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On January 1, Year 1, a company had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000: Deferred Revenue, $5,500; Common Stock $55,000; and Retained
On January 1, Year 1, a company had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000: Deferred Revenue, $5,500; Common Stock $55,000; and Retained Earnings, $30,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,000. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in Year 1, $28,000. 4. October 1 Purchase rental space for one year, $17,000. 5. November 17 Purchase supplies on account, $27,000. 6. December 30 Pay dividends, $2,500. The following information is available on December 31, Year 1: 1. Employees are owed an additional $4,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. General Requirement Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Dates: Jan 01 to: Dec 31 Balance Sheet As of January 31, Year 1 Assets Liabilities Current Assets: Cash Ps 34,500 Current Liabilities: Deferred Revenue 0 0 Total Current Liabilities of $ 0 0 O 0
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