Need help Required 1 ( Journal Entries including Adjusting Entries) and Required 2 if possible. The following
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The following amounts summarize the financial position of Little Black Dog Inc. on May 31, 202X Cash + Balance 3120 Accounts Receivable 1200 + Assets Computers (net) 0 Liabilities + Shareholders' Equity 120 + Supplies + Land 14400 Accounts Note Payable Payable 9600 0 + Salaries Interest Payable Payable + Common Shares Retained Earnings 0 0 4800 4440 During June 202X, the business completed these transactions: June 1: Received cash of $6000 and issued common shares. June 1: Bought two computers for a total of $9600 by paying $2700 down and signing a note payable for the rest. Interest of 5% to be paid with the note payable on May 1 next year. The computers are expected to last 3 years. June 5: Performed services for a client and received cash of $2400. June 9: Paid $3000 on accounts payable. June 13: Purchased supplies on account, $7800. June 20: Collected cash from a customer on account, $120. June 23: Consulted on the design of a business report, and billed the client for services rendered, $3600. June 25: Declared and paid a cash dividend of $360. June 30: Recorded the following business expenses for the month: paid office rent, $360; paid advertising, $360. June 30: Accrued employee salaries. Employees work 5 days each week and are paid $3500 every Friday. The month ended on a Thursday. June 30: A physical count revealed that $120 worth of supplies are still on hand. Other Information: 1) In the past, Little Black Dog Inc. has used the following accounts on their income statement: Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. Required: 1) Create all necessary journal entries (including adjusting entries) for the month of June 202X. Place your answer under "Requirement 1" in the "Answer" tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2 Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the Income Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3" in the "Answer" tab. 4) Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab." 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30, 202X. Place your answer under "Requirement 6" in the "Answer" tab. Explanations and dates are not required. The following amounts summarize the financial position of Little Black Dog Inc. on May 31, 202X Cash + Balance 3120 Accounts Receivable 1200 + Assets Computers (net) 0 Liabilities + Shareholders' Equity 120 + Supplies + Land 14400 Accounts Note Payable Payable 9600 0 + Salaries Interest Payable Payable + Common Shares Retained Earnings 0 0 4800 4440 During June 202X, the business completed these transactions: June 1: Received cash of $6000 and issued common shares. June 1: Bought two computers for a total of $9600 by paying $2700 down and signing a note payable for the rest. Interest of 5% to be paid with the note payable on May 1 next year. The computers are expected to last 3 years. June 5: Performed services for a client and received cash of $2400. June 9: Paid $3000 on accounts payable. June 13: Purchased supplies on account, $7800. June 20: Collected cash from a customer on account, $120. June 23: Consulted on the design of a business report, and billed the client for services rendered, $3600. June 25: Declared and paid a cash dividend of $360. June 30: Recorded the following business expenses for the month: paid office rent, $360; paid advertising, $360. June 30: Accrued employee salaries. Employees work 5 days each week and are paid $3500 every Friday. The month ended on a Thursday. June 30: A physical count revealed that $120 worth of supplies are still on hand. Other Information: 1) In the past, Little Black Dog Inc. has used the following accounts on their income statement: Revenue, Depreciation Expense, Interest Expense, Rent Expense, Salaries Expense, Advertising Expense, and Supplies Expense. They use the Dividends account to record dividends. Not all accounts have been used each period. Required: 1) Create all necessary journal entries (including adjusting entries) for the month of June 202X. Place your answer under "Requirement 1" in the "Answer" tab. Note that the dates have been pre-populated. Ensure your journal entries match the appropriate date. Explanations are not required. 2 Analyze the effects of the above transactions on the accounting equation. Place your answer under "Requirement 2" in the "Answer" tab. 3) Prepare the Income Statement for the month ended June 30, 202X. List expenses in decreasing order by amount. Place your answer under "Requirement 3" in the "Answer" tab. 4) Prepare the Statement of Retained Earnings for the month ended June 30, 202X. Place your answer under "Requirement 4" in the "Answer" tab." 5) Prepare the Balance Sheet at June 30, 202X. Place your answer under "Requirement 5" in the "Answer" tab. 6) Using the method outlined in the textbook, journalize the necessary closing entries for the month ended June 30, 202X. Place your answer under "Requirement 6" in the "Answer" tab. Explanations and dates are not required.
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Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
Posted Date:
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