Question
Prepare the income statement, retained earnings statement and balance sheet at and for the month of January 1-Jan Nighthawk Services was incorporated in the state
Prepare the income statement, retained earnings statement and balance sheet at and for the month of January
1-Jan Nighthawk Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental clients. 2-Jan Tom M. contributed $20,000 of personal funds to the business in exchange for shares of common stock 3-Jan Nighthawk Services signed a contract to provide consulting services for $10,000 to ABC client. 4-Jan Nighthawk Services received $10,000 from ABC for work to be performed half in January and half in February. 5-Jan Nighthawk Services bought $700 of office supplies on account 6-Jan Nighthawk Services bought $5,000 of office equipment using cash 7-Jan Nighthawk Services hired 2 consultants 8-Jan Nighthawk Services purchased a 12 month insurance contract for $12,000 9-Jan Nighthawk Services paid $650 cash for rental of office space for January 10-Jan Nighthawk Services paid $400 on account for advertising during January. 11-Jan Nighthawk Services was paid $3000 from Fed Corp to perform services during January 12-Jan Nighthawk Services purchased $200 of supplies using cash 13-Jan Nighthawk Services signed a contract to provide consulting services for $36,000 to DMV client. Services to be provided equally over the next 12 months. Client will be billed at end of each month. 14-Jan Nighthawk Services pays employees $5,000 in salaries 15-Jan Nighthawk Services borrowed $500,000 on a 3% note payable. (interest rate was added) 16-Jan Nighthawk Services purchased Land for $100,000 cash with plans to build an office building within the next year. 17-Jan Nighthawk Services paid $200 cash for repairs and maintenace to equipment 20-Jan Nighthawk Services loans $1000 to G Corp on a 5% (interest) note receivable 21-Jan Nighthawk Services pays employees $5,000 in salaries 22-Jan Nighthawk Services gets paid $850 for services performed to Vector Corp 23-Jan Nighthawk Services purchases $1,000 in stock investments 24-Jan Nighthawk Services gets a $275 bill for utilities used in January 25-Jan Nighthawk Services pays $650 in office rent for month of February 26-Jan Nighthawk Services pays $2,000 in dividends 27-Jan Nighthawk Services pays $400 cash to attend an event to promote business at a convention in January 28-Jan Nighthawk Services pays $490 cash for taxes 29-Jan Nighthawk Services pays employees $5,000 in salaries 30-Jan Nighthawk Services paid for $700 office supplies previously purchased on account 31-Jan Nighthawk Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. January Month End Adjustments 31-Jan Nighthawk Services calculated $500 in depreciation 31-Jan Nighthawk Services owes $400 in interest on the loan 31-Jan Nighthawk Services counted $400 in remaining supplies (on hand supplies) 31-Jan Nighthawk Services owes employees $1,000 in salaries for work performed in January Are there any other accounts that need adjusting?!!
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