Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(Needs to be completed in Excel, using formulas whenever needed.) The general ledger of Tristate business company on January 1st, 2021 includes the following account

image text in transcribed
image text in transcribed
image text in transcribed
(Needs to be completed in Excel, using formulas whenever needed.) The general ledger of Tristate business company on January 1st, 2021 includes the following account balances: Accounts Debits Credits Cash $ 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable $ 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $134,100, and on account, $52,200. 2. February 12 Collect on accounts receivable, $51,500. 3. April 25 Receive cash in advance from customers, $12,900. 4. May 6 Purchase supplies on account, $9,200. 5. July 15 Pay property taxes, $8,500. 6. September 10 Pay on accounts payable, $11,400. 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27,000 cash. 9. December 30 Pay $2,800 cash dividends to stockholders. A. Prepare an income statement, a balance sheet, and a sttement of stockholder's equity. B. Record closing entries. C. Post the transactions, adjusting entries, and closing entries to the T- Accounts, with the beginning balances too. D. Prepare a post-closing trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting And Control Systems An Organizational And Sociological Approach

Authors: Norman B. Macintosh, Paolo Quattrone

2nd Edition

0470714476, 978-0470714478

More Books

Students also viewed these Accounting questions

Question

If X has distribution function F(t) = 0, t Answered: 1 week ago

Answered: 1 week ago