Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

These are what I need help with: 1)Prepare Journal Entries for January Activities 2)Prepare Unadjusted Trial Balance 3)Prepare Adjusting Entries 4)Prepare Unadjusted Trial Balance 5)Prepare

These are what I need help with:

1)Prepare Journal Entries for January Activities
2)Prepare Unadjusted Trial Balance
3)Prepare Adjusting Entries
4)Prepare Unadjusted Trial Balance
5)Prepare Balance Sheet
6)Prepare Income Statement
7)Prepare Statement of Cash Flows
8)Prepare Statement of Stockholders Equity
9)Prepare Analysis of Results
The Wholesale Company began operations on January 1, 2019.
During the month of January 2019, the following transactions occurred:
Owners invest $50,000 cash in the corporation in exchange for 5,000 shares of common stock.
Equipment is purchased for $20,000 cash.
On the first day of January, $6,000 rent on a building is paid for the months of January and February.
Merchandise inventory costing $48,000 is purchased on account. The company uses the perpetual inventory system.
$30,000 is borrowed from a local bank, and a note payable is signed.
Credit sales for the month are $44,000. The cost of merchandise sold is $22,000.
$15,000 is collected on account from customers.
$20,000 is paid on account to suppliers of merchandise.
Salaries of $7,000 are paid to employees for January.
A bill for $2,000 is received from the local utility company for the month of January.
$20,000 cash is loaned to another company, evidenced by a note receivable.
The corporation pays its shareholders a cash dividend of $1,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions