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NEED HELP WITH QUESTION # 3 (unadjusted trial balance) Consider the following transactions for the first month of operations of a small 1 aw firm
NEED HELP WITH QUESTION # 3 (unadjusted trial balance)
Consider the following transactions for the first month of operations of a small 1 aw firm called Landon Law. Sept 2 The law firm paid first and last month rent total of $4,000 of a 5y, lar 1 ease. Sept 3 Paid $4,800 insurance for the period Sept 1 Aug 31 ( 1 year) Sept 4 Purchased office supplies on account, $320 Sept5Sept7Purchasedonaccount,equipmentcostinPaid$3900foracomputerandprinter Sept7Sept9Paid$3900foracomputerandprinterPerformedlegalworkonaccountintheamountof$4,700 Sept 10 Received $200 for 1 egal work that was done sept 9 Sept16Sept17Received$15,000fora1egalretaiPreparedawi71andgotpaid$400 SeptSept2018Borrowed$36,000fromthebank,withaninterestrateof6%peryearReceivedauti7itybi17for$175,withaduedateoct10 Sept20Sept21Borrowed$36,000fromthebank,withaninterestrateofReceived$500onaccountforlegalworkprovidedSept9 SeptSept2125Received$500onaccountforlegalworkprovidedSeppaid$750onaccountforequipmentpurchasedSept5 Sept 29 Paid $200 for advertising Sept 30 Landon withdrew cash of $1400 for a personal trip to Las vegas Adjusting Entries at month end 1. Supplies at the end of september were $50.00 2. Use straight-7ine depreciation method on the desks 3. The depreciation for the equipment and computer were $50 and $80 respectfully 4. One-month insurance was used up 5. Earned $3,000 from the advance that was received 6. Ca7culate interest expense on bank loan Prepare the following: 1. Prepare the journal entries for the month of september 2. Post the entries into the general ledger 3. Prepare an unadjusted trial balance 4. Prepare the adjusting entries for the end of september 5. Prepare an adjusted trial balance 6. Prepare income statement, statement of changes in owners equity and a classified balance sheet 7. Prepare closing entriesStep by Step Solution
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