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PREPARING FINANCIAL STATEMENTS FOR THE MONTH OF JANUARY ASSUME ALL OF THE BUSINESS TRANSACTONS OCCURRED IN IN JANUARY 2019 CREATE JOURNAL FNTRIES FOR THE FOLLOWING BUSINESS TRANSACTIONS BE SURE TO NUMBER AND DATE THE ENTRIES 1) CORPORATION RECEIVED CASH AND ISSUED COMMON STOCK IN THE AMOUNT OF 500.000 2) CASH IN THE AMOUNT OF $40,000 WAS RECEIVED FOR SERVICES THAT WILL BE PERFORMED IN FEBRUARY 3) RECORD ONE MONTH REVENUE EARNED FOR SERVICES DEFERRED IN AN EARLIER MONTH (SEE EXISTING BALANCE IN THE T ACCOUNT) 4) SOLD WIDGETS ON ACCOUNT IN THE AMOUNT OF $220.000. THE COST WAS SO S) SOLD WIDGETS FOR CASH IN THE AMOUNT OF S100.000 THE COST WAS 50% 6) PAID FEBRUARY RENT OF 55,000 IN JANUARY 7) PAID JANUARY RENT OF 55.000 8) PAID CASH OF SI0.000 FOR UTILITY EXPENSE 9) PAID CASH OF $50,000 FOR SALARY EXPENSE 10) AT JANUARY 31 EMPLOYEES EARNED $20,000 THAT WILL NOT BE PAID UNTIL THE FEBRUARY I PAYROLL II) THE DEPRECIATON EXPENSE NEEDS TO BE RECORDED FOR THE S200.000 EQUIPMENT - ASSUME A FIVE YEAR LIFE (ONLY ONE MONTH DEPRECIATION) ASSUME THE EQUIPMENT PURCHASE IN JANUARY WAS MADE AT MONTH END - SO NOT DEEPRELATED 12) RECEIVED A SS75,000 PAYMENT ON ACCOUNT 13) RECORD INSURANCE EXPENSE FOR THE MONTH OF JANUARY (SEE THE T ACCOUNT FOR THE EXISTING BALANCE OF PREPAID EXPENSE 14) RECORD ONE MONTH INTEREST EXPENSE ON THE NOTES PAYABLE (HINT BOTH CURRENT AND LONG TERM THE INTEREST RATE IS 10% 15) PURCHASED 5500,000 OF INVENTORY ON ACCOUNT 16) PAID CASH OF S350,000 TO VENDORS FOR INVENTORY PREVIOUSLY PURCHASED ON ACCOUNT 17) RECORD INTEREST EARNED ON NOTE RECEIVABLE FOR THE MONTH OF JANUARY, RATE IS 196 (SEE EXISTING T ACCOUNT BALANCE) 18) RECORD DIVIDENDS PAID IN THE AMOUNT OF S 19) RECORD THE PURCHASE OF EQUIPMENT FOR $500,000 BY SIGNING A NOTE (ASSUME PURCHASE JAN 31-NO DEPRECIATION OR INTEREST NECESSARY FOR THE MONTH THE CORPORATION IS ABC COMPANY THE PROJECT COVERS THE PROCESS FROM THE OCCURRENCE OF A BUSINESS TRANSACTION THROUGH THE PREPARATION OF THE FOUR FINANCIAL STATEMENTS STEP ONE: RECORD THE BUSINESS TRANSACTIONS (PREPARE THE JOURNAL ENTRIES BE SURE TO USE PROPER JOURNAL ENTRY FORM (YOU WILL NEED A SEPARATE SHEET OF PAPER) FOR EXAMPE: 1/31/2019 DEBIT CREDIT CASH 100,000 COMMON STOCK (ISSUED COMMON STOCK FOR CASH) 100,000 MAKE SURE YOU NUMBER AND DATE THE JOURNAL ENTRIES DO NOT POST ACTIVITIES DIRECTLY TO THE "T" ACCOUNTS (YOU POST TO THE T ACCOUNTS FROM THE PREPARED JOURNAL ENTRIES) STEP TWO: POST THE JOURNAL ENTRIES TO THE GENERAL LEDGER ACCOUNTS (THE T ACCOUNTS) THERE ARE EXISTING BALANCES IN THE T ACCOUNTS - YOU WILL NEED TO REFER TO THE BEGINNING RALANCES FOR SOME OF THE JOURNAL ENTRIES YOUR ENTRIES WILL BE ADDED TO THE BEGINNING BALANCES HINT-MAKE CHECK MARKS AS YOU POST THE AMOUNTS -IT WILL HELP IF YOU GET INTERRUPTED STEP THREE: ONCE YOU HAVE POSTED ALL OF THE JOURNAL ENTRIES TO THE T ACCOUNTS CALULATE THE ENDING BALANCES STEP FOUR: ENTER THE ENDING ACCOUNT BALANCES ON THE TRIAL BALANCE TEMPLATE BE SURE THE DEBITS AND CREDITS