Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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. 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
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