Rent a Yurt, Co. is a publicly traded company with a calendar fiscal year. It follows US GAAP and thus accrual accounting. The following abbreviated transactions occurred in the current year ended December 31, 20X1. 

1. RAY collected $200,000 rent in cash from tenants during the current year for occupancy during the current year. (Use “all year” in the date fields)
2. $6,000 of tenants’ current-year December rent will be collected in January of next year. (Record with a date of December 31)
3. Some tenants prepaid their January rent on December 25, of the current year, in the amount of $4,000. 
4. On January 10, of the current year, RAY paid employees $8,000 for work done in the prior year.
5. During the current year, RAY paid employees $50,000 for work done in the current year. (Use “all year” in the date fields) 
6. At the end of the current year, RAY owed employees $2,000 for work performed in December that will be paid in January of next year. (Record with a date of December 31)
7. RAY keeps certain supplies on hand. The dollar amount of supplies on hand on January 1 of the current year was $4,000, and an additional $3,000 of supplies were purchased on June 30, of the current year.
8. At the end of the current year, $2,000 of supplies remained on hand. (Record with a date of  December 31)
9. RAY realized sales were not as expected and on October 15, RAY prepaid advertising of $12,000 to be used equally over 12 months beginning November 1, of the current year.
10. RAY declared and paid $2,000 in dividends to its shareholders on December 15, of the current year.

 

Record all entries in the General Journal and post to the respective General Ledger Accounts.

Create the income statement and balance sheet for RAY for the current year (20X1) in good form.