Question
Please solve it all steps Tech Innovators Inc. Below Commercial operations carried out by the company during the first month (November): On November 1, Sarah
Please solve it all steps
Tech Innovators Inc. Below Commercial operations carried out by the company during the first month (November):
On November 1, Sarah Johnson invested $1,000,000 in cash and computer equipment worth $12,500 dollars in the company.
On November 3, the company rented a furnished office and paid $1,500 in cash for the first months rent.
On November 8, the company purchased office supplies worth $1,200 in cash.
On November 15, the company paid $12,000 cash for the 12-month policy premium, Coverage starts from November 16th.
On November 15, the company paid employees a total of $2,500 in cash for a two-week period.
On November 25, the company received $6,800 in cash from customer companies as revenue for services Software development.
On November 25, the company agreed to provide services to a client for a fee of $1,000 for a period Ten days where on this date the client has paid the entire service fee in advance. Services will begin on November 26.
On November 27th, the company issued a $30,000 note payable at 12% to the Bank of Florida for Borrow cash amounting to $30,000. The note matures in 6 months and the stated interest rate for this note is 3%.
On November 28, the company paid $2,500 cash in employee salaries for a two-week period.
On November 29, the company spent $350 in cash on computer repairs and maintenance.
On November 30, the company purchased securities (investments in shares for the purpose of trading) worth 100,000 Dollar.
On November 30, Sarah Johnson withdrew $1,000 in cash from the company for personal use.
Required: All the following entries and tables must be prepared using Microsoft Excel:
1. Preparing general journal entries to record business transactions for the month of April and posting them to the relevant accounts in the general ledger.
)a step )2 & 1 2. Prepare the accounts in the general ledger, showing the balance after posting the daily entries
(Step 3), and then prepare a balance Unmodified review.
(Step 4) 3. Use the following information to make the November adjustment entries in the journal
(Step 5):
a. Half of one month's insurance coverage has expired on the policy B. At the end of the month, it turned out that $800 worth of office supplies were still available. T. Recording the monthly depreciation expense on computer equipment, as its expected life is 5 years (60 months) and the total Residual value of $500. Th. The employee was entitled to $320 in unpaid and unrecorded salary at the end of the month. C. It turns out that the revenue earned was estimated at $1,650 and had not been invoiced or recorded until the end of the month. H. The company earned revenues from providing services starting on November 26 (revenue for five days).
4. Posting the adjustment entries to the relevant accounts in the general ledger, showing the adjusted balance, and then preparing the trial balance. the average.
(Step 6)
5. Prepare the income statement, the statement of changes in ownership rights for the month ending on November 30, 2022, and the balance sheet as of November 30, 2022. November 2022.
(Step 7)
6. Preparing the closing entries for temporary accounts, posting them, and adjusting the account balances in the general ledger that were affected by the closing entries.
)a step )8 7. Preparing the final trial balance as of November 30, 2022.
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