Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following are the transactions of SSS Enterprise during the first quarter of its operations. DATE TRANSACTIONS Jan. 1 SSS Enterprise invested $200,000 of cash
The following are the transactions of SSS Enterprise during the first quarter of its operations. DATE TRANSACTIONS Jan. 1 SSS Enterprise invested $200,000 of cash into the business. Jan. 2 Purchased a $10,000 12-month insurance policy. Purchased equipment for $15,000, paying $5,000 cash, and signing a note for the Jan. 15 difference Wages of $9,000 were paid to Jan. 30 employees. Purchased supplies for $1,200 on Feb. 4 account. Feb. 20 Received $12,000 in cash for services performed. Feb. 25 SSS Enterprise withdrew $3,000 for personal use. Feb. 28 Paid the outstanding balance for the January 15 purchase. Paid for supplies purchased on February Mar-17 4. Mar-25 Performed services on account for $2,200. $20,000 was paid in wages to Mar-30 employees. Mar-31 Received and paid March telephone bill, $200. Mar-31 Received payment for services provided on March 25. Billed a customer $600 for repair Mar-31 services. Mar-31 Paid $150 for March advertising. SSS Enterprise uses the following accounts: Cash SSS, Capital Accounts Receivable Withdrawal Prepaid Insurance Service Revenue Supplies Wages Expense Equipment Telephone Expense Advertising Expense Required: Prepare the following for SSS Enterprise. Show them in your solutions paper. NO SOLUTIONS, NO CREDIT. 1. Journal T-accounts 3. Unadjusted Trial Balance for the period ended March 31, 2021. 4. Income Statement for the period ended March 31, 2021. 5. Balance Sheet as of March 31, 2021. 2: Use your solutions to answer the following: Cash Accounts Receivable Prepaid Insurance Supplies Equipment SSS, Capital Withdrawal Service Revenue Wages Expense Telephone Expense Advertising Expense Net Income / (Net loss) Total Assets Total Liabilities Total Proprietorship - Use comma after every three digits, e.g 123,456 -Do not use currency symbol -Put the negative values or answers (e.g net loss) inside the parenthesis
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