ARE EQUAL STEP FIVE: FROM THE TRIAL BALANCE CREATE THE FOUR FINANCIAL STATEMENTS TEMPLATES ARE PROVIDED NOTE: YOU MUST USE THE ENDING RETAINED EARNINGS FOR THE BALANCE SHEET Accounts Receivable Debit ION Credit Allowance for Doubtful Acets Debit Credit 20.00 Inventory Debit | | Credit BB BB BB | D0DC nOOD EB | IDMONTO Interest Receivable Debit Credit Equipment Debit l o] Debit In Credit BB BB TOD,ONOM] Salaries Payable Debit Current Portion Notes Payable 1 Debit Credit 50,000 Interest Payable Debit Credit Credit 0BB BE 0EB SOOOD Common Stock Debit Credit 2,49,OCIO Retained Earnings Debat Credit 15,000 BE 2,450,OD EB SOOD COST OF GOODS SOLD Debit Credit Utility Expense Debit Credit Rent Expense Debit Credit Depreciation Expense Debit SALARY EXPENSE Debit Credit Interest REVENUE Debit Credit Debit 1.268 000 Trading Securities Debit Credit 50.000 Note Receivable Debit Credit 200.000 PREPAID EXPENSES Debit Credit 22.000 BB EB 200,000 EB 27000 Accumulated Depr Debit Credit 40,000 Accounts Payable Credit 750,000 BB BB EB 40,000 750,000 Uncarned Revenue Debit Credit 24.000 Note Payable-Long Term Dehit Credit 150,000 BB BB 24.000 1 SOLOKO Widget Sales Debit SERVICE REVENUE Debit Credit Insurance Expense Interest Expense Debit Credit ABC Company Balance Sheet As of January 31, 2019 ASSETS Cash Trading Securities Accounts Receivable Allowance for Uncollectible Accounts Inventory Note Receivable Prepaid Assets Interest Receivable Total Current Assets Long Term Assets: Land Equipment Less Accumulated Depreciation Total Long Term Assets TOTAL ASSETS LIABILITIES & STOCKHOLDERS EQUITY Accounts Payable Salaries Payable Current Portion of Notes Payable Interest Payable Uncamed Revenue Total Current Liabilities Note Payable, Long Term Portion TOTAL LIABILITIES STOCKHOLDERS EQUITY Common Stock Retained Earnings TOTAL STOCKHOLDERS EQUITY TOTAL LIABILITIES & STOCKHOLDERS EQUITY ABC Company STATEMENT OF CASH FLOWS FOR THE MONTH ENDED JANUARY 31, 2019 Net Income Plus Depreciation Adjustments to reconcile income to cash Cash from operating Activities 218,166 671 Purchased equipment Cash from investing Activities Issued Common Stock Paid Dividends Cash from Investing Activities NET CHANGE IN CASH BEGINNING CASH ENDING CASH ABC COMPANY TRIAL BALANCE JANUARY 31, 2019 CASH TRADING SECURITIES ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL INVENTORY NOTES RECEIVABLE PREPAID ASSETS INTEREST RECEIVABLE LAND EQUIPMENT ALLOWANCE FOR DEPRECIATION ACCOUNTS PAYABLE SALARY PAYABLE CURRENT PORTION NP INTEREST PAYABLE UNEARNED REVENUE NOTE PAYABLE LT COMMON STOCK RETAINED EARNINGS WIDGET SALES SERVICE REVENUE COST OF SALES SALARY EXPENSE UTILITIES EXPENSE RENT EXPENSE INTEREST EXPENSE INSURANCE EXENSE DEPRECIATION INTEREST INCOME ABC Company Income Statement For the Month Ended January 31, 2019 Widget Sales Less Cost of Goods Sold Service Revenue Gross Margin Less Expenses: Salary Expense Utilities Expense Rent Expense Insurance Expense Depreciation Expense Operating income Other Income Loss: Interest Income