Please help with this assignment. The attachments are included.

For all questions, assume no other transactions or activities have taken place during the period except as noted. Prepare and present calculations for partial credits for questions with calculations and presentations.

Question 1:

During October, the following transactions were completed by xxx Company, a new business started on October 1, 2015.

October	1 Sold 30,000 shares of $10 par value stock for $300,000 cash.
1	Purchased equipment for $42,000, paying $14,000 cash, charging the balance on account.
3	Purchased office supplies for $2,000 on account.
5	Paid $1,200 cash for 1-year insurance policy effective October 1. Use the account Prepaid Insurance to record this asset.
12	Billed customers $12,000 for professional services.
18	Paid $15,000 cash on amount owed on equipment and $ 500 on amount owed on office supplies.
20	Paid $5,000 cash for employee salaries.
21	Collected $5,000 cash from customers billed on October 12.
25	Billed customers $8,000 for professional services.
31	Paid $600 for the monthly utilities for the office.
31	Paid cash dividend of $.50 per share to shareholders

Warning

1. Journalize the Transactions, omitting explanations
2. Create T Accounts on a paper you will not submit to accumulate information for the remaining requirements of this problem

The following additional information is provided for your use before preparing the income statement:

Unbilled and uncollected revenue for services performed as of October 31 is $4,000.

Depreciation on equipment for the month was $300.

An inventory count shows $200 of office supplies on hand at October 31.

Accrued but unpaid employee salaries were $3,000 (the salaries have not yet been recorded).

1. Prepare any necessary journal entries to record the above adjustments
2. Prepare any additional journal entries to properly record expenses, assuring the balance sheet accounts will be properly presented.
3. Prepare the appropriate closing entries for the month of October, 2015.
4. Update your T Accounts on the paper you will not submit
5. Prepare the Income Statement, for the month ending October 31, 2015.
6. Prepare the Statement of Owners Equity for the month ending October 31, 2015
7. Prepare the Classified Balance Sheet for October 31, 2015.

For all questions, assume no other transactions or activities have taken place during the period except as noted. Answer all questions! Prepare and present calculations for partial credits for questions with calculations and presentations. Question 1: During October, the following transactions were completed by xxx Company, a new business started on October 1, 2015. Octobe 1 Sold 30,000 shares of $10 par value stock for $300,000 cash. r 1 Purchased equipment for $42,000, paying $14,000 cash, charging the balance on account. 3 Purchased office supplies for $2,000 on account. 5 Paid $1,200 cash for 1-year insurance policy effective October 1. Use the account Prepaid Insurance to record this asset. 12 Billed customers $12,000 for professional services. 18 Paid $15,000 cash on amount owed on equipment and $ 500 on amount owed on office 20 21 25 31 31 supplies. Paid $5,000 cash for employee salaries. Collected $5,000 cash from customers billed on October 12. Billed customers $8,000 for professional services. Paid $600 for the monthly utilities for the office. Paid cash dividend of $.50 per share to shareholders 1. Journalize the Transactions, omitting explanations 2. Create T Accounts on a paper you will not submit to accumulate information for the remaining requirements of this problem The following additional information is provided for your use before preparing the income statement: Unbilled and uncollected revenue for services performed as of October 31 is $4,000. Depreciation on equipment for the month was $300. An inventory count shows $200 of office supplies on hand at October 31. Accrued but unpaid employee salaries were $3,000 (the salaries have not yet been recorded). 3. Prepare any necessary journal entries to record the above adjustments 4. Prepare any additional journal entries to properly record expenses, assuring the balance 5. 6. 7. 8. 9. sheet accounts will be properly presented. Prepare the appropriate closing entries for the month of October, 2015. Update your T Accounts on the paper you will not submit Prepare the Income Statement, for the month ending October 31, 2015. Prepare the Statement of Owners Equity for the month ending October 31, 2015 Prepare the Classified Balance Sheet for October 31, 2015. Name: Date: I-02.04 (b) Section: GENERAL JOURNAL Date Oct. 1 Page 1 Accounts Debit cash x Credit 300,000 stock 300,000 Sold $30,000 shares of 10$ stock per value for $300,000. Oct. 1 equipment 42,000 cash x 14,000 accounts payable Purchased $42,000 equipment, paid $14,000 charging the balance on the account Oct. 3 office supplies 28,000 x accounts payable 2,000 x 2,000 Purchased office supplies for 2,000 on account. Oct. 5 pre-paid insurance x 1,200 cash 1,200 Borrowed $12,000 on a term loan payable. Oct. 12 accounts receivable 12,000 service revenue Billed customers professional service. Oct. 18 x 12,000 12,000 for accounts payable cash Paid $15,000 cash on amount owed for equipment and $500 owed on office supplies. x 20,000 20,000 Name: Date: I-02.04 (b) Section: GENERAL JOURNAL Date Oct. 20 Page 2 Accounts Debit salary Credit 5,000 cash 5,000 Paid $5,000 cash for emloyee salaries. Oct. 21 cash 5,000 accounts receivable x 5,000 Collected 5,000 cash for customers billed. Oct. 25 accounts receivable 8,000 service revenue Billed customers professonal services. Oct. 31 x $8,000 8,000 for utilities accounts payable 600 x 600 Paid $600 for monthly utilities. Oct. 31 Dividends Cash Paid cash dividend of .50 per share to shareholders 16,000 x 16,000 Name: Date: Section: I-02.04 (b)