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Need help with journal entries and adjustment entries The Bell wholesale company stared business on July 1, 2018, the following transactions too place in the

Need help with journal entries and adjustment entries
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The Bell wholesale company stared business on July 1, 2018, the following transactions too place in the month of July. a. The owners invested $200,000 cash in the company in exchange for 5,000 shares of common stock. b. Equipment is purchased for $30,000 on account. c. On July 1, S12,000 rent on building is paid for the months of July, August, and September. d. Merchandize inventory $40,000 is purchased on account. The company uses perpetual inventory system. e. On July 1, $20,000 is borrowed from a local bank, and a note payable is signed f. Credit sales for the month are $62,000, The cost of merchandize sold is $38,000. g. $2,000 is paid on account for office supplies. h. $55,000 is collected from customers on account i. $10,000 is paid to employees for wages in July. j. A bill of S3,000 is received from utility company for the month of July. k. The company paid S1,000 as dividend to its shareholders. Required 1) Prepare journal entries for each transaction using words or excel. 2) Post to general ledger accounts using words or excel. 3) Prepare an unadjusted trial balance using the excel template provided. A trial balance enables accountants to problem solve the adjustments and complete the financial statements before formally recording the adjustment entries to the accounting records. You will be asked to provide the formal adjustment entries in requirement 7) 4) Solve for Bell's adjustment entries based on the following information, then compete the excel spreadsheet through the adjustment entries columns. a) Accrue interest expense for the notes payable in July based on transaction e, the interest rate is 6%. b) Using the straight line depreciate method, recognize the depreciate expense for the equipment in July. Assume the useful life is 5 years and the residual value is S3,000 c) Adjust the rent expense for the month of July based on transaction c d) Adjust the supplies expense for July assuming the ending supplies is $1,500 5) Using the column information from 2) and 3), complete the financial statements in the excel spreadsheet (i.e., Income Statement, Balance Sheet, and Statement of Retained Earnings) 6) Go back to your unadjusted trial balance and problem solve for the closing entries. Complete the entire worksheet through post-closing trial balance columns. 7) Formally record the adjusted entries and closing entries in the general journal, and post to the general ledge accounts. Double check the general ledge account balances agree with the post-closing trial balances in the Excel

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