Interest Expense Net Income PREPARING FINANCIAL STATEMENTS FOR THE MONTH OF JANUARY ASSUME ALL OF THE BUSINESS TRANSACTONS OCCURRED IN IN JANUARY 2019 CREATE JOURNAL FNTRIES FOR THE FOLLOWING BUSINESS TRANSACTIONS BE SURE TO NUMBER AND DATE THE ENTRIES 1) CORPORATION RECEIVED CASH AND ISSUED COMMON STOCK IN THE AMOUNT OF 500.000 2) CASH IN THE AMOUNT OF $40,000 WAS RECEIVED FOR SERVICES THAT WILL BE PERFORMED IN FEBRUARY 3) RECORD ONE MONTH REVENUE EARNED FOR SERVICES DEFERRED IN AN EARLIER MONTH (SEE EXISTING BALANCE IN THE T ACCOUNT) 4) SOLD WIDGETS ON ACCOUNT IN THE AMOUNT OF $220.000. THE COST WAS SO S) SOLD WIDGETS FOR CASH IN THE AMOUNT OF S100.000 THE COST WAS 50% 6) PAID FEBRUARY RENT OF 55,000 IN JANUARY 7) PAID JANUARY RENT OF 55.000 8) PAID CASH OF SI0.000 FOR UTILITY EXPENSE 9) PAID CASH OF $50,000 FOR SALARY EXPENSE 10) AT JANUARY 31 EMPLOYEES EARNED $20,000 THAT WILL NOT BE PAID UNTIL THE FEBRUARY I PAYROLL II) THE DEPRECIATON EXPENSE NEEDS TO BE RECORDED FOR THE S200.000 EQUIPMENT - ASSUME A FIVE YEAR LIFE (ONLY ONE MONTH DEPRECIATION) ASSUME THE EQUIPMENT PURCHASE IN JANUARY WAS MADE AT MONTH END - SO NOT DEEPRELATED 12) RECEIVED A SS75,000 PAYMENT ON ACCOUNT 13) RECORD INSURANCE EXPENSE FOR THE MONTH OF JANUARY (SEE THE T ACCOUNT FOR THE EXISTING BALANCE OF PREPAID EXPENSE 14) RECORD ONE MONTH INTEREST EXPENSE ON THE NOTES PAYABLE (HINT BOTH CURRENT AND LONG TERM THE INTEREST RATE IS 10% 15) PURCHASED 5500,000 OF INVENTORY ON ACCOUNT 16) PAID CASH OF S350,000 TO VENDORS FOR INVENTORY PREVIOUSLY PURCHASED ON ACCOUNT 17) RECORD INTEREST EARNED ON NOTE RECEIVABLE FOR THE MONTH OF JANUARY, RATE IS 196 (SEE EXISTING T ACCOUNT BALANCE) 18) RECORD DIVIDENDS PAID IN THE AMOUNT OF S 19) RECORD THE PURCHASE OF EQUIPMENT FOR $500,000 BY SIGNING A NOTE (ASSUME PURCHASE JAN 31-NO DEPRECIATION OR INTEREST NECESSARY FOR THE MONTH THE CORPORATION IS ABC COMPANY THE PROJECT COVERS THE PROCESS FROM THE OCCURRENCE OF A BUSINESS TRANSACTION THROUGH THE PREPARATION OF THE FOUR FINANCIAL STATEMENTS STEP ONE: RECORD THE BUSINESS TRANSACTIONS (PREPARE THE JOURNAL ENTRIES BE SURE TO USE PROPER JOURNAL ENTRY FORM (YOU WILL NEED A SEPARATE SHEET OF PAPER) FOR EXAMPE: 1/31/2019 DEBIT CREDIT CASH 100,000 COMMON STOCK (ISSUED COMMON STOCK FOR CASH) 100,000 MAKE SURE YOU NUMBER AND DATE THE JOURNAL ENTRIES DO NOT POST ACTIVITIES DIRECTLY TO THE "T" ACCOUNTS (YOU POST TO THE T ACCOUNTS FROM THE PREPARED JOURNAL ENTRIES) STEP TWO: POST THE JOURNAL ENTRIES TO THE GENERAL LEDGER ACCOUNTS (THE T ACCOUNTS) THERE ARE EXISTING BALANCES IN THE T ACCOUNTS - YOU WILL NEED TO REFER TO THE BEGINNING RALANCES FOR SOME OF THE JOURNAL ENTRIES YOUR ENTRIES WILL BE ADDED TO THE BEGINNING BALANCES HINT-MAKE CHECK MARKS AS YOU POST THE AMOUNTS -IT WILL HELP IF YOU GET INTERRUPTED STEP THREE: ONCE YOU HAVE POSTED ALL OF THE JOURNAL ENTRIES TO THE T ACCOUNTS CALULATE THE ENDING BALANCES STEP FOUR: ENTER THE ENDING ACCOUNT BALANCES ON THE TRIAL BALANCE TEMPLATE BE SURE THE DEBITS AND CREDITS ARE EQUAL STEP FIVE: FROM