On January 1, Year 1, a company had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue. $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 Provide services to customers for cash, $50,000, and on account, $45,000. 3. August 31 Pay salaries to employees for work in Year 1, $38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, Year 1: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet 1. Record each of the transactions listed above in the 'General Journal tab. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted Trial Balance' as of December 31, Year 1. 4. Prepare an income statement for the year ended December 31, Year 1, in the 'Income Statement tab. 5. Prepare the statement of Stockholder's Equity for the year ended December 31, Year 1, in the 'Income Statement" tab. 6. Prepare a classified balance sheet as of December 31, Year 1 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab. General Journal > On January 1, Year 1, a company had the following balances: Cash, $27,000, Supplies, $9,500; Land, $75,000; Deferred Revenue. $6,500, Common Stock $65,000, and Retained Eamings, $40,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 Provide services to customers for cash, $50,000, and on account, $45,000. 3. August 31 Pay salaries to employees for work in Year 1, $38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, Year 1 1. Employees are owed an additional $5,500 in salaries 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Trial Balance Ledger Income Statement Statement of SE Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet < 1 21 3 4 5 6 7 Record the issuance of additional shares of common stock, $35,000. Note: Enter debits before credits Date Feb 15 13 > Account litle Debit Credit Record entry Clear entry View general journal On January 1, Year 1, a company had the following balances: Cash, $27,000, Supplies, $9,500; Land, $75,000; Deferred Revenue. $6,500, Common Stock $65,000; and Retained Earnings, $40,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 3. August 20 Provide services to customers for cash, $50,000, and on account, $45,000. 31 Pay salaries to employees for work in Year 1, $38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, Year 1: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Each Journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Dates: Jan 01 to: Dec 30 General Ledger Account Cash No. Date Jan 01 Debit Credit Balance No. Date Supplies Debit Credit 27,000 Jan 01 Balance 9,500 Land No. Date Jan 01 Debit Credit Balance No. 75,000 Date Jan 01 Deferred Revenue Debit Credit Balance 6,500 Common Stock Retained I amnings No. Date Debit Credit Jan 01 Balance 65,000 No. Date Debit Credit Balance Jan 01 40,000 On January 1, Year 1, a company had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500: Common Stock $65,000; and Retained Earnings, $40,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 3. August 20 Provide services to customers for cash, $50,000, and on account, $45,000. 31 Pay salaries to employees for work in Year 1, $38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, Year 1: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Cash Supplies Land Deferred Revenue Common Stock Retained Earnings Total Trial Balance December 30, 2022 Account Title Debit Credit S 27.000 9,500 75,000 6,500 65,000 40,000 111,500 S 111,500 On January 1, Year 1, a company had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000: Deferred Revenue, $6,500: Common Stock $65,000, and Retained Earnings, $40,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 3. August 20 Provide services to customers for cash, $50,000, and on account, $45,000. 31 Pay salaries to employees for work in Year 1, $38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following Information is available on December 31, Year 1: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Income Statement For the year ended December 31, Year 1 Revenues Total Revenue Expenses: Total Expenses On January 1, Year 1, a company had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500: Common Stock $65,000; and Retained Eamings, $40,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 3. August 20 Provide services to customers for cash, $50,000, and on account, $45,000. 31 Pay salaries to employees for work in Year 1, $38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, Year 1: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand, 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Ledger Income Trial Balance Statement Statement of SE Balance Sheet Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance Indicated. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Statement of Stockholders Equity For the Period Ended December 31. Year 1 Stack Dates: Jan 01 Retained Earnings Total Stockholders Equity to: Dec 30 On January 1, Year 1, a company had the following balances: Cash, $27,000; Supplies, $9,500; Land, $75,000; Deferred Revenue, $6,500; Common Stock $65,000; and Retained Earnings, $40,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $35,000. 2. May 20 Provide services to customers for cash, $50,000, and on account, $45,000. 3. August 31 Pay salaries to employees for work in Year 1, $38,000. 4. October 1 Purchase rental space for one year, $27,000. 5. November 17 Purchase supplies on account, $37,000. 6. December 30 Pay dividends, $3,500. The following information is available on December 31, Year 1: 1. Employees are owed an additional $5,500 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $6,500 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. Requirement General Journal General Trial Balance Ledger 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. Unadjusted Dates: Jan 01 to: Dec 30 Balance Sheet As of January 31. Year 1 Assets Liabilities Current Assets Current Liabilities: Total Current Assets Long-term Assets Deferred Revenue Total Current Liabilities Total Liables Stockholder's Equity Total Assets < Statement of SE Total Stockholders' Equity Total Liabilities & Stockholders' Equity