Question

Sandy’s Accounting Service began operation on January 1, 2016. The company experienced the following events for its first year of operations:
Events Affecting 2016:
1. Provided $96,000 of accounting services on account.
2. Collected $80,000 cash from accounts receivable.
3. Paid salaries of $32,000 for the year.
4. Adjusted the accounts to reflect management’s expectations that uncollectible accounts expense would be $1,600.
Required
a. Prepare general journal entries for the above events.
b. Post the general journal entries to T-accounts.
c. Prepare an income statement, balance sheet, and statement of cash flows for 2016.


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  • CreatedApril 20, 2015
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