Yeezy Ugly Clothing V.I., Inc. is doing well and has seen an increase in business for the first half of the 2022 year. Yeezy made the following transactions during the accounting period January 1 - July 31, 2022:
a. Paid cash for annual insurance policy on January 2nd for $4,500
b. On January 10th, received $21,900 cash from client for sweatshirts delivered on December 31, 2021
c. Paid cash for office supplies on January 31st in the amount of $4,000.
d. On February 15th, received invoice of $150,000 for material for sweatshirt production on account.
e. On January 11th, prepaid rent through June 30th for $14,400
f. Salary expense is $175 a month and is paid on the first Friday of the following month
g. Received cash of $50,000 for an order of 200 sweatshirts on March 1st.
h. Paid cash to creditors on account, $5,250.
Adjusting entries:
i. Insurance expired through July 31st
j. Supplies on hand on July 31 are $1,525
k. Depreciation of office equipment through July is $750
l. Accrued receptionist salary on July 31 is $175
m. Rent expired during July is $2,400
n. Unearned fees on July 31 are $2,750
Required:
a. Prepare general journal entries for the transactions above
b. Post the journal entries into the general ledger
c. Prepare the 10 column Trial Balance.
d. Prepare financial statements
e. Prepare closing entries and post to general ledger
f. Prepare post closing trial balance
Only need the answer for E and F