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NEED IT ASAPP Question 1: 20 Alpha Marine is a boat repairing company, started its business in January 1, 2014. During the month of January

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NEED IT ASAPP

Question 1: 20 Alpha Marine is a boat repairing company, started its business in January 1, 2014. During the month of January following transactions took place. Jan 01: Jan 02: Jan 03: Jan 04: Jan 06: Jan 07: Jan 08: Jan 10: Business made an investment of $500,000 in cash. Paid Rent $6,000 for repair shop for 3 months in advance. Purchase repair equipment $80,000, paid cash $30,000 and for remaining balance, N/P is signed. Provided repair services to Kiwi Insurance and sent a bill of $5,620 to the client.Jan 05: Paid $350 for advertisement in Yachting World, the advertisement will be printed in February and March issues of magazine. Received $6,750 from City Insurance group to repair 50 boats. The Business will provide repair services to boats on request of City Insurance in future. Made repairs on the vessel Independent totaling $1,890. Collected $400 cash and remaining balance is due in 30 days. Business received $5,000 for repairing the vessel Sprit. Business borrowed $ 10,000 by signing a Notes Payable for 12 months at interest rate of 15% per annum. Both interest and principle will be paid at maturity. Business paid 50% of notes payable created on Jan 03. Business paid for travelling expenses of $400 to meet a client. Business received cash of $4,000 for repairing a vessel called Discovery. The client of vessel Discovery claimed that the repairs are not made properly to his vessel, therefore business paid $250 to compensate for the poor repair work. Additional investment is made by investing cash of $20,000 from personal sources. Business paid $3,000 in hosting a party for prospective clients. The appropriate account is entertainment expenses. Business provided repair services to vessel Honor for $7,000. Client paid $4,000 and singed Notes Payable for remaining balance. Jan 11: Jan 12: Jan 13: Jan 14: Jan 15: Jan 20: Jan 22: Jan 25: Jan 31: Jan 31: Jan 31: Jan 31: Jan 31: Jan 31: Business provided repair services to vessel Luxurious for $6,000. Client paid $1,000 and signed Notes Payable for remaining balance. The equipment's expected useful life is 3 years and salvage value is $20,000. Business recorded Depreciation of Equipment. Business recorded utility expenses of $800. Business recorded interest expense for January. Business adjusted rent account for January. The business repaired 17 boats for City Insurance during January. Business Declared and paid dividend of $2,500. Requirements: Record these transactions in General Journal Format. Post these transactions is Ledger (T-Accounts) Prepare Trial Balance Prepare Income Statement and Balance Sheet

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