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Need help on Post- Closing Trial Balance and Balance Sheet Accounting Cycle Review Problem MAGIC JOHNSON JOCKS On April 1, 20XX, these were the account
Need help on Post- Closing Trial Balance and Balance Sheet
Accounting Cycle Review Problem MAGIC JOHNSON JOCKS On April 1, 20XX, these were the account balances of Magic Johnson Jocks. Debit Cash $ 23,300 Accounts Receivable 6,700 Prepaid Insurance 12,400 Supplies 3,200 Building 390,000 $ 435,600 Credit Accumulated Depreciation $ 27,500 Note Payable 100,000 Accounts Payable 2,800 Common Stock 250,000 Retained Earnings 55,300 $ 435,600 These selected events and transactions occurred in April. Apr. 2 5 12 16 20 25 28 29 Magic Johnson issued 18,000 shares of $1 par value common stock at par. Paid interest on notes payable for the month, $900. Purchased supplies for $1,300 on account. Performed services for a client and billed the client $4,600. Received $19,000 cash from clients for services performed. Paid salaries for the month, $1,500. Paid $600 of account payable. Paid $500 dividends. Inatruatione. Dorform the followina tone in the Coolworkhoek in abronolainalardorStep by Step Solution
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