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Please help with Cash flow and Journal entry with adjustments and closing entries Section B - Preparation of accounts and Cash flow statement. ( 20
Please help with Cash flow and Journal entry with adjustments and closing entries
Section B - Preparation of accounts and Cash flow statement. ( 20 points) Listed below are the accounts and their respective balances for J&K, Inc. at December 31, 2004: During 2005 the following transactions occurred: Paid beginning accounts payable. Received all beginning accounts receivable. Purchased 10 Things at $4,000 each. Paid 25% down and will pay the rest later. Sold 18 Things for $10,000 each at 70% down (cash) and the other 30% due later. Paid 2004 taxes payable. Paid cash for wages of $25,000. (Includes the $7,000 owed at the end of 2004). Received additional payments from customers of $20,000. Paid 14 months' rent, $28,000 Paid additional $10,000 to creditors. Issued 600 shares of common stock for $6,000 on October 1st. Paid $2,000 advertising for 2005 Paid a $1.00 per share dividend to shareholders on December 31 st. Paid annual payment on Note Payable of $20,000 principal plus interest at 8% on December 31 st. Bought a piece of land for $50,000 on December 31 st, putting $10,000 down and mortgaging the rest. There are no principal payments due until 2009
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