Question
Prepare: Trial Balance Statement of Changes in Equity Balance Sheet. 2020 Details of Transactions Jan- 01 Trulia Advice Inc acquired $415,000 from the issue of
Prepare:
Trial Balance
Statement of Changes in Equity
Balance Sheet.
2020 | Details of Transactions |
Jan- 01 | Trulia Advice Inc acquired $415,000 from the issue of common stock. |
Feb-02 | Collected $60,000 as an advance for consultancy services yet to be provided over one year starting May 1. |
Feb-25 | Provided $26,460 of Consultancy Services on account. |
Mar-31 | Paid $120,000 cash for the extension of the Office Building. |
Apr-15 | Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July 20. |
Jun-10 | Collected $18,400 from accounts receivable. |
Jul-25 | Purchased $3,000 of Stationary for office use on the account. |
Aug-15 | Paid $32,000 Cash for Wages to employees. |
Nov-10 | Paid a dividend of 3% of Total Equity. |
Dec-01 | Paid $3,000 to settle accounts payable related to stationery. |
Dec-20 | $3,500 is recognized as Utility Bill expenses on account. |
Adjustments As of 31st December 2020, | |
1 | Stationery of value $1,000 was found left in store that could be used next year. |
2 | Earned $40,000 of the $60,000 of revenue deferred on Feb 2. |
3 | Recognized $1,200 Rent revenue which is not received until 31st December 2020. |
4 | $8000 was found accrued of Wages. |
5 | Had used half of the $24,000 of insurance coverage that it had paid for on 15th April. |
6 | Trulia Advice Inc had the following Balances at the beginning of 1st January 2020. |
| Cash: $15,000, |
| Common Stock $15,000 |
| There was no Retained Earnings opening balance. |
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