General ledger, unadjusted Trial balance, Adjusted Trial Balance, Income Statement, Statement of Retained Earning, Balance Sheet, and
Question:
General ledger, unadjusted Trial balance, Adjusted Trial Balance, Income Statement, Statement of Retained Earning, Balance Sheet, and Post-Closing Trial Balance. Also, add the adjusted entries in separate General journal and closing entries in separated General journal for year ended October 31, 20-- that is below the transaction.
Month | Day | Transaction |
|---|---|---|
Oct. | 1 | Lopez invested $75,000 cash, a $25,000 computer system, and $10,000 of office equipment in the business in exchange for its common stock |
2 | Paid $3,500 cash for four months' rent | |
3 | Purchased $1,600 of computer supplies on credit from Corvina Office Products | |
5 | Received $2,400 cash in advance of providing two months' installation services for Easy Leasing | |
6 | Billed Easy Leasing $6,200 for services performed in installing a new Web server | |
8 | Paid $1,600 cash for the computer supplies purchased from Corvina Office Products on October 3 | |
10 | Paid Mileage Expense of $384 for the company vehicle | |
12 | Billed Easy Leasing another $1,950 for services performed | |
15 | Received $6,200 cash from Easy Leasing on its account | |
17 | Paid $900 cash to repair computer equipment that was damaged when moving it | |
20 | Paid $1,790 cash for an advertisement in the local newspaper | |
22 | Received $1,950 cash from Easy Leasing on its account | |
28 | Billed Clark Company $7,300 for services performed | |
31 | Paid $1,050 cash for Michelle Jones' wages for seven days' work | |
31 | Paid $4,000 cash for dividends |
Adjusting entries for year ended October 31, 20--:
The following additional facts are collected for use in making ADJUSTED ENTRIES prior to preparing financial statements for the company's first month:
1. The October 31 inventory count of computer supplies shows $900 still available
2. As of October 31, Michelle Jones has not been paid for four days of work at $150 per day
3. The company's computer is expected to have a five year life with $1,000 salvage value (compute 1 months' worth of depreciation)
4. The office equipment is expected to have a four year life with $400 salvage value (compute 1 months' worth of depreciation)
5. One of the four months' prepaid rent has expired
6. One month of the installation services paid in advance on October 5 has now been provided and earned
7. Services were performed but not yet billed to Easy Leasing for $1,500
Example:
Expert Answer:
General Ledger Cash Accounts Receivable Computer Supplies Prepaid Rent Office Equipment Accumulated Depreciation Office Equipment Common Stock Dividends Service Revenue Mileage Expense Repair Expense ... View the full answer
