Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PROJECT: DUE 9/20 XYZ Corporation is a consulting services organization and opened its doors on January 1, 2018. You are a CPA and the Chief

image text in transcribed
image text in transcribed
PROJECT: DUE 9/20 XYZ Corporation is a consulting services organization and opened its doors on January 1, 2018. You are a CPA and the Chief Accountant for XYZ Corporation, a public company. During January, the first month of operation, you had the following internal and external transactions. Analyze the transactions, record the transactions in the General Journal, post to the General Ledger, and prepare an Unadjusted Trial Balance. NOTE: You MUST use Microsoft EXCEL Software for this Project. 1/1/18: Issued $2,000,000 of Common Stock 1/1/18: Borrowed $1,000,000 from the bank 1/1/18: Paid Rent of $48,000 for the year. You recorded to an expense account. 1/1/18: Paid Insurance of $48,000 for a two-year policy. You recorded to a prepaid account. 1/1/18: Purchased Equipment from Best Buy for $10,000 Cash 1/1/18: Purchased Supplies from Office Max for $10,000 on Account 1/10/18: Provided Services for $200,000 Cash 1/15/18: Provided Services for $50,000 on Account 1/18/18: Paid Account Payable of $4,000 from the above transaction 1/22/18: Provided Services for $20,000 on Account 1/31/18: Paid Utilities of $3,000 1/31/18: Paid Advertising of $2,000 1/31/18: Paid Salaries of $130,000 1/31/18: Declared a Dividend of $20,000 to be paid next month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

3. Explain the forces that influence how people handle conflict

Answered: 1 week ago