Question
Prepare journal entries to record each of the events listed. (Omit explanations. Use the templates for journal entries) Post the journal entries to T-accounts (Use
- Prepare journal entries to record each of the events listed. (Omit explanations. Use the templates for journal entries)
- Post the journal entries to T-accounts (Use the provided T-account template).
- Prepare an unadjusted trial balance as of April 30, 2020 (Use the provided Trial Balance template).
- Journalise the adjusting entries (Use the templates for adjusting entries)
- Prepare the adjusted trial balance as of April 30, 2020 (Use the provided Adjusted Trial Balance template).
Stockholders invested $50,000 cash in exchange for common stock.
Purchased office equipment costing $15,000. A cash payment of $5,000 was made immediately; the remainder will be paid in 3 months.
Signed a 1-year rental agreement on an office; paid $12,000 cash in advance for the first six months.
Purchased basic office supplies for $1,200 on account.
Earned $20,000 on an advertising service that has been completed$10,000 cash and the balance on account.
Hired a secretary who will be paid a monthly salary of $2,500.
Collected $10,000 for an advertising service that will be rendered over the next two months.
Received $5,000 from customers in payment of accounts receivable
Made a cash payment of $300 for utility bills received
Paid $2,000 dividends to shareholders
T-ACCOUNTS
UNADJUSTED TRIAL BALANCE
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