Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question: Tube has started his own computer service named at Tube Computer Service at his local area at 1 April, 2020, the following transactions took

Question: Tube has started his own computer service named at "Tube" Computer Service" at his local area at 1 April, 2020, the following transactions took place during the month: 1 April: Tube Invested $150,000 cash and $20,000 worth of computers into the business. 1 April: Tube paid $12,000 paid in advance for rent expense for next six months. 10 April: Tube performed service for J. Saleem $20,000; received cash $15,000. 20 April: Total salary expenses incurred for last 2 weeks $7,500 but paid cash $2,500. 25 April: Purchased supplies from local stationary shop $2,000 on account. Requirements: 1) Create related charts of accounts [Please the Excel file for example] 2) Journalize the above transactions. 3) Prepare necessary T accounts I 4) Prepare a trial balance on April 30, 2022. Other data: a) Salary expense due for last 2 weeks of April $7500. b) Prepaid has been expired for the month of April. Requirements: 5) Prepare necessary adjusting entries on April 30, 2022 6) Enter the trial balance on a worksheet and complete the worksheet. 7) Prepare an [7A] income statement for the month ended April 30, 2022, [7B] the changes in owner's equity statement on April 30, 2022 and [7C] a balance sheet on April 30, 2022 8) Prepare necessary closing entries on April 30, 2022. 9) Prepare a post-closing trial balance as at May 1, 2022

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

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What is the Cancun effect?

Answered: 1 week ago