paid employees $7,500 for the previous two weeks of work 29 Summarized and recorded the billings to clients for the prior two weeks. Billings totalled S18,000. These amounts are due by the 26th of the next montlh 30 Made a payment to the bank of S2,000 for interest on the bank loan and S700 to pay on the amount owing for the bank loan. 31 Paid Canada Revenue Agency S1,500 for an income tax instalmentStep by Step Solution
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