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Problem: The DS Wilson Company, which provides consulting services to major utility companies, was formed on January 2 nd of the current year. Transactions completed
Problem: The DS Wilson Company, which provides consulting services to major utility companies, was formed on January nd of the current year. Transactions completed during the first year of operation are presented below. January : Issued shares of common stock for $ which is the par value of the stock. January : Acquired equipment in exchange for $ cash and a $ note payable. The note is due in years. February : Paid $ for a business insurance policy covering the twoyear period beginning on February st February : Purchased $ of supplies on account. March : Paid wages of $ March : Billed $ for services rendered on account. April : Paid $ of the amount due on the supplies purchased on February nd April : Collected $ of the outstanding accounts receivable. May : Paid wages of $ May : Received bill and paid $ for utilities. May : Paid $ for sales commissions. June : Made the first payment on the note issued on January th The payment consisted of $ of interest and $ to be applied against the principal of the note. June : Billed customers for $ of services rendered. June : Collected $ on accounts receivable. July : Purchased $ of supplies on account. Aug : Paid $ for administrative expenses. Sept : Paid $ for warehouse repairs. October : Paid wages of $ Nov : Purchased supplies for $ with cash. Dec : Collected $ in advance for services to be provided in December and January of the following year. Dec : Declared and paid a $ dividend to shareholders. Questions: a Journalize the transactions for the year. You should omit explanations. b Post the transactions to taccounts. c Prepare an unadjusted trial balance as of December d Journalize and post adjusting entries to taccounts based on the following additional information. a Eleven months of the insurance policy expired by the end of the year. b Depreciation for the equipment is $ c The company provided a portion of the services related to the advance collection of December th The company recognized $ as service revenue earned. d There are $ of supplies on hand at the end of the year. e An additional $ of interest has accrued on the note by the end of the year. f Wilson accrued wages in the amount of $ e Prepare an adjusted trial balance as of December f Prepare a singlestep income statement and statement of stockholders equity for the current year and a classified balance sheet as of the end of the year. g Prepare a postclosing trial balance as of December
Problem: The DS Wilson Company, which provides consulting services to major utility companies, was formed on January nd of the current year. Transactions completed during the first year of operation are presented below.
January : Issued shares of common stock for $ which is the par value of the stock.
January : Acquired equipment in exchange for $ cash and a $ note payable. The note is due in years.
February : Paid $ for a business insurance policy covering the twoyear period beginning on February st
February : Purchased $ of supplies on account.
March : Paid wages of $
March : Billed $ for services rendered on account.
April : Paid $ of the amount due on the supplies purchased on February nd
April : Collected $ of the outstanding accounts receivable.
May : Paid wages of $
May : Received bill and paid $ for utilities.
May : Paid $ for sales commissions.
June : Made the first payment on the note issued on January th The payment consisted of $ of interest and $ to be applied against the principal of the note.
June : Billed customers for $ of services rendered.
June : Collected $ on accounts receivable.
July : Purchased $ of supplies on account.
Aug : Paid $ for administrative expenses.
Sept : Paid $ for warehouse repairs.
October : Paid wages of $
Nov : Purchased supplies for $ with cash.
Dec : Collected $ in advance for services to be provided in December and January of the following year.
Dec : Declared and paid a $ dividend to shareholders.
Questions:
a Journalize the transactions for the year. You should omit explanations.
b Post the transactions to taccounts.
c Prepare an unadjusted trial balance as of December
d Journalize and post adjusting entries to taccounts based on the following additional information.
a Eleven months of the insurance policy expired by the end of the year.
b Depreciation for the equipment is $
c The company provided a portion of the services related to the advance collection of December th The company recognized $ as service revenue earned.
d There are $ of supplies on hand at the end of the year.
e An additional $ of interest has accrued on the note by the end of the year.
f Wilson accrued wages in the amount of $
e Prepare an adjusted trial balance as of December
f Prepare a singlestep income statement and statement of stockholders equity for the current year and a classified balance sheet as of the end of the year.
g Prepare a postclosing trial balance as of December
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