Prepare the general ledger, t account for Jan 1 The JW Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock Jan 2 JW Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months Jan 3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target Corp within 9 Months Jan 4 JW Corp purchased an Office Building for $420,000 (25 year life), by making a Down payment of $60,000 and then signed a Note for the remainder Due in 18 Months to CHASE Bank Jan 5 JW Corp paid $15,000 with a check for Office Rent for the next 3 months Jan 10 JW Corp paid $4,000 with a check for Business Insurance for this month Jan 11 JW Corp provided CPA Services to the Gavilan Corp worth $138,000 and Collected $58,000 Cash and Billed them the remainder on Account Jan 15 JW Corp received This Months Utility Bill from PGE for $2,000 to be paid Later Jan 16 JW Corp received This Months Telephone Bill from Skype for $800 to be paid Later Jan 17 JW Corp received a $10,000 check from Gavilan Corp on Account Jan 20 JW Corp received a BILL for $12,000 for Legal Fees used this month to be Paid Later Jan 23 JW Corp paid $11,000 with Checks for this Months Salaries expenses Jan 24 JW Corp Received a $13,000 check from Gavilan Corp on Account Jan 25 JW Corp received a $27,000 check from Garlic Corp for Services to be Provided Later Jan 26 JW Corp Paid Target $33,000 with a Check towards the Equipment from Transaction 3 Jan 27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from 9 Jan 28 JW Corp Paid $4 20 Cents per Share to the Owners of the Business with Checks Jan 29 JW Corp paid $9,000 with a Check on the Note Payable from Transaction 2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable Jan 31 JW Corp recorded one Month of RENT Expense from the Prepaid Account Jan 31 JW Corp recorded one Month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method Jan 31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method Jan 31 the JW Corp Recorded the Income Tax Payable for the Month, which is 40 of Net Income

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 09, 2024

Prepare the general ledger, t account for Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock. Jan-2 JW-Corp Borrowed

Prepare the general ledger, t account for

Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock.
Jan-2 JW-Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months.
Jan-3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months.
Jan-4 JW Corp purchased an Office Building for $420,000 (25 year life), by making a Down payment of $60,000 and then signed a Note for the remainder Due in 18 Months to CHASE Bank.
Jan-5 JW Corp paid $15,000 with a check for Office Rent for the next 3 months.
Jan-10 JW Corp paid $4,000 with a check for Business Insurance for this month.
Jan-11 JW Corp provided CPA Services to the Gavilan Corp worth $138,000 and Collected $58,000 Cash and Billed them the remainder on Account.
Jan-15 JW-Corp received This Months Utility Bill from PGE for $2,000 to be paid Later.
Jan-16 JW-Corp received This Months Telephone Bill from Skype for $800 to be paid Later.
Jan-17 JW-Corp received a $10,000 check from Gavilan Corp on Account.
Jan-20 JW-Corp received a BILL for $12,000 for Legal Fees used this month to be Paid Later.
Jan-23 JW-Corp paid $11,000 with Checks for this Months Salaries expenses.
Jan-24 JW-Corp Received a $13,000 check from Gavilan Corp on Account.
Jan-25 JW-Corp received a $27,000 check from Garlic-Corp for Services to be Provided Later.
Jan-26 JW-Corp Paid Target $33,000 with a Check towards the Equipment from Transaction #3.
Jan-27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from #9.
Jan-28 JW Corp Paid $4.20 Cents per Share to the Owners of the Business with Checks.
Jan-29 JW-Corp paid $9,000 with a Check on the Note Payable from Transaction #2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable.
Jan-31 JW-Corp recorded one Month of RENT Expense from the Prepaid Account.
Jan-31 JW-Corp recorded one Month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method.
Jan-31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method.Jan-31 the JW-Corp Recorded the Income Tax Payable for the Month, which is 40% of Net Income