THE TRIAL BALANCE CREATE THE FOUR FINANCIAL STATEMENTS TEMPLATES ARE PROVIDED NOTE: YOU MUST USE THE ENDING RETAINED EARNINGS FOR THE BALANCE SHEET Accounts Receivable Debit ION Credit Allowance for Doubtful Acets Debit Credit 20.00 Inventory Debit | | Credit BB BB BB | D0DC nOOD EB | IDMONTO Interest Receivable Debit Credit Equipment Debit l o] Debit In Credit BB BB TOD,ONOM] Salaries Payable Debit Current Portion Notes Payable 1 Debit Credit 50,000 Interest Payable Debit Credit Credit 0BB BE 0EB SOOOD Common Stock Debit Credit 2,49,OCIO Retained Earnings Debat Credit 15,000 BE 2,450,OD EB SOOD COST OF GOODS SOLD Debit Credit Utility Expense Debit Credit Rent Expense Debit Credit Depreciation Expense Debit SALARY EXPENSE Debit Credit Interest REVENUE Debit Credit Debit 1.268 000 Trading Securities Debit Credit 50.000 Note Receivable Debit Credit 200.000 PREPAID EXPENSES Debit Credit 22.000 BB EB 200,000 EB 27000 Accumulated Depr Debit Credit 40,000 Accounts Payable Credit 750,000 BB BB EB 40,000 750,000 Uncarned Revenue Debit Credit 24.000 Note Payable-Long Term Dehit Credit 150,000 BB BB 24.000 1 SOLOKO Widget Sales Debit SERVICE REVENUE Debit Credit Insurance Expense Interest Expense Debit Credit ABC Company Balance Sheet As of January 31, 2019 ASSETS Cash Trading Securities Accounts Receivable Allowance for Uncollectible Accounts Inventory Note Receivable Prepaid Assets Interest Receivable Total Current Assets Long Term Assets: Land Equipment Less Accumulated Depreciation Total Long Term Assets TOTAL ASSETS LIABILITIES & STOCKHOLDERS EQUITY Accounts Payable Salaries Payable Current Portion of Notes Payable Interest Payable Uncamed Revenue Total Current Liabilities Note Payable, Long Term Portion TOTAL LIABILITIES STOCKHOLDERS EQUITY Common Stock Retained Earnings TOTAL STOCKHOLDERS EQUITY TOTAL LIABILITIES & STOCKHOLDERS EQUITY ABC Company STATEMENT OF CASH FLOWS FOR THE MONTH ENDED JANUARY 31, 2019 Net Income Plus Depreciation Adjustments to reconcile income to cash Cash from operating Activities 218,166 671 Purchased equipment Cash from investing Activities Issued Common Stock Paid Dividends Cash from Investing Activities NET CHANGE IN CASH BEGINNING CASH ENDING CASH ABC COMPANY TRIAL BALANCE JANUARY 31, 2019 CASH TRADING SECURITIES ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL INVENTORY NOTES RECEIVABLE PREPAID ASSETS INTEREST RECEIVABLE LAND EQUIPMENT ALLOWANCE FOR DEPRECIATION ACCOUNTS PAYABLE SALARY PAYABLE CURRENT PORTION NP INTEREST PAYABLE UNEARNED REVENUE NOTE PAYABLE LT COMMON STOCK RETAINED EARNINGS WIDGET SALES SERVICE REVENUE COST OF SALES SALARY EXPENSE UTILITIES EXPENSE RENT EXPENSE INTEREST EXPENSE INSURANCE EXENSE DEPRECIATION INTEREST INCOME ABC Company Income Statement For the Month Ended January 31, 2019 Widget Sales Less Cost of Goods Sold Service Revenue Gross Margin Less Expenses: Salary Expense Utilities Expense Rent Expense Insurance Expense Depreciation Expense Operating income Other Income Loss: Interest Income Interest Expense Net Income