At the beginning of the year, Solstice Company had the following account balances: Cash: $10,000...

     

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At the beginning of the year, Solstice Company had the following account balances: • Cash: $10,000 • Accounts Receivable: $4,000 • Supplies: $5,000 ● Land: $20,000 • Accounts Payable: $5,000 . Unearned Revenue: $6,000 ● Common Stock: $21,000 • Retained Earnings: $7,000 • Any other accounts not listed had a beginning balance of $0 During the year Solstice Company had the following transactions: • 30-Jan: Issued additional shares of stock for $10,000 2-Feb: Purchased $4,000 of supplies on account ● 1-Mar: Paid one years' worth of rent ahead of time. Rent is $1,500 a month. • 5-Mar: Received $30,000 in cash from parents for a summer camp to be conducted over the month of June. Of that, $5,000 is a nonrefundable application fee. • 7-Jul: Pay Salaries to camp counselors for the June summer camp in the amount of $5,000 • 29-Jul: Billed customers $40,000 for a motivational speech workshop given at company headquarters. • 31-Oct: Received $15,000 payment from attendees of the motivational speech workshop. • 14-Dec: Paid Dividends of $500 Other information: The summer camp in June occurred as planned. • 4 employees spent the month of December preparing for next year's summer camp. Each employee has a monthly wage of $2,000. They will be paid on January 2. • As of December 31, Supplies of $1,500 remain on hand a. Record journal entries for the transactions that occurred over the year b. Record the necessary adjusting entries as of December 31 c. Prepare an income statement, statement of retained earnings, and balance sheet. d. Prepare closing entries. At the beginning of the year, Solstice Company had the following account balances: • Cash: $10,000 • Accounts Receivable: $4,000 • Supplies: $5,000 ● Land: $20,000 • Accounts Payable: $5,000 . Unearned Revenue: $6,000 ● Common Stock: $21,000 • Retained Earnings: $7,000 • Any other accounts not listed had a beginning balance of $0 During the year Solstice Company had the following transactions: • 30-Jan: Issued additional shares of stock for $10,000 2-Feb: Purchased $4,000 of supplies on account ● 1-Mar: Paid one years' worth of rent ahead of time. Rent is $1,500 a month. • 5-Mar: Received $30,000 in cash from parents for a summer camp to be conducted over the month of June. Of that, $5,000 is a nonrefundable application fee. • 7-Jul: Pay Salaries to camp counselors for the June summer camp in the amount of $5,000 • 29-Jul: Billed customers $40,000 for a motivational speech workshop given at company headquarters. • 31-Oct: Received $15,000 payment from attendees of the motivational speech workshop. • 14-Dec: Paid Dividends of $500 Other information: The summer camp in June occurred as planned. • 4 employees spent the month of December preparing for next year's summer camp. Each employee has a monthly wage of $2,000. They will be paid on January 2. • As of December 31, Supplies of $1,500 remain on hand a. Record journal entries for the transactions that occurred over the year b. Record the necessary adjusting entries as of December 31 c. Prepare an income statement, statement of retained earnings, and balance sheet. d. Prepare closing entries.

Answer rating: 100% (QA)

a Record journal entries for the transactions that occurred over the year 1 January 30 Debit Cash 10... View the full answer