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Using the following transactions that occurred during the 1st month of business for the Beta Company: Date January 1, 2020 Transaction: Received $25,000 from an
Using the following transactions that occurred during the 1st month of business for the Beta Company: Date January 1, 2020 Transaction: Received $25,000 from an investor for Common Stock in the Beta Company. Paid three months rent in advance, $15,000. Rent is $5,000 per month. Purchased Equipment on credit, $4,500. January 1, 2020 January 2, 2020 January 2, 2020 January 3, 2020 January 5, 2020 Received $12,000 from customer for services to be preformed over the next 12 months. Earned $2,500 from customer for services performed. Paid wages to assistant for the week, $1,000. Purchased Supplies for cash, $750. January 6, 2020 Paid wages to assistant for the week, $1,000. Rented auto for the week, paid $500. Performed and billed customer for Fees Earned, $12,000. Payment due from customer in February. Fees earned and received from customers, $10,000. Paid for miscellaneous charges, $250. Paid wages to assistant for the week, $1,000. January 12, 2020 January 12, 2020 January 15, 2020 January 15, 2020 January 16, 2020 January 19, 2020 January 22, 2020 January 25, 2020 January 27, 2020 January 29, 2020 January 30, 2020 Paid Utilities bill for the month, $300. Paid telephone bill, $125. Paid wages to assistant for the week, $1,000. Fees earned and received from customers, $7,000. Paid for miscellaneous charges, $150. The following Accounts will be used for this part of the comprehensive problem: . Cash Prepaid Rent Accounts Receivable Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Fees Common Stock Fees Earned Wages Expense Auto Expense Telephone Expense Utilities Expense Depreciation Expense - Equipment Miscellaneous Expense . Instructions (please use the link below: 1. Prepare Journal Entries in the General Journal. 2. Post Journal Entries from the General Journal to the General Ledger. 3. Prepare Unadjusted Trial Balance. 4. Prepare the following adjusting entries in the General Ledger for the month of January 2020: a. Record the rent for the month of January. b. Supplies on hand on at the end of the month, $350. c. Record the advanced fees (Unearned Revenue) earned for the month ($1,000). d. Record the assistant wages earned and not paid for three days ($600). e. Record Depreciation Expense for Equipment, $100. 5. Post Journal Entries from the General Journal to the General Ledger. 6. Prepare the Adjusted Trial Balance. 7. Prepare the Income Statement. 8. Prepare the Statement of Equity. 9. Prepare the Classified Balance Sheet. 10. Prepare the Closing Entries. 11. Prepare the Post-closing Trial Balance. 12. Assess Liquidity and Profitability
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