Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please do the journal entry, unadjusted trial balance, adjusted trial balance, income statement, balance sheet, statement of retained earnings, post-closing trial balance MILTON COMPANY On

Please do the journal entry, unadjusted trial balance, adjusted trial balance, income statement, balance sheet, statement of retained earnings, post-closing trial balance

image text in transcribed
MILTON COMPANY On April 1, John Milton opened Milton Company. The company provides services to a variety of clients. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during April. Apr. 1 Apr. 1 Milton invested $50,000 cash in the company in exchange for its common stock. Apr. 1 The company paid $1,500 cash to rent office space for April. The company paid $720 cash for the premium on a six-month insurance policy. Apr. 4 Coverage begins on April 1. Apr. 7 The company performed services for a client and received $3,800 cash. Apr. 14 The company purchased $1,780 of supplies on account. Apr. 24 The company paid $980 cash for salary earned by an employee. Apr. 28 The company performed services for a client and received $5,400 cash. Apr. 30 The company paid $980 cash for salary earned by an employee. Apr. 30 The company paid $480 cash for this month's utility bill. The company paid $900 cash in dividends. The company's chart of accounts follows: ASSETS REVENUES Cash Service Revenue Supplies Prepaid Insurance EXPENSES Salary Expense LIABILITIES Rent Expense Accounts Payable Supplies Expense Salary Payable Utilities Expense Insurance Expense EQUITY Common Stock CLEARING Retained Earnings Income Summary DIVIDENDS Dividends Adjustment Data 1. As of April 30, $120 of insurance coverage has expired. 2. As of April 30, the company has $849 of supplies remaining. 3. As of April 30, the company has incurred $140 of unpaid and unrecorded salary

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

Accounting Information Systems

Authors: Robert Hurt

2nd Edition

78111056, 978-0078111051

More Books

Students also viewed these Accounting questions

Question

3. Im trying to point out what we need to do to make this happen

Answered: 1 week ago

Question

1. I try to create an image of the message

Answered: 1 week ago