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please make sure your response shows on chegg and it is not being cropped. thank you! Riley Ryan Research began business on July 1, 2021.
please make sure your response shows on chegg and it is not being cropped. thank you!
Riley Ryan Research began business on July 1, 2021. Record the transactions in the journal, post them to the ledger, prepare a trial balance, prepare adjusting journal entries, post them to the ledger, prepare an adjusted trial balance, prepare an income statement, an owner's equity statement, a balance sheet, prepare closing entries, post them to the ledger, and prepare a post-closing trial balance. 7-1: Riley Ryan contributed cash of $200,000 and office furniture with a fair market value of $100,000, to Riley Ryan Research, (RRR). 7-1: RRR signed a lease and paid cash of $100,000. The term of the lease is 4 months beginning on July 1, 2021. 7-1: RRR purchased supplies on account from Staples, $10,000. 7-2: RRR prepared and delivered a research study to Amazon and billed them $300,000 7-3: RRR received a $100,000, cash advance from Meta, for Research work to be provided in the future. 7-5: RRR paid the Staples bill in full, $10,000, in cash. 7-7: Amazon paid their accounts receivable in full, $300,000 cash 7-10: Riley Ryan withdrew $40,000, cash from RRR Information for Adjustments: a. Depreciation expense $4,000 b. Rent expense $25,000 c. Provided Meta with $60,000, worth of Research Service during July d. Salaries earned but not paid in July, $50,000 e. Unused supplies as of July 31st, $2,000 f. Received $20,000, of plumbing services from Pronto Plumbing in July. This amount has not been paid or recorded as of July 31st Step by Step Solution
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