Question
Prepare a full accounting cycle. Prepare Journal, T accounts, trial balance, Income statement, statement of changes in equity and balance sheet from the following transactions
Prepare a full accounting cycle. Prepare Journal, T accounts, trial balance, Income statement, statement of changes in equity and balance sheet from the following transactions for the month of January 2022-
DATE | TRANSACTIONS |
JAN 1 | Started business with Cash $120,000, building $100,000, furniture $5000 and supplies $10,000 |
JAN 8 | Bought laptop on account $12000 |
JAN 15 | Collected $7000 as service revenue from customer |
JAN 19 | Withdraw $10,000 for personal use |
JAN 22 | Paid for laptop purchased on Jan 8 in full |
JAN 25 | Provided services worth $5000 to a client on account |
JAN 31 | Paid salaries $3000 |
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