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Need T accounts done and ending balances done also. I need help. Part One, Two and Three Instructions Record the January 2018 transactions in the
Need T accounts done and ending balances done also. I need help.
Part One, Two and Three Instructions Record the January 2018 transactions in the general journal (last section of this practice set) using the following events. Skip a line between each entry and number the entries to match the number of transactions, In the general journal record the transaction number, the date, and the account numbers. After all journal entries are entered into the practice set, enter the adjusting journal entries. Next, create a T-Account for each account that is used in the Chart of Accounts and record the transactions and end with an ending balance. All ending balances should be on the normal balance side even if the account has a zero balance. If there is a number that is uneven round to the nearest cent. You will need the ending balance in the cash account for the bank reconciliation. All instructions for Blackboard start on page 7 Transactions Date Deposit No. Description Ivan Smith met with his lawyer and CPA for advice on starting the business. They decided that Mr. Smith would organize the business as a corporation. The lawyer told Mr. Smith to register the company name, Ivan's Instrument Center, with the County of El Paso. In addition, Mr. Smith will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. The lawyer agreed to prepare the Articles of Incorporation to be filed with the Secretary of State of Texas. The CPA has agreed to help Mr. Smith set up his accounting system. 1. 1/02/18 2. | 1/02/18 | Deposit #1 | Mr. Smith opened a business checking account at Wells Fargo Bank by depositing $30,000. The corporation issued him a stock certificate for 2,000 shares of common stock with no par value. Mr. Smith signed a one-year rental agreement with Reynolds Realtors for warehouse space. He was required to pay $3,400 for rent for the months of January 1, 2018-December 31, 2018. 3. 1/03/18 ck #1001 | 1/03/18 | ck #1002 | Arranged for a general business liability insurance policy and paid 4. $3,600 to State Penn Insurance. This premium is for eighteen months coverage. Purchased a new computer system that cost $3,000 from Office Mart for use in the business, Mr. Smith signed a six-month, 12% installment note payable for the cost of the system. The computer system has an estimated useful life of 3 years and the residual 5. 1/03/18 4Page Step by Step Solution
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