Please help! The instructions are written in the first picture. The information required is in the second and third. Thanl you in advance!
A) Prepare the general journal entries to record the transactions listed on the next page. B) Update the appropriate accounts according to your entries. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. C) Prepare an adjusted trial balance as of March 31, 2019. All adjusting entries should be included in the adjusted trial balance. D) Prepare an income statement for the 3 months ended March 31, 2019. E) Prepare a statement of changes in stockholders' equity for the 3 months ended March 31, 2019. F) Prepare a balance sheet as of March 31, 2019. G) Prepare closing entries for the period ended March 31, 2019. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. H) Prepare a post closing trial balance as of March 31, 2019 which would reflect your accounts after posting your closing entries made in (G) above. Jan. 1 LJ Porter invested $1,000,000 in cash plus $250,000 in equipment in exchange for stock in Valley Jet Engines, Inc. Jan. 1 The company entered into a lease for office space and prepaid $30,000 for 12 months of rent. Jan. 1 The company purchased a 24 month insurance policy for $18,000. Jan. 5 The company purchased $450,000 of merchandise on account from General Electric Corporation - NOTE: Valley Jet Engines, Inc. uses a perpetual system to record inventory. Terms 2/10, n/30, FOB destination. Jan. 6 The company returned $50,000 of the merchandise purchased on January 5th the was found to be damaged. Jan. 14 The company paid the remainder of the amount due to General Electric. The payment was made within the discount period. Jan. 20 The company paid $45,000 in cash for selling and administrative expenses. Jan. 31 The company paid $55,000 in cash for salaries for the month of January Feb. 10 The company sold merchandise for $600,000 in cash to VIP Air Services. The cost of the goods sold was $300,000 Feb. 11 The company paid $10,000 freight on the shipment on the above sale. Feb. 20 The company paid $52,000 in cash for selling and administrative expenses. Feb. 27 The company purchased merchandise in the amount of $300,000 on account from Pratt Company - NOTE: Terms 2/10, 1/30, FOB shipping point Feb. 28 The company paid the freight for the merchandise purchased on Feb. 27 totaling $5,000 in cash. Feb. 28 The company paid $50,000 in cash for salaries for the month of February. A) Prepare the general journal entries to record the transactions listed on the next page. B) Update the appropriate accounts according to your entries. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. C) Prepare an adjusted trial balance as of March 31, 2019. All adjusting entries should be included in the adjusted trial balance. D) Prepare an income statement for the 3 months ended March 31, 2019. E) Prepare a statement of changes in stockholders' equity for the 3 months ended March 31, 2019. F) Prepare a balance sheet as of March 31, 2019. G) Prepare closing entries for the period ended March 31, 2019. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. H) Prepare a post closing trial balance as of March 31, 2019 which would reflect your accounts after posting your closing entries made in (G) above. Jan. 1 LJ Porter invested $1,000,000 in cash plus $250,000 in equipment in exchange for stock in Valley Jet Engines, Inc. Jan. 1 The company entered into a lease for office space and prepaid $30,000 for 12 months of rent. Jan. 1 The company purchased a 24 month insurance policy for $18,000. Jan. 5 The company purchased $450,000 of merchandise on account from General Electric Corporation - NOTE: Valley Jet Engines, Inc. uses a perpetual system to record inventory. Terms 2/10, n/30, FOB destination. Jan. 6 The company returned $50,000 of the merchandise purchased on January 5th the was found to be damaged. Jan. 14 The company paid the remainder of the amount due to General Electric. The payment was made within the discount period. Jan. 20 The company paid $45,000 in cash for selling and administrative expenses. Jan. 31 The company paid $55,000 in cash for salaries for the month of January Feb. 10 The company sold merchandise for $600,000 in cash to VIP Air Services. The cost of the goods sold was $300,000 Feb. 11 The company paid $10,000 freight on the shipment on the above sale. Feb. 20 The company paid $52,000 in cash for selling and administrative expenses. Feb. 27 The company purchased merchandise in the amount of $300,000 on account from Pratt Company - NOTE: Terms 2/10, 1/30, FOB shipping point Feb. 28 The company paid the freight for the merchandise purchased on Feb. 27 totaling $5,000 in cash. Feb. 28 The company paid $50,000 in cash for salaries for the month of February
