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Says answer is not complete. My answer should be complete.... I cant figure out where i am missing data. Janet Enterprises incorporated on May 3,
Says answer is not complete. My answer should be complete.... I cant figure out where i am missing data.
Janet Enterprises incorporated on May 3, current year. The company engaged in the following transactions during its first month of operations. May 3 Issued capital stock in exchange for $950,000 cash. May 4 Paid May office rent expense of $1,800. May 5 Purchased office supplies for $600 cash. The supplies will last for several months. May 15 Purchased office equipment for $12,400 on account. The entire amount is due June 15. May 18 Purchased a company car for $45,000. Paid $15,000 cash and issued a note payable for the remaining amount owed. May 20 Billed clients $120,000 on account. May 26 Declared an $8,000 dividend. The entire amount will be distributed to shareholders on June 26. May 29 Paid May utilities of $500. May 30 Received $90,000 from clients billed on May 20. May 31 Recorded and paid salary expense of $32,000. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Office Equipment Vehicles Notes Payable Accounts Payable Dividends Payable Dividends Capital Stock Client Revenue Office Rent Expense Salary Expense Utilities Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated May 31, current year. Assume accounts with zero balances are not included in the trial balance. Answer is not complete. Complete this question by entering your answers in the tabs below. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Credit Debit 950,000 1 May 03 Cash 2 May 04 Office rent expense 1,800 3 May 05 Office supplies 600 4 May 15 Office equipment 12,400 5 May 18 Vehicles 45,000 6 May 20 Accounts receivable 120,000 7 May 26 Dividends 8,000 8 May 29 Utilities expense 500 May 30 Cash 90,000 10 May 31 Salary expense > 32,000 Cash 1.800 > Accounts Receivable 120.000 90.000 May 30 > May 20 May 3 May 30 010 950.000 90.000 15.000 500 May 4 May 18 May 29 May 31 May 5 OOO OOOO May 31 bal. 32.000 800 30.000 May 31 bal. 990.100 Office Supplies 800 Office Equipment 12,400 May 5 May 15 May 31 bal. 600 May 31 bal. 12,400 Vehicles 45,000 Notes Payable 30.000 May 18 May 18 May 31 bal. 45.000 May 31 bal. 30.000 Accounts Payable Dividends Payable 8.000 May 26 May 15 12,400 12.400 May 31 bal. May 31 bal 8.000 Capital Stock 950.000 Client Revenue 120.000 May 3 > May 20 May 31 bal 950.000 May 31 bal. 120.000 Office Rent Expense 1.800 Salary Expense 32.000 May 4 May 31 May 31 bal. 1.800 May 31 bal. 32.000 Dividends Utilities Expense 500 May 29 May 26 8,000 May 31 bal. 500 May 31 bal. 8,000 Prepare a trial balance dated May 31, current year. Assume acc JANET ENTERPRISES INCORPORATED Credit Trial Balance May 31, Current Year Debit Cash $ 990,100 Accounts receivable 30,000 Office supplies 600 Office equipment 12,400 Vehicles 45,000 Notes payable Accounts payable Dividends payable Dividends 8,000 Capital stock Client revenue Office rent expense 1,800 Salary expense 32,000 Utilities expense Total $ 1,120,400 30,000 12,400 8,000 950,000 120,000 500 $ 1,120,400Step by Step Solution
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