Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information Exercise 3-20B Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following
Required information Exercise 3-20B Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] On January 1, Year 1, a company had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During Year 1, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $28,000. 2. May 20 Provide services to customers for cash, $43,000, and on account, $38,000. 3. August 31 4. October Pay salaries to employees for work in Year 1, $31,000. 1 Purchase rental space for one year, $20,000. Purchase supplies on account, $30,000. 5. November 17 6. December 30 Pay dividends, $2,800. The following information is available on December 31, Year 1: 1. Employees are owed an additional $4,800 in salaries. 2. Three months of the rental space has expired. 3. Supplies of $5,800 remain on hand. 4. All of the services associated with the beginning deferred revenue have been performed. No ON 1 2 Answer is not complete. Date General Journal Debit Credit February 15 Cash 20,000 Common Stock 58,000 May 20 Cash Accounts Receivable Service Revenue 3 August 31 Salaries Expense Cash 4 October 01 Prepaid Rent Cash 5 November 17 Supplies Accounts Payable 6 December 30 Dividends Cash 89 15 06-15 Next >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started