Following Transactions appeared in the books of Rolo & Co. in the month of January, 2021 Date(in the month of January Transactions 1 Rolo Kern invested $5,200 cash and $100 worth of office equipment 3 Purchased office equipment on account, $50 5 Bought office supplies for cash, $40 10 Collected $2400 for services rendered. 12 Rolo paid his home electric bill from the company bank account, $20. 15 Provided $1100 worth of services to clients who will not pay until next month. 17 Paid salaries, $160 20 Purchased machinery on account from Ling Corp., $400 22 Paid salaries, $80 25 Paid Ling Corp. one-half amount owed for machinery 30 Paid rent of office, $100 Additional information.

a. Prepaid rent for 3 months amounting to $3600 paid on January 1, 2021.

b. Depreciation on machinery $1200 for one year 

Prepare a full accounting cycle as on January 31, 2021 including- Journal, T accounts, Trial balance, adjusted journal, adjusted T accounts and adjusted Trial balance Also prepare Income statement, statement of changes in equity and balance sheet as on January 31, 2021 Note- There is no need to pass closing journal entries.

Answer rating: 100% (QA)

Journal Entry Date General Journal Debit Credit 2021 01Jan cash 5200 Office equiptment 100 apit... View the full answer