per share). Use the following Fox Co. 1st Quarter information for Questions #9 thru #13: 1/2/21 Receives $100,000 in return for issuing 4,000 shares of common stock (S2 Par Value 1/17 Receives $80,000 advance for 4 service jobs ($20,000 each); by 3/31, 3 of these jobs are completed. 1/22 Buys $18,000 of office supplies on credit; by 3/31, only $7,500 of these supplies are left. 2/1 Hires advertiser who begins to work and will be paid $50,000 on 7/14 for 5 months of work. 2/9 Completes a new (5th) client's consultation job and mails them an invoice for $25,000. 2/19 Receives a $15,000, initial payment, from the new (5th) client, whose job was completed on 2/9. 2/29 Pays $48,000 for computers (4-year useful life, straight-line & nearest full-month convention) 3/1 An electric storm destroys 50% of the computers, which are not covered by any insurance. 3/15 Declares $15,000 in dividends, paying $5,000 of it now, with the rest to be paid 5/15. 3/31 Buys $300,000 building (including 15% land cost) with 10% cash & 5-year, 8% note for the rest. Instructions for Mini-Project Problem: 1) Prepare annual Journal & Adjusting Entries for transactions below using same format used for 6 BAP Entries, but include a date for each entry & exclude FS Effects. 2) Post to GL (T accounts) only those accounts with more than 1 amount in the Entries. 3) Prepare all 4 complete FS (IS, RE, BS, CFs), including Headings, S signs & lines (single & double). 4) Prepare a single Closing Entry (no Income Summary account). per share). Use the following Fox Co. 1st Quarter information for Questions #9 thru #13: 1/2/21 Receives $100,000 in return for issuing 4,000 shares of common stock (S2 Par Value 1/17 Receives $80,000 advance for 4 service jobs ($20,000 each); by 3/31, 3 of these jobs are completed. 1/22 Buys $18,000 of office supplies on credit; by 3/31, only $7,500 of these supplies are left. 2/1 Hires advertiser who begins to work and will be paid $50,000 on 7/14 for 5 months of work. 2/9 Completes a new (5th) client's consultation job and mails them an invoice for $25,000. 2/19 Receives a $15,000, initial payment, from the new (5th) client, whose job was completed on 2/9. 2/29 Pays $48,000 for computers (4-year useful life, straight-line & nearest full-month convention) 3/1 An electric storm destroys 50% of the computers, which are not covered by any insurance. 3/15 Declares $15,000 in dividends, paying $5,000 of it now, with the rest to be paid 5/15. 3/31 Buys $300,000 building (including 15% land cost) with 10% cash & 5-year, 8% note for the rest. Instructions for Mini-Project Problem: 1) Prepare annual Journal & Adjusting Entries for transactions below using same format used for 6 BAP Entries, but include a date for each entry & exclude FS Effects. 2) Post to GL (T accounts) only those accounts with more than 1 amount in the Entries. 3) Prepare all 4 complete FS (IS, RE, BS, CFs), including Headings, S signs & lines (single & double). 4) Prepare a single Closing Entry (no Income Summary account)
